IFRS Implementation and the Responsibilities of Audit Staff and Seniors

IFRS Implementation and the Responsibilities of Audit Staff The purpose of this case is to challenge students to develop their IFRS infrastructure knowledge, and to apply that knowledge in the context of a real company that is currently experiencing complex issues involving IFRS conversions. The case concerns the Miller/Coors joint venture between Molson Coors Brewing Company, a listed company in the US and SABMiller plc, a listed company in the UK. The case will help you to understand the practical application of IFRS conversion, appropriately tailored to the knowledge expected of entry-level audit staff. A. IFRS Infrastructure Knowledge The purpose of this part of the case is to ensure that students are fluent in their knowledge of IFRS and can be conversant with their peers and supervisors upon entry to the auditing profession. To achieve this goal, you will access IFRS-relevant websites so that you are familiar with standard-setting bodies and recent IFRS conversion activities both internationally and within the US. Requirements: 1. Access the following organizations at their respective websites listed below. For each organization, provide answers to the following questions: a. Describe the standard setting body, including its purpose, authority, leadership, and membership. Write your answers using one paragraph per organization. b. What initiatives or projects is the standard setting body currently undertaking (or that have ...