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Wiley IFRS: Practical Implementation Guide and Workbook, 3rd Edition

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

  1. Title Page
  2. Copyright Page
  3. Foreword
  4. FOREWORD
  5. Preface
  6. Acknowledgments
  7. ABOUT THE AUTHORS
  8. Chapter 1 - INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS
    1. INTRODUCTION
    2. WORLDWIDE ADOPTION OF IFRS
    3. REMAINING EXCEPTIONS
    4. THE INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
    5. THE INTERNATIONAL ACCOUNTING STANDARDS BOARD
    6. STRUCTURE AND GOVERNANCE
    7. THE WAY FORWARD
  9. Chapter 2 - IASB FRAMEWORK
    1. INTRODUCTION
    2. OBJECTIVE OF FINANCIAL STATEMENTS
    3. UNDERLYING ASSUMPTIONS
    4. QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS
    5. ELEMENTS OF FINANCIAL STATEMENTS
    6. CONCEPTS OF CAPITAL AND CAPITAL MAINTENANCE
    7. FUTURE DEVELOPMENTS
    8. MULTIPLE-CHOICE QUESTIONS
  10. Chapter 3 - PRESENTATION OF FINANCIAL STATEMENTS (IAS 1)
    1. INTRODUCTION
    2. SCOPE
    3. PURPOSE OF FINANCIAL STATEMENTS
    4. OVERALL CONSIDERATIONS
    5. STRUCTURE AND CONTENT
    6. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    7. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    8. OTHER AMENDMENTS TO IAS 1
    9. MULTIPLE-CHOICE QUESTIONS
  11. Chapter 4 - INVENTORIES (IAS 2)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. MEASUREMENT OF INVENTORIES
    4. COST OF INVENTORIES
    5. TECHNIQUES FOR MEASUREMENT OF COSTS
    6. COST FORMULAS
    7. NET REALIZABLE VALUE
    8. RECOGNITION OF EXPENSE
    9. DISCLOSURE
    10. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    11. MULTIPLE-CHOICE QUESTIONS
  12. Chapter 5 - STATEMENT OF CASH FLOWS (IAS 7)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. BENEFITS OF PRESENTING A STATEMENT OF CASH FLOWS
    4. CASH AND CASH EQUIVALENTS
    5. PRESENTATION OF THE STATEMENT OF CASH FLOWS
    6. OPERATING ACTIVITIES
    7. INVESTING ACTIVITIES
    8. FINANCING ACTIVITIES
    9. NONCASH TRANSACTIONS
    10. DIRECT VERSUS INDIRECT METHOD
    11. REPORTING CASH FLOWS ON A GROSS BASIS VERSUS A NET BASIS
    12. FOREIGN CURRENCY CASH FLOWS
    13. REPORTING FUTURES, FORWARD CONTRACTS, OPTIONS, AND SWAPS
    14. RECONCILIATION OF CASH AND CASH EQUIVALENTS
    15. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND OTHER BUSINESS UNITS
    16. OTHER DISCLOSURES REQUIRED AND RECOMMENDED BY IAS 7
    17. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    18. MULTIPLE-CHOICE QUESTIONS
