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Wiley 2022 Interpretation and Application of IFRS Standards

Name: Wiley 2022 Interpretation and Application of IFRS Standards
Author: PKF International Ltd
ISBN: 9781119904472

by PKF International Ltd

May 2022

Intermediate to advanced

1024 pages

38h 5m

English

Wiley

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COVER
TITLE PAGE
COPYRIGHT
ABOUT THE AUTHORS
1 INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS
INTRODUCTIONTHE CURRENT STRUCTUREPROCESS OF IFRS STANDARD-SETTINGAppendix A: Current International Financial Reporting Standards (IAS/IFRS) And Interpretations (SIC/IFRIC)APPENDIX B: IFRS FOR SMEs
2 CONCEPTUAL FRAMEWORK
INTRODUCTIONCONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 2018HIERARCHY OF STANDARDSIFRS PRACTICE STATEMENT 1—MANAGEMENT COMMENTARYFUTURE DEVELOPMENTSUS GAAP COMPARISON
3 PRESENTATION OF FINANCIAL STATEMENTS
INTRODUCTIONSCOPEDEFINITIONS OF TERMSFINANCIAL STATEMENTSGENERAL FEATURESSTRUCTURE AND CONTENTFUTURE DEVELOPMENTSILLUSTRATIVE FINANCIAL STATEMENTSUS GAAP COMPARISON
4 STATEMENT OF FINANCIAL POSITION
INTRODUCTIONSCOPEDEFINITIONS OF TERMSGENERAL CONCEPTS, STRUCTURE AND CONTENTCLASSIFICATION OF ASSETSCLASSIFICATION OF LIABILITIESCLASSIFICATION OF SHAREHOLDERS’ EQUITYFUTURE DEVELOPMENTSUS GAAP COMPARISON
5 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, AND CHANGES IN EQUITY
INTRODUCTIONSCOPEDEFINITIONS OF TERMSCONCEPTS OF INCOMERECOGNITION AND MEASUREMENTSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEPRESENTATION IN THE PROFIT OR LOSSOTHER COMPREHENSIVE INCOMESTATEMENT OF CHANGES IN EQUITYFUTURE DEVELOPMENTSUS GAAP COMPARISON
6 STATEMENT OF CASH FLOWS
INTRODUCTIONSCOPEDEFINITIONS OF TERMSBACKGROUNDPRESENTATIONOTHER REQUIREMENTSDISCLOSURE AND EXAMPLESCONSOLIDATED STATEMENT OF CASH FLOWSFUTURE DEVELOPMENTSUS GAAP COMPARISONNOTES

