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Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, Chinese GAAP, and Indian GAAP

Book Description

Wiley International Financial Reporting Trends provides copious examples of footnote disclosures and financial statement formats, carefully culled from the world's leading international companies ("Global 500") that are already compliant with IFRS and report under IFRS standards promulgated by the International Accounting Standards Board, the IASB. Arranged topically, this book is a quick source of reference to find answers to issues of interest to financial statement preparers. It provides hundreds of illustrations taken from financial statements prepared under IFRS by global conglomerates thereby helping preparers and users of financial statements to expeditiously obtain examples of footnote disclosures and financial statements presented under these Standards which are popularly referred to as "principles-based" standards (as opposed to "rules-based" standards). Additionally, Wiley International Financial Reporting Trends contains comparisons of IFRS to US GAAP, Indian GAAP, and Chinese GAAP, making it a truly global reference resource.

Table of Contents

  1. Cover
  2. Contents
  3. Title
  4. Copyright
  5. Preface
  6. Acknowledgments
  7. About the Authors
  8. About the Contributors
  9. Section I: Introduction to IFRS and IASB Framework
    1. Chapter 1: Introduction to International Financial Reporting Standards
      1. 1. One Globalized World, One Set of Accounting Standards: Ready Or Not
      2. 2. What Are International Financial Reporting Standards?
      3. 3. First Steps Toward International Accounting and Global Standard Setting
      4. 4. Standards Promulgated By the IASC Interpretations Committee That Are Still in Force
      5. 5. Emergence of the International Accounting Standards Board
      6. 6. Governance and Structure of the IASC Foundation, Monitoring Board, IFRS Advisory Council, IASB, and the IFRS Interpretations Committee
      7. 7. Global Outreach and Acceptance of IFRS Across Borders
      8. 8. Favorable and Historic Breakthroughs in the United States
      9. 9. The Way Forward
    2. Chapter 2: IASB Framework for the Preparation and Presentation of Financial Statements
      1. 1. Objective
      2. 2. Synopsis of the IASB Framework
      3. 3. Future Developments
  10. Section II: Presentation of Financial Statements
    1. Chapter 3: Presentation of Financial Statements (IAS 1)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Other Disclosures (Per IAS 1)
      4. 4. SIC 29, Service Concession Arrangements: Disclosures
      5. 5. IFRIC 2, Members’ Shares in Co-Operative Entities and Similar Instruments
      6. 6. IFRIC 17, Distribution of Non-Cash Assets to Owners
      7. Extracts From Published Financial Statements
      8. BAE Systems
      9. Danske Bank Group
      10. Notes to the Financial Statements
    2. Chapter 4: Statement of Cash Flows (IAS 7)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements of Public Companies
    3. Chapter 5: Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
    4. Chapter 6: Events after the Reporting Date (IAS 10)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
  11. Section III: Revenue
    1. Chapter 7: Revenue (IAS 18)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. SIC 31, Revenue—Barter Transactions Involving Advertising Services
      5. 5. IFRIC 13: Customer Loyalty Programs
      6. 6. IFRIC 18: Transfers of Assets From Customers
      7. Extracts From Published Financial Statements
    2. Chapter 8: Construction Contracts (IAS 11)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosures—IAS 11
      4. 4. IFRIC 15, Agreements for the Construction of Real Estate
      5. Extract From Published Financial Statements
    3. Chapter 9: Accounting for Government Grants and Disclosure of Government Assistance (IAS 20)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. SIC 10, Government Assistance—No Specific Relation to Operating Activities
      5. 5. IFRIC 12, Service Concession Arrangements, Defined
      6. Extracts From Published Financial Statements
    4. Chapter 10: Agriculture (IAS 41)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
  12. Section IV: Noncurrent Assets, Provisions, Current Liabilities and Assets
    1. Chapter 11: Property, Plant and Equipment (IAS 16)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. IFRIC 1, Changes in Existing Decommissioning, Restoration, and Similar Liabilities
      5. Extracts From Published Financial Statements
    2. Chapter 12: Borrowing Costs (IAS 23)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
    3. Chapter 13: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. IFRIC 5, Rights to Interests Arising From Decommissioning, Restoration, and Environmental Rehabilitation Funds
      5. 5. IFRIC 6, Liabilities Arising From Participating in a Specific Market—Waste Electrical and Electronic Equipment
      6. Extracts From Published Financial Statements
    4. Chapter 14: Intangible Assets (IAS 38)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. SIC 32, Web Site Costs
      4. 4. Disclosure Requirements
      5. Extracts From Published Financial Statements
    5. Chapter 15: Investment Property (IAS 40)
      1. 1. Objective
