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International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards

Name: International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards
Author: Ernst & Young
ISBN: 9781118484012

by Ernst & Young

February 2013

Intermediate to advanced

4304 pages

145h 22m

English

Wiley

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Cover
Title Page
Copyright
About this book
Preface
TOC
Abbreviations
Authoritative Literature
Volume 1: Chapters 1 to 21
Chapter 1: International GAAP
1 Why International Financial Reporting Standards matter2 The IFRS Foundation and the IASB3 The IASB’s technical agenda and global convergence4 The adoption of IFRS around the world5 Summary

Chapter 2: The IASB’s Conceptual Framework
1 Introduction2 The IASB's conceptual framework3 Convergence and the IASB-FASB framework project4 Conclusion
Chapter 3: Presentation of financial statements and accounting policies
1 Introduction2 The purpose and composition of financial statements3 The structure of financial statements4 Accounting policies5 Disclosure requirements6 Future developments
Chapter 4: Non-current assets held for sale and discontinued operations
1 Introduction2 Non-current assets (and disposal groups) held for sale3 Discontinued Operations4 Comparative Information5 Disclosure requirements6 Future developments
Chapter 5: First-time adoption
1 Introduction2 Who is a first-time adopter?3 Opening IFRS statement of financial position4 Exceptions to retrospective application of other IFRSs5 Optional exemptions from the requirements of certain IFRSs6 Presentation and disclosure7 Accounting policies and practical application issues8 Regulatory issues
Chapter 6: Consolidated financial statements (IAS 27)
1 Introduction2 Definitions in IAS 27 (2012)3 Requirement to prepare consolidated financial statements4 Scope of consolidated financial statements5 Disclosure in consolidated financial statements
Chapter 7: Consolidated financial statements (IFRS 10)
1 Introduction2 Effective date, objective and scope of IFRS 103 Control4 Power over an investee5 Exposure to variable returns6 Link between power and returns: principal-agency situations7 Related parties and de facto agents8 Control of specified assets9 Continuous assessment10 Consolidation procedures11 Disclosure requirements12 Transitional arrangements13 Future developments
Chapter 8: Consolidation procedures and non-controlling interests
1 Introduction2 Consolidation procedures3 Changes in ownership interests4 Non-controlling interests5 Call and put options over non-controlling interests6 IAS 27 (2012) – Consolidated and Separate Financial Statements7 Transitional arrangements on applying IFRS 10
Chapter 9: Separate and individual financial statements
1 Separate And Individual Financial Statements2 Requirements Of Separate Financial Statements3 Disclosure4 Individual Financial Statements
Chapter 10: Business combinations
1 Introduction2 Scope of IFRS 33 Identifying a business combination4 Acquisition method of accounting5 Recognition and measurement of assets acquired, liabilities assumed and non-controlling interests6 Recognising and measuring goodwill or a gain in a bargain purchase7 Consideration transferred8 Recognising and measuring non-controlling interests9 Business combinations achieved in stages (‘step acquisitions’)10 Bargain purchase transactions11 Pre-existing relationships: Assessing what is part of the exchange for the acquiree12 Measurement period13 Subsequent measurement and accounting14 Reverse acquisitions15 Push down accounting16 Disclosures17 Effective dates and transitional arrangements
Chapter 11: Common control business combinations
1 Introduction2 The IFRS 3 exemption3 Accounting for business combinations involving entities or businesses under common control4 Group reorganisations
Chapter 12: Investments in associates and joint ventures
1 Introduction2 Effective date, objective and scope of IAS 283 Definitions4 Significant influence5 Exemptions from applying the equity method6 Classification as held for sale (IFRS 5)7 Application of the equity method8 Impairment losses9 Separate financial statements10 Presentation and disclosures11 IAS 28 – Investments in Associates12 Transitional issues13 Future developments
Chapter 13: Joint ventures (IAS 31)
1 Introduction2 Scope of IAS 313 Jointly controlled operations4 Jointly controlled assets5 Jointly controlled entities6 Transactions between a venturer and a joint venture7 Operators of joint ventures8 Variable profit share9 Related party disclosures10 Presentation and disclosure11 Transitional issues
Chapter 14: Joint arrangements (IFRS 11)
1 Introduction2 Effective date, objective and scope of IFRS 113 Joint arrangement4 Joint control5 Classification of a joint arrangement: joint operations and joint ventures6 Accounting for joint operations7 Accounting for joint ventures8 Continuous assessment9 Disclosures10 Transition
Chapter 15: Disclosure of interests in other entities
1 Introduction2 Objective, scope and effective date of IFRS 123 Disclosure of significant estimates and judgements4 Disclosure of interests in subsidiaries5 Disclosure of interests in joint arrangements and associates6 Disclosure of interests in unconsolidated structured entities7 Future developments
Chapter 16: Fair value measurement
1 Introduction and background2 Scope3 Definitions4 The fair value framework5 The asset or liability6 The principal (or most advantageous) market7 Market participants8 The transaction9 The price10 Application to non-financial assets12 Financial assets and liabilities with offsetting positions13 Fair value at initial recognition14 Valuation techniques15 Inputs to valuation techniques16 The fair value hierarchy17 Level 1 inputs18 Level 2 inputs19 Level 3 inputs20 Disclosures
Chapter 17: Foreign exchange
