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IFRS For Dummies by Steven Collings

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Chapter 2

Getting to Grips with Some Basic IFRS

In This Chapter

arrow Understanding the statement of cash flows and how to prepare it

arrow Deciding upon – and changing – accounting policies

arrow ’Fessing up to mistakes in the accounts

arrow Adjusting and approving your accounts

In this chapter I get you started by examining some of the more routine, day-to-day standards that affect all companies reporting under IFRS. These are the standards that you can expect to come across frequently, so understanding them is important.

More businesses fail because of cash flow issues than because they can’t achieve a profit, which is why the first basic standard to get to grips with is IAS 7 Statement of Cash Flows. Cash is king, and understanding the statement of cash flows is essential so that you can be sure that cash is backing profit.

Next, I take you through IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which covers big issues governing a company’s financial statements. I examine what to do if IFRS doesn’t permit a company’s policies and show you how to deal with changes in accounting ...

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