International GAAP 2020

International GAAP 2020

by Ernst & Young LLP
Released February 2020
Publisher(s): Wiley
ISBN: 9781119669944

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Book description

International GAAP 2020 is a comprehensive guide to interpreting and implementing International Financial Reporting Standards (IFRS), setting IFRS in a relevant business context, and providing insights into how complex practical issues should be resolved in the real world of global financial reporting. This book is an essential tool for anyone applying, auditing, interpreting, regulating, studying, or teaching IFRS. Written by financial reporting professionals from around the world, this guide to reporting under IFRS provides a global perspective, clearly explaining complex technical accounting issues and setting IFRS in a practical context. Numerous worked examples and hundreds of illustrations from the published financial reports of major listed companies from around the world are included. The 2020 edition has been fully revised and updated with information on the latest IFRS changes and current issues.

Table of contents

  1. Cover
  2. About this book
  3. Preface
  4. Abbreviations
  5. Authoritative literature
  6. Volume 1: Chapters 1 to 22
    1. Chapter 1: International GAAP
      1. 1 WHY INTERNATIONAL FINANCIAL REPORTING STANDARDS MATTER
      2. 2 THE IFRS FOUNDATION AND THE IASB
      3. 3 THE IASB'S TECHNICAL AGENDA AND CONVERGENCE WITH US GAAP
      4. 4 THE ADOPTION OF IFRS AROUND THE WORLD
      5. 5 CONSISTENCY IN APPLICATION OF IFRS
      6. 6 SUMMARY
      7. REFERENCES
    2. Chapter 2: The IASB's Conceptual Framework
      1. 1 INTRODUCTION
      2. 2 DEVELOPMENT OF THE IASB'S CONCEPTUAL FRAMEWORK AND EFFECTIVE DATE
      3. 3 CONTENTS, PURPOSE AND SCOPE OF THE IASB'S CONCEPTUAL FRAMEWORK
      4. 4 CHAPTER 1: THE OBJECTIVE OF GENERAL PURPOSE FINANCIAL REPORTING
      5. 5 CHAPTER 2: QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION
      6. 6 CHAPTER 3: FINANCIAL STATEMENTS AND THE REPORTING ENTITY
      7. 7 CHAPTER 4: THE ELEMENTS OF FINANCIAL STATEMENTS
      8. 8 CHAPTER 5: RECOGNITION AND DERECOGNITION
      9. 9 CHAPTER 6: MEASUREMENT
      10. 10 CHAPTER 7: PRESENTATION AND DISCLOSURE
      11. 11 CHAPTER 8: CONCEPTS OF CAPITAL AND CAPITAL MAINTENANCE
      12. 12 MANAGEMENT COMMENTARY
      13. REFERENCES
    3. Chapter 3: Presentation of financial statements and accounting policies
      1. 1 INTRODUCTION
      2. 2 THE PURPOSE AND COMPOSITION OF FINANCIAL STATEMENTS
      3. 3 THE STRUCTURE OF FINANCIAL STATEMENTS
      4. 4 ACCOUNTING POLICIES
      5. 5 DISCLOSURE REQUIREMENTS
      6. 6 FUTURE DEVELOPMENTS
      7. REFERENCES
    4. Chapter 4: Non-current assets held for sale and discontinued operations
      1. 1 OBJECTIVE AND SCOPE OF IFRS 5
      2. 2 NON-CURRENT ASSETS (AND DISPOSAL GROUPS) HELD FOR SALE OR HELD FOR DISTRIBUTION TO OWNERS
      3. 3 DISCONTINUED OPERATIONS
      4. 4 COMPARATIVE INFORMATION
      5. 5 DISCLOSURE REQUIREMENTS
      6. 6 POSSIBLE FUTURE DEVELOPMENTS
      7. REFERENCES
    5. Chapter 5: First-time adoption
      1. 1 INTRODUCTION
      2. 2 WHO IS A FIRST-TIME ADOPTER?
