What does IFRS (IAS 1) require for a particular presentation format or order of items on the balance sheet?

Assignment 1 – Financial Statements

The objectives of the assignment are to give you hands on experience examining the financial statements of companies that use IFRS and to introduce IAS 1, Presentation of Financial Statements.

Obtain the most recent Form 20-Fs for three non-US companies. At least two of the companies must use IFRS. (You may obtain this from the company’s website (investor relations) or from the SEC website (www.sec.gov).

Prepare a type-written response (Two pages minimum, in 12-point Times New Roman font with top, bottom, left and right borders of no more than one inch , maximum length of 5 pages) – to be turned in and graded – addressing the following:

a. For each of your companies, identify what accounting standards the company uses (e.g., IFRS, local GAAP [name of country], U.S. GAAP)

b. For all of your companies that use either IFRS or U.S. GAAP, review the companies’ balance sheets to answer the following questions:

i. Comparing the IFRS balance sheets to the balance sheet for Apple, are the IFRS balance sheet classifications the same as Apple’s U.S. GAAP balance sheet classifications? If different, which presentation do you believe is better? Explain why.

ii. What does IFRS (IAS 1) require for a particular presentation format or order of items on the balance sheet? Does this requirement agree with your observations? Discuss any differences.

iii. Comparing the IFRS balance sheets to one another, are the IFRS balance sheet classifications the same for each of the companies?

c. Do you believe that one presentation format for any or all of the financial statements should be required of all companies throughout the world? Explain why or why not.

What does IFRS (IAS 1) require for a particular presentation format or order of items on the balance sheet?

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