  13. Chapter 6 - ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS ...
    1. BACKGROUND AND INTRODUCTION
    2. ACCOUNTING POLICIES
    3. SELECTION AND APPLICATION OF ACCOUNTING POLICIES
    4. CONSISTENCY OF ACCOUNTING POLICIES
    5. FACTORS GOVERNING CHANGES IN ACCOUNTING POLICIES
    6. APPLYING CHANGES IN ACCOUNTING POLICIES
    7. LIMITATIONS OF RETROSPECTIVE APPLICATION
    8. DISCLOSURES WITH RESPECT TO CHANGES IN ACCOUNTING POLICIES
    9. CHANGES IN ACCOUNTING ESTIMATES
    10. CORRECTION OF PRIOR PERIOD ERRORS
    11. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    12. MULTIPLE-CHOICE QUESTIONS
  14. Chapter 7 - EVENTS AFTER THE REPORTING PERIOD (IAS 10)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. AUTHORIZATION DATE
    4. ADJUSTING AND NONADJUSTING EVENTS (AFTER THE REPORTING PERIOD)
    5. DIVIDENDS PROPOSED OR DECLARED AFTER THE BALANCE SHEET DATE
    6. GOING CONCERN CONSIDERATIONS
    7. DISCLOSURE REQUIREMENTS
    8. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS BARLOWORLD
    9. MULTIPLE-CHOICE QUESTIONS
  15. Chapter 8 - CONSTRUCTION CONTRACTS (IAS 11)
    1. BACKGROUND AND INTRODUCTION
    2. COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS
    3. CONTRACT REVENUE
    4. CONTRACT COSTS
    5. RECOGNITION OF CONTRACT REVENUE AND EXPENSES
    6. FIXED-PRICE CONTRACT
    7. COST-PLUS CONTRACT
    8. PERCENTAGE-OF-COMPLETION METHOD
    9. IFRIC 12
    10. IFRIC 15
    11. DISCLOSURES
    12. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    13. MULTIPLE-CHOICE QUESTIONS
  16. Chapter 9 - INCOME TAXES (IAS 12)
    1. BACKGROUND AND INTRODUCTION
    2. CURRENT TAX LIABILITIES AND ASSETS
    3. ACCOUNTING FOR DEFERRED TAX
    4. CONSOLIDATED FINANCIAL STATEMENTS
    5. TEMPORARY DIFFERENCES NOT RECOGNIZED FOR DEFERRED TAX
    6. DEFERRED TAX ASSETS
    7. TAX RATES
    8. DISCOUNTING
    9. CURRENT AND DEFERRED TAX RECOGNITION
    10. DIVIDENDS
    11. DISCLOSURE: KEY ELEMENTS
    12. REVISION OF IAS 12
    13. SICs
    14. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    15. MULTIPLE-CHOICE QUESTIONS
  17. Chapter 10 - PROPERTY, PLANT, AND EQUIPMENT (IAS 16)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. RECOGNITION OF AN ASSET
    4. DEPRECIATION
    5. DERECOGNITION
    6. IFRIC INTERPRETATION 1
    7. DISCLOSURE
    8. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    9. MULTIPLE-CHOICE QUESTIONS
  18. Chapter 11 - LEASES (IAS 17)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. CLASSIFICATION OF LEASES
    4. LEASES IN THE FINANCIAL STATEMENTS OF LESSEES
    5. LEASES IN THE FINANCIAL STATEMENTS OF LESSORS
    6. SALE AND LEASEBACK TRANSACTIONS AND OTHER TRANSACTIONS INVOLVING THE LEGAL FORM ...
    7. THE FUTURE OF LEASE ACCOUNTING
    8. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    9. MULTIPLE-CHOICE QUESTIONS
  19. Chapter 12 - REVENUE (IAS 18)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. MEASUREMENT OF REVENUE
    4. IDENTIFICATION OF A TRANSACTION
    5. SALE OF GOODS
    6. RENDERING OF SERVICES
    7. INTEREST, ROYALTIES, AND DIVIDENDS
    8. DISCLOSURES
    9. IFRIC 12, SERVICE CONCESSION ARRANGEMENTS
    10. IFRIC 13, CUSTOMER LOYALTY PROGRAMS
    11. AMENDMENT TO IAS 18 ANNUAL IMPROVEMENTS 2009
    12. IFRIC 15, AGREEMENTS FOR THE CONSTRUCTION OF REAL ESTATE
    13. DISCLOSURES
    14. IFRIC 18, TRANSFERS OF ASSETS FROM CUSTOMERS
    15. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    16. MULTIPLE-CHOICE QUESTIONS
