Find the financial statements of a company that uses International Financial Reporting Standards (IFRS)
for its financial statements and explain how the financial statements relate to some of the topics covered in our class.
1) Pick a publicly traded company that reports in a country where IFRS is “required”. You can refer to the attached file “IFRS by Country” for a full listing of the status of countries’ IFRS adoption.
2} Print out the most recent financial statements and notes to the financial statements of the company that uses IFRS from the company’s website
3) Prepare a written document about~ pages long discussing your company’s use of the
International Financial Reporting Standards
- Due by December 10, 2015
- Use 12 point font, Times New Roman, double-spaced, normal 1 inch margins
4) Individual group member responsibilities:
- Each group member needs to pick one chapter that we cover in our class (for example, current liabilities from Ch. 13 or stockholder’s equity from Ch. 18).
- Every person should write approximately one page discussing the details of their topic as it relates to the information in the financial statements (see below).
- For example, if your company is “BMW” and group member til picks “Current Liabilities”, that person should report all of the different accounts listed under Current Liabilities, reasons for any significant changes in the balances from the prior year, important information found in the footnotes to the financial statements regarding the current liabilities, whether the account names are different under U.S. GAAP, and any major differences in how the current asset account is measured or recognized under IFRS as compared to U.S. GAAP (fair value, cost basis, etc.).
- Please summarize your main points as some companies report numerous balances in much detail. Your goal should not be to analyze every detail of every account, but rather to convey the main ideas of your topic that you feel are most important for the reader
of the IFRS financial statements.