While preparing the final accounts you realize that they do not follow the International Accounting Standards while preparing their final accounts.
You are required to prepare a brief report for the top management explaining the following International Accounting Standards, citing examples from the Annual Reports of Emirates airlines.
1.IAS 1 Presentation of Financial Statements
2.IAS 2 Inventories
3.IAS 16 Property, Plant & Equipment.
Your report should outline the following points for each of the above mentioned accounting standards:
1.Introduction to the IAS
5.Examples from Annual Reports of an Airline.