6. Identify and explain the main differences in the treatment of the elements of the financial statements between NAS and IFRS that might arise when transforming the financial statements in the real life. These differences should concern the following accounting standards: a) Property, plant and equipment IAS 16; b) Inventory IAS 2; c) Financial instruments: recognition and measurement IAS 39; and d) Intangible assets IAS 17. e) Other standards at your consideration (additional) (10 marks) 7. Provide examples of the adjustments required due to the identified difference in the sixth part of your assignment. Describe the main differences in the treatment of the items in national reporting standards and IFRS/IAS, provide the corresponding calculations and journal entries (use the imaginary numbers. (15 marks) The key adjustments to be considered: a) Depreciation of fixed assets; b) Revaluation of fixed assets; c) Intangible assets d) Provisions for bad and doubtful debts; e) Initial cost of inventories; f) Other adjustments at your consideration (additional) 8. Design the transitional tables in Excel for the statement of financial position and the statement of profit and loss in order to demonstrate the reconciliation of the financial statements prepared in accordance with NAS and IFRS. (20 marks) 9. As an example demonstrate the use of the designed transitional tables in Excel for the transformation of financial statements of an imaginary company’s from NAS to IFRS.
