You are required to research and answer the following two questions. Your answer to each question must be written on a separate sheet(s). The indicative word limit for each question is approximately 200-300 words.
1. Briefly discuss the market view of the Financial Accounting Reporting Framework and suggest why these views are appropriate or non-appropriate in the case of New Zealand.
2. Using an example to illustrate, briefly explain the realization concept and its relevance to the preparation and presentation of financial statements.