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Financial Accounting

EABUS 1045: Financial Accounting

Outcome 1:  Demonstrate an understanding of the concepts, principles, and procedures that   govern how the financial statements are prepared

Paired Report - International Accounting Standards (100 Marks)

Learning Outcome 1 (20% of Total Grade) – Submission Date – November 20th, 2019

Your new Financial Manager realizes that the organization do not follow the International Accounting Standards while preparing their final accounts in the previous years. He has decided to inform the top management.  He has asked you and your colleague to prepare a brief report for the top management explaining the concept of International Accounting Standards and the following International Accounting Standards, citing examples from the Annual Reports of any one Airline of your choice.

1.      IAS 1 – Presentation of Financial Statements

2.      IAS 2 – Inventories

3.      IAS 16 – Property, Plant & Equipment.

4.      IAS 18 – Revenue Recognition

Guidelines

Your report should outline the following points for each of the above-mentioned accounting standards:

1. Introduction to the IAS

2.Main Objectives/Scope

3.Key Definitions

4.Disclosures

5.Examples from Annual Reports of an Airline.

Submission

1. This assignment contains 20% of the total grade for this course.

2. The word count should be around 1000 - 1200 words.

3. The assignment should be uploaded through the “TURNITIN” link on Moodle.

4. Late assignments will be penalized with a 10% grade deduction for each week late for a maximum up to two weeks after which the student will get a zero.

5.  References indicating clearly the name of the Author, Journal/Magazine/Book name, year of publishing, and Publisher name. If using web, then the complete URL of the website should be given including the date on which the material was accessed.

Evaluation

1.10 Marks for the Introduction on Accounting standard and Each IAS carries 10 marks, making it a total of 50marks.

2.Both students should present the assignment in a question answer session which carries 10 marks

3.Briefing about the airline of your choice and examples from the annual report – 20 Marks

4.Neatness, overall structure and academic writing - 10 mark.

5.References – 10 mark.

Financial Accounting

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