Critical evaluation of the international Accounting Standard and Essay

Critical evaluation of the international Accounting Standard and Financial Reporting Standard that applied on BRITIVC plc - Essay Example investors and lenders. This report specifically aims at the critical evaluation of the key financial information provided in the financial statements of Britvic Plc. Those key items are 1) Revenues, 2) Property, Plant and Equipment, 3) Earnings per share. These key items are evaluated in the light of their relevant accounting standards as to check whether these areas are consistent with providing the useful information to the lenders and investors. The following discussion and evaluation highlights these specific areas on separate basis so that each individual key accounting area can be judged regarding the achievement of IAS and IFRS objective (IFRS and IAS Summaries- English, 2011-2012). IAS 18 covers revenue recognition for the preparation of financial statements. The major criterion for recognizing the revenues is the transfer of risks and rewards between the parties to the sales contract.