Find the comments letters received on a current exposure draft or proposal for a new accounting standard. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB.Hint: These websites can be quite difficult to navigate, so as a first step try typing "IASBcomment letters"/"FASB comment letters" into google or other search engine of your choice).Read a sample of the comments from a range of respondents. Try to aim for between two and four respondents, for example, from accounting bodies, industry, companies or corporate bodies.Include copies of the comments letters you wish to discuss and complete the following tasks:
1. Describe in your own words the issues that the exposure draft/proposal and comments letters are dealing with.
2.Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples.
3.In your opinion, which of the three theories of regulation (eg, public interest, private interest or capture theory) best explains the comment letters? Justify your answer.Adapted from Rankin, Stanton, McGowan, Ferlauto and Tilling (2012).