      3. 3 OPENING IFRS STATEMENT OF FINANCIAL POSITION
      4. 4 EXCEPTIONS TO THE RETROSPECTIVE APPLICATION OF OTHER IFRSs
      5. 5 OPTIONAL EXEMPTIONS FROM THE REQUIREMENTS OF CERTAIN IFRSs
      6. 6 PRESENTATION AND DISCLOSURE
      7. 7 ACCOUNTING POLICIES AND PRACTICAL APPLICATION ISSUES
      8. 8 REGULATORY ISSUES
      9. REFERENCES
    6. Chapter 6: Consolidated financial statements
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IFRS 10
      3. 3 CONTROL
      4. 4 POWER OVER AN INVESTEE
      5. 5 EXPOSURE TO VARIABLE RETURNS
      6. 6 LINK BETWEEN POWER AND RETURNS: PRINCIPAL-AGENCY SITUATIONS
      7. 7 RELATED PARTIES AND DE FACTO AGENTS
      8. 8 CONTROL OF SPECIFIED ASSETS
      9. 9 CONTINUOUS ASSESSMENT
      10. 10 INVESTMENT ENTITIES
      11. 11 FUTURE DEVELOPMENTS
      12. REFERENCES
    7. Chapter 7: Consolidation procedures and non-controlling interests
      1. 1 INTRODUCTION
      2. 2 CONSOLIDATION PROCEDURES
      3. 3 CHANGES IN CONTROL
      4. 4 CHANGES IN OWNERSHIP INTEREST WITHOUT A LOSS OF CONTROL
      5. 5 NON-CONTROLLING INTERESTS
      6. 6 CALL AND PUT OPTIONS OVER NON-CONTROLLING INTERESTS
      7. 7 FUTURE DEVELOPMENTS
      8. REFERENCES
    8. Chapter 8: Separate and individual financial statements
      1. 1 SEPARATE AND INDIVIDUAL FINANCIAL STATEMENTS
      2. 2 REQUIREMENTS OF SEPARATE FINANCIAL STATEMENTS
      3. 3 DISCLOSURE
      4. 4 COMMON CONTROL OR GROUP TRANSACTIONS IN INDIVIDUAL OR SEPARATE FINANCIAL STATEMENTS
      5. REFERENCES
    9. Chapter 9: Business combinations
      1. 1 INTRODUCTION
      2. 2 SCOPE OF IFRS 3
      3. 3 IDENTIFYING A BUSINESS COMBINATION
      4. 4 ACQUISITION METHOD OF ACCOUNTING
      5. 5 RECOGNITION AND MEASUREMENT OF ASSETS ACQUIRED, LIABILITIES ASSUMED AND NON-CONTROLLING INTERESTS
      6. 6 RECOGNISING AND MEASURING GOODWILL OR A GAIN IN A BARGAIN PURCHASE
      7. 7 CONSIDERATION TRANSFERRED
      8. 8 RECOGNISING AND MEASURING NON-CONTROLLING INTERESTS
      9. 9 BUSINESS COMBINATIONS ACHIEVED IN STAGES (‘STEP ACQUISITIONS’)
      10. 10 BARGAIN PURCHASE TRANSACTIONS
      11. 11 ASSESSING WHAT IS PART OF THE EXCHANGE FOR THE ACQUIREE
      12. 12 MEASUREMENT PERIOD
      13. 13 SUBSEQUENT MEASUREMENT AND ACCOUNTING
      14. 14 REVERSE ACQUISITIONS
      15. 15 PUSH DOWN ACCOUNTING
      16. 16 DISCLOSURES
      17. REFERENCES
    10. Chapter 10: Business combinations under common control
      1. 1 INTRODUCTION
      2. 2 THE IFRS 3 SCOPE EXCLUSION
      3. 3 ACCOUNTING FOR BUSINESS COMBINATIONS INVOLVING ENTITIES OR BUSINESSES UNDER COMMON CONTROL
      4. 4 ACCOUNTING FOR TRANSACTIONS UNDER COMMON CONTROL (OR OWNERSHIP) INVOLVING A NEWCO
      5. 5 ACCOUNTING FOR TRANSFERS OF ASSOCIATES OR JOINT VENTURES UNDER COMMON CONTROL
      6. 6 FUTURE DEVELOPMENTS
      7. REFERENCES
    11. Chapter 11: Investments in associates and joint ventures
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 28
      3. 3 DEFINITIONS
      4. 4 SIGNIFICANT INFLUENCE
      5. 5 EXEMPTIONS FROM APPLYING THE EQUITY METHOD
      6. 6 CLASSIFICATION AS HELD FOR SALE (IFRS 5)
      7. 7 APPLICATION OF THE EQUITY METHOD
      8. 8 IMPAIRMENT LOSSES
      9. 9 SEPARATE FINANCIAL STATEMENTS
      10. 10 PRESENTATION AND DISCLOSURES
      11. 11 FUTURE DEVELOPMENTS
      12. REFERENCES
    12. Chapter 12: Joint arrangements
      1. 1 INTRODUCTION
      2. 2 EFFECTIVE DATE, OBJECTIVE AND SCOPE OF IFRS 11
      3. 3 JOINT ARRANGEMENT
      4. 4 JOINT CONTROL
      5. 5 CLASSIFICATION OF A JOINT ARRANGEMENT: JOINT OPERATIONS AND JOINT VENTURES
      6. 6 ACCOUNTING FOR JOINT OPERATIONS
      7. 7 ACCOUNTING FOR JOINT VENTURES
      8. 8 CONTINUOUS ASSESSMENT
