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The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

Book Description

An indispensable guide to making the transition to dual IFRS/GAAP financial reporting

U.S. financial reporting will undergo an unprecedented level of change within the next several years. U.S. companies face a convergence between U.S. GAAP and IFRS, affecting several major accounting standards—most notably in the areas of leasing, revenue recognition, and financial instruments. It is imperative that U.S. companies understand these major changes and their business and operational implications. The IFRS U.S. GAAP Dual Reporting Handbook to First-Time Adoption offers a comprehensive treatment of both the principles and techniques of dual reporting under IFRS/U.S. GAAP, while exploring the practical implications for accounting professionals of reporting under both sets of standards.

  • Takes an operating approach to the implementation and application of the dual standards

  • Draws upon the author's extensive firsthand experience to dispel uncertainty and offer decision makers expert technical assistance

  • Defines systemic changes businesses will need to make to accommodate IFRS standards

  • Compares the two bodies of standards item-by-item and identifies solutions under one set of standards to issues arising under the other

  • Explores the strategic impact of structuring a company for IFRS transition

In addition to covering the full range of critical issues surrounding adopting IFRS, this indispensable handbook is a rich resource of dual reporting tools, including financial statement formats, charts of accounts, accounting check-lists, reconciliation schedules, and operating manuals.

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
  5. Preface
  6. About the Author
  7. Chapter 1: Introduction and Scope of Book
    1. 1.1 NATURE OF ACCOUNTING LITERATURE AND PERTINENT PRONOUNCEMENTS
    2. 1.2 SIGNIFICANCE OF THE IFRS TRANSITION
    3. 1.3 IFRS TRANSITION SCENARIO
    4. 1.4 SCOPE OF THE BOOK
  8. Chapter 2: IFRS First-Time Adoption Requirements and Interaction with U.S. GAAP and SEC Rules and Regulations
    1. 2.1 CHAPTER PREVIEW
    2. 2.2 IFRS 1 AMENDMENTS AND EFFECTIVE DATES
    3. 2.3 RATIONALE OF IFRS 1
    4. 2.4 ACCOUNTING STEPS IN MIGRATING TO IFRSS
    5. 2.5 FIRST IFRS FINANCIAL STATEMENTS
    6. 2.6 ENTITIES AFFECTED BY IFRS 1
    7. 2.7 COMPLIANCE WITH IFRSS
    8. 2.8 TRANSITION DATE
    9. 2.9 ACCOUNTING POLICIES
    10. 2.10 THE IMPACT OF ALTERNATIVE BASES OF REPORTING
    11. 2.11 ACCOUNTING ESTIMATES
    12. 2.12 THE OPENING IFRS STATEMENT OF FINANCIAL POSITION
    13. 2.13 COMPARATIVE INFORMATION
    14. 2.14 EXCEPTIONS AND EXEMPTIONS IN THE CONTEXT OF COMPARABILITY
    15. 2.15 INTERIM REPORTING
    16. 2.16 RECONCILIATIONS AND DISCLOSURES
    17. 2.17 EXCEPTIONS TO THE RETROSPECTIVE APPLICATION OF OTHER IFRSS
