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Fortune Minerals — Adoption of IFRS
內容大綱
The controller of a publicly traded mining company must make a series of recommendations to the chief executive officer and chief financial officer of the company as it prepares to adopt international financial reporting standards (IFRS). Major decisions revolve around accounting for the company’s fixed assets and mining properties — specifically, whether to capitalize or expense certain items, whether to record certain assets at their values of historical costs, the company’s depreciation policy, and other issues around impairments of capital assets. The controller also considers the recent International Accounting Standards Board (IASB) discussion paper on accounting for extractive resources and its possible implications to the company in the future.
學習目標
This case gives students the opportunity to address a number of financial accounting issues in an IFRS context and to apply professional judgement in deciding the appropriate accounting treatments. Students will be exposed to all relevant topics related to accounting for capital assets including valuation, depreciation, and asset impairments. Students will also gain an understanding of the unique metals and minerals sector and accounting issues specific to that industry. Finally, students will understand general issues related to implementing and adopting IFRS.