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Managing the Transition to IFRS-Based Financial Reporting: A Practical Guide to Planning and Implementing a Transition to IFRS or National GAAP

Book Description

The one-stop guide to transitioning to IFRS financial reporting

The International Financial Reporting Standards (IFRS) have already been adopted in Europe, and plans are in place to transition to IFRS reporting in the UK, India, Japan, and other major economies. The US is deliberating the nature of its convergence with IFRS and US entities will need to understand the implications of transition. This means all finance managers and financial controllers will be responsible, not only for understanding IFRS, but for making the transition and dealing with implications. Managing the Transition to IFRS-Based Financial Reporting is a one-stop resource for navigating this major change. Case studies and project management advice help move smoothly from GAAP to IFRS principles and requirements.

Managing the Transition to IFRS-Based Financial Reporting is the only book on the market that focuses on both the accounting and non-accounting implications of IFRS transition. This complete approach will guide you from the history and conceptual basis of IFRS through each stage of the transition process, ensuring expert change management and fluid communication from start to finish.

  • Takes a holistic approach, covering non-accounting implications like educating and communicating IFRS requirements

  • Provides case studies to illustrate best practices for moving to the new international standards

  • Provides a framework for planning and executing the entire IFRS transition project

  • With nearly two decades of financial training experience, author Lisa Weaver is imminently qualified to deliver clear, concise, and understandable content. In addition, the reference material and other resources in Managing the Transition to IFRS-Based Financial Reporting will help you simplify the transition and take advantage of all the benefits IFRS reporting confers.

    Table of Contents

    1. List of Case Studies
    2. Foreword
    3. Preface
    4. Disclaimer
    5. Acknowledgements
    6. About the Author
    7. Introduction
      1. Scope and key themes of the book
      2. An overview of the book
      3. Information sources
    8. I Understanding the Framework of Performing a Transition to IFRS-Based Financial Reporting
      1. 1 International Financial Reporting in Context
        1. 1.1 The Development of International Financial Reporting
        2. 1.2 The Regulatory Framework of IFRS Today
        3. 1.3 The Current Position on International Harmonisation of Financial Reporting
        4. 1.4 The Benefits and Impact of Moving to IFRS
        5. Conclusion
        6. Notes
      2. 2 The Conceptual Framework of IFRS, Accounting Policies and The Presentation of Financial Statements
        1. 2.1 The Framework
        2. 2.2 Developing Accounting Policies
        3. 2.3 The Presentation of Financial Statements
        4. 2.4 Fair Presentation, Going Concern and Interim Financial Statements
        5. Conclusion
        6. Note
      3. 3 IFRS 1 First-time Adoption of IFRS
        1. 3.1 An Introduction to IFRS 1
        2. 3.2 The Date of Transition to IFRS and the Opening Statement of Financial Position
        3. 3.3 Presentation and Disclosure
        4. Conclusion
        5. Notes
    9. II Planning and Implementing a Transition Project
      1. 4 Establishing the IFRS Transition Project
        1. 4.1 The Benefit of Experience
        2. 4.2 The Project Plan and Key Project Members
        3. 4.3 Developing the Project Plan
        4. 4.4 The Use of External Advisors
        5. 4.5 The Costs of the Transition
        6. 4.6 Preparing an action plan
        7. Conclusion
        8. Note
      2. 5 Assessing the Accounting Impacts of IFRS Transition
        1. 5.1 Conducting an Initial Impact Assessment
        2. 5.2 Developing IFRS Accounting Policies
        3. 5.3 Potential Changes to IFRS
        4. Conclusion
        5. Notes
      3. 6 Wider Transitional Issues – Systems, Internal Audit and the Audit Committee, and Commercial Implications
        1. 6.1 Systems Implications
        2. 6.2 Internal Controls, Internal Audit and the Audit Committee
        3. 6.3 Evaluating the Wider Impacts
        4. Conclusion
        5. Notes
      4. 7 Training, Communication and Change Management
        1. 7.1 Education and Internal Communication
        2. 7.2 External Communication and Presentation of IFRS Transition Information
        3. 7.3 The Presentation of IFRS 1 Disclosures
        4. Conclusion
        5. Notes
    10. III Theway Forward – Developments in Selected Countries
      1. 8 The Transition to New UK GAAP
        1. 8.1 A Background to the Changes and Outline of the New Regime
        2. 8.2 Accounting and Wider Impacts of the Transition
        3. 8.3 Transition Planning Issues
        4. Conclusion
        5. Notes
      2. 9 The Way Forward – The Move Towards IFRS in the US and Selected Other Countries
        1. 9.1 The US and IFRS
        2. 9.2 IFRS in Brazil, Russia, India and China
        3. Conclusion
        4. Notes
    11. Appendix 1: IASB Standards
    12. Appendix 2: Useful Reference Material and Further Reading
      1. IFRS standards as issued by the IASB
    13. Appendix 3: Summary of IFRS Transition Planning Considerations
    14. Bibliography
    15. Index
    16. End User License Agreement