    18. 2.18 EXEMPTION FOR PAST BUSINESS COMBINATIONS
    19. 2.19 EXEMPTIONS FROM OTHER IFRSS
    20. 2.20 SHORT-TERM EXEMPTIONS FROM OTHER IFRSS
    21. 2.21 IMPLICATIONS FOR FINANCIAL STATEMENT PREPARERS
    22. KEY ELEMENTS AND DECISIONS
    23. OTHER CONTROL POINTS
  9. Chapter 3: Dual Reporting for The Statement of Financial Position
    1. 3.1 CHAPTER PREVIEW
    2. 3.2 CONTEXT OF THE STATEMENT OF FINANCIAL POSITION
    3. 3.3 STRUCTURE OF THE STATEMENT OF FINANCIAL POSITION
    4. 3.4 CERTAIN OTHER STRUCTURAL ELEMENTS OF THE STATEMENT OF FINANCIAL POSITION
    5. 3.5 CAPTIONS AND LINE ITEMS
    6. 3.6 IMPLICATIONS FOR FINANCIAL STATEMENT PREPARERS
    7. KEY ELEMENTS AND DECISIONS
    8. 3.8 OTHER CONTROL POINTS
  10. Chapter 4: Dual Reporting for the Statements of Income
    1. 4.1 CHAPTER PREVIEW
    2. 4.2 DIFFERENT FORMS OF STATEMENTS OF INCOME
    3. 4.3 CONTEXT OF STATEMENTS
    4. 4.4 STRUCTURE OF THE STATEMENT OF INCOME
    5. 4.5 AGGREGATIONS AND SUBTOTALS
    6. 4.6 ANALYSIS OF EXPENSES
    7. 4.7 CAPTIONS AND LINE ITEMS
    8. 4.8 IMPLICATIONS FOR FINANCIAL STATEMENT PREPARERS
    9. KEY ELEMENTS AND DECISIONS
    10. OTHER CONTROL POINTS
  11. Chapter 5: Dual Reporting for the Statement of Cash Flows
    1. 5.1 CHAPTER PREVIEW
    2. 5.2 CONTEXT OF THE STATEMENT OF CASH FLOWS
    3. 5.3 CASH AND CASH EQUIVALENTS
    4. 5.4 DIRECT VERSUS INDIRECT METHOD
    5. 5.5 OTHER STRUCTURAL ELEMENTS OF THE STATEMENT OF CASH FLOWS
    6. 5.6 SPECIAL ISSUES
    7. 5.7 CAPTIONS AND LINE ITEMS
    8. 5.8 IMPLICATIONS FOR FINANCIAL STATEMENT PREPARERS
    9. KEY ELEMENTS AND DECISIONS
    10. OTHER CONTROL POINTS
  12. Chapter 6: Dual Reporting for The Statement of Changes in Equity
    1. 6.1 CHAPTER PREVIEW
    2. 6.2 CONTEXT OF THE STATEMENT OF CHANGES IN EQUITY
    3. 6.3 DIFFERENT CONCEPTS OF THE STATEMENT OF CHANGES IN EQUITY
    4. 6.4 THE STRUCTURE OF THE STATEMENT OF CHANGES IN EQUITY
    5. 6.5 SPECIFIC ELEMENTS
    6. 6.6 CAPTIONS AND LINE ITEMS
    7. 6.7 IMPLICATIONS FOR FINANCIAL STATEMENT PREPARERS
    8. KEY ELEMENTS AND DECISIONS
    9. OTHER CONTROL POINTS
  13. Chapter 7: Dual Reporting for Interim Financial Statement
    1. 7.1 CHAPTER PREVIEW
    2. 7.2 ACCOUNTING PRINCIPLES FOR INTERIM FINANCIAL STATEMENTS
    3. 7.3 TYPES OF INTERIM FINANCIAL INFORMATION
    4. 7.4 REPORTING ENTITIES
    5. 7.5 APPROACHES TO INTERIM REPORTING
    6. 7.6 BASES OF ACCOUNTING IN INTERIM FINANCIAL STATEMENTS
    7. 7.7 PERIODS TO BE COVERED
    8. 7.8 FREQUENCY OF REPORTING
    9. 7.9 REPORTING DEADLINES
    10. 7.10 AUDITED VERSUS UNAUDITED
    11. 7.11 SET OF INTERIM FINANCIAL STATEMENTS
    12. 7.12 CONDENSED FORMAT OF INTERIM FINANCIAL STATEMENTS
    13. 7.13 IMPLICATIONS FOR FINANCIAL STATEMENT PREPARERS
    14. KEY ELEMENTS AND DECISIONS
    15. OTHER CONTROL POINTS
  14. Table of Exhibits
  15. Bibliography
    1. OFFICIAL
    2. UNOFFICIAL
  16. Index