Urrent issues in financial reporting( exactly 2000 word limit)

Current issues in financial reporting. Under the law of the European Union, all UK listed companies are required to prepare consolidated financial statements under international accounting standards for financial periods beginning on or after 1st January 2005. IFRS 1 applies to companies adopting international accounting standards for the first time. REQUIRED 1. Assess the case for the adoption by the European union of international accounting standards This part requires logical argument presented in continuous prose with clear paragraphing and lucid English. 2. prepare an executive summary of IFRS in terms of its objectives general recognition and measurement principles [i.e. ignoring exemptions and exception] and presentation and disclosure requirements Your executive summary should be conceived as a technical update for colleagues and needs to be attractively presented, accurate, clear, concise, coherent, and in your own words. 3. Using the annual report and accounts of one UK listed company, reporting under international standards for the first time 2006. Evaluate the impact on the companys results and financial position of first-time adoption of international reporting standards. The word limits is 2,000 words and your work must be submitted as a word document please show your word count. You must submit the annual report and accounts used for the third task -or relevant Extracts-with your assignment.