Financial Reporting and Economic Implications

Examine and critically discuss the following important questions:

1. What are the underlying motivations to introduce IFRS 16 and eliminate IAS 17 (in the context of both lessors and lessees)

2. What are the underlying motivations to introduce IFRS 15 and eliminate IAS 18 (in the context non-financial firms)

3. Discuss the financial reporting and wider Economic/(Firm) Performance related implications of the issuance of IFRS 16 and IFRS 15.

a. Provide (at least one) company case example(s) for both IFRS 15 and IFRS 16

b. Include practitioner and/or academic discussion

Other Points:

1. Provide very clear references (e.g. company reports, competitor reports, industry data, investment & bank analyst reports, Big4 discussion papers, accounting regulations and academic literature) in accordance with University techniques

Sample Solution

After they know how to work,it is getting on the right track. That time, I will empower the experts to play their roles in the project. (Stephen P. Robbins, 2005) This strategy would make a good use of existing resources and would encourage employees to be more active. Many organizations, managers and managerialists think it is a very important theory of our time. (Potterfield, Thomas, Quorum Books, 1999, p. 6) Because it is a project due by December 15th, we need to set up a timeline to separate the whole project to make sure the task will be finished step by step. (Grafton, Anthony; Rosenberg, Daniel , 2010) When I design the timeline, I need to leave at least 20% of the free time in case some emergencies. If the emergencies happen, it would be a lot of economic losses and it is my errors of management.

Besides, 6 experts are all from different places which means they grown up and were educated in different environment. This may leads to cultural differences and causes some conflicts. As a leader of the team, I play the most important role, like a fusion combines all members into a real team. So that I need to know some culture about every member. Cross-cultural communication is not easy, not only the language but also lifestyle and ways of doing things. (“Fact and Figure about cross cultural training.” Cultural Candor Inc. Retrieved 3, December 2015)

As a leader, I will encourage them to be more innovative and motivated

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