College of Banking and Financial Studies Wk12 IFRS & SMEs Questions Discussion The “take home exam paper” file has the 2 theoretical questions which are ne

College of Banking and Financial Studies Wk12 IFRS & SMEs Questions Discussion The “take home exam paper” file has the 2 theoretical questions which are needed to be answered (Questions 1B & 3C). I have included support material to answer these questions.

Plagiarism percentage should be below 10%. References need to be in the Harvard style referencing format. The assignment needs to be completed within 24-hours.

“Week 12 – IFRS 8- Operating Segments” and “Tutorial – IFRS 8 – Week 12_FINAL” are the support material given to answer the question 1B.

QUESTION 1B: You are the financial controller of Black Stone PLC, a listed company which prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Your managing director, who is not having a background in accounting, has requested you to clarify his questions (given below in points i & ii) concerning segment reporting, with relevant examples:

In which circumstance the company can able to declare a segment as reportable segment even if they do not meet the quantitative thresholds?
Explain the disclosure requirement on reportable operating segments.

Required: Write a report to the managing director by explaining the IFRS 08 – Operating Segments to answer his questions.

“WEEK 10& 11-ACR – Not for profit organisation” is the support material given to answer the question 3C.

Question 3C: You are the financial controller of ABC plc which prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Your managing director, who is not from finance area, has some questions related to financial reporting on small and medium enterprise (given below):

Why do small and medium entities, need not comply with the detailed requirements of IFRS?
Is it true that there are different accounting rules which are available for small and medium sized entities?
Can ABC plc take advantage of them? Explain.

Required: Provide answers to the questions raised by the managing director by evaluating the key points of IFRS for small and medium sized entities (SMEs).