University : | Kaplan Business School UniLearnO is not sponsored or endorsed by this college or university. |
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Subject Code : | ACCM4600 | Country : | Australia |
Your Task
1) Prepare to write a business report by following the instructions given below
2) Write the final business report by following the instructions given below
Assessment Description
The MoF is considering several options put to them by the different lobby groups including:
- suspending the convergence program and retaining their own separate standards
- continuing the same current approach of ‘gradual convergence’
- adopting IFRS fully as soon as possible
The Indonesian MoF have contacted your firm and requested help with their deliberations over this important matter, which is proving problematic as different individuals within the ministry have different opinions. To help them make a decision the MoF would now like an impartial report, including recommendations.
Two of the partners of your firm, Mrs A.D. Option and Mr Con Vergence, have identified you as ideal to lead a team writing the report. The team you lead will include non-accounting graduates from the consulting arm of your business. The partners request that you first provide a report plan (Part 1) before completing the report (Part 2). They inform you that not all relevant staff at the MoF are accountants and as such your report should be understandable to both accountants and non- accountants.
The MoF have requested that the report contains (but is not necessarily restricted to) responses to the following aspects:
1. Briefly outline the origins, history and expansion of IFRS.
2. Briefly provide the current and likely future position of IFRS globally in terms of coverage and any major alternative accounting rules in use.
3. Arguments for and against fully adopting IFRS; what are the costs and benefits to the Indonesian economy, the Indonesian government and other parties? A recommendation is required.
4. If Indonesia did decide to fully adopt IFRS, provide arguments for and against a one-off adoption (as opposed to a more gradual convergence). A recommendation is required.
You are aware of some excellent literature on the expansion of IFRS in developing and other countries that you will also incorporate in this report. You can include any information in the report which you think will assist the MoF to make these important decisions. You must support your arguments and hence use at least ten resources to inform your discussion.
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