  20. Chapter 13 - EMPLOYEE BENEFITS (IAS 19)
    1. SCOPE
    2. DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT PLANS—CLASSIFICATION
    3. DEFINED BENEFIT PLANS
    4. DEFINED CONTRIBUTION PLANS
    5. CONTRASTING DEFINED BENEFIT AND DEFINED CONTRIBUTION
    6. ACCOUNTING FOR DEFINED CONTRIBUTION SCHEMES
    7. ACCOUNTING FOR DEFINED BENEFIT PLANS
    8. KEY INFORMATION: DEFINED BENEFIT PLANS
    9. STATEMENT OF FINANCIAL POSITION
    10. STATEMENT OF COMPREHENSIVE INCOME
    11. MEASURING THE DEFINED BENEFIT OBLIGATION
    12. PLAN ASSETS
    13. PENSION ASSETS AND LIABILITIES
    14. CURTAILMENTS AND SETTLEMENTS
    15. ACTUARIAL GAINS AND LOSSES—DEFINED BENEFIT PLANS
    16. IFRIC 14, IAS 19—THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING ...
    17. DISCLOSURE
    18. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    19. MULTIPLE-CHOICE QUESTIONS
  21. Chapter 14 - ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ...
    1. INTRODUCTION
    2. SCOPE
    3. GOVERNMENT GRANTS
    4. RECOGNITION OF GOVERNMENT GRANTS
    5. NONMONETARY GRANTS
    6. PRESENTATION OF GRANTS RELATED TO ASSETS
    7. REPAYMENT OF GOVERNMENT GRANTS
    8. GOVERNMENT ASSISTANCE
    9. DISCLOSURES
    10. MULTIPLE-CHOICE QUESTIONS
  22. Chapter 15 - THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES (IAS 21 )
    1. OBJECTIVES
    2. FUNCTIONAL CURRENCY
    3. RECORDING FOREIGN CURRENCY TRANSACTIONS USING THE FUNCTIONAL CURRENCY
    4. RECOGNITION OF EXCHANGE DIFFERENCES
    5. TRANSLATION TO THE PRESENTATION CURRENCY FROM THE FUNCTIONAL CURRENCY
    6. TRANSLATION OF A FOREIGN OPERATION
    7. DISPOSAL OF A FOREIGN ENTITY
    8. DISCLOSURE
    9. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    10. MULTIPLE-CHOICE QUESTIONS
  23. Chapter 16 - BORROWING COSTS (IAS 23)
    1. BACKGROUND
    2. SCOPE
    3. BORROWING COSTS
    4. QUALIFYING ASSETS
    5. RECOGNITION
    6. BORROWINGS ELIGIBLE FOR CAPITALIZATION
    7. EXCESS OF CARRYING AMOUNT OF THE QUALIFYING ASSET OVER THE RECOVERABLE AMOUNT
    8. COMMENCEMENT OF CAPITALIZATION
    9. SUSPENSION OF CAPITALIZATION
    10. CESSATION OF CAPITALIZATION
    11. DISCLOSURE
    12. EXTRACT FROM PUBLISHED FINANCIAL STATEMENTS
    13. MULTIPLE-CHOICE QUESTIONS
  24. Chapter 17 - RELATED-PARTY DISCLOSURES (IAS 24)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. EXPLANATION AND FURTHER ELABORATION OF THE DEFINITIONS
    4. SCOPE EXCLUSIONS AND EXEMPTION
    5. DISCLOSURES
    6. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    7. MULTIPLE-CHOICE QUESTIONS
  25. Chapter 18 - ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLANS (IAS 26)
    1. INTRODUCTION
    2. SCOPE
    3. DEFINED CONTRIBUTION PLANS
    4. DEFINED BENEFIT PLANS
    5. ADDITIONAL DISCLOSURES REQUIRED BY THE STANDARD
    6. MULTIPLE-CHOICE QUESTIONS
  26. Chapter 19 - CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS (IAS 27)
    1. SCOPE
    2. PRESENTATION OF FINANCIAL STATEMENTS
    3. CONSOLIDATED FINANCIAL STATEMENTS
    4. ACCOUNTING PROCEDURES
    5. CHANGES IN THE OWNERSHIP INTERESTS
    6. DISCLOSURES
    7. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    8. MULTIPLE-CHOICE QUESTIONS
  27. Chapter 20 - INVESTMENTS IN ASSOCIATES (IAS 28)
    1. BACKGROUND AND INTRODUCTION
    2. SIGNIFICANT INFLUENCE
