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More About This Title Wiley International Trends in Financial Reportingunder IFRS: Including Comparisons with US GAAP, China GAAP, and India Accounting Standards
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Wiley International Financial Reporting Trends provides copious examples of footnote disclosures and financial statement formats, carefully culled from the world's leading international companies ("Global 500") that are already compliant with IFRS and report under IFRS standards promulgated by the International Accounting Standards Board, the IASB. Arranged topically, this book is a quick source of reference to find answers to issues of interest to financial statement preparers. It provides hundreds of illustrations taken from financial statements prepared under IFRS by global conglomerates thereby helping preparers and users of financial statements to expeditiously obtain examples of footnote disclosures and financial statements presented under these Standards which are popularly referred to as "principles-based" standards (as opposed to "rules-based" standards). Additionally, WileyInternational Financial Reporting Trends contains comparisons of IFRS to US GAAP, Indian GAAP, and Chinese GAAP, making it a truly global reference resource.
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ABBAS ALI MIRZA, CPA, ACA, AICWA, is a Partner in Deloitte & Touche, Dubai, UAE, and a member of the firm's regional Assurance and Advisory Committee. Mirza is Chairman of the Auditors Group of the Dubai Chamber of Commerce and Industry and was the chairman of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) at the United Nations.
NANDAKUMAR ANKARATH is a Fellow Member of the Institute of Chartered Accountants of India and a Senior Partner with Moore Stephens, Chartered Accountants, United Arab Emirates. Nandakumar has over twenty-five years of post-qualification experience in auditing, accounting, financial, and management consultancy in various business environments in India, Bahrain, and the United Arab Emirates. He has served as a member of the Committee on Accounting Standards for Local Bodies formed by the governing body of the Institute of Chartered Accountants of India to formulate accounting standards for local, autonomous, and nonprofit organizations in India. He is also the coauthor of Understanding IFRS Fundamentals: International Financial Reporting Standards, published by Wiley.
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Preface ix
Acknowledgments xi
About the Authors xiii
About the Contributors xv
SECTION I: INTRODUCTION TO IFRS AND IASB FRAMEWORK 1
Chapter 1: Introduction to International Financial Reporting Standards 3
Chapter 2: IASB Framework for the Preparation and Presentation of Financial Statements 13
SECTION II: PRESENTATION OF FINANCIAL STATEMENTS 17
Chapter 3: Presentation of Financial Statements (IAS 1) 19
Chapter 4: Statement of Cash Flows (IAS 7) 55
Chapter 5: Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) 65
Chapter 6: Events after the Reporting Date (IAS 10) 73
SECTION III: REVENUE 81
Chapter 7: Revenue (IAS 18) 83
Chapter 8: Construction Contracts (IAS 11) 95
Chapter 9: Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 99
Chapter 10: Agriculture (IAS 41) 105
SECTION IV: NONCURRENT ASSETS, PROVISIONS, CURRENT LIABILITIES AND ASSETS 109
Chapter 11: Property, Plant and Equipment (IAS 16) 111
Chapter 12: Borrowing Costs (IAS 23) 131
Chapter 13: Provisions, Contingent Liabilities and Contingent Assets (IAS 37) 143
Chapter 14: Intangible Assets (IAS 38) 159
Chapter 15: Investment Property (IAS 40) 179
SECTION V: INVESTMENTS IN ASSOCIATES, JOINT VENTURES, SUBSIDIARIES, IMPAIRMENT OF ASSETS AND BUSINESS COMBINATIONS 191
Chapter 16: Consolidated Financial Statements and Separate Financial Statements (IAS 27) 193
Chapter 17: Investments in Associates (IAS 28) 215
Chapter 18: Interests in Joint Ventures (IAS 31) 219
Chapter 19: Impairment of Assets (IAS 36) 249
Chapter 20: Business Combinations (IFRS 3) 263
Chapter 21: Non-Current Assets Held for Sale and Discontinued Operations (IFRS 5) 281
SECTION VI: FINANCIAL INSTRUMENTS 289
Chapter 22: Financial Instruments: Presentation (IAS 32) 291
Chapter 23: Financial Instrument: Recognition and Measurement (IAS 39) 293
Chapter 24: Financial Instrument Disclosures (IFRS 7) 297
SECTION VII: EMPLOYEE BENEFITS AND SHARE-BASED PAYMENTS 329
Chapter 25: Employee Benefits (IAS 19) 331
Chapter 26: Share-Based Payments (IFRS 2) 363
SECTION VIII: STANDARDS APPLICABLE TO PUBLIC LISTED COMPANIES 373
Chapter 27: Earnings per Share (IAS 33) 375
Chapter 28: Interim Financial Reporting (IAS 34) 383
Chapter 29: Operating Segments (IFRS 8) 397
SECTION IX: INDUSTRY-SPECIFIC STANDARDS AND STANDARDS APPLICABLE IN SPECIFIC SITUATIONS 427
Chapter 30: Accounting and Reporting by Retirement Benefit Plans (IAS 26) 429
Chapter 31: Financial Reporting in Hyperinflationary Economies (IAS 29) 433
Chapter 32: First-Time Adoption of International Financial Reporting Standards (IFRS 1) 437
Chapter 33: Insurance Contracts (IFRS 4) 445
Chapter 34: Exploration for and Evaluation of Mineral Resources (IFRS 6) 465
SECTION X: OTHER GENERAL STANDARDS 489
Chapter 35: Inventories (IAS 2) 491
Chapter 36: Income Taxes (IAS 12) 505
Chapter 37: Leases (IAS 17) 541
Chapter 38: The Effects of Changes in Foreign Exchange Rates (IAS 21) 553
Chapter 39: Related Party Disclosures (IAS 24) 563
APPENDICES: STANDARDS ISSUED BUT NOT EFFECTIVE IMMEDIATELY WITH EARLIER APPLICATION PERMISSIBLE 577
Appendix A: Financial Instruments (IFRS 9) 579
Appendix B: New IFRS Issued and Amendments to Existing Standards Effective in 2011 and Later Years 587
APPENDICES: COMPARISON OF IFRS TO OTHER ACCOUNTING STANDARDS 599
Appendix C: Comparison of IFRS with US GAAP 601
Appendix D: Comparison of IFRS with India Accounting Standards 633
Appendix E: Comparison of IFRS with China GAAP 707
Index 783
