Discuss the pros and cons of standard setting and refer to the conceptual framework. Point out that IASs and IFRSs are not very responsive (crisis in 2007/8 and IFRS 9 is effective from 2018). There are political issues:
IASB and its US counterpart fail to converge into a common approach for Financial Instruments. Lobbying is still evident. FV measurements can be hard to apply.
Critically evaluate how successful and effective accounting standards are. If accounting standards are important for the society, explain whether they should be issued by the government or the accounting profession