7 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
INTRODUCTIONSCOPEDEFINITIONS OF TERMSIMPORTANCE OF COMPARABILITY AND CONSISTENCY IN FINANCIAL REPORTINGACCOUNTING POLICYSELECTING ACCOUNTING POLICIESCHANGES IN ACCOUNTING POLICIESCHANGES IN ACCOUNTING ESTIMATESCORRECTION OF ERRORSFUTURE DEVELOPMENTSUS GAAP COMPARISON
8 INVENTORIES
INTRODUCTIONDEFINITIONS OF TERMSRECOGNITION AND MEASUREMENTMETHODS OF INVENTORYEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
9 PROPERTY, PLANT AND EQUIPMENT
INTRODUCTIONDEFINITIONS OF TERMSRECOGNITION AND MEASUREMENTDERECOGNITIONDISCLOSURESEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
10 BORROWING COSTS
INTRODUCTIONDEFINITIONS OF TERMSRECOGNITION AND MEASUREMENTCARRYING AMOUNT IN EXCESS OF RECOVERABLE AMOUNTSDISCLOSURE REQUIREMENTSUS GAAP COMPARISON
11 INTANGIBLE ASSETS
INTRODUCTIONSCOPEDEFINITIONS OF TERMSRECOGNITION AND MEASUREMENTDISCLOSURESEXAMPLE OF FINANCIAL STATEMENT DISCLOSUREUS GAAP COMPARISON
12 INVESTMENT PROPERTY
INTRODUCTIONDEFINITIONS OF TERMSIDENTIFICATIONRECOGNITION AND MEASUREMENTPRESENTATION AND DISCLOSUREEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
13 IMPAIRMENT OF ASSETS AND NON-CURRENT ASSETS HELD FOR SALE
INTRODUCTIONDEFINITIONS OF TERMS: IMPAIRMENT OF ASSETSIMPAIRMENT OF ASSETS (IAS 36)EXAMPLES OF FINANCIAL STATEMENT DISCLOSURESFUTURE DEVELOPMENTSDEFINITIONS OF TERMS: NON-CURRENT ASSETS HELD FOR SALENON-CURRENT ASSETS HELD FOR SALEDISCONTINUED OPERATIONSEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
14 CONSOLIDATIONS, JOINT ARRANGEMENTS, ASSOCIATES AND SEPARATE FINANCIAL STATEMENTS
INTRODUCTIONDEFINITIONS OF TERMSCONSOLIDATED FINANCIAL STATEMENTSEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESJOINT ARRANGEMENTSASSOCIATESEQUITY METHOD OF ACCOUNTINGEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESSEPARATE FINANCIAL STATEMENTSDISCLOSURE REQUIREMENTSFUTURE DEVELOPMENTSUS GAAP COMPARISON
15 BUSINESS COMBINATIONS
INTRODUCTIONDEFINITIONS OF TERMSBUSINESS COMBINATIONS AND CONSOLIDATIONSBUSINESS COMBINATIONSDISCLOSURE REQUIREMENTSEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESFUTURE DEVELOPMENTSUS GAAP COMPARISONNOTE
16 SHAREHOLDERS' EQUITY
INTRODUCTIONDEFINITIONS OF TERMSRECOGNITION AND MEASUREMENTPRESENTATION AND DISCLOSURECLASSIFICATION BETWEEN LIABILITIES AND EQUITYSHARE ISSUANCES AND RELATED MATTERSFUTURE DEVELOPMENTSEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
17 SHARE-BASED PAYMENT
INTRODUCTIONSCOPEDEFINITIONS OF TERMSOVERVIEWRECOGNITION AND MEASUREMENTEQUITY-SETTLED SHARE-BASED PAYMENTSCASH-SETTLED SHARE-BASED PAYMENTSSHARE-BASED PAYMENT TRANSACTIONS WITH CASH ALTERNATIVESSHARE-BASED TRANSACTIONS AMONG GROUP ENTITIESDISCLOSUREEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISONAPPENDIX: EMPLOYEE SHARE OPTIONS VALUATION EXAMPLE UNDER IFRS
18 CURRENT LIABILITIES, PROVISIONS, CONTINGENCIES AND EVENTS AFTER THE REPORTING PERIOD
INTRODUCTIONDEFINITIONS OF TERMSRECOGNITION AND MEASUREMENTDISCLOSURESPRACTICAL EXAMPLESREPORTING EVENTS OCCURRING AFTER THE REPORTING PERIODEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
