Borton's Development Framework
Description
For this module, we mainly learnt about the requirements and processes of the International Financial Reporting Standards (IFRS) and Singapore Financial Reporting Standards (SFRS). We learnt about how the standards can be applied, through case studies and practice questions.
The Analysis
Being able to understand how the standards are being applied is crucial in the working world. Some of the standards that was taught to us in seminars were namely, assets, such as property, plant and equipment, investment property, non-current assets held for sale and so on. For this case, most companies would have assets in either of the forms mentioned above, hence making this module critical.
Synthesis
Having done my internship at an accounting firm , I was able to observe how the standards were applied in the working world. There were instances where my colleagues used the standards to support their stand during discussions with the client. This allowed me to better appreciate financial reporting as a whole, as I would be taking other financial reporting modules in the future.