Select any company of your choice and analyze how IAS has been applied on the financialstatements of 2020 of the organizations. The document has been attached with assignmentincluding the concept that...

Select any company of your choice and analyze how IAS has been applied on the financialstatements of 2020 of the organizations. The document has been attached with assignmentincluding the concept that you need to locate in financial statements of the organization.A. Give reasons why you have selected these companies.B. Readout and understand the attached document first.C. Identify the elements of IAS-1 in the financial statements of the company.D. Present those elements against IAS-1 concepts such as:The Nike company has shown the faithful presentation faithfulrepresentation of the effects of transactions, other events, and conditions inaccordance with the definitions and recognition criteria for assets, liabilities,income, and expenses set out in the framework as:Elements Co. information IAS complianceCurrent assets Cash and cash equivalentsShort term investmentsInventoriesTrade and other receivablescurrent assets of thecompany meet the definitioncriteria provided by IAS-1such as these are expected tobe realized within 12months. Inventory isprimarily held for trading.The valuation method usedby the company is explainedin note 6. Etc.Currentliabilities and soE. Cater all of the concepts and guidelines provided by IAS-1.F. Conclude your understanding.