This assignment requires students to demonstrate an understanding of the conceptual framework of accounting and application of accounting standards in real life annual reports of the companies.
Write a research report answering the questions below.
The International financial reporting standards (IFRS) encourage ASX listed companies to use fair value accounting (FVA) replacing the historical cost accounting (HCA) for valuing their non-current assets. Use IFRS compliant Wesfarmers Company’s 2017 annual report and peer reviewed academic research to decide if FVA (claiming to have more value relevance) should totally replace HCA. Wesfarmers Company’s 2017 annual report should be used as an illustrative example to support your argument regarding relevance and use of FVA or HCA for Non-current assets (up to 2000 words including introduction, conclusion and references).
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Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015. Advanced accounting. McGraw Hill
Krivogorsky, V., 2015. ACCTG 501 Advanced Financial Accounting.
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