ACC307 Individual Assignment Unit coordinator: Nathan Zhang Due date: 8pm Sunday week 4, 7/10/2018 Individual assignment Write a report of 1500 words answer two case study questions. Case one: (25...

Individual Assignment (ACC307)
Student Name:
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October 5th, 2018
Introduction
The international financial reporting standards (IFRS) are vital and developed by the IASB. The IASB is a non-dependent international organization which is majorly supported by the various accounting bodies (professional). Previously the body knows with the name of IAS, the primary objective of the international financial reporting standards is to achieve similarity and transparency of all the accounting principles used by the company for financial reporting around the globe.
Objective of IASB
The some of the important objectives of IASB are as follows:
· The IASB is the important body for making the various regulations related to accounting.
· IASB is the international level benchmark for every country which is developing their regulation of accounting.
· The IASB is one the similar benchmark for every international organization.
Factors affect Adoption of International financial reporting standards (IFRS)
The 3 vital factors that cause the adoption related to International financial reporting standards are as follows:
1. The entity must require recognizing and disclosing all the important information with the transparency.
2. The uses of the fair value accounting mainly require the revaluation of all the assets and liabilities must pass in income statement in both ways:
a. Increase the earning and important measure for volatility.
b. More efforts required for implementation purpose.
3. The International financial reporting standards not provide more information into entity risk than existing standards of accounting.
Evidence for support the above factors
Adoption of International financial reporting standards
1. The entities must require recognizing and disclosing all the information in various ways:
Yes, the adoption of International financial reporting standards must require the entity to identify all the transaction (Mainly share-based transactions), which was not one the critical case earlier. The account of entity adopting International financial reporting standards differs from those of entities using different national standards of accounting.
The evidence mainly uses as the essential base for the claims is nature if it is evidence from individual entity account. All the accounts majorly observe by the individual who has mainly concern about the nature of the changes required under the International financial reporting standards.
According to the research study completed by various scholars is mainly follows the scientific approach for the analysis of entity financial statement or re-representation of their previous financial statements, to come to conclusion that the entity are require to recognize and disclose information differently from their current approach.
2. The uses of the fair value accounting mainly require the revaluation of all...