      9. 9 DISCLOSURES
      10. REFERENCES
    13. Chapter 13: Disclosure of interests in other entities
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IFRS 12
      3. 3 DISCLOSURE OF SIGNIFICANT ESTIMATES AND JUDGEMENTS
      4. 4 DISCLOSURE OF INTERESTS IN SUBSIDIARIES
      5. 5 DISCLOSURE OF INTERESTS IN JOINT ARRANGEMENTS AND ASSOCIATES
      6. 6 DISCLOSURE OF INTERESTS IN UNCONSOLIDATED STRUCTURED ENTITIES
      7. REFERENCES
    14. Chapter 14: Fair value measurement
      1. 1 INTRODUCTION AND BACKGROUND
      2. 2 SCOPE
      3. 3 DEFINITIONS
      4. 4 THE FAIR VALUE FRAMEWORK
      5. 5 THE ASSET OR LIABILITY
      6. 6 THE PRINCIPAL (OR MOST ADVANTAGEOUS) MARKET
      7. 7 MARKET PARTICIPANTS
      8. 8 THE TRANSACTION
      9. 9 THE PRICE
      10. 10 APPLICATION TO NON-FINANCIAL ASSETS
      11. 11 APPLICATION TO LIABILITIES AND AN ENTITY'S OWN EQUITY
      12. 12 FINANCIAL ASSETS AND LIABILITIES WITH OFFSETTING POSITIONS
      13. 13 FAIR VALUE AT INITIAL RECOGNITION
      14. 14 VALUATION TECHNIQUES
      15. 15 INPUTS TO VALUATION TECHNIQUES
      16. 16 THE FAIR VALUE HIERARCHY
      17. 17 LEVEL 1 INPUTS
      18. 18 LEVEL 2 INPUTS
      19. 19 LEVEL 3 INPUTS
      20. 20 DISCLOSURES
      21. 21 APPLICATION GUIDANCE – PRESENT VALUE TECHNIQUES
      22. 22 EFFECTIVE DATE AND TRANSITION
      23. 23 CONVERGENCE WITH US GAAP
      24. REFERENCES
    15. Chapter 15: Foreign exchange
      1. 1 INTRODUCTION
      2. 2 IAS 21: OBJECTIVE, SCOPE AND DEFINITIONS
      3. 3 SUMMARY OF THE APPROACH REQUIRED BY IAS 21
      4. 4 DETERMINATION OF AN ENTITY'S FUNCTIONAL CURRENCY
      5. 5 REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY OF AN ENTITY
      6. 6 USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY
      7. 7 CHANGE OF PRESENTATION CURRENCY
      8. 8 INTRODUCTION OF THE EURO
      9. 9 TAX EFFECTS OF ALL EXCHANGE DIFFERENCES
      10. 10 DISCLOSURE REQUIREMENTS
      11. 11 FUTURE DEVELOPMENTS
      12. REFERENCES
    16. Chapter 16: Hyperinflation
      1. 1 INTRODUCTION
      2. 2 THE REQUIREMENTS OF IAS 29
      3. 3 SELECTION OF A GENERAL PRICE INDEX
      4. 4 ANALYSIS AND RESTATEMENT OF THE STATEMENT OF FINANCIAL POSITION
      5. 5 RESTATEMENT OF THE STATEMENT OF CHANGES IN EQUITY
      6. 6 RESTATEMENT OF THE STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
      7. 7 RESTATEMENT OF THE STATEMENT OF CASH FLOWS
      8. 8 RESTATEMENT OF COMPARATIVE FIGURES
      9. 9 INTERIM REPORTING
      10. 10 TRANSITION
      11. 11 TRANSLATION TO A DIFFERENT PRESENTATION CURRENCY
      12. 12 DISCLOSURES
      13. 13 FUTURE DEVELOPMENTS
      14. REFERENCES
    17. Chapter 17: Intangible assets
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 38
      3. 3 RECOGNITION AND MEASUREMENT
      4. 4 SEPARATE ACQUISITION
      5. 5 ACQUISITION AS PART OF A BUSINESS COMBINATION
      6. 6 INTERNALLY GENERATED INTANGIBLE ASSETS
      7. 7 RECOGNITION OF AN EXPENSE
      8. 8 MEASUREMENT AFTER INITIAL RECOGNITION
      9. 9 AMORTISATION OF INTANGIBLE ASSETS
      10. 10 DISCLOSURE
      11. 11 SPECIFIC ISSUES REGARDING INTANGIBLE ASSETS
      12. REFERENCES
    18. Chapter 18: Property, plant and equipment
      1. 1 INTRODUCTION
      2. 2 THE REQUIREMENTS OF IAS 16
      3. 3 RECOGNITION
      4. 4 MEASUREMENT AT RECOGNITION
      5. 5 MEASUREMENT AFTER RECOGNITION: COST MODEL
      6. 6 MEASUREMENT AFTER RECOGNITION: REVALUATION MODEL
      7. 7 DERECOGNITION AND DISPOSAL
      8. 8 IAS 16 DISCLOSURE REQUIREMENTS
      9. REFERENCES
    19. Chapter 19: Investment property
      1. 1 INTRODUCTION
      2. 2 DEFINITIONS AND SCOPE
      3. 3 RECOGNITION
      4. 4 INITIAL MEASUREMENT
