Task Details:

You are required to provide a portfolio which brings together three separate elements as follows:

Task no.

1. Using the information in Section 1, make necessary adjustments in accordance with International Financial Reporting standards (IFRS) to the draft single entity:
    Statement of Profit or Loss and,
    Statement of Financial Position
   for JJ Victory Plc, for the year ended
   A recommended structure has been provided in appendix 1 for the adjusted financial statements. You must include in your submission additional workings for adjustments which are clearly laid out for ease or reference.
   Please include brief explanations for any adjustments referencing IFRS and the Conceptual Framework where relevant.
   Numerical calculations: Explanatory notes:
2. Using your amended single entity financial statements for JJ Victory Plc. (prepared in task 1), and making necessary adjustments in light of the additional information provided in section 2, prepare amended;
    Consolidated Statement of profit or loss and
    Consolidated Statement of Financial Position for JJ Victory Group as
   Adjustments should be made in line with International Financial Reporting standards (IFRS). A recommended structure has been provided in appendix 2 for the adjusted group financial statements. You must include additional workings for adjustments which are clearly laid out for ease or reference. Please provide a brief explanation for any adjustments referencing IFRS and the Conceptual Framework where relevant.
   Numerical calculations: Explanatory notes:
3. Review the additional information provided in Section 3. Prepare a briefing note as requested by the incoming non-executive director, Jin Xu, which:
    discusses the recognition of human capital as an asset in the financial statements prepared under IFRS or;
    any other reports within a company’s annual reports.

*Note: The word count does NOT include words included in calculations, workings, table headings, graphs, references, quotes, bibliography or appendices.

Module Learning Outcomes Assessed:

1. Apply key International Financial Reporting Standards (IFRS) requirements and evaluate given accounting treatments for compliance
with IFRS.
2. Provide explanations, in a *professional context, for current accounting practice in accordance with International Financial Reporting Standards. (IFRS).
3. Prepare elements of single- entity financial statements and provide explanations of current accounting practice in accordance with IFRS.
4. Construct consolidated financial statements for a group of companies, including associates and joint ventures. * Professional context: Provide explanations as required relating to the financial information prepared in a clear and concise manner, applying professional communications skills. I.e. producing a document in the correct format, producing explanations appropriate to the audience and using good business language.