For this group project, we needed to apply relevant financial reporting standards (FRS) to a company’s annual report and evaluate whether the company had abide to the FRS. Furthermore, we had to determine if the company’s annual report possessed the qualitative characteristics of useful financial information.
Due to time constraint, we had limited time to carefully read through the FRS which consisted of hundreds of pages and fully understand the concepts stated in the FRS. As a result, we had difficulty in applying the relevant concepts to the company’s annual report. There were a lot of concepts in the FRS and we had to keep our report to the page limit set by the professor, thus we faced another challenge of writing sufficient content while keeping to the page limit.
In conclusion, this was a challenging project for me. I felt that we had allocated insufficient time to complete this project. Firstly, there were a lot of materials (FRS and the company’s annual report) to read up on. Secondly, my group members and I were weak in this module, thus we needed more time to study the materials. Therefore, I thought that I should keep more time aside for similar projects in the future.