Students are required to complete this report only on the ASX-listed company selected/allocated in lecture 1. Self-selection of companies is not permitted.1.Peruse the 2015 or 2016 annual report of the company, and:aIdentify and briefly describe the rules and regulations that govern the report.b.Explain the concept of materiality and examine its place in the Conceptual Framework. c.How does your company describe its materiality policy? With reference to the annual report, discuss possible motivations for these choices and possible consequences for external report users. 2.Examine the major account items in some detail, and:a.Do you think that there could be misstatements, deliberate or unintentional, due to the application of materiality policy? Explain your response.b.Is it possible for preparers to meet their twin obligations of high ethical standards and fully meet the materiality obligations required by the Conceptual Framework and Accounting Standards? Explain.3.Does the annual report of the company best serve the interests of users or preparers? Explain with reasons, and assess the decision usefulness of the report in relation to the application of the materiality, and its effect on GPFR. 4.In your view, why would accountants be nervous about its application and the possible connection between materiality and ethical behaviour in financial reporting.