Explain the differential reporting system in Australia. (Suggested word limit: 250-300 words)

1. Explain the differential reporting system in Australia. (Suggested word limit: 250-300 words) 2. With reference to the Conceptual Framework for the Preparation and Presentation of Financial Statements, critically evaluate the impacts of the Reduced Disclosure Requirements on the two fundamental qualitative characteristics of information presented by Tier 2 Entities. (Suggested word limit:700 words) 3. Conclude whether you perceive the benefits of the Reduced Disclosure Requirements outweigh the costs. (Suggested word limit: 150-200 words) You are required to use a minimum of five academic journal articles to support your discussion. The following is an example of an academic journal article that provides some background information to assist you when completing this essay: Porter, B, Ravlic, T & Wright, S 2013, ‘Developing accounting regulations that reflect public viewpoints: The Australian solution to differential reporting’, Australian Accounting Review, vol. 23, no. 1, pp. 18-28. Additional information: • You are expected to undertake research in order to complete this task. Review of the above referred journal article can be a good point to start with. Your research must also include further primary-source references i.e. peer-reviewed journals and scholarly books (avoid Wikipedia type material). • Word Limit: 1200 words (excluding references), double-spaced, 12-point Ariel or Times New Roman font. A word count must be included. Students exceeding the word limit by more than 10% will incur a mark penalty.