USAALS International Financial Reporting Standards Questions Discussion 1000 words only Question B and C Question B 500 words … Question C 500 W

USAALS International Financial Reporting Standards Questions Discussion 1000 words only

Question B and C

Question B 500 words …

Question C 500 Words .. B. 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:
i.
ii.
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.
C. 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):
i.
Why do small and medium entities, need not comply with the detailed requirements of
IFRS?
ii.
Is it true that there are different accounting rules which are available for small and
medium sized entities?
iii. 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).
ADVANCED CORPORATE REPORTING – TAKE-HOME EXAMS – Spring 2020
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