Select the country where an entity is domiciled and list the main differences between the local accounting requirements (local GAAP) and IFRS.

Assessment Format:

CW - Report

Mode of Submission:

Canvas: Assignment with Submission

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Weighting:

This assessment is worth 50% of the Module mark

Assessment Level:

7 Generic Assessment Criteria and Marking Standards

Element Learning Outcomes:

The element learning outcomes for this assessment are: 3-4

Marking Approach:

Fine-graded

Feedback Release Date:

29/06/2026

Task

Expectations / Marking Criteria

Learning outcome

1.Select the country where an entity is domiciled and list the main differences between the local accounting requirements (local GAAP) and IFRS.

Students must describe the differences between local GAAP and IFRS in existing country and provide the source of information used. This should be prepared in a form of a table. The table should be about three pages long (10%)

3,4

2. Prepare the statement of financial position and income statement (or the equivalent of the statement of comprehensive income, if applicable) according to the local GAAP for two accounting periods.

It must be clear how the student obtained the financial statements of the respective country, i.e., whether through T-accounts or by an alternative approach. Marks are allocated based on how the student demonstrated knowledge of the basic principles of double-entry accounting. (10%)

3,4

3. Translate the Statement of Financial Position and the Income Statement (or the equivalent of the statement of comprehensive income, if applicable) into IFRS for the second year.

Students are required to produce two “Translation tables” for Statement of financial position (IFRS Opening Statement of financial position and IFRS Closing Statement of financial position) plus one Translation table for the Income statement. (40%)^*)

3,4

4. Prepare all financial statements required by IAS 1 Presentation of Financial Statements

Students need to demonstrate the knowledge of IAS 1.

Mark allocation:

Financial statements maximum 5 marks each (total 20%). If a statement does not match to the rest of financial statements: 0 marks for that statement.

1 & 2

5. Explain the impact of the first adoption of IFRS on an entity’s financial position and performance according to the requirements of IFRS 1 First time adoption of IFRS.

Students must demonstrate knowledge of IFRS 1 and its disclosure requirements. (10%)

1 & 2

6. Write a commentary describing the problems regarding the first-time adoption of IFRS in the chosen country and the particular entity.

This document should be in a basic report format. Students must write the report explaining the situation to the users, i.e. non-accountants.

For this part, references are required. Missing references: minus 5 marks. (10%)

1 & 3

Total marks

100%

0

The student prepares something completely different than what is required.

Student copied a case study from Canvas as it was, i.e. including the solution.

0 to 5 marks

The student is proceeding with the easy case study using their own numbers.

6 to 15 marks

Student’s assignment is based rather on the easy case study, however, the student has included some additional or different transactions, for example tax impact.

16 to 25 marks

Student follows more advanced case study with their own numbers.

26 to 40 marks

Student included advanced transactions which were not covered by the module (typically because of time reasons) where they have shown a deep understanding of IFRS requirements.