IFRS Case Study.docx - ACCT 3350 International Accounting Spring 2016 As part of your case research assignment you need to search the online

IFRS Case Study.docx - ACCT 3350 International Accounting...

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ACCT 3350 International Accounting Spring 2016 As part of your case research assignment, you need to search the online IFRS (international financial reporting standards) for SMEs ( small and medium-sized entities) website for authoritative support for the positions you are taking in your solution. Your solution should contain specific references to IFRS standard numbers you are relying upon. You need to first register with the IFRS website in order to gain access to the standards. There is no charge for eIFRS Basic. I have the written standards in my office if you would like to see them. The link to the website: On the top ribbon got to IFRS -> IFRS for SMEs Next click Access the IFRS for SMEs (on left) -> Not Registered Click on Register for eIFRS Basic or Upgrade to eIFRS Professional Follow the instructions to get free access to the Basic. _____________________________________________________________________________________________ The Wild Safari Company Case Study The case study from which this case study is derived benefited greatly from the feedback and comments from people attending a series of workshops on the Framework-based approach to teaching International Financial Reporting Standards (IFRS) organized by the IFRS Foundation and others and from peer review by a number of anonymous reviewers. Background Company A PLC is a company listed on the London Stock Exchange. The company has operated successfully in the manufacturing sector for more than twenty years and for many years has prepared its financial statements in accordance with International Financial Reporting Standards (IFRS). Although Company A presents its financial statements in British Pounds (£), its functional currency is the Euro (€). In 20X0 Company A’s board of directors decide to expand Company A’s operations into new types of business and into a geographical location in which it currently does not operate—Sub-Saharan Africa. Accordingly, management selects a number of activities in Southern Africa to be carried out as part of a ten-year diversification plan. The company appoints James and Judith Dowling to manage its African operations, under the brand name The Wild Safari Company (Wild Safari). Wild Safari prepares financial statements in compliance with the IFRS for Small and Medium-sized Entities (SMEs). Events in 20X0–20X2 On 2 January 20X0, Company A incorporates a wholly-owned separate legal entity, Wild Safari, in the Republic of Africania (Africania) by contributing £10,000,000 to form Wild Safari’s permanent capital.
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  • International Financial Reporting Standards, Zebra, Quagga, Plains Zebra, wild safari

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