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Wiley IFRS 2017

Book Description

The one-stop resource for IFRS interpretation and application, updated for 2017

Wiley IFRS 2017 offers a complete resource for the interpretation and application of the latest International Financial Reporting Standards (IFRS) as outlined by the International Accounting Standards Board (IASB). With up-to-date coverage and a host of practical tools, this book provides invaluable guidance on the expanding framework for unified financial reporting. Organised for easy navigation, each chapter includes general statement information followed by topic-specific discussion to facilitate both quick-reference and in-depth study. The expert team at PKF International provides authoritative insight from a practitioner's perspective: IFRIC interpretations and practical real-world guidance ensure full understanding of the newest standards, and the Disclosure Checklist helps verify compliance.

The IASB's efforts are paying off as more and more countries around the globe either adopt IFRS as their national standards, or adjust local standards in alignment. A working understanding of IFRS application is becoming essential, even as the rules continue to evolve. This book provides full coverage of the latest standards and thorough guidance for implementation.

  • Review the latest IFRS rules and standards
  • Apply guidelines and best practices appropriately
  • Gain expert insight on IFRS interpretation and implementation
  • Ensure compliance and verify completeness

Uniform financial reporting reduces the costs of financial statement preparation for multinational companies, and streamlines the assessment of business results. As the standards themselves evolve, so must practitioners' understanding of how to apply them correctly in real-world cases. Wiley IFRS 2017 offers a complete, up-to-date reference to help you apply and comply with the latest international standards.

