IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking

IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking

by Kurt Ramin, Cornelis Reiman
Released April 2013
Publisher(s): Wiley
ISBN: 9781118369739

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Book description

International Financial Reporting Standards are increasingly adopted worldwide, and it is critical to understand their place within the global business environment as well as the most up-to-date methods of applying them. In IFRS and XBRL Kurt Ramin and Cornelis Reiman, world authorities on IFRS, have condensed the overwhelming flood of available material to present a comprehensive guide to the key components of IFRS, helping to explain why they are a priority for private enterprises and governments alike. The book:

  • provides valuable commentary on key components of IFRS which are crucial to local, national and international business decision making

  • demonstrates the importance of disclosure checklists

  • offers illustrative financial statements arising from IFRS

  • looks at recent developments in IFRS, in particular how the standards should be reflected in the narrative report, and what implications they have for sustainability reporting

  • explores how business reporting can be improved, for example through the addition of non-financial reporting

  • examines the key issue of emerging technology in reporting under IFRS, especially the use of XBRL and the obvious push for a new paradigm whereby object definitions, tracking and valuation offer considerable benefits to the people who produce and rely upon business reports

To complete the picture, the authors examines other standards, and cover important issues such as US GAAP convergence with IFRS, and the important of International Valuation Standards, IFRS and XBRL is the complete guide to the background, current state, and future of International Financial Reporting Standards.

Table of contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Foreword
  5. About the book
  6. About the authors
  7. Epigraph
  8. Preface
  9. Acknowledgements
  10. Introduction
    1. LEADING TO A NEW REPORTING PARADIGM – CONCEPT MAP
  11. Part One: International Financial Reporting Standards (IFRS)
    1. TIPS FOR READERS
    2. Chapter One: Introduction to and objectives of IFRS
    3. Chapter Two: How important are IFRS to business and global acceptance?
      1. 2.1 IFRS AND LEGAL OBJECTIVES
      2. 2.2 CONVERGENCE OF IFRS AND US GAAP
      3. 2.3 RECONCILIATION TO US GAAP
      4. 2.4 IOSCO, REGULATORS AND ENFORCEMENT
    4. Chapter Three: Governance and accountability of the IFRS Foundation
      1. 3.1 HISTORY, STRUCTURE AND FINANCE
      2. 3.2 THE MONITORING BOARD AND IFRS FOUNDATION TRUSTEES
      3. 3.3 IASB MEMBERS, DUE PROCESS AND IFRS INTERPRETATIONS COMMITTEE
      4. 3.4 IFRS ADVISORY COUNCIL
    5. Chapter Four: Framework, standards and interpretations of IFRS
      1. 4.1 FRAMEWORK
      2. 4.2 INTERNATIONAL FINANCIAL REPORTING STANDARDS
      3. 4.3 IFRS FOR SMALL AND MEDIUM-SIZED ENTERPRISES VERSUS PRIVATE COMPANIES
      4. 4.4 INTERPRETATIONS TO STANDARDS
    6. Chapter Five: IFRS Practice Statement Management Commentary
    7. Chapter Six: Future plans
    8. Chapter Seven: New presentation formats
      1. 7.1 MODEL FINANCIAL STATEMENTS
      2. 7.2 NEW FINANCIAL STATEMENT PRESENTATION
    9. Chapter Eight: Contents of IFRS book
    10. Chapter Nine: Glossary for IFRS
    11. Chapter Ten: Index to Ifrs Book
  12. Part Two: IFRS Disclosures, Other Reporting Standards and Assurance
    1. TIPS FOR READERS
    2. Chapter One: IFRS disclosure
      1. 1.1 SUMMARY OF DISCLOSURES
      2. 1.2 DISCLOSURE CHECKLISTS
      3. 1.3 IFRS DISCLOSURE EXAMPLES
    3. Chapter Two: Other reporting standards
      1. 2.1 INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS)
      2. 2.2 STATISTICS-BASED STANDARDS
      3. 2.3 INTERNATIONAL VALUATION STANDARDS COUNCIL (IVSC)
      4. 2.4 VALUATION RESOURCE GROUP
      5. 2.5 IEEE
      6. 2.6 ISO
      7. 2.7 ACCOUNTABILITY
      8. 2.8 OTHER STANDARDS
      9. 2.9 ONEREPORT
      10. 2.10 TAXATION
  13. Part Three: XBRL – Using Technology to Implement Standards
    1. TIPS FOR READERS
    2. Chapter One: XBRL
      1. 1.1 XML – THE TECHNICAL BASIS OF XBRL
      2. 1.2 BENEFITS OF XBRL
      3. 1.3 USERS OF XBRL – WORLDWIDE
    3. Chapter Two: XBRL and IFRS
      1. 2.1 OVERVIEW
      2. 2.2 THE IFRS TAXONOMY
      3. 2.3 IFRS FOUNDATION AND TRANSLATION
      4. 2.4 SUPPORT MATERIALS
      5. 2.5 FUTURE STEPS
    4. Chapter Three: Organising and collecting data
      1. 3.1 FASB CODIFICATION AND XBRL TAXONOMY
      2. 3.2 ILLUSTRATIVE FINANCIAL STATEMENTS
      3. 3.3 XBRL FOR INTEGRATED REPORTING
      4. 3.4 CONTENT ANALYSIS
    5. Chapter Four: Using systems to organise and collect data
      1. 4.1 ERP SYSTEMS AND SPREADSHEETS
      2. 4.2 SAP, ORACLE AND CLOUD
    6. Chapter Five: Opportunities to integrate and track data objects
      1. 5.1 GROWING INTEREST AMONG STAKEHOLDERS
  14. Part Four: Tracking Objects – A Paradigm Shift in Business Reporting
    1. TIPS FOR READERS
    2. Chapter One: Introduction
    3. Chapter Two: Developments in new reporting models
    4. Chapter Three: Recognition and de-recognition
    5. Chapter Four: Discussing measurement
    6. Chapter Five: A comprehensive business reporting model
    7. Chapter Six: Future reporting: the object and value supply chain
    8. Chapter Seven: Integrated reporting
      1. 7.1 INTEGRATED REPORTING <IR>
      2. 7.2 LANDSCAPE OF INTEGRATED REPORTING
    9. Chapter Eight: Object tracking
      1. 8.1 OBJECT RECOGNITION
      2. 8.2 DATA MANAGEMENT
      3. 8.3 TAGGING
      4. 8.4 TRACKING
  15. Part Five: IFRS + XBRL = driving change
    1. TIPS FOR READERS
    2. PREAMBLE
    3. Chapter One: The need for increased acceptance of IFRS
      1. 1.1 NATIONAL ACCOUNTING STANDARDS VERSUS IFRS
      2. 1.2 PARTIAL ACCEPTANCE OF IFRS
    4. CHAPTER TWO: The need for increased acceptance of XBRL
    5. Chapter Three: Additional issues
    6. Chapter Four: Conclusion
  16. Acronyms
  17. References
    1. LINKS
    2. REFERENCES
  18. Appendix A: IFRS example – for familiarisation
  19. Appendix B: SNA 2008 – Contents
  20. Glossary of IFRS terms
  21. Index

Product information

  • Title: IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking
  • Author(s): Kurt Ramin, Cornelis Reiman
  • Release date: April 2013
  • Publisher(s): Wiley
  • ISBN: 9781118369739