International Financial Reporting Standards
Framework-based
teaching:
non-financial assets
Open Safari case
12 December 2012
Ann Tarca, Professor of Accounting, University of Western Australia
Michael (Mike) Wells, Director, IFRS Education Initiative, IASB
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation.
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Framework-based
IFRS teaching…
2
• relate each IFRS requirements to the
concepts in Conceptual Framework
• explain why some IFRS requirements do not
maximise those concepts (eg application of
the cost constraint)
Concepts
Principles
© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Rules
Framework-based
IFRS teaching provides…
3
• a cohesive understanding of IFRSs
– Framework facilitates consistent and logical
formulation of IFRSs
• a basis for judgement in applying IFRSs
– Framework established the concepts that
underlie the estimates, judgements and
models on which IFRS financial statements
are based
• a basis for continuously updating IFRS
knowledge and IFRS competencies
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Role of the Conceptual Framework
4
• IASB uses Framework to set standards
– enhances consistency across standards
– enhances consistency across time as Board
members change
– provides benchmark for judgements
• IFRS Interpretations Committee uses
Framework to interpret IFRSs when there is no
IFRS requirement
• Preparers use Framework to develop accounting
policies in the absence of specific standard
– IAS 8 hierarchy
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Range of IFRS classes
5
Can I use Framework-based teaching in my
IFRS class?
• Yes, the starting point for all IFRS teaching should
be the objective of IFRS financial information and
the concepts that flow logically from that objective
• However, the extent of IFRS requirements taught
are likely to vary by course level and to suit the
objectives of the course
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Focus on CA/CPA stream students
6
• Can be used at all levels of IFRS classes
• However, this webcast is for CA/CPA stream
• Financial reporting courses at 3 broadly
defined stages along the progression to
CA/CPA
– Stage 1: first course
– Stage 2: course mid-way to qualifying
– Stage 3: immediately before qualifying
• Stages are broadly defined to take account of
different approaches to qualifying CA/CPAs
© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Suggested teaching focus
Stage 1
Explain economics
and relate to
information needs of
primary users.
Teach mechanics of
accounting and
create awareness
of estimates and
other judgements.
Reinforce with class
discussion +
tutorials.
Stage 2
Explain economics
and relate to
information needs of
primary users.
Develop
understanding of
estimates and other
judgements involved
in applying IFRSs.
Reinforce teaching
with class discussion
+ tutorials exploring
judgements.
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
7
Stage 3
Reinforce understanding
and develop
competence in making
the estimates and other
judgements that are
necessary to comply with
IFRSs. Some ideas:
- cross-cutting issues
class discussions
- advanced tutorials
- integrated case studies
- GAAP comparisons
and improvements.
Suggested assessment focus
8
Stage 1
Stage 2
Stage 3
Assess knowledge
and basic
understanding of:
i. the main concepts
ii. selected main
principles
iii. awareness of
basic estimates and
judgements
Assess understanding of
the estimates and other
judgements in applying
IFRS using fact patterns
including unfamiliar items
integrated with a number
of IFRS topics and some
accounting related
disciplines (eg finance)
Assess competence in
making the estimates and
other judgements that are
necessary to apply IFRSs
using integrated case
studies about unfamiliar
items. Isintegrated with
accounting related
disciplines (eg finance)
Open-book
examinations (ie
extracts provided)
Open-book examinations
(The IFRS for SMEs or
A Guide through IFRS)
Open-book examinations
(A Guide though IFRS)
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
The IASB’s Conceptual Framework
• Framework sets out agreed concepts that
underlie IFRS financial reporting
– the objective of general purpose financial
reporting
– qualitative characteristics
– elements of financial statements
– recognition
– measurement
– presentation and disclosure
Other concepts all flow from the objective
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9
Objective of financial reporting
10
Provide financial information about the
reporting entity that is useful to existing and
potential investors, lenders and other creditors
in making decisions about providing resources
to the entity
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Objective of financial reporting
11
• Investors’, lenders’ and other creditors’
expectations about returns depend on their
assessment of the amount, timing and
uncertainty of (the prospects for) future net
cash inflows to the entity.
