Accounting Policies of Companies Reporting - Accounting and Finance Assignment Help

Assignment Task:

Task:

International Accounting

Accounting Policies of Companies Reporting in Accordance with IFRS

Accounting research

In some IFRS standards, the right of choice of accounting policies exists. This assignment is based on research of accounting policies used by companies preparing their financial statements according to IFRS. The right of choice exists for example in these areas:
1. Subsequent measurement of Property, plant and equipment (IAS 16)
2. Method of depreciation (IAS 16)
3. Subsequent measurement of Intangible assets (IAS 38)
4. Method of amortisation Intangible assets with finite useful lives (IAS 38)
5. Subsequent measurement of Investment property (IAS 40)
6. Cost formulas for inventories (IAS 2)
7. Initial measurement of Non-controlling interest (IFRS 3)
8. The form of the income statement (expenses by the nature or by the function, IAS 1)
9. The form of statement of comprehensive income (single statement or two statements) (IAS 1)

Required:

1. Discuss the accounting policies that entities can choose from in standards mentioned above.
2. Conduct research based on 10 companies preparing their consolidated financial statements according to IFRS. Companies can be from whichever country in the world. The research should be focused on gathering the information about what accounting policy is used by the company in the areas mentioned above. In your research, use the latest publicly available consolidated financial statements.
3. Present your findings in the form of a table including: Name of the company, sector of business, accounting policies IAS 16, IAS 38, IAS 40, IAS 2, IFRS 3 and IAS 1.
4. Present the findings in the form of charts (where possible). The form of charts is on your deliberation.
5. Comment on your findings highlighting what accounting policies are prevalent in areas included in your research.

Task Expectations / Marking Criteria

1. Discuss the accounting policies that entities can choose from in IAS 16, IAS 38, IAS 40, IAS 2, IFRS 3 and IAS 1.

Did the student describe properly the areas where the right of choice exists? (30%)

2. Present your findings in the form of table and in the form of charts.

Did the student present properly their findings in the form of table and charts? Are the findings relevant? (50%)

3. Comment your findings highlighting what accounting policies are prevalent in areas included in the research.

Did the student critically evaluate their findings? Are the comments relevant? (20%)

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