      2. 2. synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
  13. Section V: Investments in Associates, Joint Ventures, Subsidiaries, Impairment of Assets and Business Combinations
    1. Chapter 16: Consolidated Financial Statements and Separate Financial Statements (IAS 27)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. SIC Interpretation 12, Consolidation—Special Purpose Entities
      5. Extracts From Published Financial Statements
    2. Chapter 17: Investments in Associates (IAS 28)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
    3. Chapter 18: Interests in Joint Ventures (IAS 31)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. SIC 13, Jointly Controlled Entities—Non-Monetary Contributions By Venturers
      5. Extracts From Published Financial Statements
    4. Chapter 19: Impairment of Assets (IAS 36)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
    5. Chapter 20: Business Combinations (IFRS 3)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
    6. Chapter 21: Non-Current Assets Held for Sale and Discontinued Operations (IFRS 5)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
  14. Section VI: Financial Instruments
    1. Chapter 22: Financial Instruments: Presentation (IAS 32)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
    2. Chapter 23: Financial Instrument: Recognition and Measurement (IAS 39)
      1. 1. Objective
      2. 2. Synopsis of the Standard
    3. Chapter 24: Financial Instrument Disclosures (IFRS 7)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. IFRIC 9, Reassessment of Embedded Derivatives
      5. 5. IFRIC 16, Hedges of a Net Investment in a Foreign Operation
      6. 6. IFRIC 19, Extinguishing Financial Liabilities With Equity Instruments
      7. Extracts From Published Financial Statements
  15. Section VII: Employee Benefits and Share-Based Payments
    1. Chapter 25: Employee Benefits (IAS 19)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Short-Term Employee Benefits
      4. 4. Postemployment Benefit Plans
      5. 5. Other Long-Term Employee Benefits
      6. 6. Termination Benefits
      7. 7. Disclosure Requirements
      8. 8. IFRIC 14, the Limit On Defined Benefit Assets, Minimum Funding Requirements, and Their Interaction
      9. Extracts From Published Financial Statements
    2. Chapter 26: Share-Based Payments (IFRS 2)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
  16. Section VIII: Standards Applicable to Public Listed Companies
    1. Chapter 27: Earnings per Share (IAS 33)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
    2. Chapter 28: Interim Financial Reporting (IAS 34)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. IFRIC 10, Interim Financial Reporting and Impairment
      4. Extracts From Published Financial Statements
    3. Chapter 29: Operating Segments (IFRS 8)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
  17. Section IX: Industry-Specific Standards and Standards Applicable in Specific Situations
    1. Chapter 30: Accounting and Reporting by Retirement Benefit Plans (IAS 26)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
    2. Chapter 31: Financial Reporting in Hyperinflationary Economies (IAS 29)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. IFRIC 7, Applying the Restatement Approach Under IAS 29, Financial Reporting in Hyperinflationary Economies
      5. Extracts From Published Financial Statements
    3. Chapter 32: First-Time Adoption of International Financial Reporting Standards (IFRS 1)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. Recent Amendments to IFRS 1
      5. Extracts From Published Financial Statements
    4. Chapter 33: Insurance Contracts (IFRS 4)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
    5. Chapter 34: Exploration for and Evaluation of Mineral Resources (IFRS 6)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
  18. Section X: Other General Standards
    1. Chapter 35: Inventories (IAS 2)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine
      5. Extracts From Published Financial Statements
    2. Chapter 36: Income Taxes (IAS 12)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. SIC Interpretations
      5. Extracts From Published Financial Statements
    3. Chapter 37: Leases (IAS 17)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4. SIC Interpretations
      5. 5. IFRIC 4, Determining Whether An Arrangement Contains a Lease
      6. Extracts From Published Financial Statements
    4. Chapter 38: The Effects of Changes in Foreign Exchange Rates (IAS 21)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. 4 SIC 7, Introduction of the Euro
      5. Extracts From Published Financial Statements
    5. Chapter 39: Related Party Disclosures (IAS 24)
      1. 1. Objective
      2. 2. Synopsis of the Standard
      3. 3. Disclosure Requirements
      4. Extracts From Published Financial Statements
  19. Appendices: Standards Issued But Not Effective Immediately With Earlier Application Permissible
    1. Appendix A: Financial Instruments (IFRS 9)
    2. Appendix B: New IFRS Issued and Amendments to Existing Standards Effective in 2011 and Later Years
  20. Appendices: Comparison of IFRS to Other Accounting Standards
    1. Appendix C: Comparison of IFRS with US GAAP
    2. Appendix D: Comparison of IFRS with India Accounting Standards
    3. Appendix E: Comparison of IFRS with China GAAP
  21. Index