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Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Book Description

Your one-stop resource for understanding current International Financial Reporting Standards

As the International Accounting Standards Board (IASB) continues towards its goal of a set of high-quality financial reporting standards, and makes significant strides in achieving global convergence of accounting standards worldwide, International Financial Reporting Standards (IFRS) continue to be important to the accounting world. Wiley IFRS 2014 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them.

Table of Contents

  1. Cover
  2. Become a Subscriber!
  3. Title Page
  4. Copyright
  5. Preface
  6. About the Authors
  7. Chapter 1: INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS
    1. INTRODUCTION
    2. ORIGINS AND EARLY HISTORY OF THE IASB
    3. THE CURRENT STRUCTURE
    4. PROCESS OF IFRS STANDARD SETTING
    5. CONVERGENCE: THE IASB AND FINANCIAL REPORTING IN THE US
    6. THE IASB AND EUROPE
    7. IFRS FOR SMEs
    8. APPENDIX A: CURRENT INTERNATIONAL FINANCIAL REPORTING STANDARDS (IAS/IFRS) AND INTERPRETATIONS (SIC/IFRIC)
    9. APPENDIX B: PROJECTS COMPLETED THE PREVIOUS YEAR (OCTOBER 2012 TO SEPTEMBER 2013)
    10. APPENDIX C: IFRS FOR SMEs
  8. Chapter 2: CONCEPTUAL FRAMEWORK
    1. INTRODUCTION
    2. CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 2010
    3. CONCEPTUAL FRAMEWORK PROJECT
    4. HIERARCHY OF STANDARDS
    5. IFRS PRACTICE STATEMENT MANAGEMENT COMMENTARY
    6. US GAAP COMPARISON
  9. Chapter 3: PRESENTATION OF FINANCIAL STATEMENTS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. FINANCIAL STATEMENTS
    5. GENERAL FEATURES
    6. STRUCTURE AND CONTENT
    7. FUTURE DEVELOPMENTS
    8. ILLUSTRATIVE FINANCIAL STATEMENTS
    9. US GAAP COMPARISON
  10. Chapter 4: STATEMENT OF FINANCIAL POSITION
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. GENERAL CONCEPTS, STRUCTURE AND CONTENT
    5. CLASSIFICATION OF ASSETS
    6. CLASSIFICATION OF LIABILITIES
    7. CLASSIFICATION OF SHAREHOLDERS' EQUITY
    8. US GAAP COMPARISON
  11. Chapter 5: STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, AND CHANGES IN EQUITY
    1. INTRODUCTION
    2. AMENDMENTS EFFECTIVE DURING 2011
    3. SCOPE
    4. DEFINITIONS OF TERMS
    5. CONCEPTS OF INCOME
    6. RECOGNITION AND MEASUREMENT
    7. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
    8. PRESENTATION IN THE PROFIT OR LOSS SECTION
    9. OTHER COMPREHENSIVE INCOME
    10. STATEMENT OF CHANGES IN EQUITY
    11. US GAAP COMPARISON
  12. Chapter 6: STATEMENT OF CASH FLOWS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. BACKGROUND
    5. PRESENTATION
    6. OTHER REQUIREMENTS
    7. DISCLOSURES AND EXAMPLES
    8. CONSOLIDATED STATEMENT OF CASH FLOWS
    9. US GAAP COMPARISON
  13. Chapter 7: ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES, AND ERRORS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IMPORTANCE OF COMPARABILITY AND CONSISTENCY IN FINANCIAL REPORTING
    5. ACCOUNTING POLICY
    6. CHANGES IN ACCOUNTING POLICIES
    7. CHANGES IN ACCOUNTING ESTIMATES
    8. CORRECTION OF ERRORS
    9. US GAAP COMPARISON
  14. Chapter 8: INVENTORY
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASURMENT
    4. METHODS OF INVENTORY COSTING UNDER IAS 2
    5. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    6. US GAAP COMPARISON
  15. Chapter 9: PROPERTY, PLANT AND EQUIPMENT
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. DERECOGNITION
    5. NONCURRENT ASSETS HELD FOR SALE
    6. DISCLOSURES
    7. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    8. FUTURE DEVELOPMENTS
    9. US GAAP COMPARISON
  16. Chapter 10: BORROWING COSTS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. US GAAP COMPARISON
  17. Chapter 11: INTANGIBLE ASSETS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. RECOGNITION AND MEASUREMENT
    5. DISCLOSURES
    6. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    7. FUTURE DEVELOPMENTS
    8. US GAAP COMPARISON
  18. Chapter 12: INVESTMENT PROPERTY