1 Introduction2 IAS 21: Objective, scope and definitions3 Summary of the approach required by IAS 214 Determination of an entity' functional currency5 Reporting foreign currency transactions in the functional currency of an entity6 Use of a presentation currency other than the functional currency7 Change of presentation currency8 Introduction of the euro9 Tax effects of all exchange differences10 Disclosure requirements11 Future developments
Chapter 18: Hyperinflation
1 ntroduction2 The requirements of IAS 293 Selection of a general price index4 Analysis and restatement of balance sheet items5 Analysis and restatement of items in other primary financial statements6 nterim reporting7 Transition8 Translation to a different presentation currency9 Disclosures
Chapter 19: Intangible assets
1 Introduction2 Objective and scope of IAS 383 Recognition and measurement4 Separate acquisition5 Acquisition as part of a business combination6 Acquisition by way of government grant7 Exchanges of assets8 Internally generated intangible assets9 Recognition of an expense10 Measurement after initial recognition11 Amortisation of intangible assets12 Disclosure13 Specific issues regarding intangible assets
Chapter 20: Property, plant and equipment
1 Introduction3 Recognition4 Measurement at recognition5 Measurement after recognition: Cost model6 Measurement after recognition: Revaluation model7 Derecognition and disposal8 IAS 16 disclosure requirements
Chapter 21: Investment property
1 Introduction2 Definitions and scope3 Recognition4 Initial measurement5 Measurement after initial recognition6 The fair value model7 The cost model8 IFRS 5 and investment property9 Transfer of assets into or from investment property10 Disposal of investment property11 Interim reporting and IAS 4012 The disclosure requirements of IAS 4013 Future developments
Volume 2: Chapters 22 to 41
Chapter 22: Impairment of fixed assets and goodwill
1 Introduction2 The requirements of IAS 363 Fair value less costs of disposal4 Determining value in use (VIU)5 Impairment of goodwill6 Recognising and reversing impairment losses7 Disclosures required by IAS 368 Testing for impairment: group issues
Chapter 23: Capitalisation of borrowing costs
1 Introduction2 The requirements of IAS 233 Qualifying assets4 Definition of borrowing costs5 Borrowing costs eligible for capitalisation6 Commencement, suspension and cessation of capitalisation7 Disclosure requirements
Chapter 24: Inventories
1 Introduction2 The scope of IAS 23 Measurement4 Real estate inventory5 Recognition in profit or loss6 Disclosure requirements of IAS 2
Chapter 25: Construction contracts
1 Introduction2 Combination and segmentation of contracts3 Contract revenue, costs and expenses4 Disclosure requirements of IAS 11
Chapter 26: Leases
1 Introduction2 What Is A Lease?3 Scope and Definitions of Ias 174 Accounting for Finance Leases5 Accounting for Operating Leases6 Modifying The Terms of Leases7 Sale and Leaseback Transactions8 Sub-Leases and Back-To-Back Leases9 Disclosures Required by Ias 1710 Updating Lease Accounting: Exposure Draft – Leases
Chapter 27: Government grants
1 Introduction2 Requirements of IAS 203 Presentation of grants4 Disclosures
Chapter 28: Service concession arrangements
1 Introduction2 Scope of IFRIC 123 The control model4 Accounting for the infrastructure asset: the financial asset and intangible asset models5 Revenue and expenditure during the operations phase of the concession agreement6 Current disclosure requirements: SIC-29
Chapter 29: Provisions, contingent liabilities and contingent assets
1 Introduction2 Objective and scope of IAS 373 Recognition4 Measurement5 Cases in which no provision should be recognised6 Specific examples of provisions and contingencies7 Disclosure requirements
Chapter 30: Revenue recognition
1 The nature of revenue2 The timing of revenue recognition3 The requirements of IAS 184 Revenue recognition under US GAAP5 The IASB/FASB joint revenue recognition project6 Practical issues
Chapter 31: Income taxes
1 Introduction2 Objective and scope of IAS 123 Definitions4 Scope5 Current tax6 Deferred tax – Tax bases and temporary differences7 Deferred tax – Recognition8 Deferred tax – Measurement9 Uncertain tax positions10 Allocation of tax charge or credit11 Consolidated tax returns and offset of taxable profits and losses within groups12 Business combinations13 Presentation14 Disclosure15 Possible future developments
Chapter 32: Share-based payment
1 Introduction2 The Objective and Scope of Ifrs 23 General Recognition Principles4 Equity-Settled Transactions – Overview5 Equity-Settled Transactions – Cost of Awards6 Equity-Settled Transactions – Allocation of Expense7 Equity-Settled Transactions – Modification, Cancellation and Settlement8 Equity-Settled Transactions – Valuation9 Cash-Settled Transactions10 Transactions With Equity and Cash Alternatives11 Replacement Share-Based Payment Awards Issued in A Business Combination12 Group Share Schemes13 Disclosures14 Taxes Related to Share-Based Payment Transactions15 Other Practical Issues16 First-Time Adoption and Transitional Provisions
Chapter 33: Employee benefits
1 Introduction2 Objective and scope of IAS 193 Pensions and other post-employment benefits – Defined contribution and defined benefit plans4 Defined contribution plans5 Defined benefit plans6 Other employee benefits7 Disclosure requirements8 Effective date and transitional provisions9 Possible future developments10 Principal differences between the current standard and its predecessor
Chapter 34: Operating segments
1 Introduction2 Objective and scope of IFRS 83 Identifying a single set of operating segments 4 Measurement5 Information to be disclosed about reportable segments 6 Transitional provisions
Chapter 35: Earnings per share
