Wiley IFRS. Practical Implementation Guide and Workbook. 3rd Edition. Wiley Regulatory Reporting

  • ID: 2209473
  • Book
  • 600 Pages
  • John Wiley and Sons Ltd
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Explanations of IFRS® and IFRIC interpretations

Practical insights into implementation issues

Worked–out illustrations and examples

Case studies with solutions

Multiple–choice questions with answers

Extracts from published financial statements

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 "problems" 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.

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Preface xi

Acknowledgements xiii

About the Authors xv

1 Introduction to International Financial Reporting Standards 1

2 IASB Framework 11

3 Presentation of Financial Statements (IAS 1) 17

4 Inventories (IAS 2) 31

5 Statement of Cash Flows (IAS 7) 41

6 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) 59

7 Events After the Reporting Period (IAS 10) 73

8 Construction Contracts (IAS 11) 81

9 Income Taxes (IAS 12) 93

10 Property, Plant, and Equipment (IAS 16) 113

11 Leases (IAS 17) 123

12 Revenue (IAS 18) 139

13 Employee Benefits (IAS 19) 155

14 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 171

15 The Effects of Changes in Foreign Exchange Rates (IAS 21) 179

16 Borrowing Costs (IAS 23) 191

17 Related–Party Disclosures (IAS 24) 199

18 Accounting and Reporting by Retirement Benefit Plans (IAS 26) 213

19 Consolidated and Separate Financial Statements (IAS 27) 221

20 Investments in Associates (IAS 28) 233

21 Financial Reporting in Hyperinflationary Economies (IAS 29) 245

22 Interests in Joint Ventures (IAS 31) 251

23 Financial Instruments: Presentation (IAS 32) 263

24 Financial Instruments: Recognition and Measurement (IAS 39) 287

25 Earnings Per Share (IAS 33) 339

26 Interim Financial Reporting (IAS 34) 355

27 Impairment of Assets (IAS 36) 363

28 Provisions, Contingent Liabilities, and Contingent Assets (IAS 37) 379

29 Intangible Assets (IAS 38) 393

30 Investment Property (IAS 40) 407

31 Agriculture (IAS 41) 415

32 First–Time Adoption of International Financial Reporting Standards (IFRS 1) 425

33 Share–Based Payments (IFRS 2) 445

34 Business Combinations (IFRS 3) 463

35 Insurance Contracts (IFRS 4) 483

36 Noncurrent Assets Held for Sale and Discontinued Operations (IFRS 5) 491

37 Exploration for and Evaluation of Mineral Resources (IFRS 6) 503

38 Financial Instruments: Disclosures (IFRS 7) 511

39 Operating Segments (IFRS 8) 531

40 Financial Instruments (IFRS 9) 537

41 IFRS for SMEs 551

Answers for Multiple–Choice Questions 567

Index 571

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ABBAS ALI MIRZA is a Partner in Deloitte & Touche, Dubai, UAE, and a member of the firm′s regional Assurance and Advisory Committee. He is Chairman of the Auditors Group of the Dubai Chamber of Commerce and Industry and was the Chairman of the Intra Governmental Working Group of Experts on International Standards on Accounting and Reporting (ISAR) at the United Nations.

GRAHAM J. HOLT is an Examiner with the Association of Chartered Certified Accountants (ACCA), and Executive Head of the Division of Accounting and Finance, Manchester Metropolitan University Business School in the UK. He is an IFRS® author and contributor to both academic publications and professional journals.

LIESEL KNORR is President of the German Accounting Standards Board and former technical director with the International Accounting Standards Board (IASB) responsible for preparing the core set of standards endorsed by the International Organization of Securities and Exchange Commission. She is the author of many technical papers.

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