An Executive Guide to IFRS "Content, Costs and Benefits to Business"
Content, Costs and Benefits to Business
por Walton, Peter
Resumen del libro
"A comprehensive and invaluable guide to IFRS which users will find indispensable in correctly applying the complex and onerous requirements of IFRS and IAS." Steve Collings FMAAT FCCA, Leavitt Walmsley Associates and author of Interpretation and Application of International Standards on Auditing International Financial Reporting Standards have been mandatory in the EU since 2005 and are rapidly being adopted by countries throughout the world. In this environment it is increasingly important for managers, executives and CEOs to understand the background of the IFRS and their main requirements. In An Executive Guide to IFRS: Content, Costs and Benefits to Business, Peter Walton provides a concise and accessible guide to the principal features of IFRS, explains why they are useful, looks at their impact on businesses, and provides some of the context to help define their global role. The book is divided into three sections. Part one deals with the convergence process and its costs and benefits, and gives background on the story so far. Part two contains the main technical content of the book and provides an analysis of the main issues under IFRS reporting, including: The content of financial statements Investments in other companies Income Statement and Balance Sheet items IFRS for SMEs A comparison with US GAAP Part three covers the creation of the IFRS, provides details of the IASB's standard-setting process, and describes how people outside the IASB can participate in the process and lobby effectively. It also examines the history of the IASB, and includes a chapter based on the author's observation of the standard setters in action. An Executive Guide to IFRS is an invaluable resource for anyone seeking to understand the essentials of International Financial Reporting Standards.
Preface Acknowledgements 1 Worldwide convergence on IFRS Convergence Large company advantages Why governments support IFRS The use of IAS/IFRS in the world Problems with convergence Modified convergence Small and medium-sized business Conclusion 2 Content of financial statements IAS 1 presentation of financial statements Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Accounting policies and changes Fair presentation Conventions Interim financial statements Conclusion Appendix: The IASB Conceptual Framework Qualitative characteristics Assets and liabilities 3 Investments in other companies Consolidation Translation of foreign subsidiaries Business combinations Investments in associates Joint ventures Assets held for disposal Equity investments Conclusion Appendix: Fair value measurement The market Measurement hierarchy Highest and best use Liabilities Conclusion 4 Income statement items Revenue recognition Agriculture Government grants Pensions Stock options Inventories Income taxes Interest expense Foreign exchange differences Accounting in hyperinflationary economies Conclusion 5 Balance sheet items Property, plant and equipment Investment property Leased assets Intangible assets Mineral rights Impairment Assets held for sale Financial instruments Disclosures about financial instruments Defining equity Liabilities Contingent liabilities Conclusion 6 Other significant standards First time adoption Related party transactions Segment reporting Concessions Events after balance sheet date Insurance Conclusion 7 The IFRS for SMEs Development of the standard Content Conclusion 8 Comparison with US GAAP Conceptual Framework Consolidation Financial instruments Offsetting Non-financial assets Impairment Miscellaneous Conclusion 9 The IASB's standard-setting process Due process Discussion paper Exposure draft New standard Interpretations Structure Finance Lobbying the IASB Monitoring the IASB Conclusion 10 History of the IASB The start-up phase Steady progress The enhancement phase Transition Global convergence Relations with the US Relations with Europe The financial crisis Conclusion 11 Observer notes Standard-setters are people What sort of people? What do they think? Fair value controversies Executory contracts True and fair view Anti-abuse measures Conclusions Further reading Index