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ACCT3601 Global Financial Reporting And Analysis
Questions:
Question 1
(Word limit: fewer than 300 words) 10 marks
In 2015, many of the large Japanese companies decided to switch to !FRS, moving away from the US accounting system (US GAAP).
This was quite surprising since the use of US GAAP in Japan was perceived as a privilege, reserved only for highly reputable, well-established, and successful corporations.
One exception was Toyota Motor Corporation (TMC) — the company has been said to have a negative attitude toward IFRS, thinking that the standards “do not fit Japanese practices”.
(a) What do you think were the two (2) possible reasons behind TMC’s decision not to adopt IFRS in 2015? (5 marks)
In 2020, TMC decided to replace US GAAP and adopt IFRS for its consolidated financial statements, stating that this is to “improve the international comparability of its financial information in the capital markets”.
(b) Do you think TMC made the right choice in switching from US GAAP to IFRS? Provide support for your opinion. (5 marks)
Question 2
(Word limit: fewer than 300 words) 10 Marks
IFRS 8 Operating Segment remains one of the most controversial standards issued by the IA B, with its Exposure Draft (ED) 8 receiving 182 comment letters in 2006.
The standard has been effective since 2009.
Following a Post-Implementation Review (PIR) of IFRS 8 conducted in 2013, another ED based on the PIR was issued in 2017, and responses to this ED were received in 2019.
In your opinion, has IFRS 8 been a successful international financial reporting standard?
Provide support for your opinion based on the material covered in the Course.
ACCT3601 Global Financial Reporting And Analysis
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