Suppose that you own and operate a company You need to raise money to expand your operation, so you approach a bank for a loan The loan officer has asked you for financial statements prepared according to IFRS Required a Why would the loan officer make such a request b Assuming that your statements...

a A bank loan officer would request that financial statements be prepared according to IFRS because ...

Suppose that you own and operate a company. You need to raise money to expand your operation,

Question:

Suppose that you own and operate a company. You need to raise money to expand your operation, so you approach a bank for a loan. The loan officer has asked you for prepared according to IFRS.
Required:
a. Why would the loan officer make such a request?
b. Assuming that your statements were prepared according to IFRS, how could you convince the loan officer that this was so?
c. What items on your would be of the most interest to the loan officer?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...