BUSM 4160: International Financial Reporting Standards (IFRS) - Finance Assignment

Internal Code: MAS6581

Finance Assignment:

New Gotland is a sovereign country and enjoys a strong economic climate. Politically, it is stable and its citizens have a good standard of living. From a business perspective, both for-profit companies and not-for- profit entities are regulated appropriately. The country has adopted International Financial Reporting Standards (IFRS) and thus its accounting standards are aligned with more than 100 countries, including the European Union and by more than two-thirds of the G20. New Gotland has a strong currency – the New Gotland Dollar (NG$). The New Gotland banking system is robust, with five major banks operating in the country. The consumer price index (CPI) for the past ten years has averaged 2.3%. New Gotland’s corporate income tax rate is 20%. New Gotland has four major metropolitan areas. One of these metropolitan areas is the area known as greater Darlington. Darlington itself is a city of 100,000 people. However, Darlington has a large suburban area, with greater Darlington having a population in excess of 1.5 million people. As well as the major metropolitan areas there are about thirty large regional cities (i.e. with populations greater than 90,000 people) in New Gotland. Some of these cities are industrial in nature, some serve agricultural districts and some are of great historic importance. Outside of the cities, New Gotland is blessed with some high mountains with excellent snowfields, and some wonderful beaches and lakes. Some parts of New Gotland have a climate that could be considered sub-tropical but most of the country has a temperate climate. Darlington is situated in a part of the country that enjoys this temperate climate.