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...

International Financial Reporting Standards
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Contents
Case one:    2
Case two    5
References    8
Case one:
1.    What are International Financial Reporting Standards (IFRS)?
International Financial Reporting Standards (IFRS) is an accounting standard advanced by International Accounting Standards Board (IASB), an autonomous worldwide organization backed by specialized accounting bodies. Previously recognized as International Accounting Standards (IAS), goal of IFRS is to attain transparency and consistency in the accounting philosophies utilized by the entities in global financial reporting. Globally, the Financial Reporting Standards (IFRS) are the actions of collective action taken measures to communicate how to show certain types of business and various events related to money related advertisements. IFRS has issued the International Accounting Standard Board (IASB) and accurately determines how the accountants should record their records and report their records (Abbasi, 2016). The IFRS was developed which general account holders remember the true goal of lingo, so the Business and Logistics Association can understand from the Association and country to country. IFRS is standard in many parts of the world, especially in the European Union (EU) and Asia and South America, but not in the United States. Securities and Exchange Commission (SEC) will not change in near term for international financial reporting standards, but will continue to review instructions for empowering IFRS information to improve US cash related filings (ed., 2015). Countries with the most favourable conditions of remedies are those who make huge contributions and contributions to the entire business. In the IFRS countries, two organizations and testers will benefit from leveraging the structure of investing money and if the business practices of the association are directly available, then they will keep the money in the association. Moreover, the cost of the theory is very low organizations that have the biggest advantage of most of the IFRS business.
2.    Many concerns are expressed in this article. List three factors that you think are causing concern about the impact of adoption of IFRS.
The 3 factors that have led to the adoption of the IFRS include:
· Companies must identify, display or reveal information in transparent manner.
· Utilize fair value accounting to require assets as well as liabilities to be revalued by income statement; (a) increase earnings as well as leverage volatility indicators; (b) redouble efforts.
· IFRS does not have a deeper understanding of corporate risk than existing accounting standards (Crowley, 2013).
3.    Consider each of the three factors you mentioned in response to question 2.
i. Companies must identify, display or disclose information in different ways.
Yes. For example, adoption of the IFRS in Australia also needs companies to recognize stock-based transactions that were not a case beforehand. Company accounts that use IFRS are not the same as company accounts that use different national accounting standards.
If the evidence from the company's personal account supports the individual's claims in many cases, then the evidence utilized as abase for the claim is realistic (Heffron, 2014). These kinds of accounts have been seen by persons who are concerned regarding the nature of changes needed by the IFRS. Though, if study has been done, such as academia, a study may use a scientific approach that analyses many company financial statements or reconstructs previous financial statements to arrive at anoverall...