1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3 or...
Question:
1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3 or more years, as revealed in the accounting literature, and discuss the following: I. In what year did the country adopt IFRSs? II. Were the IFRSs introduced all together (at once), or gradually into the local accounting standards of your chosen country? Explain the possible reason. III. Discuss the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country.
• 1st financial statement – Choose the year immediately before IFRSs adoption and
• 2 nd financial statement – Choose either 2019 or 2018 only. Compare the two (2) years’ financial statements and accompanying notes to the accounts selected above, and discuss the following: I. Identify and discuss any remarkable changes to the disclosures relating to any two of the following financial aspects:
• Non-Current Assets • Intangible Assets • Leases
• Employee Benefits II. Express your opinion about the usefulness of the new format of disclosures compared to the disclosures at the pre-adoption of IFRSs. Include examples to support your opinion.