Book description
— Explanations of IFRS and IFRIC interpretations
— Practical insights into implementation issues
— Worked-out illustrations and examples
— Case studies with solutions
— Multiple-choice questions with answers
— Extracts from published financial statements
A one-stop resource for understanding and applying current
International Financial Reporting Standards
As the International Accounting Standards Board (IASB) makes rapid progress towards widespread acceptance and use of IFRS (formerly named International Accounting Standards) worldwide, the need to understand these new standards increases. Now fully revised and updated, IFRS Practical Implementation Guide and Workbook, Third Edition is the straightforward handbook for understanding and adapting the IFRS standards.
This quick reference guide includes easy-to-understand IAS/IFRSoutlines, explanations, and practical insights that greatly facilitate understanding of the practical implementation issues involved in applying these complex standards.
Clearly explaining the IASB standards so that even first-time adopters of IFRS will understand the complicated requirements, the Third Edition presents:
Ten recently issued and revised IFRS standards including business combinations, financial instruments and newly issued IFRS for SMEs
New International Financial Reporting Interpretations Committee (IFRIC) projects
Multiple-choice questions with solutions and explanations to ensure thorough understanding of the complex IFRS/IAS standards
Case studies or "problems" with solutions illustrating the practical application of IFRS/IAS
Excerpts from published financial statements around the world
Designed with the needs of the user in mind, IFRS Practical Implementation Guide and Workbook, Third Edition is an essential desktop reference for accountants and finance professionals, as well as a thorough review guide for the IFRS/IAS certification exam.
Table of contents
- Title Page
- Copyright Page
- Foreword
- FOREWORD
- Preface
- Acknowledgments
- ABOUT THE AUTHORS
- Chapter 1 - INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS
- Chapter 2 - IASB FRAMEWORK
- Chapter 3 - PRESENTATION OF FINANCIAL STATEMENTS (IAS 1)
- Chapter 4 - INVENTORIES (IAS 2)
-
Chapter 5 - STATEMENT OF CASH FLOWS (IAS 7)
- BACKGROUND AND INTRODUCTION
- SCOPE
- BENEFITS OF PRESENTING A STATEMENT OF CASH FLOWS
- CASH AND CASH EQUIVALENTS
- PRESENTATION OF THE STATEMENT OF CASH FLOWS
- OPERATING ACTIVITIES
- INVESTING ACTIVITIES
- FINANCING ACTIVITIES
- NONCASH TRANSACTIONS
- DIRECT VERSUS INDIRECT METHOD
- REPORTING CASH FLOWS ON A GROSS BASIS VERSUS A NET BASIS
- FOREIGN CURRENCY CASH FLOWS
- REPORTING FUTURES, FORWARD CONTRACTS, OPTIONS, AND SWAPS
- RECONCILIATION OF CASH AND CASH EQUIVALENTS
- ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND OTHER BUSINESS UNITS
- OTHER DISCLOSURES REQUIRED AND RECOMMENDED BY IAS 7
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 6 - ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS ...
- BACKGROUND AND INTRODUCTION
- ACCOUNTING POLICIES
- SELECTION AND APPLICATION OF ACCOUNTING POLICIES
- CONSISTENCY OF ACCOUNTING POLICIES
- FACTORS GOVERNING CHANGES IN ACCOUNTING POLICIES
- APPLYING CHANGES IN ACCOUNTING POLICIES
- LIMITATIONS OF RETROSPECTIVE APPLICATION
- DISCLOSURES WITH RESPECT TO CHANGES IN ACCOUNTING POLICIES
- CHANGES IN ACCOUNTING ESTIMATES
- CORRECTION OF PRIOR PERIOD ERRORS
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 7 - EVENTS AFTER THE REPORTING PERIOD (IAS 10)
- BACKGROUND AND INTRODUCTION
- SCOPE
- AUTHORIZATION DATE
- ADJUSTING AND NONADJUSTING EVENTS (AFTER THE REPORTING PERIOD)
- DIVIDENDS PROPOSED OR DECLARED AFTER THE BALANCE SHEET DATE
- GOING CONCERN CONSIDERATIONS
- DISCLOSURE REQUIREMENTS
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS BARLOWORLD
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 8 - CONSTRUCTION CONTRACTS (IAS 11)
- BACKGROUND AND INTRODUCTION
- COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS
- CONTRACT REVENUE
- CONTRACT COSTS
- RECOGNITION OF CONTRACT REVENUE AND EXPENSES
- FIXED-PRICE CONTRACT
- COST-PLUS CONTRACT
- PERCENTAGE-OF-COMPLETION METHOD
- IFRIC 12
- IFRIC 15
- DISCLOSURES
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 9 - INCOME TAXES (IAS 12)
- BACKGROUND AND INTRODUCTION
- CURRENT TAX LIABILITIES AND ASSETS
- ACCOUNTING FOR DEFERRED TAX
- CONSOLIDATED FINANCIAL STATEMENTS
- TEMPORARY DIFFERENCES NOT RECOGNIZED FOR DEFERRED TAX
- DEFERRED TAX ASSETS
- TAX RATES
- DISCOUNTING
- CURRENT AND DEFERRED TAX RECOGNITION
- DIVIDENDS
- DISCLOSURE: KEY ELEMENTS
- REVISION OF IAS 12
- SICs
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 10 - PROPERTY, PLANT, AND EQUIPMENT (IAS 16)
-
Chapter 11 - LEASES (IAS 17)
- BACKGROUND AND INTRODUCTION
- SCOPE
- CLASSIFICATION OF LEASES
- LEASES IN THE FINANCIAL STATEMENTS OF LESSEES
- LEASES IN THE FINANCIAL STATEMENTS OF LESSORS
- SALE AND LEASEBACK TRANSACTIONS AND OTHER TRANSACTIONS INVOLVING THE LEGAL FORM ...