      5. 5 MEASUREMENT AFTER INITIAL RECOGNITION
      6. 6 THE FAIR VALUE MODEL
      7. 7 THE COST MODEL
      8. 8 IFRS 5 AND INVESTMENT PROPERTY
      9. 9 TRANSFER OF ASSETS TO OR FROM INVESTMENT PROPERTY
      10. 10 DISPOSAL OF INVESTMENT PROPERTY
      11. 11 INTERIM REPORTING AND IAS 40
      12. 12 THE DISCLOSURE REQUIREMENTS OF IAS 40
      13. 13 FUTURE DEVELOPMENTS
      14. REFERENCES
    20. Chapter 20: Impairment of fixed assets and goodwill
      1. 1 INTRODUCTION
      2. 2 WHEN AN IMPAIRMENT TEST IS REQUIRED
      3. 3 DIVIDING THE ENTITY INTO CASH-GENERATING UNITS (CGUS)
      4. 4 IDENTIFYING THE CARRYING AMOUNT OF CGU ASSETS
      5. 5 RECOVERABLE AMOUNT
      6. 6 FAIR VALUE LESS COSTS OF DISPOSAL
      7. 7 DETERMINING VALUE IN USE (VIU)
      8. 8 IMPAIRMENT OF GOODWILL
      9. 9 NON-CONTROLLING INTERESTS – THE IMPACT ON GOODWILL IMPAIRMENT TESTING
      10. 10 IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE
      11. 11 RECOGNISING AND REVERSING IMPAIRMENT LOSSES
      12. 12 GROUP AND SEPARATE FINANCIAL STATEMENT ISSUES
      13. 13 DISCLOSURES REQUIRED BY IAS 36
      14. 14 DEVELOPMENTS
      15. REFERENCES
    21. Chapter 21: Capitalisation of borrowing costs
      1. 1 INTRODUCTION
      2. 2 THE REQUIREMENTS OF IAS 23
      3. 3 QUALIFYING ASSETS
      4. 4 DEFINITION OF BORROWING COSTS
      5. 5 BORROWING COSTS ELIGIBLE FOR CAPITALISATION
      6. 6 COMMENCEMENT, SUSPENSION AND CESSATION OF CAPITALISATION
      7. 7 DISCLOSURE REQUIREMENTS
      8. REFERENCES
    22. Chapter 22: Inventories
      1. 1 INTRODUCTION
      2. 2 IAS 2: OBJECTIVE, SCOPE AND DEFINITIONS
      3. 3 MEASUREMENT
      4. 4 REAL ESTATE INVENTORY
      5. 5 RECOGNITION IN PROFIT OR LOSS
      6. 6 DISCLOSURE REQUIREMENTS OF IAS 2
      7. REFERENCES
  7. Volume 2: Chapters 23 to 43
    1. Chapter 23: Leases
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IFRS 16
      3. 3 WHAT IS A LEASE?
      4. 4 KEY CONCEPTS
      5. 5 LESSEE ACCOUNTING
      6. 6 LESSOR ACCOUNTING
      7. 7 SUBLEASES
      8. 8 SALE AND LEASEBACK TRANSACTIONS
      9. 9 BUSINESS COMBINATIONS
      10. 10 EFFECTIVE DATE AND TRANSITION
      11. REFERENCES
    2. Chapter 24: Government grants
      1. 1 INTRODUCTION
      2. 2 SCOPE OF IAS 20
      3. 3 RECOGNITION AND MEASUREMENT
      4. 4 PRESENTATION OF GRANTS
      5. 5 GOVERNMENT GRANTS RELATED TO BIOLOGICAL ASSETS IN THE SCOPE OF IAS 41
      6. 6 DISCLOSURES
      7. REFERENCES
    3. Chapter 25: Service concession arrangements
      1. 1 INTRODUCTION
      2. 2 SCOPE OF IFRIC 12
      3. 3 THE CONTROL MODEL
      4. 4 ACCOUNTING BY THE CONCESSION OPERATOR: THE FINANCIAL ASSET AND INTANGIBLE ASSET MODELS
      5. 5 REVENUE AND EXPENDITURE DURING THE OPERATIONS PHASE OF THE CONCESSION AGREEMENT
      6. 6 FURTHER EXAMPLES ILLUSTRATING THE APPLICATION OF IFRIC 12 AND INTERACTIONS WITH IFRS 15 AND IFRS 9
      7. 7 DISCLOSURE REQUIREMENTS: SIC‑29
      8. REFERENCES
    4. Chapter 26: Provisions, contingent liabilities and contingent assets
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 37
      3. 3 RECOGNITION
      4. 4 MEASUREMENT
      5. 5 CASES IN WHICH NO PROVISION SHOULD BE RECOGNISED
      6. 6 SPECIFIC EXAMPLES OF PROVISIONS AND CONTINGENCIES
      7. 7 DISCLOSURE REQUIREMENTS
      8. REFERENCES
    5. Chapter 27: Revenue
      1. 1 INTRODUCTION
      2. 2 IFRS 15 – OBJECTIVE, EFFECTIVE DATE AND TRANSITION
      3. 3 IFRS 15 – SCOPE
      4. 4 OTHER INCOME AND OTHER REVENUE
      5. REFERENCES
    6. Chapter 28: Revenue
      1. 1 INTRODUCTION
      2. 2 IDENTIFY THE CONTRACT WITH THE CUSTOMER
      3. 3 IDENTIFY THE PERFORMANCE OBLIGATIONS IN THE CONTRACT
      4. REFERENCES
