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Annotation. International Financial Reporting Standards (IFRS) in a business situation can have a significant effect on the financial results and position of a division or an entire business enterprise. 'International Financial Reporting Standards: A Practical Guide' gives private or public sector executives, managers, and financial analysts without a strong background in accounting the tools they need to participate in discussions and decisions on the appropriateness or application of IFRS.Each chapter summarizes an International Financial Reporting Standard, following a consistent structure: â&€¢ Problems addressed by the IFRS â&€¢ Scope of the Standard â&€¢ Key concepts and definitions â&€¢ Accounting treatment â&€¢ Presentation and disclosure â&€¢ Financial analysis and interpretation.
Over 113 countries require or permit the use of International Financial Reporting Standards (IFRS) for publicly-traded companies. Many other countries around the world are moving towards applying IFRS. This Book provides a broad, yet comprehensive overview of the International Financial Reporting Standards, and aims to help you understand how they are used globally. It is intended for students and finance professionals who need to acquire more detailed understanding of IFRS, this book is a fast and efficient solution that will develop your knowledge in this field as well as how to apply the standards. You will learn the concepts and principles which underpin them. Also, it can be a very effective tool for people who wish to prepare for a recognition such as DipIFR or CertIFRS froc ACCA.
A concise FAQ guide to IFRS principles and practices Co-written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book is a comprehensive guide to International Financial Reporting Standards (IFRS) which became mandatory in the EU in 2005, and they will almost certainly be adopted by most other developed countries in the near future. Unlike US-GAAP and other sets of standards, the IFRS are principles-based rather than rules-based, putting the onus of interpretation more on users than has previously been the case. Under IFRS users must understand the economic substance of operations, and they must be able to make assumptions, hypotheses, and estimations leading to an accounting treatment consistent with the general objectives of and principles behind IFRS financial reporting. In a handy, easy-to-navigate Q&A format, Frequently Asked Questions on IFRS provides accounting and finance professionals with the answers to some of the most commonly asked questions on the new standards. Covering the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions, and revenue recognition, the book also contains a valuable overview of the standards and the thinking behind them. Includes a comprehensive section on the new IFRS for small and medium enterprises Contains real-world examples from financial reports; a glossary of commonly used terms; and a 'Test Your Knowledge' section Provides a simple way to get up to speed on these often confusing, principles-based standards
Wiley IFRS: Practical Implementation Guide and Workbook, Second Edition is a quick reference guide on IFRS/IAS that includes easy-to-understand IFRS/IAS standards outlines, practical insights, case studies with solutions, illustrations and multiple-choice questions with solutions. The book greatly facilitates your understanding of the practical implementation issues involved in applying these complex "principles-based" standards. PS-Line
'International Accounting' is aimed at professional accountants who need to keep up to date with the various topics within its pages, including fair value accounting under IAS/IFRS, adopting and implementing international financial reporting standards in transition economies and impairment of fixed assets.
The core focus of this text remains on the interpretation, analysis, illustration and application of the scope and purpose of the financial reporting processes under IFRS. Written for intermediate and advanced financial reporting courses, both at undergraduate and post graduate level.
Over the last couple of years, companies around the world switched from national accounting standards to International Financial Reporting Standards (IFRS). India too would adopt IFRS directly or align the national standards with IFRS from 2011. While this has been welcomed by investors and other stakeholders, practitioners continue to grapple with interpretations and practices that are emerging in areas where the standards are not explicit.Financial Instruments Standards guides the reader through rules and supplements the application guidance with interpretation and analyses. It deals with all aspects of hedge accounting, as well as embedded derivatives and de-recognition of financial instruments. It also includes numerous worked out examples pertaining to complex calculations and disclosures.
International Accounting Standards (IAS) are a set of standards developed by the International Accounting Standards Board (IASB) to provide a common global framework for financial reporting. These standards are designed to ensure consistency, transparency, and comparability in financial reporting across different countries and industries. IAS cover various aspects of financial reporting, including the presentation of financial statements, recognition and measurement of assets, liabilities, income, and expenses, as well as disclosure requirements. They are used by companies listed on stock exchanges worldwide and are particularly important for multinational corporations operating in multiple jurisdictions. The goal of harmonizing accounting standards globally is to facilitate cross-border investments, enhance transparency and accountability, and improve the quality and reliability of financial information for investors, creditors, and other stakeholders. IAS cover various aspects of financial reporting, including: Presentation of Financial Statements (IAS 1): This standard outlines the overall structure and content of financial statements, including the requirements for balance sheets, income statements, cash flow statements, and statements of changes in equity. Recognition and Measurement of Assets, Liabilities, Income, and Expenses: Several IAS address the recognition, measurement, and presentation of specific types of assets, liabilities, income, and expenses. For example, IAS 16 covers property, plant, and equipment, while IAS 38 deals with intangible assets. Disclosure Requirements: IAS include requirements for disclosing certain information in financial statements to provide users with a better understanding of an entity's financial position, performance, and cash flows. Disclosure requirements cover areas such as accounting policies, significant accounting estimates, related party transactions, and contingencies. Consolidated Financial Statements (IAS 27 and IAS 28): These standards provide guidance on the preparation of consolidated financial statements when an entity controls one or more other entities or has significant influence over them. Financial Instruments (IAS 32, IAS 39, and IFRS 9): These standards address the recognition, measurement, and presentation of various types of financial instruments, including financial assets, financial liabilities, and derivatives. The adoption of International Accounting Standards, particularly International Financial Reporting Standards (IFRS), has become increasingly widespread globally. Many countries require or permit the use of IAS/IFRS for financial reporting by publicly traded companies, while others use them as a basis for developing their national accounting standards. Overall, the aim of International Accounting Standards is to enhance the quality, comparability, and transparency of financial reporting, thereby facilitating investment decisions, reducing information asymmetry, and promoting economic growth and stability on a global scale.