- THE FUTURE OF LEASE ACCOUNTING
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 12 - REVENUE (IAS 18)
- BACKGROUND AND INTRODUCTION
- SCOPE
- MEASUREMENT OF REVENUE
- IDENTIFICATION OF A TRANSACTION
- SALE OF GOODS
- RENDERING OF SERVICES
- INTEREST, ROYALTIES, AND DIVIDENDS
- DISCLOSURES
- IFRIC 12, SERVICE CONCESSION ARRANGEMENTS
- IFRIC 13, CUSTOMER LOYALTY PROGRAMS
- AMENDMENT TO IAS 18 ANNUAL IMPROVEMENTS 2009
- IFRIC 15, AGREEMENTS FOR THE CONSTRUCTION OF REAL ESTATE
- DISCLOSURES
- IFRIC 18, TRANSFERS OF ASSETS FROM CUSTOMERS
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 13 - EMPLOYEE BENEFITS (IAS 19)
- SCOPE
- DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT PLANS—CLASSIFICATION
- DEFINED BENEFIT PLANS
- DEFINED CONTRIBUTION PLANS
- CONTRASTING DEFINED BENEFIT AND DEFINED CONTRIBUTION
- ACCOUNTING FOR DEFINED CONTRIBUTION SCHEMES
- ACCOUNTING FOR DEFINED BENEFIT PLANS
- KEY INFORMATION: DEFINED BENEFIT PLANS
- STATEMENT OF FINANCIAL POSITION
- STATEMENT OF COMPREHENSIVE INCOME
- MEASURING THE DEFINED BENEFIT OBLIGATION
- PLAN ASSETS
- PENSION ASSETS AND LIABILITIES
- CURTAILMENTS AND SETTLEMENTS
- ACTUARIAL GAINS AND LOSSES—DEFINED BENEFIT PLANS
- IFRIC 14, IAS 19—THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING ...
- DISCLOSURE
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 14 - ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ...