    7. Chapter 29: Revenue
      1. 1 INTRODUCTION
      2. 2 DETERMINE THE TRANSACTION PRICE
      3. 3 ALLOCATE THE TRANSACTION PRICE TO THE PERFORMANCE OBLIGATIONS
      4. REFERENCES
    8. Chapter 30: Revenue
      1. 1 INTRODUCTION
      2. 2 PERFORMANCE OBLIGATIONS SATISFIED OVER TIME
      3. 3 MEASURING PROGRESS OVER TIME
      4. 4 CONTROL TRANSFERRED AT A POINTIN TIME
      5. 5 REPURCHASE AGREEMENTS
      6. 6 CONSIGNMENT ARRANGEMENTS
      7. 7 BILL-AND-HOLD ARRANGEMENTS
      8. 8 RECOGNISING REVENUE FOR LICENCES OF INTELLECTUAL PROPERTY
      9. 9 RECOGNISING REVENUE WHEN A RIGHT OF RETURN EXISTS
      10. 10 RECOGNISING REVENUE FOR CUSTOMER OPTIONS FOR ADDITIONAL GOODS OR SERVICES
      11. 11 BREAKAGE AND PREPAYMENTS FOR FUTURE GOODS OR SERVICES
      12. REFERENCES
    9. Chapter 31: Revenue: licences, warranties and contract costs
      1. 1 INTRODUCTION
      2. 2 LICENCES OF INTELLECTUAL PROPERTY
      3. 3 WARRANTIES
      4. 4 ONEROUS CONTRACTS
      5. 5 CONTRACT COSTS
      6. REFERENCES
    10. Chapter 32: Revenue: presentation and disclosure
      1. 1 INTRODUCTION
      2. 2 PRESENTATION
      3. 3 DISCLOSURES IN ANNUAL FINANCIAL STATEMENTS
      4. 4 DISCLOSURES IN INTERIM FINANCIAL STATEMENTS
      5. REFERENCES
    11. Chapter 33: Income taxes
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 12
      3. 3 DEFINITIONS
      4. 4 SCOPE
      5. 5 CURRENT TAX
      6. 6 DEFERRED TAX – TAX BASES AND TEMPORARY DIFFERENCES
      7. 7 DEFERRED TAX – RECOGNITION
      8. 8 DEFERRED TAX – MEASUREMENT
      9. 9 UNCERTAIN TAX TREATMENTS
      10. 10 ALLOCATION OF TAX CHARGE OR CREDIT
      11. 11 CONSOLIDATED TAX RETURNS AND OFFSET OF TAXABLE PROFITS AND LOSSES WITHIN GROUPS
      12. 12 BUSINESS COMBINATIONS
      13. 13 PRESENTATION
      14. 14 DISCLOSURE
      15. REFERENCES
    12. Chapter 34: Share-based payment
      1. 1 INTRODUCTION
      2. 2 THE OBJECTIVE AND SCOPE OF IFRS 2
      3. 3 GENERAL RECOGNITION PRINCIPLES
      4. 4 EQUITY-SETTLED TRANSACTIONS – OVERVIEW
      5. 5 EQUITY-SETTLED TRANSACTIONS – COST OF AWARDS
      6. 6 EQUITY-SETTLED TRANSACTIONS – ALLOCATION OF EXPENSE
      7. 7 EQUITY-SETTLED TRANSACTIONS – MODIFICATION, CANCELLATION AND SETTLEMENT
      8. 8 EQUITY-SETTLED TRANSACTIONS – VALUATION
      9. 9 CASH-SETTLED TRANSACTIONS
      10. 10 TRANSACTIONS WITH EQUITY AND CASH ALTERNATIVES
      11. 11 REPLACEMENT SHARE-BASED PAYMENT AWARDS ISSUED IN A BUSINESS COMBINATION
      12. 12 GROUP SHARE SCHEMES
      13. 13 DISCLOSURES
      14. 14 TAXES RELATED TO SHARE-BASED PAYMENT TRANSACTIONS
      15. 15 OTHER PRACTICAL ISSUES
      16. 16 FIRST-TIME ADOPTION AND TRANSITIONAL PROVISIONS
      17. REFERENCES
    13. Chapter 35: Employee benefits
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 19
      3. 3 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS – DEFINED CONTRIBUTION AND DEFINED BENEFIT PLANS
      4. 4 DEFINED CONTRIBUTION PLANS
      5. 5 DEFINED BENEFIT PLANS – GENERAL
      6. 6 DEFINED BENEFIT PLANS – PLAN ASSETS
      7. 7 DEFINED BENEFIT PLANS – PLAN LIABILITIES
      8. 8 DEFINED BENEFIT PLANS – TREATMENT OF THE PLAN SURPLUS OR DEFICIT IN THE STATEMENT OF FINANCIAL POSITION
      9. 9 DEFINED BENEFIT PLANS – PRESENTATION OF THE NET DEFINED BENEFIT LIABILITY (ASSET)
      10. 10 DEFINED BENEFIT PLANS – TREATMENT IN PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
      11. 11 DEFINED BENEFIT PLANS – COSTS OF ADMINISTERING EMPLOYEE BENEFIT PLANS
      12. 12 SHORT-TERM EMPLOYEE BENEFITS
      13. 13 LONG-TERM EMPLOYEE BENEFITS OTHER THAN POST-EMPLOYMENT BENEFITS
      14. 14 TERMINATION BENEFITS
      15. 15 DISCLOSURE REQUIREMENTS
