Different phases in the harmonization efforts of the IASC

Problem 1:

Different phases in the harmonization efforts of the IASC.

Required:

Identify one such phase and prepare a brief report describing its importance in the overall scheme of international harmonization of accounting standards. You should consult relevant literature in preparing this report

Problem 2

With a broad portfolio of market-leading businesses, the Jardine Matheson Group is an Asian-based conglomerate with extensive experience in the Region. Its business interests include Jardine Pacific, Jardine Motors Group, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage and Jardine Lloyd Thompson. These companies are leaders in the fields of engineering and construction, transport services, motor trading, property, retailing, restaurants, hotels, financial services and insurance broking.

The Group’s strategy is to build it’s operations into market leaders across Asia Pacific, each with the support of Jardine Matheson’s extensive knowledge of the region and it’s long-standing relationships. Through a balance of cash-producing activities and investment in new businesses, the Group aims to produce sustained growth in shareholder value.

Incorporated in Bermuda, Jardine Matheson has its primary share listing in London, with secondary listings in Singapore and Bermuda. Jardine Matheson Limited operates from Hong Kong and provides management service to Group companies, making available senior management and providing financial, legal, human resources, and treasury support services throughout the Group.

Jardine Matheson uses International Financial Reporting Standards in preparing its financial statements and has done so far a number of years.

Required:

Access Jardine Matheson’s most recent annual report on the company’s Web site (www.jardine-matheson.com). Review the company’s consolidated financial statements to evaluate whether the financial statements presented comply with the presentation requirements in IAS 1, Presentation of Financial Statements. Document your evaluation.