    3. EQUITY METHOD
    4. EXCEPTIONS TO THE EQUITY METHOD
    5. INVESTOR CEASES TO HAVE SIGNIFICANT INFLUENCE
    6. ACQUISITION OF AN ASSOCIATE AND ACCOUNTING TREATMENT
    7. IMPAIRMENT LOSSES
    8. SEPARATE FINANCIAL STATEMENTS
    9. DISCLOSURES
    10. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    11. MULTIPLE-CHOICE QUESTIONS
  28. Chapter 21 - FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES (IAS 29)
    1. SCOPE
    2. DEFINITION OF HYPERINFLATION
    3. CEASING TO BE HYPERINFLATIONARY
    4. FUNCTIONAL CURRENCY AND HYPERINFLATION
    5. RESTATEMENT OF FINANCIAL STATEMENTS: STATEMENT OF FINANCIAL POSITION
    6. STATEMENT OF COMPREHENSIVE INCOME
    7. SUNDRY POINTS
    8. DISCLOSURE
    9. MULTIPLE-CHOICE QUESTIONS
  29. Chapter 22 - INTERESTS IN JOINT VENTURES (IAS 31)
    1. SCOPE
    2. DIFFERENT FORMS OF JOINT VENTURE
    3. JOINTLY CONTROLLED OPERATIONS
    4. JOINTLY CONTROLLED ASSETS
    5. JOINTLY CONTROLLED ENTITIES
    6. PROPORTIONATE CONSOLIDATION
    7. EQUITY METHOD
    8. EXCEPTION TO THE USE OF THE EQUITY METHOD AND PROPORTIONATE CONSOLIDATION
    9. FINANCIAL STATEMENTS OF AN INVESTOR
    10. SEPARATE FINANCIAL STATEMENTS
    11. TRANSACTIONS BETWEEN A VENTURER AND A JOINT VENTURE
    12. DISCLOSURE
    13. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    14. MULTIPLE-CHOICE QUESTIONS
  30. Chapter 23 - FINANCIAL INSTRUMENTS: PRESENTATION (IAS 32)
    1. INTRODUCTION
    2. SCOPE
    3. PRESENTATION OF LIABILITIES AND EQUITY
    4. PRESENTATION OF INTEREST, DIVIDENDS, LOSSES, AND GAINS
    5. AMENDMENTS TO IAS 32—CLASSIFICATION OF “RIGHTS ISSUES”—EFFECTIVE 2010
    6. EXTRACTS FROM FINANCIAL STATEMENTS
    7. MULTIPLE-CHOICE QUESTIONS
  31. Chapter 24 - FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT (IAS 39)
    1. INTRODUCTION
    2. SCOPE
    3. CLASSIFICATION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES INTO CATEGORIES
    4. RECOGNITION
    5. DERECOGNITION
    6. MEASUREMENT
    7. DERIVATIVES
    8. HEDGE ACCOUNTING
    9. RECENT AMENDMENTS TO IAS 39
    10. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    11. MULTIPLE-CHOICE QUESTIONS
  32. Chapter 25 - EARNINGS PER SHARE (IAS 33)
    1. BACKGROUND AND INTRODUCTION
    2. ORDINARY SHARES
    3. PRESENTATION OF EARNINGS PER SHARE
    4. BASIC EARNINGS PER SHARE
    5. RIGHTS ISSUES
    6. DILUTED EARNINGS PER SHARE
    7. PRESENTATION
    8. DISCLOSURES
    9. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    10. MULTIPLE-CHOICE QUESTIONS
  33. Chapter 26 - INTERIM FINANCIAL REPORTING (IAS 34)
    1. OBJECTIVE
    2. FORM AND CONTENT OF INTERIM REPORTS
    3. SELECTED EXPLANATORY NOTES
    4. DISCLOSURE OF COMPLIANCE WITH IFRS
    5. PERIODS TO BE PRESENTED BY INTERIM FINANCIAL STATEMENTS
    6. MEASUREMENT
    7. SUNDRY POINTS
    8. IFRIC 10 INTERIM FINANCIAL REPORTING AND IMPAIRMENT
    9. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    10. MULTIPLE-CHOICE QUESTIONS
  34. Chapter 27 - IMPAIRMENT OF ASSETS (IAS 36)
    1. SCOPE
    2. IDENTIFYING AN IMPAIRMENT LOSS
    3. DETERMINATION OF A RECOVERABLE AMOUNT
    4. FAIR VALUE LESS COSTS TO SELL
    5. VALUE-IN-USE
    6. FUTURE CASH FLOWS
    7. DISCOUNT RATE
    8. RECOGNITION AND MEASUREMENT OF AN IMPAIRMENT LOSS
    9. CASH-GENERATING UNITS
    10. GOODWILL
