Since 2000, many companies in Australia or U.S. collapsed due to misleading Financial statements and accounting practices. New rules were introduced into IFRS or its local equivalent to improve the quality of financial reporting. You should find and discuss at least two samples in which lack of regulation lead to deficiencies in financial reporting, and give a critical analysis to the impact of actual or proposed action by accounting standard setter. Your essay should explain the above and cover the following topics: 

1. The arguments for and against regulation in respect of financial accounting 
in each related context; 
2. In your opinion, whether regulation (such as revising the IFRS or its 
equivalent) could prevent misleading reporting practices; 
3. The role of accounting profession and the enforcement bodies in Australia 
in promoting high quality financial accounting information.