Wiley IFRS

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/IFRS outlines, 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 "e;problems"e; 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.

A one-stop resource for understanding and applying current International Financial Reporting StandardsAs 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/IFRS¯®outlines, 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 worldDesigned 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.

Forewords to First Edition viiPreface xiAcknowledgements xiiiAbout the Authors xv1 Introduction to International Financial Reporting Standards 12 IASB Framework 113 Presentation of Financial Statements (IAS 1) 174 Inventories (IAS 2) 315 Statement of Cash Flows (IAS 7) 416 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) 597 Events After the Reporting Period (IAS 10) 738 Construction Contracts (IAS 11) 819 Income Taxes (IAS 12) 9310 Property, Plant, and Equipment (IAS 16) 11311 Leases (IAS 17) 12312 Revenue (IAS 18) 13913 Employee Benefits (IAS 19) 15514 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 17115 The Effects of Changes in Foreign Exchange Rates (IAS 21) 17916 Borrowing Costs (IAS 23) 19117 Related-Party Disclosures (IAS 24) 19918 Accounting and Reporting by Retirement Benefit Plans (IAS 26) 21319 Consolidated and Separate Financial Statements (IAS 27) 22120 Investments in Associates (IAS 28) 23321 Financial Reporting in Hyperinflationary Economies (IAS 29) 24522 Interests in Joint Ventures (IAS 31) 25123 Financial Instruments: Presentation (IAS 32) 26324 Financial Instruments: Recognition and Measurement (IAS 39) 28725 Earnings Per Share (IAS 33) 33926 Interim Financial Reporting (IAS 34) 35527 Impairment of Assets (IAS 36) 36328 Provisions, Contingent Liabilities, and Contingent Assets (IAS 37) 37929 Intangible Assets (IAS 38) 39330 Investment Property (IAS 40) 40731 Agriculture (IAS 41) 41532 First-Time Adoption of International Financial Reporting Standards (IFRS 1) 42533 Share-Based Payments (IFRS 2) 44534 Business Combinations (IFRS 3) 46335 Insurance Contracts (IFRS 4) 48336 Noncurrent Assets Held for Sale and Discontinued Operations (IFRS 5) 49137 Exploration for and Evaluation of Mineral Resources (IFRS 6) 50338 Financial Instruments: Disclosures (IFRS 7) 51139 Operating Segments (IFRS 8) 53140 Financial Instruments (IFRS 9) 53741 IFRS for SMEs 551Answers for Multiple-Choice Questions 567Index 571