Answer to Question #208005 in Accounting for Louis Ag

Question

1. Using hypothetical but realistic organizations, present different scenarios that may lead to a deviation from the proper use of the following accounting standards:

1. IAS 16 Property, plant and equipment

2. IAS 40 Investment Property

3. IAS 36 Impairment

4. IAS 37 Provisions, contingent assets and contingent liabilities

5. IAS 2 Inventories

6. IAS 38 Intangible assets 

7. IFRS 15 Revenue

8. IFRS 16 Leases

The entity that you create must have a name and actual transactions (with figures). Student groups are encouraged to be as creative and innovative as possible. The accounting standard in each case must first be explained in the groups own words, not as provided in the notes or plagiarised from literature, before a deviation may be discussed.

The example of deviation from the proper use of the standard must include recognition, measurement and de-recognition of the element in a particular case. Total Marks: 40

Answer 1

Dear Louis Ag, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order