How to Create MBA AC 17-2 Financial Reporting Individual Assignment

How to Create MBA AC 17-2 Financial Reporting Individual Assignment

Report

In this assignment we will have a look at the off-balance sheet issue of finance and its influences on the users of financial statements. We will also study the IAS 17 lease principles their background and we will also assess the shortcomings which led to the cancellation of these accounting principles. As the IAS 17 were replaced by the IFRS 16 standards, so we will also assess how these new standards overcame the shortcomings of the IAS 17 standards. We will also analyze the financial statements of a company from MSM to see how leasing standards were applied to the financial position and performance of “AL ANWAR CERAMIC TILES (AACT)”.

Table of Contents

Introduction:

1. An analysis of off-balance sheet finance issue and its impact on users of financial statements

2. Background and main accounting principles of IAS 17 Leases:

Types of Leases:

Finance Lease:

Land and Building Lease:

Leases in the Financial Statements of Lessees:

Finance Lease:

Operating Lease:

Leases in the Financial Statements of the Lessors:

Finance Lease:

Sale and Leaseback Transactions:

Finance Lease:

Operating Lease:

4. An analysis of IAS 17 Shortcomings and how IFRS 16 overcame shortcomings of IAS 17

Operating lease accounting treatment

Definition of a lease:

Lessor interaction

Accounting Matrices

Measuring PV and rate

5. AL ANWAR CERAMIC TILES (AACT):

Conclusion:

References

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