– Decisions by investors about buying, selling or holding
equity and debt instruments depend on the returns that
they expect from an investment in those instruments, eg
dividends, principal and interest payments or market
price increases.
– Decisions by lenders about providing or settling loans
and other forms of credit depend on the principal and
interest payments or other returns that they expect.
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Objective of financial reporting
12
• To assess an entity’s prospects for future net
cash inflows, existing and potential investors,
lenders and other creditors need information
about:
– the resources of the entity;
– claims against the entity; and
– how efficiently and effectively the entity's
management and governing board have discharged
their responsibilities to use the entity's resources
– eg protecting the entity's resources from
unfavourable effects of economic factors such
as price and technological changes
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Qualitative characteristics
13
• If financial information is to be useful, it must
be relevant and faithfully represent what it
purports to represent (ie fundamental qualities).
– Financial information without both relevance
and faithful representation is not useful, and it
cannot be made useful by being more
comparable, verifiable, timely or
understandable.
• The usefulness of financial information is
enhanced if it is comparable, verifiable, timely
and understandable (ie enhancing qualities—
less critical but still highly desirable)
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Pervasive constraint
14
• It is consistent with the Conceptual
Framework for an IFRS requirement not to
maximise the qualitative characteristics of
financial information when the costs of
doing so would exceed the benefits.
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Examples—economics
For each acquisition below choose 1 of: (a) business
combination; or (b) separate asset purchase?
• Freelands
• Sealands
• WoXy Safaris
Is the expenditure on the medical research center:
(a) donation to university;
(b) joint arrangement with university; or
(c) Open Safari’s assets and Open Safari’s
research and development expenditure?
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15
Examples—economics continued
16
Is Open Safari’s interest in Sealands casino hotel:
(a) passive investment; or
(b) operating a casino business?
Sealands holiday homes—is Open Safari:
(a) selling goods; or
(b) rendering construction services?
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Examples—economics continued
17
Is Open Safari’s successful bid at auction in 20X9 for the
black rhinos:
(a) provision of a service;
(b) purchase of inventory; or
(c) purchase of biological asset for use in
agricultural activity?
Is Open Safari’s successful bid at auction in 20X9 for the
white rhinos
(a) provision of a service;
(b) purchase of inventory; or
(c) purchase of biological asset for use in
agricultural activity?
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Elements—concepts
18
Equity = assets less liabilities
Asset
Income
• resource controlled
• recognised increase in
by the entity …
asset/decrease in liability
in current reporting period
• expected inflow of
• that result in increased
economic benefits
equity except…
Liability
Expense
• present obligation … • recognised decrease in
asset/increase in liability
• expected outflow of
in current reporting period
economic benefits
• that result in decreased
equity except…
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Examples—identifying assets
19
Are the following items Open Safari’s assets?
For each item below choose 1 of: (a) yes; (b) no, no
controlled resource; or (c) no, no expected FEBs.
• Sealands—fish, whales etc in the sea
• Freelands—pre-existing wild animals
• Open Safari—assembled workforce
• Animals captured on Freelands and released
on Sealands
• WoXy Safaris—bees
• WoXy Safaris—quaggas
• WoXy Safaris—elephants
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Examples—identifying assets
continued
20
Are the following items Open Safari’s assets?
For each item below choose 1 of: (a) yes; (b) no, no
controlled resource; or (c) no, no expected FEBs.
• Auction 20X9—black rhino purchased
• Auction 20X9—white rhino purchased
• Open Safari brand
• WoXy brand
• Open Safari website
• Contract to sell timber at fixed price (assume
timber prices are falling)
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International Financial Reporting Standards
Asset classification
(which IFRS applies?)