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. IDENTIFICATION
    4. RECOGNITION AND MEASUREMENT
    5. DISCLOSURES
    6. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    7. US GAAP COMPARISON
  19. Chapter 13: IMPAIRMENT AND NONCURRENT ASSETS HELD FOR SALE
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. IMPAIRMENT
    4. NONCURRENT ASSETS HELD FOR SALE
    5. DISCONTINUED OPERATIONS
    6. US GAAP COMPARISON
  20. Chapter 14: CONSOLIDATIONS, JOINT ARRANGEMENTS, ASSOCIATES, AND SEPARATE FINANCIAL STATEMENTS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. CONDOLIDATED FINANCIAL STATEMENTS
    4. JOINT ARRANGEMENTS
    5. ASSOCIATES
    6. EQUITY METHOD OF ACCOUNTING
    7. SEPARATE FINANCIAL STATEMENTS
    8. DISCLOSURE REQUIREMENTS
    9. TRANSITION GUIDANCE
    10. FUTURE DEVELOPMENTS
    11. US GAAP COMPARISON
  21. Chapter 15: BUSINESS COMBINATIONS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. BUSINESS COMBINATIONS AND CONSOLIDATIONS
    4. BUSINESS COMBINATIONS
    5. DISCLOSURE REQUIREMENTS
    6. US GAAP COMPARISON
  22. Chapter 16: SHAREHOLDERS' EQUITY
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. PRESENTATION AND DISCLOSURE
    5. CLASSIFICATION BETWEEN LIABILITIES AND EQUITY
    6. SHARE ISSUANCES AND RELATED MATTERS
    7. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    8. COMPARISON WITH US GAAP
  23. Chapter 17: SHARE-BASED PAYMENT
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. OVERVIEW
    5. RECOGNITION AND MEASUREMENT
    6. EQUITY-SETTLED SHARE-BASED PAYMENTS
    7. CASH-SETTLED SHARE-BASED PAYMENTS
    8. SHARE-BASED PAYMENT TRANSACTIONS WITH CASH ALTERNATIVES
    9. SHARE-BASED TRANSACTIONS AMONG GROUP ENTITIES
    10. DISCLOSURE
    11. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    12. US GAAP COMPARISON
    13. APPENDIX:EMPLOYEE SHARE OPTIONS VALUATION EXAMPLE
  24. Chapter 18: CURRENT LIABILITIES, PROVISIONS, CONTINGENCIES, AND EVENTS AFTER THE REPORTING PERIOD
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. DISCLOSURES
    5. PRACTICAL EXAMPLES
    6. REPORTING EVENTS OCCURRING AFTER THE REPORTING PERIOD
    7. FUTURE DEVELOPMENTS
    8. US GAAP COMPARISION
  25. Chapter 19: EMPLOYEE BENEFITS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. BACKGROUND
    4. BASIC PRINCIPLES OF IAS 19
    5. POSTEMPLOMENT BENEFIT PLANS
    6. EMPLOYER'S LIABILITY AND ASSETS
    7. MINIMUM FUNDING REQUIREMENT
    8. OTHER PENSION CONSIDERATIONS
    9. DISCLOSURES FOR POSTEMPLOMENT BENEFIT PLANS
    10. OTHER EMPLOYEE BENEFITS
    11. FUTURE DEVELOPMENTS
    12. US GAAP COMPARISON
  26. Chapter 20: REVENUE RECOGNITION, INCLUDING CONSTRUCTION CONTRACTS
    1. REVENUE RECOGNITION
    2. INTRODUCTION
    3. DEFINITIONS OF TERMS
    4. SCOPE
    5. IDENTIFICATION
    6. MEASUREMENT
    7. RECOGNITION
    8. SPECIFIC TRANSACTIONS
    9. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES
    10. CONSTRUCTION CONTRACT ACCOUNTING
    11. INTRODUCTION
    12. DEFINITIONS OF TERMS
    13. RECOGNITION AND MEASUREMENT
    14. DISCLOSURE
    15. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    16. FUTURE DEVELOPMENTS
    17. US GAAP COMPARISON
  27. Chapter 21: GOVERNMENT GRANTS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. RECOGNITION OF GOVERNMENT GRANTS
    5. PRESENTATION AND DISCLOSURE
    6. OTHER ISSUES
    7. SERVICE CONCESSIONS
    8. US GAAP COMPARISON
  28. Chapter 22: LEASES
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. CLASSIFICATION OF LEASES
    4. RECOGNITION AND MEASUREMENT
    5. DISCLOSURE REQUIREMENTS UNDER IAS 17
    6. FUTURE DEVELOPMENTS
    7. US GAAP COMPARISON
    8. APPENDIX A: SPECIAL SITUATIONS NOT ADDRESSED BY IAS 17 BUT WHICH HAVE BEEN INTERPRETED UNDER US GAAP
    9. APPENDIX B:LEVERAGED LEASES UNDER US GAAP
  29. Chapter 23: FOREIGN CURRENCY
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. SCOPE, OBJECTIVES, AND DISCUSSION OF DEFINITIONS
    4. FOREIGN CURRENCY TRANSACTIONS
    5. TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS
    6. GUIDANCE APPLICABLE TO SPECIAL SITUATIONS
    7. DISCLOSURE
