Financial Reporting Made Simple

Based on the job description provided, here is a breakdown of how you might approach the tasks and the accounting standards that are most relevant to each part:

A. General Compliance and Accounting Policies (20%)

1. Accounting Policies and Changes in Accounting Policies (IAS 8): You will need to understand the principles of IAS 8, which outlines how companies should apply accounting policies and how changes in accounting policy should be reported. This includes recognizing, measuring, presenting, and disclosing financial information in financial statements, as well as the effects of changes in accounting estimates, and correcting errors.

2. Preparation of Financial Statements (IAS 1): You will apply IAS 1 to prepare and present general purpose financial statements, which includes the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and relevant notes.

B. Preparation and Presentation of Financial Statements for Simple Group (25%)

1. Understanding a Simple Group: You should understand the objectives and requirements for preparing group financial statements, including the definitions and recognition criteria for subsidiaries and associates as per IAS 27, IAS 28, IFRS 3, and IFRS 10.

2. Preparation and Presentation of Simple Group Financial Statements (IAS 1, IAS 27, IAS 28, IFRS 3, IFRS 10): You will apply the relevant standards to prepare separate financial statements for the parent entity and consolidated financial statements for the group. This involves recognizing and measuring assets, liabilities, and equity investments in subsidiaries, associates, and joint ventures according to their definition and acquisition cost or fair value at the date of initial recognition, and changes in ownership interests since that date.

C. Financial Statement Analysis (35%)

1. Ethical Issues in Financial Reporting: You will need to be familiar with ethical considerations as outlined in the Code of Ethics for Professional Accountants and any relevant pronouncements from the International Ethics Standards Board for Accountants (IESBA).

2. Financial Performance Measures (IAS 33): You will analyze earnings per share (EPS) in accordance with IAS 33, understanding the different methods of calculating EPS and the disclosures required.

3. Consolidation Issues (IFRS 10): You will address issues related to consolidation, including what constitutes control and the treatment of intercompany transactions and eliminations in consolidated financial statements.

4. Non-Financial Information: You may also be asked to consider the inclusion of non-financial information as part of the comprehensive analysis of an entity's performance.

D. Ethics, Current Developments, and Technological Advances (5%)

1. Ethics in Financial Reporting: You will apply ethical principles to ensure compliance with relevant accounting standards and professional codes of conduct.

2. Current Developments: You should stay informed about new accounting standards, such as those related to leases (IFRS 16), revenue recognition (IFRS 15), and financial instruments (IFRS 9), as well as any recent updates or changes in IFRS.

3. Blockchains and Related Technologies: You will consider how emerging technologies like blockchain can impact accounting and financial reporting practices, including areas such as audit, compliance, and the integrity of financial data.

Relevant Accounting Standards:

• IAS 1 Presentation of Financial Statements
• IAS 2 Inventories
• IAS 7 Statement of Cash Flows
• IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 10 Consolidated Financial Statements
• IAS 12 Income Taxes
• IAS 16 Property, Plant and Equipment
• IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
• IAS 23 Borrowing Costures
• IAS 27 Separate Financial Statements
• IAS 28 Investments in Associates
• IAS 32 Financial Instruments: Presentation
• IAS 33 Earnings Per Share
• IAS 36 Impairment of Assets
• IAS 37 Provisions, Contingent Liabilities, and Contingent Assets
• IAS 38 Intangible Assets
• IAS 40 Investment Property
• IFRS 3 Business Combinations
• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
• IFRS 7 Financial Instruments: Disclosures
• IFRS 9 Financial Instruments
• IFRS 10 Consolidated Financial Statements
• IFRS 13 Fair Value Measurement
• IFRS 15 Revenue from Contracts with Customers
• IFRS 16 Leases

This job role requires a deep understanding of the principles and application of International Financial Reporting Standards (IFRS), as well as the ability to analyze financial data ethically and in light of current developments. It also involves applying the relevant standards to both individual entities and their consolidated financial statements, with a focus on compliance, transparency, and the integrity of financial reporting.