200267 : Advanced Accounting - International Financial Reporting Standards

Internal code: MAS3190

Accounting Assignment Help

Questions: You are required to take one of the stakeholder perspectives listed below for the purpose of providing a detailed discussion on the following specific questions relating to the International Financial Reporting Standards (IFRS) for Small and medium-sized entities (SMEs) Stakeholders. - Accounting firm/Auditor - Lender/Creditor - Professional Accounting body - SME in the Mining Industry - SME in the Manufacturing Industry - SME in the Retail Industry - SME in the Travel Industry - SME in the Utilities Service Industry - Large corporation with multiple subsidiaries From your chosen perspective, respond to the following questions; 1. What are small and medium-sized entities (SMEs)? Was there a need to have International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities 2. What are the main differences between the full International Financial Reporting Standards (IFRS) and the International Financial Reporting Standards (IFRS) for Small and medium-size entities (SMEs)? 3. What effect does IFRS designed for use by SMEs have on your chosen stakeholder’s financial statements? What does it mean for users of your chosen stakeholder’s financial statements? And how would it benefit and/or disadvantage the stakeholder? 4. Evaluate whether overall, IFRS designed for use by SMEs would result in reporting that would be more useful to users? 5. Briefly discuss the approach that Australia Accounting Setting Board (AASB) has taken in relation to IFRS designed for use by SMEs. 6. What is the differential reporting framework under AASB, has it any similarities to IFRS designed for use by SMEs? 7. Summarise your discussion for your Chief Executive Officer (CEO) who is from a non- accounting background. In your discussion make sure you consider the relevant specific technical and theoretical issues relating to IFRS designed for use by SMEs from your nominated stakeholder perspective. You are also required to consider the theoretical implication of accounting information produced from the perspective of your nominated stakeholder.