1.1 Definitions3 The basic EPS4 Changes in outstanding ordinary shares5 Matters affecting the numerator6 Diluted earnings per share7 Presentation, restatement and disclosure8 Future developments9 Appendix
Chapter 36: Events after the reporting period
1 Introduction2 Requirements of IAS 103 Practical issues
Chapter 37: Related party disclosures
1 Introduction2 Requirements of IAS 243 Future developments
Chapter 38: Statement of cash flows
1 Introduction2 Objective and scope of IAS 73 Cash and cash equivalents4 Presentation of the statement of cash flows5 Additional IAS 7 considerations for groups6 Additional IAS 7 considerations for financial institutions7 Requirements of other standards
Chapter 39: Interim financial reporting
1 Introduction2 Objective and scope of IAS 343 Components, form and content of an interim financial report under IAS 344 Disclosures in condensed financial statements5 Periods for which interim financial statements are required to be presented6 Materiality7 Disclosure in annual financial statements8 Recognition and measurement9 Examples of the recognition and measurement principles10 Use of estimates11 Restatement of previously reported interim periods12 Effective dates and transitional rules
Chapter 40: Agriculture
1 Introduction2 Objective, definitions and scope3 Recognition and measurement principles4 Measuring fair value less costs to sell5 Disclosure
Chapter 41: Extractive industries
1 Introduction2 Mineral reserves and resources3 IFRS 6 – Exploration for and evaluation of mineral resources4 Practical issues in the extractive industries5 Practical Issues In The Oil And Gas Sector6 Practical Issues In The Mining Sector7 Glossary
Volume 3: Chapters 42 to 53
Chapter 42: Financial instruments: Introduction
1 Introduction2 How financial instruments are dealt with in Chapters 42 to 523 Evolution of a full fair value accounting model4 adoption of IFRS in the European Union5 Impact of the financial crisis on accounting for financial instruments
Chapter 43: Financial instruments: Definitions and scope
1 Introduction2 What is a financial instrument?3 Scope4 Contracts to buy or sell commodities and other non-financial items5 Future developments
Chapter 44: Financial instruments: Derivatives and embedded derivatives
1 Introduction2 Definition of a derivative3 Examples of derivatives4 Embedded derivatives5 Embedded derivatives: The meaning of ‘closely related’6 Identifying the terms of embedded derivatives and host contracts7 Reassessment of embedded derivatives8 Linked and separate transactions and ‘synthetic’ instruments
Chapter 45: Financial instruments: Financial liabilities and equity
1 Introduction2 Objective and scope3 Definitions4 Classification of instruments5 Contracts settled by delivery of the entity's own equity instruments6 Compound financial instruments7 Settlement of financial liability with equity instrument8 Interest, dividends, gains and losses9 Treasury shares10 ‘Hedging’ of instruments classified as equity11 Derivatives over own equity instruments12 Possible future developments
Chapter 46: Financial instruments: Classification (IAS 39)
1 Introduction2 Assets and Liabilities at Fair Value Through Profit or Loss3 Held-to-Maturity Investments4 Loans and Receivables5 Available-for-Sale Assets6 Reclassifications7 Classification of Financial Instruments in a Business Combination8 Future Developments
Chapter 47: Financial instruments: Classification (IFRS 9)
1 Introduction2 Classifying financial assets: An overview3 Classifying financial liabilities4 Financial assets (and financial liabilities) held for trading5 Financial assets: The ‘business model’ test16 Financial assets: The ‘contractual characteristics’ test7 Designation at fair value through profit or loss8 Designation of non‐derivative equity investments at fair value through other comprehensive income9 Reclassification of financial assets10 Effective date and transition11 IASB’s limited scope review of IFRS 9
Chapter 48: Financial instruments: Recognition and initial measurement
1 Introduction2 Recognitionnitial measurement4 Effective dates and transitional provisions
Chapter 49: Financial instruments: Subsequent measurement
1 Overview2 Subsequent Measurement and Recognition of Gains and Losses (IAS 39)3 Subsequent Measurement and Recognition of Gains and Losses (IFRS 9)4 Fair Value Measurement Considerations5 Amortised Cost and the Effective Interest Method6 Impairment7 Foreign Currencies8 Effective Dates and Transitional Provisions9 Future Developments
Chapter 50: Financial instruments: Derecognition
1 Introduction2 Development of IFRS3 Derecognition – Financial Assets4 Practical Application of the Derecognition Criteria5 Accounting Treatment6 Derecognition – Financial Liabilities
Chapter 51: Financial instruments: Hedge accounting
1 Introduction2 Hedging instruments and hedged items3 Types of hedging relationships4 Accounting for effective hedges5 Qualifying conditions for hedge accounting6 Portfolio (or macro) hedging7 Future developments
Chapter 52: Financial instruments: Presentation and disclosure
1 Introduction2 Scope of IFRS 73 Structuring the disclosures4 Significance of financial instruments for an entity’s financial position and performance5 Nature and extent of risks arising from financial instruments6 Transfers of financial assets7 Presentation on the face of the financial statements and related disclosures8 Effective dates and transitional provisions9 Future developments
Chapter 53: Insurance contracts
1 Introduction2 The objectives and scope of IFRS 43 The definition of an insurance contract4 Embedded derivatives5 Unbundling of deposit components6 Discretionary participation features7 Selection of accounting policies8 Changes in accounting policies9 Insurance contracts acquired in business combinations and portfolio transfers10 Disclosure11 Future developments in insurance contract accounting
Index of extracts from financial statements
Index of standards
Index

