Wiley 2022 Interpretation and Application of IFRS Standards

Wiley 2022 Interpretation and Application of IFRS Standards

by PKF International Ltd
Released May 2022
Publisher(s): Wiley
ISBN: 9781119904472

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Book description

The 2022 reference for the interpretation and application of the latest international financial reporting standards

Wiley IFRS® Standards 2022 is a revised and comprehensive resource that includes the information needed to interpret and apply the most recent International Financial Reporting Standards (IFRS®) as outlined by the International Accounting Standards Board (IASB).

This accessible resource contains a wide range of practical examples as well as invaluable guidance on the expanding framework for unified financial reporting. The authors provide IFRIC interpretations and directions designed to ensure a clear understanding of the standards.

The IFRS® standards are ever evolving, therefore it is essential that professionals and students have the information needed to apply the standards correctly in real-world cases. Wiley IFRS® Standards 2022 offers a complete, up-to-date reference that aids in the application of the latest international standards in a manner that is transparent, accountable and efficient. This edition includes IFRS 17 Insurance Contracts which has an effective date of 1 January 2023.

This guide is written by PKF professionals who support the application of clear, informative, and accurate financial reporting. PKF International member firms specialise in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic organisations around the globe.

PKF International is a member of the Forum of Firms – an organisation dedicated to consistent and high-quality standards of financial reporting and auditing practices worldwide. www.pkf.com.

PKF International Limited administers a family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. All rights reserved.