    11. TIMING OF IMPAIRMENT TEST
    12. GROUP OR DIVISIONAL ASSETS (CORPORATE ASSETS)
    13. ALLOCATION OF IMPAIRMENT LOSS
    14. REVERSAL OF AN IMPAIRMENT LOSS
    15. DISCLOSURE REQUIREMENTS
    16. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    17. MULTIPLE-CHOICE QUESTIONS
  35. Chapter 28 - PROVISIONS, CONTINGENT LIABILITIES, AND CONTINGENT ASSETS (IAS 37)
    1. BACKGROUND AND INTRODUCTION
    2. SCOPE
    3. PROVISIONS
    4. CONTINGENT LIABILITIES
    5. CONTINGENT ASSETS (Possible Assets)
    6. INTERPRETATION OF IAS 37 (IFRIC)
    7. DISCLOSURES
    8. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    9. MULTIPLE-CHOICE QUESTIONS
  36. Chapter 29 - INTANGIBLE ASSETS (IAS 38)
    1. INTRODUCTION AND BACKGROUND
    2. SCOPE
    3. ELABORATION AND INTERPRETATION OF THE DEFINITIONS
    4. RECOGNITION AND MEASUREMENT
    5. INTERNALLY GENERATED INTANGIBLE ASSETS
    6. RECOGNITION OF AN EXPENSE
    7. WEB SITE DEVELOPMENT COSTS
    8. MEASUREMENT AFTER RECOGNITION
    9. USEFUL LIFE
    10. AMORTIZATION
    11. IMPAIRMENT
    12. RETIREMENTS AND DISPOSALS
    13. DISCLOSURES
    14. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    15. MULTIPLE-CHOICE QUESTIONS
  37. Chapter 30 - INVESTMENT PROPERTY (IAS 40)
    1. BACKGROUND AND INTRODUCTION
    2. INVESTMENT PROPERTY
    3. RECOGNITION
    4. MEASUREMENT
    5. DISPOSALS
    6. DISCLOSURES
    7. MULTIPLE-CHOICE QUESTIONS
  38. Chapter 31 - AGRICULTURE (IAS 41)
    1. BACKGROUND AND INTRODUCTION
    2. RECOGNITION AND MEASUREMENT
    3. GAINS AND LOSSES
    4. FAIR VALUE RELIABILITY
    5. GOVERNMENT GRANTS
    6. ISSUES IN IAS 41
    7. DISCLOSURES
    8. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    9. MULTIPLE-CHOICE QUESTIONS
  39. Chapter 32 - FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ...
    1. BACKGROUND
    2. SCOPE
    3. DEEMED EXCEPTIONS TO THE “FIRST-TIME ADOPTER” RULE
    4. OPENING IFRS STATEMENT OF FINANCIAL POSITION
    5. ADJUSTMENTS REQUIRED IN PREPARING THE OPENING IFRS STATEMENT OF FINANCIAL ...
    6. ACCOUNTING POLICIES
    7. REPORTING PERIOD
    8. RATIONALE BEHIND USING THE “CURRENT VERSION OF IFRS”
    9. TRANSITIONAL PROVISIONS IN OTHER IFRS
    10. TARGETED EXEMPTIONS FROM OTHER IFRS
    11. BUSINESS COMBINATIONS
    12. SHARE-BASED PAYMENT TRANSACTIONS
    13. INSURANCE CONTRACTS AND OIL AND GAS ASSETS
    14. FAIR VALUE OR REVALUATION AS DEEMED COST
    15. LEASES
    16. EMPLOYEE BENEFITS
    17. CUMULATIVE TRANSLATION DIFFERENCES
    18. INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES, AND ASSOCIATES
    19. FINANCIAL INSTRUMENTS
    20. IFRIC 1, CHANGES IN EXISTING DECOMMISSIONING, RESTORATION, AND SIMILAR LIABILITIES
    21. BORROWING COSTS
    22. IFRIC 18, TRANSFERS OF ASSETS FROM CUSTOMERS
    23. ASSETS AND LIABILITIES OF SUBSIDIARIES, ASSOCIATES, AND JOINT VENTURES
    24. EXCEPTIONS TO RETROSPECTIVE APPLICATION OF OTHER IFRS
    25. PRESENTATION AND DISCLOSURE
    26. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    27. MULTIPLE-CHOICE QUESTIONS
  40. Chapter 33 - SHARE-BASED PAYMENTS (IFRS 2)
    1. BACKGROUND AND INTRODUCTION
    2. RECOGNITION OF SHARE-BASED PAYMENT
    3. EQUITY-SETTLED TRANSACTIONS
    4. CASH-SETTLED TRANSACTIONS
    5. TRANSACTIONS THAT CAN BE SETTLED FOR SHARES OR CASH