Table of Contents

  1. Cover
  2. Series Page
  3. Title Page
  4. Copyright
  5. About the Authors
  6. 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. Appendix A: Current International Financial Reporting Standards (IAS/IFRS) and Interpretations (SIC/IFRIC)
    8. Appendix B: Projects Completed Since Previous Issue (July 2015 to June 2016)
    9. Appendix C: IFRS for SMEs
  7. 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
  8. 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
  9. 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. Future Developments
    9. US GAAP Comparison
  10. Chapter 5: Statements of Profit or Loss and Other Comprehensive Income, and Changes in Equity
    1. Introduction
    2. Future Developments
    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
  11. Chapter 6: Statement of Cash Flows
    1. Introduction
    2. Scope
    3. Definitions of Terms
    4. Background
    5. Presentation
    6. Other Requirements
    7. Disclosure and Examples
    8. Consolidated Statement of Cash Flows
    9. US GAAP Comparison
  12. 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. Selecting Accounting Policies
    7. Changes in Accounting Policies
    8. Changes in Accounting Estimates
    9. Correction of Errors
    10. US GAAP Comparison
  13. Chapter 8: Inventories
    1. Introduction
    2. Definitions of Terms
    3. Recognition and Measurement
    4. Methods of Inventory Costing Under IAS 2
    5. Examples of Financial Statement Disclosures
    6. US GAAP Comparison
  14. Chapter 9: Property, Plant and Equipment
    1. Introduction
    2. Definitions of Terms
    3. Recognition and Measurement
    4. Derecognition
    5. Non-Current Assets Held for Sale
    6. Disclosures
    7. Examples of Financial Statement Disclosures
    8. US GAAP Comparison
  15. Chapter 10: Borrowing Costs
    1. Introduction
    2. Definitions of Terms
    3. Recognition and Measurement
    4. US GAAP Comparison
  16. Chapter 11: Intangible Assets
    1. Introduction
    2. Scope
    3. Definitions of Terms
    4. Recognition and Measurement
    5. Disclosures
    6. Example of Financial Statement Disclosure
    7. US GAAP Comparison
  17. Chapter 12: Investment Property
    1. Introduction
    2. Definitions of Terms
    3. Identification
    4. Recognition and Measurement
    5. Presentation and Disclosure
    6. Examples of Financial Statement Disclosures
    7. US GAAP Comparison
  18. Chapter 13: Impairment of Assets and Non-Current Assets Held for Sale
    1. Introduction
    2. Definitions of Terms
    3. Impairment of Assets (IAS 36)
    4. Examples of Financial Statement Disclosures
    5. Non-Current Assets Held for Sale
    6. Discontinued Operations
    7. Examples of Financial Statement Disclosures
    8. US GAAP Comparison
  19. Chapter 14: Consolidations, Joint Arrangements, Associates and Separate Financial Statements
    1. Introduction
    2. Definitions of Terms
    3. Consolidated Financial Statements
    4. Examples of Financial Statement Disclosures
    5. Joint Arrangements
    6. Associates
    7. Equity Method of Accounting
    8. Examples of Financial Statement Disclosures
    9. Separate Financial Statements
    10. Disclosure Requirements
    11. Transition Guidance
    12. Future Developments
    13. US GAAP Comparison
  20. Chapter 15: Business Combinations
    1. Introduction
    2. Definitions of Terms
    3. Business Combinations and Consolidations
    4. Business Combinations
    5. Disclosure Requirements
    6. Examples of Financial Statement Disclosures
    7. Future Developments
    8. US GAAP Comparison
  21. 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. US GAAP Comparison
  22. 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. Future Developments
    13. US GAAP Comparison
    14. Appendix: Employee Share Options Valuation Example
  23. 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. Examples of Financial Statement Disclosures
    8. Future Developments
    9. US GAAP Comparison
  24. Chapter 19: Employee Benefits
    1. Introduction
    2. Definitions of Terms
    3. Background
    4. Basic Principles of IAS 19
    5. Post-Employment Benefit Plans
    6. Employer's Liability and Assets
    7. Minimum Funding Requirement
    8. Other Pension Considerations
    9. Disclosures for Post-Employment Benefit Plans
    10. Examples of Financial Statement Disclosures
    11. Other Employee Benefits
    12. Future Developments
    13. US GAAP Comparison
  25. 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. Future Developments
    16. US GAAP Comparison
  26. 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
  27. Chapter 22: Leases
    1. Introduction
    2. Definitions of Terms
    3. Classification of Leases
    4. Recognition and Measurement
    5. Disclosure Requirements under IAS 17
    6. Examples of Financial Statement Disclosures
    7. Future Developments
    8. US GAAP Comparison
    9. Appendix A: Special Situations Not Addressed by IAS 17 But Which Have Been Interpreted Under US GAAP
    10. Appendix B: Leveraged Leases Under US GAAP
  28. 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
  29. Chapter 24: Financial Instruments
    1. Introduction
    2. Future Developments and a Summary of 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. Disclosures on Offsetting Financial Assets and Financial Liabilities
    9. Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements
    10. Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements
    11. Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements
    12. Net Financial Assets Subject to Enforceable Master Netting Arrangements and Similar Agreements, by Counterparty
    13. Notes to Financial Statements
    14. US GAAP Comparison
  30. 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. US GAAP Comparison
  31. 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. Example of Financial Statement Disclosures
    13. US GAAP Comparison
  32. Chapter 27: Earnings Per Share
    1. Introduction
    2. Scope
    3. Definitions of Terms
    4. Concepts, Rules and Examples
    5. Example of Financial Statement Disclosures
    6. US GAAP Comparison
  33. 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 Disclosures Under IFRS
    8. New Developments
    9. US GAAP Comparison
  34. Chapter 29: Related-Party Disclosures
    1. Introduction
    2. Definitions of Terms
    3. Identification
    4. Disclosures
    5. Example of Financial Statement Disclosures
    6. US GAAP Comparison
  35. 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
    7. US GAAP Comparison
  36. 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. US GAAP Comparison
  37. Chapter 32: Extractive Industries
    1. Introduction
    2. Definitions of Terms
    3. Exploration and Evaluation of Mineral Resources
    4. Example of Financial Statement Disclosures
    5. Example of Financial Statement Disclosures
    6. Future Developments
    7. US GAAP Comparison
  38. 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
  39. Chapter 34: Interim Financial Reporting
    1. Introduction
    2. Scope
    3. Definitions of Terms
    4. Alternative Concepts of Interim Reporting
    5. Objectives of Interim Financial Reporting
    6. Application of Accounting Policies
    7. Presentation
    8. Recognition Issues
    9. Example of interim reporting of product costs
    10. US GAAP Comparison
  40. Chapter 35: Hyperinflation
    1. Introduction
    2. Financial Reporting in Hyperinflationary Economies
    3. US GAAP Comparison
    4. Appendix: Monetary vs. Non-Monetary Items
  41. 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
  42. Index
  43. End User License Agreement