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For many years, the International Accounting Standards Board (IASB) has been working to develop a set of accounting standards that can be used to bring about uniformity in financial reporting around the world. Wiley IFRS 2011 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. Written by two well-known international experts on the subject with hands-on experience in applying these standards, this book is an indispensible guide to IFRS compliance for financial statement preparers and users.
About the Authors.
1 Introduction to International Financial Reporting Standards.
Appendix A: Current International Financial Reporting Standards (IAS/IFRS®) and Interpretations (SIC/IFRIC).
Appendix B: IFRS for SMEs.
Appendix C: Case Study Transitioning from US GAAP to IFRS.
2 Presentation of Financial Statements.
3 Statement of Financial Position.
4 Statements of Income, Comprehensive Income, and Changes in Equity.
5 Statement of Cash Flows.
6 Fair Value.
7 Financial Instruments.
8 Inventory.
Appendix: Net Realizable Value under US GAAP.
9 Revenue Recognition, Including Construction Contracts.
Appendix: Accounting under Special Situations—Guidance from US GAAP.
10 Property, Plant, and Equipment.
11 Intangible Assets.
12 Interests in Associates, Joint Ventures, and Investment Property.
13 Business Combinations and Consolidated Financial Statements.
14 Current Liabilities, Provisions, Contingencies, and Events After the Reporting Period.
15 Financial Instruments—Noncurrent Liabilities.
16 Leases.
Appendix A: Special Situations Not Addressed by IAS 17.
Appendix B: Leveraged Leases under US GAAP.
17 Income Taxes.
18 Employee Benefits.
19 Shareholders' Equity.
20 Earnings Per Share.
21 Interim Financial Reporting.
22 Operating Segments.
23 Accounting Policies, Changes in Accounting Estimates, and Errors.
24 Foreign Currency.
25 Related-Party Disclosures.
26 Specialized Industry Accounting.
27 Inflation and Hyperinflation.
Appendix: Monetary vs. Nonmonetary Items.
28 Government Grants.
29 First-Time Adoption of International Financial Reporting Standards.
Appendix A: Disclosure Checklist.
Appendix B: Comparison of IFRS and US GAAP.
Index.
Overview
For many years, the International Accounting Standards Board (IASB) has been working to develop a set of accounting standards that can be used to bring about uniformity in financial reporting around the world. Wiley IFRS 2011 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. Written by two well-known international experts on the subject with hands-on experience in applying these standards, this book is an indispensible ...