    8. HEDGING
    9. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    10. US GAAP COMPARISON
  30. Chapter 24: FINANCIAL INSTRUMENTS
    1. INTRODUCTION
    2. FUTURE DEVELOPMENTS AND IFRS 9
    3. DEFINITIONS OF TERMS
    4. DISCUSSION OF CERTAIN CONCEPTS
    5. IAS 32: FINANCIAL INSTRUMENTS—PRESENTATION
    6. IAS 39: FINANCIAL INSTRUMENTS—RECOGNITION AND MEASUREMENT
    7. DISCLOSURE
    8. US GAAP COMPARISON
  31. Chapter 25: FAIR VALUE
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. FAIR VALUE MEASUREMENT PRINCIPLES AND METHODOLOGIES
    5. FAIR VALUE DISCLOSURE
    6. EDUCATION MATERIAL
    7. FUTURE DEVELOPMENTS
    8. US GAAP COMPARISON
  32. Chapter 26: INCOME TAXES
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IDENTIFICATION
    5. RECOGNITION AND MEASUREMENT OF CURRENT TAX
    6. RECOGNITION AND MEASUREMENT OF DEFERRED TAX
    7. RECOGNITION IN PROFIT OR LOSS
    8. CALCULATION OF DEFERRED TAX ASSET OR LIABILITY
    9. EFFECT OF CHANGED CIRCUMSTANCES
    10. SPECIFIC TRANSACTIONS
    11. PRESENTATION AND DISCLOSURE
    12. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    13. US GAAP COMPARISON
  33. Chapter 27: EARNINGS PER SHARE
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. CONCEPTS, RULES, AND EXAMPLES
    5. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    6. US GAAP COMPARISON
  34. Chapter 28: OPERATING SEGMENTS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IDENTIFICATION
    5. CONCEPTS AND REQUIREMENTS UNDER IFRS 8
    6. DISCLOSURE REQUIREMENTS
    7. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURESUNDER IFRS 8
    8. NEW DEVELOPMENTS
    9. US GAAP COMPARISON
  35. Chapter 29: RELATED-PARTY DISCLOSURES
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. IDENTIFICATION
    4. DISCLOSURES
    5. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    6. US GAAP COMPARISON
  36. Chapter 30: ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLANS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. SCOPE
    4. DEFINED CONTRIBUTION PLANS
    5. DEFINED BENEFIT PLANS
    6. DISCLOSURES
  37. Chapter 31: AGRICULTURE
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IDENTIFICATION
    5. RECOGNITION AND MEASUREMENT
    6. PRESENTATION AND DISCLOSURES
    7. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    8. OTHER ISSUES
    9. FUTURE DEVELOPMENT
    10. US GAAP COMPARISON
  38. Chapter 32: EXTRACTIVE INDUSTRIES
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. EXPLORATION AND EVALUATION OF MINERAL RESOURCES
    4. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES
    5. FUTURE DEVELOPMENTS
    6. US GAAP COMPARISON
  39. Chapter 33: ACCOUNTING FOR INSURANCE CONTRACTS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. INSURANCE CONTRACTS
    4. RECOGNITION AND MEASUREMENT GUIDANCE
    5. DISCLOSURE
    6. FUTURE DEVELOPMENTS
    7. US GAAP COMPARISON
  40. Chapter 34: INTERIM FINANCIAL REPORTING
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECENT AMENDMENTS
    4. ALTERNATIVE CONCEPTS OF INTERIM REPORTING
    5. OBJECTIVES OF INTERIM FINANCIAL REPORTING
    6. APPLICATION OF ACCOUNTING POLICIES
    7. PRESENTATION
    8. RECOGNITION ISSUES
    9. US GAAP COMPARISON
  41. Chapter 35: INFLATION AND HYPERINFLATION
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES
    5. US GAAP COMPARISON
    6. APPENDIX: MONETARY VS. NONMONETARY ITEMS
  42. Chapter 36: FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. FIRST-TIME ADOPTION GUIDANCE
    4. OPTIONAL EXEMPTIONS
    5. PRESENTATION AND DISCLOSURE
  43. APPENDIX A: DISCLOSURE CHECKLIST
    1. DISCLOSURE CHECKLIST INDEX
    2. GENERAL
    3. STATEMENT OF FINANCIAL POSITION
    4. STATEMENT OF COMPREHENSIVE INCOME
    5. STATEMENT OF CASH FLOWS
    6. STATEMENT OF CHANGES IN EQUITY
    7. NOTES TO THE FINANCIAL STATEMENTS
    8. DISCLOSURE OF INTEREST IN OTHER ENTITIES
    9. SEPARATE FINANCIAL STATEMENTS
    10. INTERIM FINANCIAL STATEMENTS
    11. INSURANCE CONTRACTS
    12. AGRICULTURE
    13. EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES
  44. Index
  45. End User License Agreement