"Public companies are required by Corporation Act 2001 to prepare General Purpose Financial Reports (GPFRs) at least once a year and communicated to the users. There are a number of regulations and guidelines which must be followed in preparing GPFRs. However, private companies, with some exceptions, are not required to prepare GPFRs." Write a research essay critically discussing the following issues: a) Why public companies, but not the private companies, require to produce GPFRs b) What is GPFRs c) Why there are so may regulations and guidelines which must be followed in preparing GPFRs d) What is the aim of GPFRs e) What qualities GPFRs are expected to have and why