Find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organizations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator. Include copies of the comments letters you wish to discuss and complete the following tasks:
- a) Describe in your own words the issues that the exposure draft/proposal and comments letters are dealing with.
- b) Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples.
- c) In your opinion, which of the three theories of regulation (e.g., public interest, private interest or capture theory) best explains the comment letters? Justify your answer.
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