Table of contents

  1. COVER
  2. TITLE PAGE
  3. COPYRIGHT
  4. ABOUT THE AUTHORS
  5. 1 INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS
    1. INTRODUCTION
    2. THE CURRENT STRUCTURE
    3. PROCESS OF IFRS STANDARD-SETTING
    4. Appendix A: Current International Financial Reporting Standards (IAS/IFRS) And Interpretations (SIC/IFRIC)
    5. APPENDIX B: IFRS FOR SMEs
  6. 2 CONCEPTUAL FRAMEWORK
    1. INTRODUCTION
    2. CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 2018
    3. HIERARCHY OF STANDARDS
    4. IFRS PRACTICE STATEMENT 1—MANAGEMENT COMMENTARY
    5. FUTURE DEVELOPMENTS
    6. US GAAP COMPARISON
  7. 3 PRESENTATION OF FINANCIAL STATEMENTS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. FINANCIAL STATEMENTS
    5. GENERAL FEATURES
    6. STRUCTURE AND CONTENT
    7. FUTURE DEVELOPMENTS
    8. ILLUSTRATIVE FINANCIAL STATEMENTS
    9. US GAAP COMPARISON
  8. 4 STATEMENT OF FINANCIAL POSITION
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. GENERAL CONCEPTS, STRUCTURE AND CONTENT
    5. CLASSIFICATION OF ASSETS
    6. CLASSIFICATION OF LIABILITIES
    7. CLASSIFICATION OF SHAREHOLDERS’ EQUITY
    8. FUTURE DEVELOPMENTS
    9. US GAAP COMPARISON
  9. 5 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, AND CHANGES IN EQUITY
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. CONCEPTS OF INCOME
    5. RECOGNITION AND MEASUREMENT
    6. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
    7. PRESENTATION IN THE PROFIT OR LOSS
    8. OTHER COMPREHENSIVE INCOME
    9. STATEMENT OF CHANGES IN EQUITY
    10. FUTURE DEVELOPMENTS
    11. US GAAP COMPARISON
  10. 6 STATEMENT OF CASH FLOWS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. BACKGROUND
    5. PRESENTATION
    6. OTHER REQUIREMENTS
    7. DISCLOSURE AND EXAMPLES
    8. CONSOLIDATED STATEMENT OF CASH FLOWS
    9. FUTURE DEVELOPMENTS
    10. US GAAP COMPARISON
    11. NOTES
  11. 7 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IMPORTANCE OF COMPARABILITY AND CONSISTENCY IN FINANCIAL REPORTING
    5. ACCOUNTING POLICY
    6. SELECTING ACCOUNTING POLICIES
    7. CHANGES IN ACCOUNTING POLICIES
    8. CHANGES IN ACCOUNTING ESTIMATES
    9. CORRECTION OF ERRORS
    10. FUTURE DEVELOPMENTS
    11. US GAAP COMPARISON
  12. 8 INVENTORIES
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. METHODS OF INVENTORY
    5. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    6. US GAAP COMPARISON
  13. 9 PROPERTY, PLANT AND EQUIPMENT
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. DERECOGNITION
    5. DISCLOSURES
    6. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    7. US GAAP COMPARISON
  14. 10 BORROWING COSTS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. CARRYING AMOUNT IN EXCESS OF RECOVERABLE AMOUNTS
    5. DISCLOSURE REQUIREMENTS
    6. US GAAP COMPARISON
  15. 11 INTANGIBLE ASSETS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. RECOGNITION AND MEASUREMENT
    5. DISCLOSURES
    6. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURE
    7. US GAAP COMPARISON
  16. 12 INVESTMENT PROPERTY
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. IDENTIFICATION
    4. RECOGNITION AND MEASUREMENT
    5. PRESENTATION AND DISCLOSURE
    6. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    7. US GAAP COMPARISON
  17. 13 IMPAIRMENT OF ASSETS AND NON-CURRENT ASSETS HELD FOR SALE
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS: IMPAIRMENT OF ASSETS
    3. IMPAIRMENT OF ASSETS (IAS 36)
    4. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    5. FUTURE DEVELOPMENTS
    6. DEFINITIONS OF TERMS: NON-CURRENT ASSETS HELD FOR SALE
    7. NON-CURRENT ASSETS HELD FOR SALE
    8. DISCONTINUED OPERATIONS
    9. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    10. US GAAP COMPARISON
  18. 14 CONSOLIDATIONS, JOINT ARRANGEMENTS, ASSOCIATES AND SEPARATE FINANCIAL STATEMENTS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. CONSOLIDATED FINANCIAL STATEMENTS
