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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:
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