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Essay sample - Policy Choices under IFRS in UK and German Context
Finance & Accounting
Pages 10 (2510 words)
Policy Choices under IFRS in UK and German Context After the mandatory adoption of IFRS by the public listed companies in 2005-06 especially in the Euro zone, the companies develop their financial statements in accordance with the guideline provided by the IFRS…
Nobes (2006) studied this area of research and outlined 16 policy choices that are mostly available to the companies. The four choices have been eliminated from this analysis as some of them are industry specific and some of them are commonly used by every company no matter in which industry they operate. The rest of twelve policy choices do have some issues with them as some organizations do not disclose their policies at times. The most common examples are of “investment property” and “inventory” such that in relation to investment property, organizations do not disclose whether these investment properties are valued at cost or fair value, and in case of inventories, organizations at times do not disclose whether the inventories are valued at FIFO method or weighted average method. Other issue that may also arise is that organizations may not have any joint-ventures with other entities. In such cases organizations are unable to report their valuation whether they should be valued on proportionate basis or as per equity method. This particular report will analyze the 12 policy choices out of those 16 in the context of UK and Germany. ...
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