The Accounting Policies Research Paper

The accounting policies section just needs to be completely redone…please see revision request.

Use the 40-f which is the annual filing: https://ir.thomsonreuters.com/static-files/b171b618-33c9-4c79-8106-407957f83a40

If you can’t open that it’s on the company website – 2019 40-f

Here’s an example of an accounting policy from the tax filing:

Changes in Accounting Policies Effective January 1, 2018, we adopted IFRS 15, Revenue from Contracts with Customers (IFRS 15) and made the following changes: · Revenues for certain term licenses of intellectual property are recognised at the time control is transferred to the customer, rather than over the license term.

• Certain contingent payouts are recognised as a reduction of revenue, rather than as expense. · Additional commission expense for sales employees is deferred and a substantial portion of these deferrals will be amortized over three years. We adopted IFRS 15 using the modified retrospective method.

Accordingly, the cumulative effect of adoption of $172 million was recognised as an adjustment to the opening balance of retained earnings at January 1, 2018 to reflect an increase in total assets of $150 million due to the deferral of additional commission expense for sales employees and a decrease in total liabilities of $22 million primarily related to adjustments to deferred revenue. Comparative information was not restated.

IFRS 15 did not have a material impact on the consolidated income statement and no impact on cash flows for the year ended December 31, 2018. In the consolidated statement of financial position, total assets increased $152 million and total liabilities decreased $21 million at December 31, 2018, compared to December 31, 2017.

Effective January 1, 2018, we also adopted IFRS 9, Financial Instruments (IFRS 9). IFRS 9 introduces new requirements for classification and measurement, impairment and hedge accounting. We adopted IFRS 9 using the retrospective method and, as permitted by the standard, elected not to restate prior-year period amounts. IFRS 9 did n

Accounting policy: IFRS 16 introduces a single lease accounting model, eliminating the existing distinction between operating and finance leases for lessees. The standard requires a lessee to recognise right-of-use assets and lease liabilities on the statement of financial position for almost all leases having a term of more than 12 months.

In anticipation of the adoption, we evaluated the impact of the standard, are making changes to our processes and internal controls and implementing a new lease accounting system.

We will adopt the standard using the modified retrospective method, whereby the cumulative effect of adoption will be recognized as an adjustment to retained earnings at January 1, 2019, and comparative period information will not be adjusted. We will apply certain practical expedients and elections to our January 1, 2019 adoption impact.

Specifically, we have elected to: · Continue to treat contracts determined to be leases under the prior accounting standard as leases under IFRS 16; · Measure all right-of-use-assets and lease liabilities, regardless of commencement date, using discount rates as of January 1, 2019;

• Retain prior assessments of onerous lease contracts under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, rather than re-performing an impairment review; and · Exclude from recognised assets and liabilities, as applicable:

(a) direct costs to enter the lease (b) leases with a remaining term of 12 months or less from January 1, 2019 and (c) low-value leases, all of which will continue to be accounted for as “Operating expenses” in the consolidated income statement

Here’s what you wrote: “Accounting policies are considered to be specific procedures and principles executed by the firm’s management team that help in preparing financial statements. These consist of processes for presenting disclosures, measurement systems, and any accounting methods.

Thomson Reuters used accounting policies to deal specifically with multifaceted accounting practices like depreciation, inventory valuation and consolidation of financial accounts. The company used valued its inventory using the last in first out, first in first out and average cost methods of accounting. “

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