Describes a Framework for Management Commentary - Management Assignment Help

Assignment Task:

Task:

Management commentary
IASB has issued a non?binding practice statement that describes a framework for management commentary, relating to financial statements that had been prepared conforming to IFRS. According to the practice statement, management commentary is a narrative report that provides a context within which to interpret the financial position, financial performance and cash flows of an entity. Management commentary should include forward?looking information and other information possessing the qualitative characteristics described in the Conceptual Framework for Financial Reporting.

The practice statement also guides management to explain:

•  the entity’s objectives and the strategies for achieving those objectives.
•  the key resources that are not presented in the financial statements
•  any non?financial factors that affected the information presented in the financial statements
•  key operating risks and the strategies employed to monitor and manage those risks

The IASB practice statement focuses on the needs of the primary users of financial statements and indicates that management commentary should provide additional financial information that complements the IFRS financial statements.

IASB commenced a project to review and revise the practice statement, in October 2018.
 

Required
Select a publicly listed company from the list at appendix 1. Obtain written approval from the lecturer if you wish to select another company.

Analyse the latest annual report of the company selected, to assess both the degree of compliance with the IASB framework for management commentary and the utility of the additional information, to the primary users of the financial statements.

Write a 2,500?word report that discusses the findings of your assessment of compliance and utility and also includes your assessment of the enhancing qualitative characteristics of the management commentary, including:

1. an assessment of the understandability of the commentary
2. an assessment of the verifiability, timeliness and comparability of the performance measures and indicators included in the commentary – both internal and external comparability. Appropriate referencing is required. Refer to the practice statement, the conceptual framework and publications of the IASB review project, as relevant.
See appendix 2 for the marking grid used to assess this assignment.

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