presentation is important, 15 marks FRSs are developed through a formal system of due process and broad international consultation solving accountants, financial analysts and other users and regulatory bodies from around the world The overall agenda of the IASB will initially be set by discussion with the IFRS Advisory Council Required Describe the steps involved in the due process for developing an individual standard (5 marks) e) You have been recently appointed as the technical manager of Smart Consultancy Services (SCS) SCS provides training and consultancy advice to companies which prepare financial statements using International Financial Reporting Standards (IFRSs). The managing partner of SCS has asked you to prepare the advice to be given to several clients in respect of the accounting requirements of non-current assets for the year ended 31 December 2019 1) Boafo Lid Bolo Bottling Lid wis bottle squired in January 2011. On acquisition manurement that the well life was 10 years and the residual value would be GIS 20.000 The and during the time there have been no revisions to the assessed residual value the 018).management has reviewed the useful life and residual value and that the retul lite from date of acquisition can be extended to 12 years in view of the maintenance program adopted by the company. As a result, the residus value will reduce to GHS10.000 Required Examiners F kwaku Aboagye Otchere & A Addo Page 3 of 6 presentation is important, 15 marks FRSs are developed through a formal system of due process and broad international consultation solving accountants, financial analysts and other users and regulatory bodies from around the world The overall agenda of the IASB will initially be set by discussion with the IFRS Advisory Council Required Describe the steps involved in the due process for developing an individual standard (5 marks) e) You have been recently appointed as the technical manager of Smart Consultancy Services (SCS) SCS provides training and consultancy advice to companies which prepare financial statements using International Financial Reporting Standards (IFRSs). The managing partner of SCS has asked you to prepare the advice to be given to several clients in respect of the accounting requirements of non-current assets for the year ended 31 December 2019 1) Boafo Lid Bolo Bottling Lid wis bottle squired in January 2011. On acquisition manurement that the well life was 10 years and the residual value would be GIS 20.000 The and during the time there have been no revisions to the assessed residual value the 018).management has reviewed the useful life and residual value and that the retul lite from date of acquisition can be extended to 12 years in view of the maintenance program adopted by the company. As a result, the residus value will reduce to GHS10.000 Required Examiners F kwaku Aboagye Otchere & A Addo Page 3 of 6