-
Chapter 15 - THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES (IAS 21 )
- OBJECTIVES
- FUNCTIONAL CURRENCY
- RECORDING FOREIGN CURRENCY TRANSACTIONS USING THE FUNCTIONAL CURRENCY
- RECOGNITION OF EXCHANGE DIFFERENCES
- TRANSLATION TO THE PRESENTATION CURRENCY FROM THE FUNCTIONAL CURRENCY
- TRANSLATION OF A FOREIGN OPERATION
- DISPOSAL OF A FOREIGN ENTITY
- DISCLOSURE
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 16 - BORROWING COSTS (IAS 23)
- BACKGROUND
- SCOPE
- BORROWING COSTS
- QUALIFYING ASSETS
- RECOGNITION
- BORROWINGS ELIGIBLE FOR CAPITALIZATION
- EXCESS OF CARRYING AMOUNT OF THE QUALIFYING ASSET OVER THE RECOVERABLE AMOUNT
- COMMENCEMENT OF CAPITALIZATION
- SUSPENSION OF CAPITALIZATION
- CESSATION OF CAPITALIZATION
- DISCLOSURE
- EXTRACT FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 17 - RELATED-PARTY DISCLOSURES (IAS 24)
- Chapter 18 - ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLANS (IAS 26)
- Chapter 19 - CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS (IAS 27)
-
Chapter 20 - INVESTMENTS IN ASSOCIATES (IAS 28)
- BACKGROUND AND INTRODUCTION
- SIGNIFICANT INFLUENCE
- EQUITY METHOD
- EXCEPTIONS TO THE EQUITY METHOD
- INVESTOR CEASES TO HAVE SIGNIFICANT INFLUENCE
- ACQUISITION OF AN ASSOCIATE AND ACCOUNTING TREATMENT
- IMPAIRMENT LOSSES
- SEPARATE FINANCIAL STATEMENTS
- DISCLOSURES
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 21 - FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES (IAS 29)
-
Chapter 22 - INTERESTS IN JOINT VENTURES (IAS 31)
- SCOPE
- DIFFERENT FORMS OF JOINT VENTURE
- JOINTLY CONTROLLED OPERATIONS
- JOINTLY CONTROLLED ASSETS
- JOINTLY CONTROLLED ENTITIES
- PROPORTIONATE CONSOLIDATION
- EQUITY METHOD
- EXCEPTION TO THE USE OF THE EQUITY METHOD AND PROPORTIONATE CONSOLIDATION
- FINANCIAL STATEMENTS OF AN INVESTOR
- SEPARATE FINANCIAL STATEMENTS
- TRANSACTIONS BETWEEN A VENTURER AND A JOINT VENTURE
- DISCLOSURE
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 23 - FINANCIAL INSTRUMENTS: PRESENTATION (IAS 32)
- Chapter 24 - FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT (IAS 39)
- Chapter 25 - EARNINGS PER SHARE (IAS 33)
-
Chapter 26 - INTERIM FINANCIAL REPORTING (IAS 34)
- OBJECTIVE
- FORM AND CONTENT OF INTERIM REPORTS
- SELECTED EXPLANATORY NOTES
- DISCLOSURE OF COMPLIANCE WITH IFRS
- PERIODS TO BE PRESENTED BY INTERIM FINANCIAL STATEMENTS
- MEASUREMENT
- SUNDRY POINTS
- IFRIC 10 INTERIM FINANCIAL REPORTING AND IMPAIRMENT
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 27 - IMPAIRMENT OF ASSETS (IAS 36)
- SCOPE
- IDENTIFYING AN IMPAIRMENT LOSS
- DETERMINATION OF A RECOVERABLE AMOUNT
- FAIR VALUE LESS COSTS TO SELL
- VALUE-IN-USE
- FUTURE CASH FLOWS
- DISCOUNT RATE
- RECOGNITION AND MEASUREMENT OF AN IMPAIRMENT LOSS
- CASH-GENERATING UNITS
- GOODWILL
- TIMING OF IMPAIRMENT TEST
- GROUP OR DIVISIONAL ASSETS (CORPORATE ASSETS)
- ALLOCATION OF IMPAIRMENT LOSS
- REVERSAL OF AN IMPAIRMENT LOSS
- DISCLOSURE REQUIREMENTS
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 28 - PROVISIONS, CONTINGENT LIABILITIES, AND CONTINGENT ASSETS (IAS 37)
-
Chapter 29 - INTANGIBLE ASSETS (IAS 38)
- INTRODUCTION AND BACKGROUND
- SCOPE
- ELABORATION AND INTERPRETATION OF THE DEFINITIONS
- RECOGNITION AND MEASUREMENT
- INTERNALLY GENERATED INTANGIBLE ASSETS
- RECOGNITION OF AN EXPENSE
- WEB SITE DEVELOPMENT COSTS
- MEASUREMENT AFTER RECOGNITION
- USEFUL LIFE
- AMORTIZATION
- IMPAIRMENT
- RETIREMENTS AND DISPOSALS
- DISCLOSURES
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 30 - INVESTMENT PROPERTY (IAS 40)
- Chapter 31 - AGRICULTURE (IAS 41)
-
Chapter 32 - FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ...
- BACKGROUND
- SCOPE
- DEEMED EXCEPTIONS TO THE “FIRST-TIME ADOPTER” RULE
- OPENING IFRS STATEMENT OF FINANCIAL POSITION
- ADJUSTMENTS REQUIRED IN PREPARING THE OPENING IFRS STATEMENT OF FINANCIAL ...
