Accounting Assignment:
Scenario - In some IFRS standards, the right of choice of accounting policies exists. This assignment (which replaces the exam in 2020) 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 amortization 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 20 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 2018 annual 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.
Note: Do NOT include Financial Institutions (i.e. banks, insurance companies and lease companies) in your sample.
When including companies in your sample, please double check that they DO prepare their financial statements in accordance with IFRS.
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