For this assignment, you will conduct an analysis of the regulatory financial reporting framework of your country and evaluate that framework with regard to its progress in terms of implementing International Financial Reporting Standards.
For this assignment, you are required to conduct a thorough analysis of the financial reporting regulatory framework of the country in which you reside (note, if you reside within the United Kingdom or the United States please chose another country to analyse as these are already covered in your readings for the week). You need to analyse the chosen framework and its application in terms of the following underlying areas:
National legal system
Tax and reporting systems
Rules-based versus principles-based
Influence of accounting profession
Significant historical events
Degree of government regulation
Degree of mandatory/voluntary compliance
Standard-setting bodies and their influence
Integration of International Financial Reporting Standards (IFRS)
Follow the outline provided above for your assignment. Provide examples and cite sources to support any information that you include. The assignment should be written as a professional business report, with the purpose of educating others on the financial regulatory framework of the country in question.