- ACCOUNTING POLICIES
- REPORTING PERIOD
- RATIONALE BEHIND USING THE “CURRENT VERSION OF IFRS”
- TRANSITIONAL PROVISIONS IN OTHER IFRS
- TARGETED EXEMPTIONS FROM OTHER IFRS
- BUSINESS COMBINATIONS
- SHARE-BASED PAYMENT TRANSACTIONS
- INSURANCE CONTRACTS AND OIL AND GAS ASSETS
- FAIR VALUE OR REVALUATION AS DEEMED COST
- LEASES
- EMPLOYEE BENEFITS
- CUMULATIVE TRANSLATION DIFFERENCES
- INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES, AND ASSOCIATES
- FINANCIAL INSTRUMENTS
- IFRIC 1, CHANGES IN EXISTING DECOMMISSIONING, RESTORATION, AND SIMILAR LIABILITIES
- BORROWING COSTS
- IFRIC 18, TRANSFERS OF ASSETS FROM CUSTOMERS
- ASSETS AND LIABILITIES OF SUBSIDIARIES, ASSOCIATES, AND JOINT VENTURES
- EXCEPTIONS TO RETROSPECTIVE APPLICATION OF OTHER IFRS
- PRESENTATION AND DISCLOSURE
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 33 - SHARE-BASED PAYMENTS (IFRS 2)
- BACKGROUND AND INTRODUCTION
- RECOGNITION OF SHARE-BASED PAYMENT
- EQUITY-SETTLED TRANSACTIONS
- CASH-SETTLED TRANSACTIONS
- TRANSACTIONS THAT CAN BE SETTLED FOR SHARES OR CASH
- IFRIC 11, IFRS 2—Group and Treasury Share Transactions
- DEFERRED TAX IMPLICATIONS
- DISCLOSURE
- AMENDMENTS TO IFRS 2
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 34 - BUSINESS COMBINATIONS (IFRS 3)
- Chapter 35 - INSURANCE CONTRACTS (IFRS 4)
-
Chapter 36 - NONCURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (IFRS 5)
- BACKGROUND AND SCOPE
- EXTENSION OF PERIOD BEYOND ONE YEAR
- SUNDRY POINTS
- MEASUREMENT OF NONCURRENT ASSETS THAT ARE HELD FOR SALE
- CHANGE OF PLANS
- DISCLOSURE: NONCURRENT ASSETS
- DISCONTINUED OPERATIONS: PRESENTATION AND DISCLOSURE
- FUTURE DEVELOPMENTS
- EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 37 - EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES (IFRS 6)
-
Chapter 38 - FINANCIAL INSTRUMENTS: DISCLOSURES (IFRS 7)
- INTRODUCTION
- SCOPE
- SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE
- NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
- AMENDMENT TO IFRS 7, IMPROVING DISCLOSURES ABOUT FINANCIAL INSTRUMENTS, ISSUED ...
- EXTRACTS FROM FINANCIAL STATEMENTS
- MULTIPLE-CHOICE QUESTIONS
- Chapter 39 - OPERATING SEGMENTS (IFRS 8)
-
Chapter 40 - FINANCIAL INSTRUMENTS (IFRS 9)
- INTRODUCTION AND PURPOSE
- CLASSIFICATION
- THE BUSINESS MODEL TEST
- CONTRACTUAL TERMS OF FINANCIAL ASSET TEST
- MEASUREMENT
- RECLASSIFICATION
- EMBEDDED DERIVATIVES
- LOANS AND RECEIVABLES, AND HELD TO MATURITY
- IMPAIRMENT AND AVAILABLE FOR SALE
- OTHER ISSUES
- EQUITY INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
- EFFECTIVE DATE AND TRANSITION
- MULTIPLE-CHOICE QUESTIONS
-
Chapter 41 - IFRS FOR SMEs
- INTRODUCTION
- DEFINITION OF SME
- RATIONALE
- TOPICS OMITTED FROM IFRS FOR SMEs
- KEY PRINCIPLES
- TYPES OF SIMPLIFICATIONS
- ACCOUNTING TREATMENTS DISALLOWED UNDER IFRS FOR SMEs
- SPECIFIC RECOGNITION AND MEASUREMENT SIMPLIFICATIONS
- SUMMARY OF THE IFRS FOR SMEs
- PRACTICAL EXAMPLES OF DISCLOSURE
- MULTIPLE-CHOICE QUESTIONS
- ANSWERS FOR MULTIPLE-CHOICE QUESTIONS
- INDEX
Product information
- Title: Wiley IFRS: Practical Implementation Guide and Workbook, 3rd Edition
- Author(s):
- Release date: April 2011
- Publisher(s): Wiley
- ISBN: 9780470647912
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