      16. 16 POSSIBLE FUTURE DEVELOPMENTS
      17. REFERENCES
    14. Chapter 36: Operating segments
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IFRS 8
      3. 3 IDENTIFYING A SINGLE SET OF OPERATING SEGMENTS
      4. 4 MEASUREMENT
      5. 5 INFORMATION TO BE DISCLOSED ABOUT REPORTABLE SEGMENTS
      6. 6 ENTITY-WIDE DISCLOSURES FOR ALL ENTITIES
      7. REFERENCES
    15. Chapter 37: Earnings per share
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 33
      3. 3 THE BASIC EPS
      4. 4 CHANGES IN OUTSTANDING ORDINARY SHARES
      5. 5 MATTERS AFFECTING THE NUMERATOR
      6. 6 DILUTED EARNINGS PER SHARE
      7. 7 PRESENTATION, RESTATEMENT AND DISCLOSURE
      8. 8 APPENDIX
      9. REFERENCES
    16. Chapter 38: Events after the reporting period
      1. 1 INTRODUCTION
      2. 2 REQUIREMENTS OF IAS 10
      3. 3 PRACTICAL ISSUES
      4. REFERENCES
    17. Chapter 39: Related party disclosures
      1. 1 INTRODUCTION
      2. 2 REQUIREMENTS OF IAS 24
      3. REFERENCES
    18. Chapter 40: Statement of cash flows
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 7
      3. 3 CASH AND CASH EQUIVALENTS
      4. 4 CLASSIFICATION IN THE STATEMENT OF CASH FLOWS
      5. 5 OTHER CASH FLOW PRESENTATION ISSUES
      6. 6 ADDITIONAL IAS 7 CONSIDERATIONS FOR GROUPS
      7. 7 ADDITIONAL IAS 7 CONSIDERATIONS FOR FINANCIAL INSTITUTIONS
      8. 8 REQUIREMENTS OF OTHER STANDARDS
      9. REFERENCES
    19. Chapter 41: Interim financial reporting
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE OF IAS 34
      3. 3 COMPONENTS, FORM AND CONTENT OF AN INTERIM FINANCIAL REPORT UNDER IAS 34
      4. 4 DISCLOSURES IN CONDENSED FINANCIAL STATEMENTS
      5. 5 PERIODS FOR WHICH INTERIM FINANCIAL STATEMENTS ARE REQUIRED TO BE PRESENTED
      6. 6 MATERIALITY
      7. 7 DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS
      8. 8 RECOGNITION AND MEASUREMENT
      9. 9 EXAMPLES OF THE RECOGNITION AND MEASUREMENT PRINCIPLES
      10. 10 USE OF ESTIMATES
      11. 11 EFFECTIVE DATES AND TRANSITIONAL RULES
      12. REFERENCES
    20. Chapter 42: Agriculture
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE, DEFINITIONS AND SCOPE
      3. 3 RECOGNITION AND MEASUREMENT PRINCIPLES
      4. 4 MEASURING FAIR VALUE LESS COSTS TO SELL
      5. 5 DISCLOSURE
      6. REFERENCES
    21. Chapter 43: Extractive industries
      1. 1 INTRODUCTION AND BACKGROUND
      2. 2 MINERAL RESERVES AND RESOURCES
      3. 3 IFRS 6 – EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES
      4. 4 UNIT OF ACCOUNT
      5. 5 LEGAL RIGHTS TO EXPLORE FOR, DEVELOP AND PRODUCE MINERAL PROPERTIES
      6. 6 RISK-SHARING ARRANGEMENTS
      7. 7 INVESTMENTS IN THE EXTRACTIVE INDUSTRIES
      8. 8 ACQUISITIONS
      9. 9 FUNCTIONAL CURRENCY
      10. 10 DECOMMISSIONING AND RESTORATION/REHABILITATION
      11. 11 IMPAIRMENT OF ASSETS
      12. 12 REVENUE RECOGNITION
      13. 13 FINANCIAL INSTRUMENTS
      14. 14 INVENTORIES
      15. 15 PROPERTY, PLANT AND EQUIPMENT
      16. 16 DEPRECIATION, DEPLETION AND AMORTISATION (DD&A)
      17. 17 IFRS 16 – LEASES
      18. 18 INTERACTION OF IFRS 16 – LEASES – AND IFRS 11 – JOINT ARRANGEMENTS
      19. 19 LONG-TERM CONTRACTS AND LEASES
      20. 20 TOLLING ARRANGEMENTS
      21. 21 TAXATION
      22. 22 EVENTS AFTER THE REPORTING PERIOD
      23. 23 GLOSSARY
      24. REFERENCES
  8. Volume 3: Chapters 44 to 56
    1. Chapter 44: Financial instruments: Introduction
      1. 1 STANDARDS APPLYING TO FINANCIAL INSTRUMENTS
      2. 2 ADOPTION OF IFRS IN THE EUROPEAN UNION
      3. REFERENCES
    2. Chapter 45: Financial instruments: Definitions and scope
      1. 1 INTRODUCTION
      2. 2 WHAT IS A FINANCIAL INSTRUMENT?
