Understanding IFRS Fundamentals

A one-stop resource for understanding and applying current International Financial Reporting Standards The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world, with more than 100 countries requiring or allowing the use of IFRS for the preparation of financial statements by publicly held companies. It is expected that by 2011, more than 150 countries will be converting to it. It's clear that IFRS is here to stay get the expert advice you need to properly implement IFRS with Understanding IFRS Fundamentals: International Financial Reporting Standards. Filled with easy-to-follow examples and case studies, Understanding IFRS Fundamentals: International Financial Reporting Standards is your handy resource to all things IFRS, presenting: Authoritative advice and simple explanations of IFRS standards Topical arrangement of issues of common interest to financial statement preparers and users Extracts from published financial statements illustrating practical implications for applying IFRS Guidance for finance professionals in more than 100 countries that have either adopted or adapted to IFRS Simple explanations of complex standards A practical reference with the answers to your issues of interest, Understanding IFRS Fundamentals: International Financial Reporting Standards serves as an essential resource for when you need information in a hurry. Stay on track and focused with the straightforward guidance in Understanding IFRS Fundamentals: International Financial Reporting Standards.

A one-stop resource for understanding and applying currentInternational Financial Reporting StandardsThe move to International Financial Reporting Standards (IFRS)is the single most important initiative in the financial reportingworld, with more than 100 countries requiring or allowing the useof IFRS for the preparation of financial statements by publiclyheld companies. It is expected that by 2011, more than 150countries will be converting to it.It's clear that IFRS is here to stay--get the expert adviceyou need to properly implement IFRS with Understanding IFRSFundamentals: International Financial Reporting Standards.Filled with easy-to-follow examples and case studiesUnderstanding IFRS Fundamentals: International FinancialReporting Standards is your handy resource to all things IFRSpresenting:* Authoritative advice and simple explanations of IFRSstandards* Topical arrangement of issues of common interest to financialstatement preparers and users* Extracts from published financial statements illustratingpractical implications for applying IFRS* Guidance for finance professionals in more than 100 countriesthat have either adopted or adapted to IFRS* Simple explanations of complex standardsA practical reference with the answers to your issues ofinterest, Understanding IFRS Fundamentals: InternationalFinancial Reporting Standards serves as an essential resourcefor when you need information in a hurry.Stay on track and focused with the straightforward guidance inUnderstanding IFRS Fundamentals: International FinancialReporting Standards.

Preface viiAbout the Authors ixIntroduction xi1 Introduction to International Financial Reporting Standards 12 IASB Framework 113 Presentation of Financial Statements (IAS 1) 174 Inventories (IAS 2) 275 Statement of Cash Flows (IAS 7) 356 Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8) 417 Events After the Reporting Period (IAS 10) 498 Construction Contracts (IAS 11) 539 Income Taxes (IAS 12) 5910 Property, Plant, and Equipment (IAS 16) 6911 Leases (IAS 17) 7712 Revenue (IAS 18) 8713 Employee Benefits (IAS 19) 9514 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 10715 The Effects of Changes in Foreign Exchange Rates (IAS 21) 11116 Borrowing Costs (IAS 23) 11917 Related-Party Disclosures (IAS 24) 12318 Accounting and Reporting by Retirement Benefit Plans (IAS 26) 13119 Consolidated and Separate Financial Statements (IAS 27) 14320 Investments in Associates (IAS 28) 15521 Financial Reporting in Hyperinflationary Economies (IAS 29) 16322 Interests in Joint Ventures (IAS 31) 17123 Financial Instruments: Presentation (IAS 32) 17724 Earnings Per Share (IAS 33) 18725 Interim Financial Reporting (IAS 34) 19526 Impairment of Assets (IAS 36) 20727 Provisions, Contingent Liabilities, and Contingent Assets (IAS 37) 21528 Intangible Assets (IAS 38) 22329 Financial Instruments: Recognition and Measurement (IAS 39) 23130 Investment Property (IAS 40) 26131 Agriculture (IAS 41) 26732 First-Time Adoption of International Financial Reporting Standards (IFRS 1) 27733 Share-Based Payment (IFRS 2) 29534 Business Combinations (IFRS 3) 30535 Insurance Contracts (IFRS 4) 32136 Noncurrent Assets Held for Sale and Discontinued Operations (IFRS 5) 33137 Exploration for and Evaluation of Mineral Resources (IFRS 6) 33938 Financial Instruments: Disclosures (IFRS 7) 34539 Operating Segments (IFRS 8) 36340 Financial Instruments (IFRS 9) 36941 International Financial Reporting Standards (IFRS) for Small and Medium Enterprises (SMEs) 383Index 395