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An Executive Guide to IFRS: Content, Costs and Benefits to Business

توضیحات

"A comprehensive and invaluable guide to IFRS which users will find indispensable in correctly applying the complex and onerous requirements of IFRS and IAS."
Steve Collings FMAAT FCCA, Leavitt Walmsley Associates and author of Interpretation and Application of International Standards on Auditing

International Financial Reporting Standards have been mandatory in the EU since 2005 and are rapidly being adopted by countries throughout the world. In this environment it is increasingly important for managers, executives and CEOs to understand the background of the IFRS and their main requirements.

In An Executive Guide to IFRS: Content, Costs and Benefits to Business, Peter Walton provides a concise and accessible guide to the principal features of IFRS, explains why they are useful, looks at their impact on businesses, and provides some of the context to help define their global role.

The book is divided into three sections. Part one deals with the convergence process and its costs and benefits, and gives background on the story so far. Part two contains the main technical content of the book and provides an analysis of the main issues under IFRS reporting, including:

• The content of financial statements
• Investments in other companies
• Income Statement and Balance Sheet items
• IFRS for SMEs
• A comparison with US GAAP

Part three covers the creation of the IFRS, provides details of the IASB's standard-setting process, and describes how people outside the IASB can participate in the process and lobby effectively. It also examines the history of the IASB, and includes a chapter based on the author's observation of the standard setters in action.

An Executive Guide to IFRS is an invaluable resource for anyone seeking to understand the essentials of International Financial Reporting Standards.


Peter Walton, PhD, FCCA, is a preparer turned academic and writer. He is now a professor at ESSEC Business School, Paris, and IFRS Director of the ESSEC-KPMG Financial Reporting Centre there. He is the publisher of IFRS Monitor which provides a detailed monthly report of IASB proceedings. He has attended virtually all the meetings of the IASB since it was formed in 2001.
Preface
Acknowledgements

1 Worldwide convergence on IFRS
Convergence
Large company advantages
Why governments support IFRS
The use of IAS/IFRS in the world
Problems with convergence
Modified convergence
Small and medium-sized business
Conclusion

2 Content of financial statements
IAS 1 presentation of financial statements
Statement of Comprehensive Income
Statement of Financial Position
Statement of Cash Flows
Statement of Changes in Equity
Accounting policies and changes
Fair presentation
Conventions
Interim financial statements
Conclusion
Appendix: The IASB Conceptual Framework
Qualitative characteristics
Assets and liabilities

3 Investments in other companies
Consolidation
Translation of foreign subsidiaries
Business combinations
Investments in associates
Joint ventures
Assets held for disposal
Equity investments
Conclusion
Appendix: Fair value measurement
The market
Measurement hierarchy
Highest and best use
Liabilities
Conclusion

4 Income statement items
Revenue recognition
Agriculture
Government grants
Pensions
Stock options
Inventories
Income taxes
Interest expense
Foreign exchange differences
Accounting in hyperinflationary economies
Conclusion

5 Balance sheet items
Property, plant and equipment
Investment property
Leased assets
Intangible assets
Mineral rights
Impairment
Assets held for sale
Financial instruments
Disclosures about financial instruments
Defining equity
Liabilities
Contingent liabilities
Conclusion

6 Other significant standards
First time adoption
Related party transactions
Segment reporting
Concessions
Events after balance sheet date
Insurance
Conclusion

7 The IFRS for SMEs
Development of the standard
Content
Conclusion

8 Comparison with US GAAP
Conceptual Framework
Consolidation
Financial instruments
Offsetting
Non-financial assets
Impairment
Miscellaneous
Conclusion

9 The IASB's standard-setting process
Due process
Discussion paper
Exposure draft
New standard
Interpretations
Structure
Finance
Lobbying the IASB
Monitoring the IASB
Conclusion

10 History of the IASB
The start-up phase
Steady progress
The enhancement phase
Transition
Global convergence
Relations with the US
Relations with Europe
The financial crisis
Conclusion

11 Observer notes
Standard-setters are people
What sort of people?
What do they think?
Fair value controversies
Executory contracts
True and fair view
Anti-abuse measures
Conclusions

Further reading
Index