Grant Thornton: Memorandum on Revised IFRS and its Implications
VerifiedAdded on 2022/10/12
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AI Summary
This memorandum to the Directors of Grant Thornton Australia addresses the implications of revised International Financial Reporting Standards (IFRS). It begins by outlining the purpose and background of IFRS, emphasizing its role in global financial reporting and its differences from US GAAP. The report then details the key components of financial statements under IFRS, including the balance sheet, comprehensive income statement, statement of changes in equity, and cash flow statement. It also discusses the revised conceptual framework introduced by the IASB, highlighting new terms like stewardship and prudence, and revised definitions of assets and liabilities. The report further examines the issues arising from the revised IFRS, such as challenges in revenue recognition (IFRS 15), subsidiary accounting (IAS 27), and contingent liabilities (IAS 37). It also covers the complexities of financial instruments (IFRS 9), borrowing costs (IAS 23), and intangible assets (IAS 38). The memorandum concludes with advice to Crown Resort Limited, recommending support for the revised IFRS due to its potential advantages in creating a single set of accounting standards, reducing costs, and improving foreign direct investment. The report includes references to relevant literature and financial statements of Crown Resorts Limited.
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