case 3-1

INTERNATIONAL ACCOUNTING 15. The objective of convergence between IFRS and U.S. GAAP is no longer a priority for the IASB. Required: Discuss the possible reasons for, and the consequences of, the IASB's decision region. Its business interests include large companies, which are market leaders in many fields, including en- gineering and construction, transport services, motor trading, property, re- tailing, and insurance broking. Jar- dine Matheson was incorporated in Bermuda; it has its primary share listing in London and secondary list- ings in Singapore and Bermuda; and it operates from Hong Kong and pro- vides management services to other companies in the Group, which aims to produce sustained growth in share- holder value.1 Case 3-1 Jardine Matheson Group (Part 1) Jardine Matheson uses IFRS in prepar- ing its financial statements and has done so for a number of years. The Jardine Matheson Group is a major conglomerate within the Asian Learning reading speed 20% INTERNATIONAL ACCOUNTING major conglomerate within the Asian region. Its business interests include large companies, which are market leaders in many fields, including en- gineering and construction, transport services, motor trading, property, re- tailing, and insurance broking. Jar- dine Matheson was incorporated in Bermuda; it has its primary share listing in London and secondary list- ings in Singapore and Bermuda; and it operates from Hong Kong and pro- vides management services to other companies in the Group, which aims to produce sustained growth in share- holder value.1 Required: Access Jardine Matheson's most recent annual report on the company's web- site (www.jardine-matheson.com). Re- view the company's consolidated finan- cial statements to evaluate whether the financial statements presented comply with the presentation requirements in IAS 1, Presentation of Financial State- ments. Document your evaluation. 1 Excerpt from Sir Bryan Carsberg, "Global Issues and implementing Core International Accounting Standards: Where Lies IASC's Final Goal?" Remarks made at the 50th An- niversary Dinner, Japanese Institute of CPAS, Tokyo, October 23, 1998. 211 International Accounting Standards Committee, Survey of the Use and Application Jardine Matheson uses IFRS in prepar- ing its financial statements and has done so for a number of years. 1 minute left in chapter 20%