    4. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    5. JOINT ARRANGEMENTS
    6. ASSOCIATES
    7. EQUITY METHOD OF ACCOUNTING
    8. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    9. SEPARATE FINANCIAL STATEMENTS
    10. DISCLOSURE REQUIREMENTS
    11. FUTURE DEVELOPMENTS
    12. US GAAP COMPARISON
  19. 15 BUSINESS COMBINATIONS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. BUSINESS COMBINATIONS AND CONSOLIDATIONS
    4. BUSINESS COMBINATIONS
    5. DISCLOSURE REQUIREMENTS
    6. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    7. FUTURE DEVELOPMENTS
    8. US GAAP COMPARISON
    9. NOTE
  20. 16 SHAREHOLDERS' EQUITY
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. PRESENTATION AND DISCLOSURE
    5. CLASSIFICATION BETWEEN LIABILITIES AND EQUITY
    6. SHARE ISSUANCES AND RELATED MATTERS
    7. FUTURE DEVELOPMENTS
    8. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    9. US GAAP COMPARISON
  21. 17 SHARE-BASED PAYMENT
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. OVERVIEW
    5. RECOGNITION AND MEASUREMENT
    6. EQUITY-SETTLED SHARE-BASED PAYMENTS
    7. CASH-SETTLED SHARE-BASED PAYMENTS
    8. SHARE-BASED PAYMENT TRANSACTIONS WITH CASH ALTERNATIVES
    9. SHARE-BASED TRANSACTIONS AMONG GROUP ENTITIES
    10. DISCLOSURE
    11. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    12. US GAAP COMPARISON
    13. APPENDIX: EMPLOYEE SHARE OPTIONS VALUATION EXAMPLE UNDER IFRS
  22. 18 CURRENT LIABILITIES, PROVISIONS, CONTINGENCIES AND EVENTS AFTER THE REPORTING PERIOD
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION AND MEASUREMENT
    4. DISCLOSURES
    5. PRACTICAL EXAMPLES
    6. REPORTING EVENTS OCCURRING AFTER THE REPORTING PERIOD
    7. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    8. US GAAP COMPARISON
  23. 19 EMPLOYEE BENEFITS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. BACKGROUND
    4. BASIC PRINCIPLES OF IAS 19
    5. POST-EMPLOYMENT BENEFIT PLANS
    6. EMPLOYER'S LIABILITY AND ASSETS
    7. MINIMUM FUNDING REQUIREMENT
    8. OTHER PENSION CONSIDERATIONS
    9. DISCLOSURES FOR POST-EMPLOYMENT BENEFIT PLANS
    10. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    11. OTHER EMPLOYEE BENEFITS
    12. FUTURE DEVELOPMENTS
    13. US GAAP COMPARISON
  24. 20 REVENUE FROM CONTRACTS WITH CUSTOMERS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. SCOPE
    4. THE REVENUE MODEL
    5. CONTRACT COST
    6. PRESENTATION
    7. DISCLOSURE
    8. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES
    9. SPECIFIC TRANSACTIONS IN IFRS 15
    10. OTHER SPECIFIC TRANSACTIONS
    11. FUTURE DEVELOPMENTS
    12. US GAAP COMPARISON
  25. 21 GOVERNMENT GRANTS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. RECOGNITION OF GOVERNMENT GRANTS
    5. PRESENTATION AND DISCLOSURE
    6. OTHER ISSUES
    7. SERVICE CONCESSIONS
    8. US GAAP COMPARISON
  26. 22 LEASES
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. CLASSIFICATION OF LEASES
    4. RECOGNITION AND MEASUREMENT
    5. DISCLOSURE REQUIREMENTS
    6. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    7. FUTURE DEVELOPMENTS
    8. US GAAP COMPARISON
  27. 23 FOREIGN CURRENCY
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. SCOPE, OBJECTIVES AND DISCUSSION OF DEFINITIONS
    4. FOREIGN CURRENCY TRANSACTIONS
    5. TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS
    6. GUIDANCE APPLICABLE TO SPECIAL SITUATIONS
    7. DISCLOSURE
    8. HEDGING
    9. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    10. US GAAP COMPARISON
  28. 24 FINANCIAL INSTRUMENTS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. RECOGNITION, MEASUREMENT AND DERECOGNITION OF FINANCIAL INSTRUMENTS
    4. FINANCIAL LIABILITIES
    5. SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES
    6. EMBEDDED DERIVATIVES
    7. FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST
    8. FAIR VALUATION GAINS AND LOSSES
    9. IMPAIRMENT OF FINANCIAL INSTRUMENTS
    10. HEDGE ACCOUNTING