The views expressed in this presentation are those of the
presenter, not necessarily those of the IASB or IFRS Foundation
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.ifrs.org
Classification concepts—assets
• Different types of economic resources affect a
user’s assessment of the reporting entity's
prospects for future cash flows differently.
22
– some future cash flows result directly from existing
economic resources (eg accounts receivable and
investment property).
– other cash flows result from using several resources
in combination to produce and market goods or
services to customers (eg PPE and intangible
assets). Although those cash flows cannot be
identified with individual economic resources (or
claims), users of financial reports need to know the
nature and amount of the resources available for
use in a reporting entity’s operations. (CF.OB14)
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Classification of assets
23
• Different assets exhibit different characteristics (nature)
and can be held for a variety of uses (use) in order to
generate future economic benefits
• Nature and use determine the classification of assets
• IFRSs defines a number of assets
• For some assets significant judgement is required to
determine their classification
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Non-financial asset classification
ASSET TYPE
USE IN BUSINESS?
24
FORM OF FUTURE
ECONOMIC BENEFITS
Inventory (IAS 2)
Sale or used in production of
items for sale or in services
Usually cash or other asset received in
exchange
PPE (IAS 16)
Used in production or supply of
goods or services, rental or
administration (more than one
period)
Usually cash through sale of ‘final’
product or service
Intangibles (IAS 38)
Used in production or supply of
goods or services
Usually cash through sale of ‘final’
product or service
Investment property
IAS 40)
Earn rentals or capital
appreciation, or both
Usually cash inflows independent from
other assets
Biological asset in
agricultural activity
(IAS 41)
To generate returns through
managing the biological
transformation of biological
assets for sale, conversion into
agricultural produce or progeny
Usually cash or other asset received in
exchange for harvested products or sale
of progeny
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Examples—asset classification
25
Which IFRS classification of asset?
For each item below choose 1 of:
(a) inventory; (b) PPE; (c) intangible; (d) investment
property; (e) biological asset in agricultural activity; or
(f) financial asset
•
•
•
•
•
Freelands—land
WoXy—land planted with plantation
Sealands—land
WoXy—bees
WoXy—quaggas
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Examples—asset classification
continued
Which IFRS classification of asset?
For each item below choose 1 of: (a) inventory;
(b)PPE; (c) intangible; (d) investment property;
(e)biological asset in agricultural activity; or
(f)financial asset
• Sealands—introduced caged animals
• Sealands—introduced fenced animals
• WoXy + Freelands—tourist carrying
elephants and horses
• purchased customer list
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26
Judgements and estimates (IAS 40)
27
• It can be difficult to determine whether
particular biological assets are engaged in
agricultural activity and therefore in the scope of
IAS 41—eg the animals of some zoos.
• Sometimes it is difficult to identify investment
property (IAS 40). In such cases an entity
develops criteria so that it can exercise that
judgement consistently
• eg, owner of a hotel transfers some responsibilities
to third parties under a management contract (PPE
or investment property?)
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International Financial Reporting Standards
Asset recognition concepts
The views expressed in this presentation are those of the
presenter, not necessarily those of the IASB or IFRS Foundation
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.ifrs.org
Asset recognition concepts
29
An asset is recognised when:
• it is probable that any future economic benefit
associated with the item will flow to the entity;
and
• the item has a cost or value that can be
measured with reliability.
For some items that satisfy the definition of an asset,
significant judgement is required to evaluate whether
such items satisfy the recognition criteria. Individual
IFRSs provide principles and application guidance.
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Recognition questions
30
What does probable mean?
The meaning of probable is determined at
the standards level. Therefore, inconsistent
use across IFRSs
What does measure reliably mean?
To a large extent, financial reports are based
on estimates, judgements and models rather
than exact depictions.
