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problem 1: You are the management accountant of Clean, an entity listed in a country that permits entities to publish financial statements in accordance with IFRS. Clean is considering seeking a listing on a US stock exchange in the near future. Your Chief Executive Officer takes a keen interest in fi nancial reporting but he is not a professionally qualified accountant. He has recently sent you a memorandum that raises the following issue:

My political contacts tell me that government ministers are very interested in extending the practice of environmental reporting. What exactly does ‘environmental reporting’ mean, and to what extent is it mandatory? Why does there seem to be a trend towards greater environmental reporting? You don’t need to go into massive detail, just give mean outline of what is involved.

Requirements:

Draft a reply that deals with this issue. You should refer to the provisions of IFRS, and any other relevant documents where you consider them to be of assistance in supporting your reply.

problem 2: You are the Management Accountant of Clean, an entity listed in a country that permits entities to publish financial statements in accordance with IFRS. Your Chief Executive Officer takes a keen interest in financial reporting but he is into a professionally qualified accountant. He has recently sent you a memorandum that includes the following query.

One of the phrases I often hear is ‘our employees are our most important asset’. I largely agree with this sentiment, but if it is true, then surely this should be reflected in some way on the statement of financial position. I do not recall seeing such an asset in previous statement of financial position and would be most grateful for your advice.

Requirement:

Draft a reply to the Chief Executive Officer’s query. You should refer to the provisions of IFRS and any other relevant documents.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M91757

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