TOPICS

Choose one topic and answer the questions below

1. IFRS 13, Fair Value Measurement

2. IFRS 16, Leases

3. IFRS 15, Revenue from Contracts with Customers

REQUIRED

1. Explain the main reasons why IASB issued the new or revised standard [Hint: You could look for journal articles on this subject].

2. Compare the standard with the conceptual framework and evaluate whether the changes have led to greater or less consistency with the framework [Hint: You could consider issues like definitions]

3. Discuss some of the challenges and implications of adopting the new standard. Consider this from a global perspective as well as a Pacific perspective [Hint: You could look at relevant internet sites and forums, seek opinions from practicing accountants etc].