The submission is in the form ofan individual numerical/written report. This should be written in aconcise, formal business style using single spacing and font size 12.You are required to make use of headings, paragraphs and subsections asappropriate, and all work must be supported with research and referencedusing the Harvard referencing system. Provide working notes whereverrequired. The document must be submitted to turnitin in word document.Please provide a bibliography using Harvard referencing system if youreferred any sources for theoretical parts or questions. Thenumbers/numerical statements and calculations must be neatly/clearlyshown so that the assessor assess the work of the learner appropriately.

LO3: Evaluate financial reporting standards and theoretical models and

concepts

LO4: Evaluate international differences in financial reporting

Summary

“Theinformation in financial statements has to be communicated clearly andeffectively to help investors make investment decisions”

Hans Hoogervorst

Chairman of the International Accounting Standards Board

Referto the attached Case study 1 and 2; “Fonterra Co-operative GroupLimited” and “International differences before IFRS” Critically evaluatethe application of IFRS in application to specific countries anddifferences in financial reporting based on models and theories.

Your report should include the following;

• Explain the benefits of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
• Evaluate the models of financial reporting and auditing.
• Evaluate the differences in importance of financial reporting across different countries.
• Criticallyevaluate financial reporting and auditing through the coherentapplication of theories and models to support judgements andconclusions.
• Critically evaluate the factors that influence international differences in financial reporting. Youhave to read the (case 1 and case 2pdf file ) and answer all thequestion from the case study . assignment should be 1800 word