Provide some arguments for and some arguments against, international standardization of financial

1.Evaluate and explain the following claim: Unless there is consistency globally in the implementation of accounting standards and subsequent enforcement mechanisms, we cannot expect accounting practices to be uniform throughout the world, despite the initiatives of the IASB, which encourage different nations to adopt IFRSs.2. Any efforts towards standardising accounting practices on an international basis imply a belief that a ‘one-size-fits-all’ approach is appropriate at the international level. That is, for example, it is assumed that it is just as relevant for a Chinese steel manufacturer to apply AASB 102Inventoriesas it would be for an Australian surfboard manufacturer. Is this a naive perspective? Explain your answer.3. Provide some arguments for, and some arguments against, the international standardisation of financial reporting. Which arguments do you consider to be more compelling? (In other words, are you more inclined to be ‘for’ or ‘against’ the international standardisation of financial reporting?Hines (1991) argues that conceptual frameworks ‘presume, legitimise and reproduce the assumption of an objective world and as such they play a part in constituting the social world . . . conceptual frameworks provide social legitimacy to the accounting profession’. Try to explain what she means