    11. EFFECTIVE DATE AND TRANSITION REQUIREMENTS OF IFRS 9
    12. PRESENTATION OF FINANCIAL INSTRUMENTS UNDER IAS 32
    13. DISCLOSURES
    14. EXAMPLE: FINANCIAL ASSETS SUBJECT TO OFFSETTING, ENFORCEABLE MASTER NETTING ARRANGEMENTS AND SIMILAR AGREEMENTS
    15. EXAMPLE: FINANCIAL LIABILITIES SUBJECT TO OFFSETTING, ENFORCEABLE MASTER NETTING ARRANGEMENTS AND SIMILAR AGREEMENTS
    16. EXAMPLE: NET FINANCIAL ASSETS SUBJECT TO ENFORCEABLE MASTER NETTING ARRANGEMENTS AND SIMILAR AGREEMENTS, BY COUNTERPARTY
    17. FUTURE DEVELOPMENTS
    18. US GAAP
  29. 25 FAIR VALUE
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. FAIR VALUE MEASUREMENT PRINCIPLES AND METHODOLOGIES
    5. FAIR VALUE DISCLOSURE
    6. FUTURE DEVELOPMENTS
    7. US GAAP COMPARISON
  30. 26 INCOME TAXES
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IDENTIFICATION
    5. RECOGNITION AND MEASUREMENT OF CURRENT TAX
    6. RECOGNITION AND MEASUREMENT OF DEFERRED TAX
    7. RECOGNITION IN PROFIT OR LOSS
    8. CALCULATION OF DEFERRED TAX ASSET OR LIABILITY
    9. EFFECT OF CHANGED CIRCUMSTANCES
    10. SPECIFIC TRANSACTIONS
    11. PRESENTATION AND DISCLOSURE
    12. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES
    13. FUTURE DEVELOPMENTS
    14. US GAAP COMPARISON
  31. 27 EARNINGS PER SHARE
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. CONCEPTS, RULES AND EXAMPLES
    5. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES
    6. US GAAP COMPARISON
  32. 28 OPERATING SEGMENTS
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IDENTIFICATION
    5. CONCEPTS AND REQUIREMENTS
    6. DISCLOSURE REQUIREMENTS
    7. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES UNDER IFRS
    8. US GAAP COMPARISON
  33. 29 RELATED PARTY DISCLOSURES
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. IDENTIFICATION
    4. DISCLOSURES
    5. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES UNDER IFRS
    6. US GAAP COMPARISON
  34. 30 ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLANS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. SCOPE
    4. DEFINED CONTRIBUTION PLANS
    5. DEFINED BENEFIT PLANS
    6. DISCLOSURES
    7. US GAAP COMPARISON
  35. 31 AGRICULTURE
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. IDENTIFICATION
    5. RECOGNITION AND MEASUREMENT
    6. PRESENTATION AND DISCLOSURES
    7. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
    8. OTHER ISSUES
    9. US GAAP COMPARISON
  36. 32 EXTRACTIVE INDUSTRIES
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. EXPLORATION AND EVALUATION OF MINERAL RESOURCES
    4. ASSETS SUBJECT TO IFRS 6
    5. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES
    6. IFRIC 20, STRIPPING COSTS IN THE PRODUCTION PHASE OF A SURFACE MINE
    7. EXAMPLE OF FINANCIAL STATEMENT DISCLOSURES
    8. FUTURE DEVELOPMENTS
    9. US GAAP COMPARISON
  37. 33 ACCOUNTING FOR INSURANCE CONTRACTS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. INSURANCE CONTRACTS
    4. RECOGNITION AND MEASUREMENT GUIDANCE
    5. DISCLOSURE
    6. IFRS 17 INSURANCE CONTRACTS
    7. US GAAP COMPARISON
  38. 34 INTERIM FINANCIAL REPORTING
    1. INTRODUCTION
    2. SCOPE
    3. DEFINITIONS OF TERMS
    4. OBJECTIVES OF INTERIM FINANCIAL REPORTING
    5. APPLICATION OF ACCOUNTING POLICIES
    6. PRESENTATION
    7. RECOGNITION AND MEASUREMENT ISSUES
    8. US GAAP COMPARISON
  39. 35 HYPERINFLATION
    1. INTRODUCTION
    2. FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES
    3. US GAAP COMPARISON
    4. APPENDIX: MONETARY VS. NON-MONETARY ITEMS
  40. 36 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
    1. INTRODUCTION
    2. DEFINITIONS OF TERMS
    3. FIRST-TIME ADOPTION GUIDANCE
    4. OPTIONAL EXEMPTIONS
    5. PRESENTATION AND DISCLOSURE
  41. INDEX
  42. END USER LICENSE AGREEMENT

Product information

  • Title: Wiley 2022 Interpretation and Application of IFRS Standards
  • Author(s): PKF International Ltd
  • Release date: May 2022
  • Publisher(s): Wiley
  • ISBN: 9781119904472