The Impact of IFRS on Industry

The Impact of IFRS on Industry

by Mohan R. Lavi
Released March 2016
Publisher(s): Wiley
ISBN: 9781119047582

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Book description

The industry-specific guide to IFRS interpretation and application

One of the biggest challenges of any reporting standard is how best to interpret and implement it in the context of a specific company or industry, given that each industry has its own intricacies and nuances. The Impact of IFRS on Industry provides specific guidance on applying IFRS in a diverse range of sectors.

Opening with an overview of IFRS, including a summary of all the standards, the book goes on to provide detailed coverage of the standards that can impact all industries, including IAS-40, IFRS 1, and IFRS 5. Thereafter, it offers practical advice and guidance on the application of IFRS in specific industries, including automotive; oil and gas; bio-sciences; infrastructure; airlines; media and communications; government-owned entities; mining; software; banking and financial services; insurance; FMCG; shipping; pharmaceuticals; telecoms; real estate and construction; power; SMEs; retail; e-commerce; and the service sector. The book concludes with a discussion on the collateral impact of implementing IFRS and how forthcoming IFRS Standards could impact specific industries.

Worked examples are used throughout to demonstrate how the standards are applied in practice.

  • Understand the IFRS standards comprehensively
  • Learn which standards impact all industries
  • Examine the ways in which IFRS is applied in practice
  • See how different standards are applied in specific industries

Suitable as a quick reference or a comprehensive guide, The Impact of IFRS on Industry gives you the real-world IFRS answers you need.

Table of contents

  1. Title Page
  2. Copyright
  3. Preface
  4. Acknowledgements
  5. Chapter 1: Introduction: The Background and Evolution of IFRS, and a Discussion on Why IFRS Would Have an Impact on Industry
    1. 1.1 Rule-based vs. Principle-based Standards
    2. 1.2 The Norwalk Agreement
  6. Chapter 2: Summary of Disclosures Under IFRS Standards
    1. 2.1 IFRS 3 Business Combinations
    2. 2.2 IFRS 4 Insurance Contracts
    3. 2.3 IFRS 5 Non-Current Assets Held for Sale
    4. 2.4 IFRS 6 Evaluation and Exploration of Mineral Resources
    5. 2.5 IFRS 7 Financial Instruments: Disclosures
    6. 2.6 IFRS 8 Segment Reporting
    7. 2.7 IFRS 10 Consolidated Financial Statements
    8. 2.8 IFRS 13 Fair Value Measurement
    9. 2.9 IFRS 14 Regulatory Deferral Accounts
    10. 2.10 IFRS 15 Revenue from Contracts with Customers
    11. 2.11 IAS 2 Inventories
    12. 2.12 IAS 3 Cash Flow Statements
    13. 2.13 IAS 10 Events After the Reporting Date
    14. 2.14 IAS 11 Construction Contracts
    15. 2.15 IAS 12 Income Taxes
    16. 2.16 IAS 16 Property, Plant and Equipment
    17. 2.17 IAS 17 Leases
    18. 2.18 IAS 18 Revenue
    19. 2.19 IAS 19 Employee Benefits
    20. 2.20 IAS 20 Government Grants
    21. 2.21 IAS 21 The Effects of Foreign Currency
    22. 2.22 IAS 23 Borrowing Costs
    23. 2.23 IAS 24 Related Party Disclosures
    24. 2.24 IAS 26 Accounting and Reporting by Retirement Benefit Plans
    25. 2.25 IAS 27 Separate Financial Statements
    26. 2.26 IAS 29 Accounting in Hyperinflationary Economies
    27. 2.27 IAS 33 Earnings Per Share
    28. 2.28 IAS 36 Impairment of Assets
    29. 2.29 IAS 37 Provisions
    30. 2.30 IAS 38 Intangible Assets
    31. 2.31 IAS 40 Investment Property
    32. 2.32 IAS 41 Agriculture
  7. Chapter 3: IFRS Standards that Could Impact All Industries
    1. 3.1 IFRS 1 – First-time Conversion to International Financial Reporting Standards
    2. 3.2 IAS 36 Impairment of Assets
    3. 3.3 IAS 40 Investment Property
    4. 3.4 IFRS 3 Business Combinations
    5. 3.5 IFRS 5 Non-Current Assets Held for Sale
    6. 3.6 IFRS 8 Operating Segments
    7. 3.7 IFRS 13 Fair Value Measurement
    8. 3.8 IAS 39/IFRS 9 Financial Instruments
    9. 3.9 IFRS 10 Consolidated Financial Statements
    10. 3.10 IFRS 15 Revenue from Contracts with Customers
  8. Chapter 4: The Impact of IFRS Standards on Specific Industries
    1. 4.1 Airlines
    2. 4.2 Agriculture
    3. 4.3 Automotive
    4. 4.4 Banking
    5. 4.5 Family Controlled Enterprises (FCEs)
    6. 4.6 Fast-Moving Consumer Goods (FMCG)
    7. 4.7 Government Owned Industry
    8. 4.8 Insurance
    9. 4.9 Pharmaceuticals
    10. 4.10 Private Equity
    11. 4.11 Real Estate and Infrastructure
    12. 4.12 Oil and Gas
    13. 4.13 Media
    14. 4.14 Mining
    15. 4.15 Retail
    16. 4.16 Telecom
    17. 4.17 Services
    18. 4.18 Shipping
    19. 4.19 Small and Medium Enterprises
    20. 4.20 Software and Information Technology
  9. Chapter 5: Forthcoming IFRS Standards That Could Impact Industry
    1. 5.1 IFRS 16 Leases
    2. 5.2 IFRS 4 Insurance Contracts
    3. 5.3 SMEs
    4. 5.4 Framework
    5. 5.5 Other Major Projects
  10. Chapter 6: Collateral Impact of a Transition to IFRS
    1. 6.1 Significant Assumptions and Judgement
    2. 6.2 The Going Concern Concept
    3. 6.3 Information Technology
    4. 6.4 Costs
    5. 6.5 Accounting Manual
    6. 6.6 Taxes
    7. 6.7 Presentation of Financial Statements
    8. 6.8 Impact of IFRS on Financial Ratios
    9. 6.9 Challenges in Implementing IFRS
  11. Afterword
  12. Appendix: Impact Summary
    1. A Snapshot of IFRS Standards that Would Impact Different Industries
  13. Index
  14. End User License Agreement

Product information

  • Title: The Impact of IFRS on Industry
  • Author(s): Mohan R. Lavi
  • Release date: March 2016
  • Publisher(s): Wiley
  • ISBN: 9781119047582