This will be answered in favour with focus over potential consequences of social or economic nature in this part of the research. If the process of setting standard can be considered as a process of politics, then regulation can be considered as an output from the process of politics. The key rationale is that as the activities requiring regulation impacts the distribution of wealth across the society, consequently it will turn out to be political (Shaheen, 2006). Bodies of standard setting tend to encouraging several impacted parties for making submission in drafting the versions of standards of regulation. Mostly, this can be identified as a normal due process. In addition, if it is accepted that the setters of standard provide due consideration for expressing views in several submissions being received, then regulation can be considered as the result of several economic and social considerations (Ziad and Ayoub, 2009). However, it is important for considering the costs of carbon released, productivity of labour and the rate of exchange and costs when taking a decision on new investment. Hence, I disagree that regulation is the output of political process, instead it can be considered as the output of social or economic processes.
Graduate attributes are inclusive of ethical practice, cross-cultural competence, information technology competence, team work, information literacy, critical thinking, problem solving and communication. I was aware of several graduate attributes before the course, but I was unaware of the fact that these not only include qualities, but also is inclusive of understandings and skills that I should be developing during the course of my studies. I was able to establish a significant view about the overall perception of accounting and economic theories. I enjoyed a lot in completing the assignment as I was not only given the opportunity of acknowledging theories, but also applying it.