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Recognition of development cost
(IAS 38)
31
An intangible asset arising from the development phase of an internal
project must be recognised if, and only if, an entity can demonstrate
all of the following:
a. the technical feasibility of completing the intangible asset so that
it will be available for use or sale.
b. its intention to complete the intangible asset and use or sell it.
c. its ability to use or sell the intangible asset.
d. how the intangible asset will generate probable future economic
benefits. Among other things, the entity can demonstrate the
existence of a market for the output of the intangible asset or the
intangible asset itself or, if it is to be used internally, the
usefulness of the intangible asset.
e. the availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset.
f. its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
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Examples—recognition
32
Recognise the asset?
For each item below choose 1 of: (a) yes; (b) no,
FEBs not probable; or (c) no, cannot measure with
reliability
• Open Safari brand
• WoXy brand
• Goodwill on acquiring WoXy
• Expenditures to restore WoXy brand
• Sealands casino licence (government grant)
• Medical research centre—PPE
• Medical research centre—research expenditure
• Medical research centre—development expenditure
• Contract to sell timber at a fixed price at specified
future date (timber prices falling)
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Unit of account
33
• The concept—unit of account is the level at
which an asset is aggregated or
disaggregated for recognition purposes.
• Most IFRS do not prescribe the unit of
account therefore judgement is required in
applying recognition criteria to an entity’s
specific circumstances.
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Examples—unit of account
How many separate items for recognition?
• WoXy—elephants
(a)‘herd’ as a whole
(b)individual elephants
• WoXy—bees
(a)all 500 swarms collectively
(b)each swarm
(c) individual bees
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34
Examples—unit of account continued
How many separate items for recognition?
• Sealands—unsold beachfront homes
(a)all unsold homes collectively
(b)each unsold home separately
(c) each unsold home as two separate
items—roofs separate from main
structure
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35
International Financial Reporting Standards
Measurement
The views expressed in this presentation are those of the
presenter, not necessarily those of the IASB or IFRS Foundation
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Measurement ‘concepts’
37
• Measurement is the process of determining
monetary amounts at which elements are
recognised and carried. (CF.4.54)
• To a large extent, financial reports are based on
estimates, judgements and models rather than
exact depictions.
– The Conceptual Framework establishes the concepts
that underlie those estimates, judgements and models
(CF.OB11)
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Measurement ‘concepts’ continued
38
• Measurement part of Conceptual Framework is
weak
• A number of different measurement bases are
employed to different degrees and in varying
combinations in financial statements, including
–
–
–
–
historical cost
current cost
realisable (settlement) value
present value (CF.4.55)
• IASB guided by objective and qualitative
characteristics when specifying measurements.
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Measurement ‘concepts’ continued
39
• Historical cost ‘concept’: Assets are recorded at
the amount of cash or cash equivalents paid or
the fair value of the consideration given to acquire
them at the time of their acquisition.
• Fair value concept: the price that would be
received to sell an asset (exit price) in an orderly
transaction (not a forced sale) between market
participants (market-based view) at the
measurement date (current price).
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ASSET TYPE
MEASUREMENT AT
INITIAL RECOGNITION
COST MODEL
BASIS OF
IMPAIRMENT
40
TEST
IAS 2 Inventory
Cost of purchase and/or conversion
costs and costs to get the item to
the location and condition for sale
Cost unless impaired
Lower of cost
(initial recognition)
and net realisable
value
IAS 16 Property, Plant
and Equipment
Purchase costs + construction costs
+ costs to bring to the location and
condition necessary to be capable
of operating in the manner intended
by management.
Accounting policy
choice: cost less
accumulated
depreciation and
impairment, if any
Compare carrying
amount to
recoverable
amount.
IAS 38 Intangibles
Assets
Purchase costs + development
costs + costs to bring to the location
and condition necessary to be
capable of operating as intended by
management
Accounting policy
choice: cost less
accumulated
amortisation (unless
indefinite life asset)
and amortisation, if
any
IAS 40 Investment
Property
Cost including transaction costs
Accounting policy
choice: cost less
accumulated
depreciation (unless
land) and impairment
(if any)
IFRS 9 Financial
Fair value
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For particular business
models amortised cost
Recoverable
amount is greater
of value in use and
fair value less
disposal costs
(IAS 36)
IAS 39 specifies
impairment rules
ASSET TYPE
MEASUREMENT AT
INITIAL
RECOGNITION
MODEL BASED
ON FAIR VALUE
IFRS 9 Financial
Instruments
Fair value
For specified financial
assets and for particular
business models: fair
value
IAS 16 Property,
Plant and
Equipment
Purchase costs + construction
costs + costs to bring to the
location and condition
necessary to be capable of
operating in the manner
intended by management.
