IFRS For Dummies

Introduction

Welcome to IFRS For Dummies. This book introduces you to the complex world of international financial reporting that’s now gathering faster pace as International Financial Reporting Standards (IFRS) become more prevalent around the globe. Many countries still use their own domestic accounting standards, such as UK Generally Accepted Accounting Practice (GAAP) and US GAAP. However, many countries are also considering the switchover from their own national standards to IFRS.

If you’re a student accountant, you may have financial reporting papers on your syllabus that examine IFRS. If you’re an accountant in practice, you may have a client, or a number of clients, that choose to, or already, report under IFRS. And if you work for a company that’s considering becoming listed, the company may be mandated to prepare its financial information using IFRS.

The method of preparing financial reports has evolved considerably over the last few years and this evolution has led to an increasing demand for more transparent reports to meet the needs of investors, analysts, employees, tax authorities and other stakeholders – users of the financial statements. The principles contained in IFRS and International Accounting Standards (IAS) recognise these needs.

About This Book

I’ve written IFRS For Dummies to convey the complex world of international financial reporting in an easy-to-understand, fun and down-to-earth manner. I look at the way the standards work and the objectives each ...