Develop the ability to identify and apply ifrss principles

Assignment Help Financial Accounting

Reference no: EM132738591 , Length: word count:2500

Learning Outcome 1: Develop understanding of relevant accounting principles and various rules/regulations applicable for preparation of financial statements as per international financial reporting standards (IFRSs).

Learning Outcome 2: Develop the ability to identify and apply IFRSs principles in a variety of scenarios thus leading to fair presentation of financial performance/position.

The general framework of IFRS provides definition and recognition criteria for assets as "A resource controlled by an entity, which will generate future economic benefits and whose cost can be measured reliably". This definition is applicable to all kind of assets including current/noncurrent, tangible/intangible and fixed/moveable etc. However, given the specific nature of different types of assets, IASB has issued specific accounting standards for certain type of assets. IAS 38 and IAS 40 are two such standards which deal with intangible assets and investment property respectively.

You are required to write an analytical report on IAS 38 and IAS 40. Your report should specifically cover discussion on;

1. Introduction covering theoretical underpinning of IAS 38 and IAS 40. (500 Words)

2. Recognition and measurement criteria of IAS 38 and IAS 40.

3. Study the financial statements of companies listed on Muscat Securities Market and analyse data regarding these two standards in terms of the impact on financial performance and financial position of the company.

4. An appropriate conclusion. (300 words)

Total word count : 2,500 words

Attachment:- Financial Reporting.rar

Reference no: EM132738591

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