Accounting policy
choice: revaluation
model
IAS 38 Intangible
Assets
Purchase costs +
development costs + costs to
bring to the location and
condition necessary to be
capable of operating as
intended by management
Accounting policy
choice: revaluation
model
IAS 40
Investment
Property
Cost including transaction
costs
Accounting policy
choice: fair value
IAS 41 Agriculture
Fair value less costs to sell
Fair value less costs to
sell
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BASIS OF
IMPAIRMENT
TEST 41
Compare carrying
amount to recoverable
amount.
Recoverable amount is
greater of value in use
and fair value less
disposal costs (IAS 36)
Examples—
measurement ‘economics’
Which currency is Open Safari’s
functional currency?
Choose one of (a) to (f) below:
(a) Euro
(b) British pound
(c) South African rand
(d) Africanian Zollar
(e) US dollar
(f) Any currency that Open Safari chooses
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42
Examples—
measurement ‘economics’ continued
43
• Why did the IASB conclude that it would be
highly unlikely that an entity can justify a
change in accounting policy for investment
property from the fair value model to the
cost model?
• Why did the IASB conclude that fair value
measurement was most appropriate
measurement attribute for biological assets
in agricultural activity?
• What is the ‘economics’ of depreciation?
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Example—measurement at initial
recognition
44
At what amount are the animals released
on Sealands (captured on Freelands)
measured when first recognised?
(a) nil
(b) expenditure on capture
(c) expenditure on relocation
(d) expenditure on capture and relocation
(e) capture date fair value
(f) capture date fair value less estimated
costs to sell
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Example—depreciation
45
Residual value of spacecraft at 31/12/20Y0?
(a)
(b)
(c)
(d)
nil
CU10 million
CU10 million less expected costs of disposal
amount would get on 31/12/20Y0 less estimated
costs of disposal, if already 5 years old and in
the condition expected at the end of 20Y5.
(e) amount would get on 31/12/20Y0 less estimated
costs of disposal, if already flown 100 flights and
in condition expected after 100 flights.
(f) present value of CU10 million less estimated
costs of disposal.
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Example—depreciation continued
46
Must any components of the spacecraft be
depreciated separately?
(a) no
(b) yes, the inspection component must be
depreciated separately from the other
components of the spacecraft (ie 2 components).
(c) yes, the inspection component and the soft
furnishings component must each be
depreciated separately from the other
components (ie 3 components).
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Example—depreciation continued
47
Which depreciation method must be used
for the spacecraft?
(a) management choose depreciation method.
(b) straight line method for both the inspection
component and other component.
(c) units of production method for both the
inspection component and other component.
(d) revenue-based depreciation for both the
inspection component and other component.
(e) straight line for the inspection component and
units of production (based on the number of
flights) for other component.
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Example—depreciation continued
At 31/12/20Y0 spacecraft’s useful life is?
(a)
(b)
(c)
(d)
(e)
100 voyages for entire spacecraft.
150 voyages for entire spacecraft.
4 years for entire spacecraft.
5 years for entire spacecraft.
service component = 2 years and other
component = 150 voyages.
(f) service component = 2 years and other
component = 100 voyages.
(g) service component = 2 years and other
component = 4 years.
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48
Examples—measurement after
recognition
49
How to measure fair value of
1. Sealands casino building?
2. WoXy plantation?
3. animals (eg buffaloes and rhinos on Sealands)?
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Judgements and estimates, cost
50
• Cost of some items includes significant estimates
• what is cost?
