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Advanced Financial Accounting

Advanced Financial Accounting
Accounting under IFRS involves making judgements, and developing accounting policies and estimation techniques can involve the use of significant judgement. According to the IASB Framework, “to a large extent, financial reports are based on estimates, judgements and models rather than exact depictions”.
Non-current assets typically form a large proportion of the total assets of a company. The accounting policies and estimation techniques that are used in relation to non- current assets usually have a material impact on the overall position and performance of a company. Companies often lease assets rather than purchasing them, and accounting for leased assets is very topical at this time.

You are required to write a report to the non-executive directors of a TESCO plc . The non- executive directors would like to understand the extent and impact of the use of judgement in their company’s financial statements. They are also aware that the IASB is working on a project that is likely to substantially change the accounting treatment for leases, and they are interested to know more about the project and its potential implications for their company’s financial statements.
Your report should:
(a) In respect of the company chosen, explain the use of significant judgement in developing accounting policies and estimation techniques, and evaluate the impact of these judgements on financial position and performance.
(b) Discuss the reasons for the IASB developing a new accounting treatment for leases and explain the progress made in respect of the IASB’s leasing project.
(c) Comment on the impact that proposed changes in lease accounting may have on the performance and position of the chosen company.


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