    6. IFRIC 11, IFRS 2—Group and Treasury Share Transactions
    7. DEFERRED TAX IMPLICATIONS
    8. DISCLOSURE
    9. AMENDMENTS TO IFRS 2
    10. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    11. MULTIPLE-CHOICE QUESTIONS
  41. Chapter 34 - BUSINESS COMBINATIONS (IFRS 3)
    1. BACKGROUND AND INTRODUCTION
    2. IDENTIFYING AN ACQUIRER
    3. COST OF ACQUISITION
    4. NET ASSETS ACQUIRED
    5. GOODWILL
    6. STEP ACQUISITION
    7. DISCLOSURES
    8. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    9. MULTIPLE-CHOICE QUESTIONS
  42. Chapter 35 - INSURANCE CONTRACTS (IFRS 4)
    1. BACKGROUND AND INTRODUCTION
    2. FIRST PHASE
    3. CHANGES IN ACCOUNTING POLICIES
    4. CONCESSIONS IN IFRS 4
    5. ACCOUNTING UNDER IFRS 4
    6. RECENT PRONOUNCEMENTS
    7. DISCLOSURES
    8. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    9. FUTURE DEVELOPMENTS—AN INSIGHT
    10. MULTIPLE-CHOICE QUESTIONS
  43. Chapter 36 - NONCURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (IFRS 5)
    1. BACKGROUND AND SCOPE
    2. EXTENSION OF PERIOD BEYOND ONE YEAR
    3. SUNDRY POINTS
    4. MEASUREMENT OF NONCURRENT ASSETS THAT ARE HELD FOR SALE
    5. CHANGE OF PLANS
    6. DISCLOSURE: NONCURRENT ASSETS
    7. DISCONTINUED OPERATIONS: PRESENTATION AND DISCLOSURE
    8. FUTURE DEVELOPMENTS
    9. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    10. MULTIPLE-CHOICE QUESTIONS
  44. Chapter 37 - EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES (IFRS 6)
    1. INTRODUCTION
    2. SCOPE
    3. RECOGNITION
    4. MEASUREMENT
    5. IMPAIRMENT
    6. DISCLOSURE
    7. EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
    8. MULTIPLE-CHOICE QUESTIONS
  45. Chapter 38 - FINANCIAL INSTRUMENTS: DISCLOSURES (IFRS 7)
    1. INTRODUCTION
    2. SCOPE
    3. SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE
    4. NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
    5. AMENDMENT TO IFRS 7, IMPROVING DISCLOSURES ABOUT FINANCIAL INSTRUMENTS, ISSUED ...
    6. EXTRACTS FROM FINANCIAL STATEMENTS
    7. MULTIPLE-CHOICE QUESTIONS
  46. Chapter 39 - OPERATING SEGMENTS (IFRS 8)
    1. INTRODUCTION
    2. SCOPE
    3. CORE PRINCIPLE
    4. CHIEF OPERATING DECISION MAKER
    5. OPERATING SEGMENTS
    6. REPORTABLE SEGMENTS
    7. DISCLOSURE REQUIREMENTS OF IFRS 8
    8. MULTIPLE CHOICE QUESTIONS
  47. Chapter 40 - FINANCIAL INSTRUMENTS (IFRS 9)
    1. INTRODUCTION AND PURPOSE
    2. CLASSIFICATION
    3. THE BUSINESS MODEL TEST
    4. CONTRACTUAL TERMS OF FINANCIAL ASSET TEST
    5. MEASUREMENT
    6. RECLASSIFICATION
    7. EMBEDDED DERIVATIVES
    8. LOANS AND RECEIVABLES, AND HELD TO MATURITY
    9. IMPAIRMENT AND AVAILABLE FOR SALE
    10. OTHER ISSUES
    11. EQUITY INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
    12. EFFECTIVE DATE AND TRANSITION
    13. MULTIPLE-CHOICE QUESTIONS
  48. Chapter 41 - IFRS FOR SMEs
    1. INTRODUCTION
    2. DEFINITION OF SME
    3. RATIONALE
    4. TOPICS OMITTED FROM IFRS FOR SMEs
    5. KEY PRINCIPLES
    6. TYPES OF SIMPLIFICATIONS
    7. ACCOUNTING TREATMENTS DISALLOWED UNDER IFRS FOR SMEs
    8. SPECIFIC RECOGNITION AND MEASUREMENT SIMPLIFICATIONS
    9. SUMMARY OF THE IFRS FOR SMEs
    10. PRACTICAL EXAMPLES OF DISCLOSURE
    11. MULTIPLE-CHOICE QUESTIONS
  49. ANSWERS FOR MULTIPLE-CHOICE QUESTIONS
  50. INDEX