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FIN611 GDB Solution & Discussion Fall 2017

Case # 01:

AS per International Financial Reporting Standard (IFRS), if an entity departs from IFRS while reporting, it is solely its discretion whether to provide disclosure that it has complied with applicable IFRS, except for a specific departure along with the title of that IFRS from which the entity’s financial statements have departed, describing the treatment required by the IFRS and the entity’s alternative treatment.

Do you agree with this statement? Justify your answer with reference to the framework. (2 Marks)

 

Case # 02:

FinCo closes its account on March 31 each year. On 15th April 2012, a fire completely destroyed the company's largest warehouse and the inventory it contained. The carrying amounts of the warehouse and the inventory were Rs.10 million and Rs. 6 million respectively. It appears that the company has not updated the value of its insurance cover and only expects to be able to recover a maximum of Rs. 9 million from its insurers. FinCo financial statements were authorized for issue by its directors on 10th May 2012 and the AGM (annual general meeting) will be held on 10thJune 2012.

Briefly describe with reference to IAS 10:

  • Whether it is an adjusting or non-adjusting event?  (1 Mark)
  • How FinCo Limited will treat this even in its financial statements for the year ended 31st March 2012?   (1 Mark)

 

Important Instructions:

  • Your discussion must be based on logical aspects of the requirements of the topic with proper justification.
  • Use the font style “Times New Roman” and font size “12”.
  • Your answer should be relevant to the topic i.e. clear and concise.
  • Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
  • Books, websites and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.
  • You should post your answer on the Graded Discussion Board (GDB), not on the Moderated Discussion Board (MDB). Both will run parallel to each other during the time specified above. Therefore, due care will be needed.
  • The obnoxious or ignoble answer should be strictly avoided.
  • You cannot participate in the discussion after the due date via email.
  • Questions/queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.

For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the overview tab of the course website on VULMS

 

For Detailed Instructions please see the GDB Announcement


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