Reference no: EM13342652
First, choose ONE of the following companies: Australian Vintage Ltd, Boundary Bend Ltd, or Treasury Wines Ltd, to illustrate your answers below. Use the company's 2013 Annual Report/Financial Report.
You are a recent graduate working for a Big 4 accounting firm and your manager has asked you to prepare a report which is to be presented to the Chief Financial Officer (CFO) of your selected company. The report should:
a) Outline the main changes to the recognition and measurement of bearer plants proposed in Exposure Draft ED/2013/8 Agriculture: Bearer Plants (June 2013);
b) Explain why the IASB has proposed the changes, including a discussion of the advantages and disadvantages of fair value measurement (in this context); and
c) Advise the CFO on the possible impact of the ED for the company in relation to any agricultural assets the company may have.
Your assignment must be set out as a report with the three sections (a) (b) (c) clearly shown. You must link your discussion to relevant accountings standards, and the exposure draft, including references to specific paragraphs. You must carry out independent research to complete this assignment and you must cite relevant academic and practitioner articles that support the material and views you present. Use Harvard style referencing.
ED/2013/8 Agriculture: Bearer Plants (June 2013) can be accessed here:
• https://www.ifrs.org/Current-Projects/IASB-Projects/Bearer-biological-assets/Exposure-Draft-June-2013/Documents/ED-Agriculture-Bearer-Plants-June-2013.pdf
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