Goverment Accounting Assessment 3

Goverment Accounting Assessment 3
•    The weight of this assessment is 20% of your overall course grade
•    Answer all questions
•    Your answers must be typed
•    If any answers are not entirely your own words, you MUST reference your source/s
Question 1    (5marks)
What is the goal of the IFRS Foundation and the IASB?
Question 2    (20 marks)
All countries will, of necessity, have to move towards International Financial Reporting Standards (IFRSs). For those countries that have not yet adopted IFRSs, what is the best way to achieve this move? Your answer should cover topics such as:
•    Potential obstacles
•    Issues to address
•    The path to follow in the transition from the country’s national standards to IFRSs
•    Any other relevant issues (especially regarding the UAE)
Question 3    (20 marks)
Do you feel that it is wise to have a set of global accounting standards and, if so, why?
Question 4    (25 marks)
You need to make a comprehensive analysis of the IFRS that has been allocated to your group. You need to cover issues such as:
•    The date the IFRS was formally adopted
•    Whether it replaced another statement
•    The purpose of the IFRS
•    A summary of the IFRS
•    Whether it relates to any other statements
•    A criticism of its relevance/applicability
•    Any other appropriate issues