      3. 3 SCOPE
      4. 4 CONTRACTS TO BUY OR SELL COMMODITIES AND OTHER NON-FINANCIAL ITEMS
      5. REFERENCES
    3. Chapter 46: Financial instruments: Derivatives and embedded derivatives
      1. 1 INTRODUCTION
      2. 2 DEFINITION OF A DERIVATIVE
      3. 3 EXAMPLES OF DERIVATIVES
      4. 4 EMBEDDED DERIVATIVES
      5. 5 EMBEDDED DERIVATIVES: THE MEANING OF ‘CLOSELY RELATED’
      6. 6 IDENTIFYING THE TERMS OF EMBEDDED DERIVATIVES AND HOST CONTRACTS
      7. 7 REASSESSMENT OF EMBEDDED DERIVATIVES
      8. 8 LINKED AND SEPARATE TRANSACTIONS AND ‘SYNTHETIC’ INSTRUMENTS
      9. REFERENCES
    4. Chapter 47: Financial instruments: Financial liabilities and equity
      1. 1 INTRODUCTION
      2. 2 OBJECTIVE AND SCOPE
      3. 3 DEFINITIONS
      4. 4 CLASSIFICATION OF INSTRUMENTS
      5. 5 CONTRACTS SETTLED BY DELIVERY OF THE ENTITY'S OWN EQUITY INSTRUMENTS
      6. 6 COMPOUND FINANCIAL INSTRUMENTS
      7. 7 SETTLEMENT OF FINANCIAL LIABILITY WITH EQUITY INSTRUMENT
      8. 8 INTEREST, DIVIDENDS, GAINS AND LOSSES
      9. 9 TREASURY SHARES
      10. 10 ‘HEDGING’ OF INSTRUMENTS CLASSIFIED AS EQUITY
      11. 11 DERIVATIVES OVER OWN EQUITY INSTRUMENTS
      12. 12 POSSIBLE FUTURE DEVELOPMENTS
      13. REFERENCES
    5. Chapter 48: Financial instruments: Classification
      1. 1 INTRODUCTION
      2. 2 CLASSIFYING FINANCIAL ASSETS: AN OVERVIEW
      3. 3 CLASSIFYING FINANCIAL LIABILITIES
      4. 4 FINANCIAL ASSETS AND FINANCIAL LIABILITIES HELD FOR TRADING
      5. 5 FINANCIAL ASSETS: THE ‘BUSINESS MODEL’ ASSESSMENT
      6. 6 CHARACTERISTICS OF THE CONTRACTUAL CASH FLOWS OF THE INSTRUMENT
      7. 7 DESIGNATION AT FAIR VALUE THROUGH PROFIT OR LOSS
      8. 8 DESIGNATION OF NON-DERIVATIVE EQUITY INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
      9. 9 RECLASSIFICATION OF FINANCIAL ASSETS
      10. 10 FUTURE DEVELOPMENTS
      11. REFERENCES
    6. Chapter 49: Financial instruments: Recognition and initial measurement
      1. 1 INTRODUCTION
      2. 2 RECOGNITION
      3. 3 INITIAL MEASUREMENT
      4. REFERENCES
    7. Chapter 50: Financial instruments: Subsequent measurement
      1. 1 INTRODUCTION
      2. 2 SUBSEQUENT MEASUREMENT AND RECOGNITION OF GAINS AND LOSSES
      3. 3 AMORTISED COST AND THE EFFECTIVE INTEREST METHOD
      4. 4 FOREIGN CURRENCIES
      5. 5 EFFECTIVE DATE AND TRANSITION
      6. REFERENCES
    8. Chapter 51: Financial instruments: Impairment
      1. 1 INTRODUCTION
      2. 2 SCOPE
      3. 3 APPROACHES
      4. 4 IMPAIRMENT FOR CORPORATES
      5. 5 MEASUREMENT OF EXPECTED CREDIT LOSSES
      6. 6 GENERAL APPROACH: DETERMINING SIGNIFICANT INCREASES IN CREDIT RISK
      7. 7 OTHER MATTERS AND ISSUES IN RELATION TO THE EXPECTED CREDIT LOSS CALCULATIONS
      8. 8 MODIFIED FINANCIAL ASSETS
      9. 9 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
      10. 10 TRADE RECEIVABLES, CONTRACT ASSETS AND LEASE RECEIVABLES
      11. 11 LOAN COMMITMENTS AND FINANCIAL GUARANTEE CONTRACTS
      12. 12 REVOLVING CREDIT FACILITIES
      13. 13 INTERCOMPANY LOANS
      14. 14 PRESENTATION OF EXPECTED CREDIT LOSSES IN THE STATEMENT OF FINANCIAL POSITION
      15. 15 DISCLOSURES
      16. REFERENCES
    9. Chapter 52: Financial instruments: Derecognition
      1. 1 INTRODUCTION
