Evaluate the basic philosophy for the requirements specified for first-time adoption of IFRS.Discuss why exemptions to specific requirements are necessary.
Assignment 4: The Impact of Current IFRS Proposals for Lease Accounting on Financial Reporting and Accounting for Income Taxes
The proposed changes to lease accounting under IFRS represent a significant change from past accounting practices. The accounting changes could influence how leases are negotiated and potential lease versus buy decisions. In the organization in which you work or have worked in the past, consider how this change may have affected that organization as you complete this assignment.
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Write a five to seven (5-7) page paper in which you:
-Examine the impact of the current IFRS proposal for leases referred to as the “right of use” on liabilities and operating income for companies. Next, state the corresponding implications on tax deferred assets and global tax planning.
-Analyze how the “receivable and residual” method will transform reporting requirements for lessors reporting under IFRS. Next, describe how this standard will impact income tax reporting in jurisdictions where the computation of taxable income is closely aligned with IFRS based statutory reporting.
-Identify at least two (2) strategies you would implement to reduce the potential impact of the proposed changes to your company.
-Evaluate the basic philosophy for the requirements specified for first-time adoption of IFRS. Next, discuss why exemptions to specific requirements are necessary.
-Analyze the changes with regards to financial instruments as a result of the study completed by the Financial Crisis Advisory Group (FCAG) after the 2008 Financial Crisis.
-Use at least three (3) quality academic resources in this assignment published within the past two (2) years. Note: Wikipedia and other websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
-Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
-Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
-Analyze the key differences and current application of leases under IFRS and under GAAP and impact it will have on financial reporting.
-Analyze the financial statement impact for income tax reporting according to IFRS Outcome.
-Assess the impact on financial accounting and reporting related to the implementation of IFRS.
-Use technology and information resources to research IRFS.
-Write clearly and concisely about IFRS using proper writing mechanics.
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