Your Indispensable Guide to IFRS Compliance
International Financial Reporting Standards (IFRS) are now in use in over 120 jurisdictions worldwide, including the European Union and most countries in Asia, the Middle East and South America. In the United States companies have been permitted to use them by the Securities and Exchange Commission since 2007.
With further refinements to IFRS by the International Accounting Standards Board (IASB) resulting in changes on a yearly basis, and given the now virtually unstoppable momentum worldwide to adopt (or, in some cases, adapt) IFRS, mastery of this knowledge is a necessity for all preparers of financial statements.
Wiley IFRS 2016 provides a complete and up–to–date explanation of all IFRS requirements, coupled with examples of how to apply the rules in complex, real–world situations. It can be used to train accounting staff, and to serve as a reference guide during the implementation of IFRS and preparation of IFRS–based financial statements. Wiley IFRS 2016 is equally valuable for preparers, auditors, and users of financial reports.
Key concepts are illustrated throughout, using worked examples and selections from actual published financial statements and integrated discussions of major ongoing IASB projects that may have significant impact on readers′ responsibilities over the coming year.
1 Introduction to International Financial Reporting Standards 1
2 Conceptual Framework 27
3 Presentation of Financial Statements 41
4 Statement of Financial Position 61
5 Statements of Profit or Loss and Other Comprehensive Income, and Changes in Equity 77
6 Statement of Cash Flows 97
7 Accounting Policies, Changes in Accounting Estimates, and Errors 115
8 Inventories 135
9 Property, Plant and Equipment 153
10 Borrowing Costs 187
11 Intangible Assets 195
12 Investment Property 223
13 Impairment of Assets and Non–Current Assets Held for Sale 237
14 Consolidations, Joint Arrangements, Associates and Separate Financial Statements 261
15 Business Combinations 313
16 Shareholders Equity 369
17 Share–Based Payment 391
18 Current Liabilities, Provisions, Contingencies and Events After the Reporting Period 421
19 Employee Benefits 453
20 Revenue Recognition, Including Construction Contracts 477
21 Government Grants 511
22 Leases 523
23 Foreign Currency 577
24 Financial Instruments 607
25 Fair Value 735
26 Income Taxes 765
27 Earnings Per Share 801
28 Operating Segments 819
29 Related–Party Disclosures 839
30 Accounting and Reporting by Retirement Benefit Plans 853
31 Agriculture 861
32 Extractive Industries 875
33 Accounting for Insurance Contracts 885
34 Interim Financial Reporting 895
35 Hyperinflation 917
36 First–Time Adoption of International Financial Reporting Standards 927
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