      2. 2 DEVELOPMENT OF IFRS
      3. 3 DERECOGNITION – FINANCIAL ASSETS
      4. 4 PRACTICAL APPLICATION OF THE DERECOGNITION CRITERIA
      5. 5 ACCOUNTING TREATMENT
      6. 6 DERECOGNITION – FINANCIAL LIABILITIES
      7. 7 CUSIP ‘NETTING’
      8. 8 FUTURE DEVELOPMENTS
      9. REFERENCES
    10. Chapter 53: Financial instruments: Hedge accounting
      1. 1 INTRODUCTION
      2. 2 HEDGED ITEMS
      3. 3 HEDGING INSTRUMENTS
      4. 4 INTERNAL HEDGES AND OTHER GROUP ACCOUNTING ISSUES
      5. 5 TYPES OF HEDGING RELATIONSHIPS
      6. 6 QUALIFYING CRITERIA
      7. 7 ACCOUNTING FOR EFFECTIVE HEDGES
      8. 8 SUBSEQUENT ASSESSMENT OF EFFECTIVENESS, REBALANCING AND DISCONTINUATION
      9. 9 PRESENTATION
      10. 10 MACRO HEDGING
      11. 11 ALTERNATIVES TO HEDGE ACCOUNTING
      12. 12 EFFECTIVE DATE AND TRANSITION
      13. 13 MAIN DIFFERENCES BETWEEN IFRS 9 AND IAS 39 HEDGE ACCOUNTING REQUIREMENTS
      14. REFERENCES
    11. Chapter 54: Financial instruments: Presentation and disclosure
      1. 1 INTRODUCTION
      2. 2 SCOPE OF IFRS 7
      3. 3 STRUCTURING THE DISCLOSURES
      4. 4 SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR AN ENTITY'S FINANCIAL POSITION AND PERFORMANCE
      5. 5 NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
      6. 6 TRANSFERS OF FINANCIAL ASSETS
      7. 7 PRESENTATION ON THE FACE OF THE FINANCIAL STATEMENTS AND RELATED DISCLOSURES
      8. 8 EFFECTIVE DATES AND TRANSITIONAL PROVISIONS
      9. 9 FUTURE DEVELOPMENTS
      10. REFERENCES
    12. Chapter 55: Insurance contracts (IFRS 4)
      1. 1 INTRODUCTION
      2. 2 THE OBJECTIVES AND SCOPE OF IFRS 4
      3. 3 THE DEFINITION OF AN INSURANCE CONTRACT
      4. 4 EMBEDDED DERIVATIVES
      5. 5 UNBUNDLING OF DEPOSIT COMPONENTS
      6. 6 DISCRETIONARY PARTICIPATION FEATURES
      7. 7 SELECTION OF ACCOUNTING POLICIES
      8. 8 CHANGES IN ACCOUNTING POLICIES
      9. 9 INSURANCE CONTRACTS ACQUIRED IN BUSINESS COMBINATIONS AND PORTFOLIO TRANSFERS
      10. 10 APPLYING IFRS 9 WITH IFRS 4
      11. 11 DISCLOSURE
      12. 12 FUTURE DEVELOPMENTS
      13. REFERENCES
    13. Chapter 56: Insurance contracts (IFRS 17)
      1. 1 INTRODUCTION
      2. 2 THE OBJECTIVE, DEFINITIONS AND SCOPE OF IFRS 17
      3. 3 THE DEFINITION OF AN INSURANCE CONTRACT
      4. 4 SEPARATING COMPONENTS FROM AN INSURANCE CONTRACT
      5. 5 LEVEL OF AGGREGATION
      6. 6 INITIAL RECOGNITION
      7. 7 MEASUREMENT – OVERVIEW
      8. 8 MEASUREMENT – GENERAL MODEL
      9. 9 MEASUREMENT – PREMIUM ALLOCATION APPROACH
      10. 10 MEASUREMENT – REINSURANCE CONTRACTS HELD
      11. 11 MEASUREMENT – CONTRACTS WITH PARTICIPATION FEATURES
      12. 12 MODIFICATION AND DERECOGNITION
      13. 13 ACQUISITIONS OF INSURANCE CONTRACTS
      14. 14 PRESENTATION IN THE STATEMENT OF FINANCIAL POSITION
      15. 15 PRESENTATION IN THE STATEMENT OF FINANCIAL PERFORMANCE
      16. 16 DISCLOSURE
      17. 17 EFFECTIVE DATE AND TRANSITION
      18. 18 FUTURE DEVELOPMENTS
      19. REFERENCES
  9. Index of extracts from financial statements
  10. Index of standards
  11. Index
  12. End User License Agreement

Product information

  • Title: International GAAP 2020
  • Author(s): Ernst & Young LLP
  • Release date: February 2020
  • Publisher(s): Wiley
  • ISBN: 9781119669944