Content preview from International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards

Chapter 18

Hyperinflation

1 ntroduction

1.1 Background

1.2 Hyperinflationary economies

1.3 Adjustment approaches

2 The requirements of IAS 29

2.1 The context of IAS 29

2.2 Scope

2.3 Definition of hyperinflation

2.4 The IAS 29 restatement process

3 Selection of a general price index

3.1 Selecting a general price index

3.2 General price index not available for all periods

4 Analysis and restatement of balance sheet items

4.1 Monetary and non-monetary items

4.1.1 Monetary or non-monetary distinction

4.1.2 Monetary items

4.1.3 Non-monetary items carried at current cost

4.1.4 Non-monetary items carried at historical cost

4.2 Inventories

4.3 Restatement of investees and subsidiaries

4.4 Calculation of deferred taxation

4.5 Restatement of equity

5 Analysis and restatement of items in other primary financial statements

5.1 Restatement of statements of comprehensive income (and income statements if presented)

5.1.1 Restatement of interest and exchange differences

5.2 Calculation of the gain or loss on the net monetary position

5.3 Restatement of the statement of cash flows

5.4 Restatement of the corresponding figures

6 nterim reporting

7 Transition

7.1 Economies becoming hyperinflationary

7.2 Economies ceasing to be hyperinflationary

7.3 Economies exiting severe hyperinflation

7.3.1 Scope of the severe hyperinflation exemption

7.3.2 The deemed cost exemption

7.3.3 Disclosures related to severe hyperinflation

8 Translation to a different presentation currency

9 Disclosures

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International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards

by Ernst & Young

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