The Open Country Safari Company Case Study | Online Assignment Help
Part 2: Material
Stage 1: Material
The material includes:
• extracts from the IASB’s Conceptual Framework for Financial Reporting and the main principles in IAS 16 Property, Plant and Equipment and Section 17 Property, Plant and Equipment of the IFRS for SMEs;
• explanations, examples and discussion questions relating to the identification, recognition, measurement, and de-recognition of property, plant and equipment (PPE) and indications of some judgements and estimates in accounting for PPE; and
• tutorial questions and suggested solutions.
Stage 1: reference material
The following extracts from the Conceptual Framework and Standards provide students with the main concepts and principles relevant to accounting for PPE. The authors envisage that students would have access to copies of these extracts in class and when they are being assessed. This open-book approach is consistent with focusing on developing students’ ability to apply IFRS requirements, rather than having them learn and recite IFRS requirements and mechanically perform repetitive examples. An open-book approach is also more reflective of the ‘real world’ in which accountants must apply IFRS and analysts interpret IFRS financial statements, rather than recite its requirements. Furthermore, IFRS requirements are likely to change over time and memorizing the older versions of such material may not be helpful in future.
The Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users. IAS 16 Property, Plant and Equipment and Section 17 Property, Plant and Equipment of the IFRS for SMEs set out requirements for accounting for PPE.
Stage 2: material
The material includes:
• reference material—a reading list for review before class;
• class material—to assist with teaching IFRS requirements for property, plant and equipment (PPE), ie IAS 16 Property, Plant and Equipment and Section 17 Property, Plant and Equipment of the IFRS for SMEs;
• explanations, examples and discussion questions relating to the identification, recognition, measurement, derecognition and presentation and disclosure of property, plant and equipment (PPE) and discussion of significant judgements and estimates in accounting for PPE;
• assignment questions; and
• a tutorial question with a suggested answer.
The Stage 2 teaching material aims to assist teachers with developing students’ ability to understand the judgements and other estimates in IFRS. By discussing the issues and examples set out below and setting questions, tasks and tutorial questions involving judgements and estimates, a teacher provides a meaningful learning experience that contributes to a cohesive understanding of IFRS and begins to develop the students’ ability to make the judgements that are necessary to account for PPE and to report PPE in accordance with IFRS.