Evaluate Australia’s decision to adopt IFRSs by providing some arguments for and against decision

1. The conceptual framework defines a number of requirements relating to general purpose financial reporting by reporting entities within Australia. Why or why not would you argue that the selected companies are reporting entities? (Hint: consider application of AASB 1053, SAC 1, and The Corporations Act). (approx. words 500) 2. Identify various categories of assets (current or non-current; including intangibles), their reported values and respective impairments ‘in the Statement of Financial Position’. Compare and comment on the methods used for valuation, depreciation of property, plant and equipment (PPE) and intangible assets. (Hint: consider application of AASB116, 138 and 136). (approx. words 500) 3. Australia has adopted IFRSs. Evaluate Australia’s decision to adopt IFRSs by providing some arguments for and against this decision (for this question, you must use at least 3 peer-reviewed research papers as literature review). (approx. words 1000)