[Solved] 1. Describe the particular accounting policies that entities can choose from in IAS 16, IAS 38, IAS 40, IFRS 3 and IAS 1.

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[Solved] 1. Describe the particular accounting policies that entities can choose from in IAS 16, IAS 38, IAS 40, IFRS 3 and IAS 1. Did the student describe properly the areas where the right of choice exist? (20%)

Details:
Accounting Policies of Companies reporting in accordance with IFRS
Accounting research

In particular IFRS standards, the right of choice of accounting policies exists. The re-sit assignment 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. Prevalent method of depreciation (IAS 16)
3. Subsequent measurement of Intangible assets (IAS 38)
4. Prevalent method of amortisation (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. Describe the particular accounting policies that entities can choose from in standards mentioned above.
2. Conduct research based on 25 listed companies preparing their financial statements according to IFRS. The research should be focused on gathering the information about what particular accounting policy is used by the particular company in the areas mentioned above.
3. Present your findings in the form of a table including: Name of the company, country of domicile, sector of business, number of employees, accounting policies IAS 16, IAS 38, IAS 40, IAS 2, IFRS 3 and IAS 1.
4. Present the findings in the form of graphs.
5. Comment on your findings highlighting what accounting policies are prevalent in particular areas based on your research.
Note: Do NOT include Financial Institutions (i.e. banks, insurance companies and lease companies) in your sample.

This assignment is in the form of a research based case study, which covers the main learning outcomes for this module set in Section 3.1.


Expectations – Assessment Criteria – re-sit

Task
Expectations / Marking Criteria
Learning outcome
1. Describe the particular accounting policies that entities can choose from in IAS 16, IAS 38, IAS 40, IFRS 3 and IAS 1.
Did the student describe properly the areas where the right of choice exist? (20%)
1, 3
2. Present your findings in the form of table and in the form of graphs.
Did the student present properly their findings in the form of table and graphs? Are the findings relevant? (60%)
1, 2, 3,4
3. Comment your findings highlighting what accounting policies are prevalent in particular areas based on your research.
Did the student comment properly their findings? Are the comments relevant? (20%)
1, 3

Total marks
100%

The assignment is up to the equivalent of 4 000 words.