Assignment Topic:

IFRS Standards provides a high quality, internationally recognized set of accounting standards that bring transparency, accountability and efficiency to the current era of financial reporting. Over years it has certainly laid down a strong foundation that has successfully set high standards for financial reporting.

The students taking into consideration the knowledge gained by them through this course should be able to understand and critically evaluate the effect of such standards on preparation and presentation of financial statements.

Required:

A structured essay on the application and use of conceptual framework of financial reporting, IAS 1, IAS 2, IAS 7 , IAS 16, IFRS 15 & IAS 36 in preparation and presentation on financial statements.

The students are required to prepare a report on the details collected for the year 2020. Such report should be based purely on the annual statements taken from MSM website.

The report should be clearly summarizing your understanding on topics stated above and how they are used in the preparation of financial statements. Credit will be given to originality and creativity of writing the summary rather than copying it from the financial statements. It is up to the students to understand and encrypt all the possible information that can be derived on the given topics from the financial statements.

DETAILED ASSIGNMENT

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