This assignment (which replaces the exam in 2020) is based on research undertaken on 25 companies (groups) which follow IFRS. The assignment is focused on main topics covered in Advanced Financial Reporting module. Students are required to download 25 annual reports of companies that prepare their consolidated financial statements in accordance with IFRS and conduct a research answering the question set by the tutor.Required:1.Discuss the main requirements of following standards:”IAS 1 Presentation of financial statements”IAS 8 Accounting Policies, Change in Accounting Estimates and Errors”IAS 10 Events after the Reporting Period” IAS 37 Provisions, Contingent Liabilities and Contingent Assets”IFRS 3 Business combinations2.Conduct a research based on 25 consolidated financial statements of companies that prepare their financial statements according to IFRS. Companies can be from whichever country in the world.In your research, use 2019 annual financial statements (which are included in company’s annual reports). Answer the following questions:”IAS 1: What is the form of company’s Income statement (expenses by the nature or by the function).”IAS 1: What is the format of company’s statement of comprehensive income (single statement or two statements).”IAS 8: Did the company change its accounting policy during the period covered by its financial statements?”IAS 8: Did the company correct an accounting error during the period covered by its financial statements?”IAS 10: What did the company mentioned as Events after the reporting period?”IAS 37: What are the areas the company recognised provisions for?”IAS 37: What are the areas the company disclosed as its contingent liabilities?”IFRS 3: Did the company acquire a new subsidiary in the period covered by its financial statements? If yes, please include the names of subsidiaries acquired (or, if this is not explicitly stated, the number of subsidiaries acquired) and describe what the company discloses about these acquisitions.3.Prepare a table including list of companies and sector of their business (industry).4.Present the findings in the form of charts (where possible), tables or text describing your findings. The form of charts is on your deliberation.5.Prepare a brief summary of your findings (for example which income statement format is prevalent, what form of statement of comprehensive income is prevalent, how many companies from your sample acquired a new subsidiary, how many companies changed their accounting policies, how many companies corrected an error, what are typical events after the reporting period).Note: Do NOT include Financial Institutions (i.e. banks, insurance companies and lease companies) in your sample.When including companies in your sample, please double check that they DO prepare their consolidated financial statements in accordance with IFRS.