First Adoption of IFRS by an entity | My Assignment Tutor

Element 010 Written assignment (Individual Coursework) Weighting: 60% First Adoption of IFRS by an entity in particular country – a case study Scenario: You are an accounting adviser in an entity in a particular country. The entity faces the problem of first translation of its financial statements into IFRS. You are asked to explain the process of first adoption of IFRS. Note 1: You are required to prepare a case study which is NOT based on accounting records or financial statements of any existing company. It is impossible to translate financial statements from one accounting system to another without additional information gathered from the top management of particular company. Note 2: You are required to submit your paper in Word or pdf format. Required: Select the country where an entity is domiciled and list the main differences between the local accounting requirements (local GAAP) and IFRS.Prepare the statement of financial position and income statement (or equivalent of statement of comprehensive income, if applicable) according to the local GAAP for two accounting periods. Preparing these two statements, include some (minimum 3) typical differences between local GAAP and IFRS from the list you have produced in question 1.Translate the Statement of financial position and the Income statement (or equivalent of statement of comprehensive income, if applicable) into IFRS for the year 2. (I.e. the date of IFRS opening statement of financial position is the beginning of year 2. Use the “Translation Table”. Prepare all financial statements required by IAS 1 Presentation of Financial Statements. (Notes to financial statements are not required).Explain the impact of the first adoption of IFRS on the entity’s financial position and performance according to the requirements of IFRS 1.Write a commentary describing the problems relating to the first time adoption of IFRS in the chosen country and on business entities in this country. This assignment is in the form of a scenario, which covers the main learning outcomes for this module. Expectations and Assessment Criteria TaskExpectations / Marking CriteriaLearning outcome1.  Select the country where the entity comes is domiciled and list the main differences between the local accounting requirements (local GAAP) and IFRS.Students must describe the differences between local GAAP and IFRS in the particular country and provide the source of information used. (10%)3,42.  Prepare the Statement of financial position and Income statement (or equivalent of statement of comprehensive income, if applicable) according to the local GAAP for two accounting periods.Students prepare the Statement of financial position and the Income statement comprising at least 3 differences between local GAAP and IFRS. (10%)3,43.  Translate the statements of financial position and income statement into IFRS for the year 2. The IFRS Opening Statement of financial position for translation is the Statement of financial position at 31st December of the year 1.Students are required to produce two “Translation tables” for Statement of financial position (IFRS Opening Statement of financial position and IFRS Closing Statement of financial position) plus one Translation table for the Income statement. Translation tables include the translation from local GAAP into IFRS. (40%)3,44.  Prepare all financial statements required by IAS 1 Presentation of Financial StatementsStudents need to demonstrate the knowledge of IAS 1. Mark allocation: Financial statements 5 marks each (total 20%).1 & 25.  Explain the impact of the first adoption of IFRS on an entity’s financial position and performance according to the requirements of IFRS 1 First time adoption of IFRS.Students must demonstrate knowledge of IFRS 1 and its disclosure requirements. (10%)1 & 26.  Write a commentary describing the problems regarding the first time adoption of IFRS in the chosen country and the particular entity.This document should be in a basic report format. Students must write the report explaining the situation to the users, i.e. non-accountants. (10%)1 & 3 Total marks100% The assignment is up to the equivalent of 4,000 words. What counts towards the word limit? Tables presenting the differences between accounting rules in the country of your choice and IFRS.All accounting recordsTranslation tablesAll financial statements prepared by the studentAll text written by the studentFootnotes and appendices except where these merely reproduce material from your sources What does not count towards the word limit? QuotationsDiagramsTables presenting purely factual material (e.g. lists of IFRS)References This assignment must be submitted by 17th May, 2021, 2pm. Weighting: 60%

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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