• costs allocations
• cost of dismantling, removal, restoration
• costs of self constructed assets
• Depreciation represents the consumption of the assets
service potential in the period. Measuring requires:
• identifying significant components to be depreciated
separately
• estimating useful life and residual value
• identifying the depreciation method that reflects most
closely the consumption of the service potential of the
item of PPE
• Determining the classes of assets (eg PPE)
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Judgements and estimates,
fair value
51
• When using the most recent market transaction
price to measure fair value: identifying the most
recent market transaction price and evaluating
whether economic circumstances have changed
significantly.
• When using market prices for similar assets:
adjusting the prices to reflect differences.
• When using sector benchmarks (eg the value of
cattle expressed per kilogram of meat): adjusting to
reflect differences.
• When using DCF model: estimating the expected
future net cash inflows and the discount rate.
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International Financial Reporting Standards
Derecognition
The views expressed in this presentation are those of the
presenter, not necessarily those of the IASB or IFRS Foundation
Derecognition
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• Derecognition occurs when a recognised item is
removed from the statement of financial position
• There is no explicit concept for derecognition in
the Conceptual Framework. Consequently:
• derecognition requirements are specified at the
Standards level
• inconsistencies exist between the derecognition
requirements of different IFRSs
• derecognition does not necessarily coincide with
no longer meeting the requirements specified for
recognition
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Examples—derecognition
54
• When does Open Safari derecognise the
elephant bull released onto Freelands?
(a)when the bull is released
(b)when the bull first walks off Freelands
(c)when the bull dies
(d)never
© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
International Financial Reporting Standards
Presentation and
disclosure
The views expressed in this presentation are those of the
presenter, not necessarily those of the IASB or IFRS Foundation
Presentation and disclosure
‘concepts’
56
• Objective of financial reporting
• Financial statements portray financial effects of
transactions and events by:
– grouping into broad classes (the elements, eg asset)
– sub-classify elements (eg assets sub-classified by their
nature or function in the business)
• IAS 1
– need not provide a specific disclosure if the information
is not material
– application of IFRSs with additional disclosures when
necessary results in a fair presentation (faithful
representation of transactions, events and conditions)
– do not offset assets & liabilities or income & expenses
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©
IFRSFoundation
Foundation.| 30
30 Cannon
Cannon Street
Street || London
London EC4M
EC4M 6XH
6XH || UK.
UK. www.ifrs.org
www.ifrs.org
Examples—
measurement ‘economics’
Which currency is Open Safari’s
presentation currency?
Choose one of (a) to (f) below:
(a) Euro
(b) British pound
(c) South African rand
(d) Africanian Zollar
(e) US dollar
(f) Any currency that Open Safari chooses
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57
Questions or comments?
Expressions of individual
views
by members of the IASB and
its staff are encouraged. The
views expressed in this
presentation
are those of the presenter.
Official position of the IASB
on accounting matters are
determined only after
extensive due process and
deliberation.
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
58
Questions or comments?
Non financial assets - does it cover
leased assets?
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
59
Questions or comments?
Should insurance in transit be capitalized to
PP&E as many believe it is not an assets cost
hence should be expensed but other thought it
is transaction cost hence capitalized as IAS 16
not prohibit capitalization of transaction cost
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
60
Questions or comments?
In IAS 16 unit of account is not prescribed. In
absence of explicit UOA what should be the
guiding principle for determination of UOA
whether component concept could be
utilized for UOA?
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
61
Questions or comments?
Can I upload the case on the website of the school
for students to download and print for teaching
purpose?
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
62
Questions or comments?
can you explain "the concept of
economics of depreciation" with
reference to SME
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
63
Questions or comments?
What do you judge the functional currency of
Open Safari to be? What factors of IAS 21 did you
consider?
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
64
Questions or comments?
I get the sense that you would encourage more
discussion-based assessments rather than
number-based assessments that traditional
accounting courses use. Would this be correct?
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© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
65
Questions or comments?
Thankyou
© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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