In: Accounting
Select one publicly listed company from a country that has adopted IFRS (not Australia).
Collect the most recent annual financial reports for their selected firm and then prepare a detailed report in which they:
• Critically analyze and explain about the selected firm.
• Critically analyze the national reporting and regulatory environment within which the selected firm operates.
• select two specific accounting items from the firm’s accounts and discuss the extent to which the company consistently applies the relevant international accounting standards.
• Discuss whether and how the use of IFRS is enforced within your chosen country.
• Evaluate whether the firm’s accounts are comparable with their key global competitors.
*IFRS Standards are required for domestic public companies
*Brazil has already adopted IFRS standards for all companies whose securities are publicly traded and for most financial institution whose securitues are not publically traded , for both consolidated and serperate (individual) company financial statements
*the Brazilian federal council of accounting and the Brazilian accounting pronouncements committee signed a memorandum of understanding with the IASB that set the end of 2010 as the target date for full convergence with IFRS standards and established a framework for future co operation between the organisation
*IFRS standards as issued by the board but some options have been eliminated, for example -the revaluation of the property, plant and equipment under IAS -16 PPE and revaluation of intangible assets under IAS -38 intangible assets.
*some may be required to adopt IFRS to meet the reporting requirements of an international parent or investor company while others may recognise the need to voluntarily supplement their current financial reporting with IFRS to allow for an accurate comparision with foreign competitors