19 EMPLOYEE BENEFITS
INTRODUCTIONDEFINITIONS OF TERMSBACKGROUNDBASIC PRINCIPLES OF IAS 19POST-EMPLOYMENT BENEFIT PLANSEMPLOYER'S LIABILITY AND ASSETSMINIMUM FUNDING REQUIREMENTOTHER PENSION CONSIDERATIONSDISCLOSURES FOR POST-EMPLOYMENT BENEFIT PLANSEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESOTHER EMPLOYEE BENEFITSFUTURE DEVELOPMENTSUS GAAP COMPARISON
20 REVENUE FROM CONTRACTS WITH CUSTOMERS
INTRODUCTIONDEFINITIONS OF TERMSSCOPETHE REVENUE MODELCONTRACT COSTPRESENTATIONDISCLOSUREEXAMPLE OF FINANCIAL STATEMENT DISCLOSURESSPECIFIC TRANSACTIONS IN IFRS 15OTHER SPECIFIC TRANSACTIONSFUTURE DEVELOPMENTSUS GAAP COMPARISON
21 GOVERNMENT GRANTS
INTRODUCTIONSCOPEDEFINITIONS OF TERMSRECOGNITION OF GOVERNMENT GRANTSPRESENTATION AND DISCLOSUREOTHER ISSUESSERVICE CONCESSIONSUS GAAP COMPARISON
22 LEASES
INTRODUCTIONDEFINITIONS OF TERMSCLASSIFICATION OF LEASESRECOGNITION AND MEASUREMENTDISCLOSURE REQUIREMENTSEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESFUTURE DEVELOPMENTSUS GAAP COMPARISON
23 FOREIGN CURRENCY
INTRODUCTIONDEFINITIONS OF TERMSSCOPE, OBJECTIVES AND DISCUSSION OF DEFINITIONSFOREIGN CURRENCY TRANSACTIONSTRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTSGUIDANCE APPLICABLE TO SPECIAL SITUATIONSDISCLOSUREHEDGINGEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
24 FINANCIAL INSTRUMENTS
INTRODUCTIONDEFINITIONS OF TERMSRECOGNITION, MEASUREMENT AND DERECOGNITION OF FINANCIAL INSTRUMENTSFINANCIAL LIABILITIESSUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIESEMBEDDED DERIVATIVESFINANCIAL INSTRUMENTS MEASURED AT AMORTISED COSTFAIR VALUATION GAINS AND LOSSESIMPAIRMENT OF FINANCIAL INSTRUMENTSHEDGE ACCOUNTINGEFFECTIVE DATE AND TRANSITION REQUIREMENTS OF IFRS 9PRESENTATION OF FINANCIAL INSTRUMENTS UNDER IAS 32DISCLOSURESEXAMPLE: FINANCIAL ASSETS SUBJECT TO OFFSETTING, ENFORCEABLE MASTER NETTING ARRANGEMENTS AND SIMILAR AGREEMENTSEXAMPLE: FINANCIAL LIABILITIES SUBJECT TO OFFSETTING, ENFORCEABLE MASTER NETTING ARRANGEMENTS AND SIMILAR AGREEMENTSEXAMPLE: NET FINANCIAL ASSETS SUBJECT TO ENFORCEABLE MASTER NETTING ARRANGEMENTS AND SIMILAR AGREEMENTS, BY COUNTERPARTYFUTURE DEVELOPMENTSUS GAAP
25 FAIR VALUE
INTRODUCTIONSCOPEDEFINITIONS OF TERMSFAIR VALUE MEASUREMENT PRINCIPLES AND METHODOLOGIESFAIR VALUE DISCLOSUREFUTURE DEVELOPMENTSUS GAAP COMPARISON
26 INCOME TAXES
INTRODUCTIONSCOPEDEFINITIONS OF TERMSIDENTIFICATIONRECOGNITION AND MEASUREMENT OF CURRENT TAXRECOGNITION AND MEASUREMENT OF DEFERRED TAXRECOGNITION IN PROFIT OR LOSSCALCULATION OF DEFERRED TAX ASSET OR LIABILITYEFFECT OF CHANGED CIRCUMSTANCESSPECIFIC TRANSACTIONSPRESENTATION AND DISCLOSUREEXAMPLE OF FINANCIAL STATEMENT DISCLOSURESFUTURE DEVELOPMENTSUS GAAP COMPARISON
27 EARNINGS PER SHARE
INTRODUCTIONSCOPEDEFINITIONS OF TERMSCONCEPTS, RULES AND EXAMPLESEXAMPLE OF FINANCIAL STATEMENT DISCLOSURESUS GAAP COMPARISON
28 OPERATING SEGMENTS
INTRODUCTIONSCOPEDEFINITIONS OF TERMSIDENTIFICATIONCONCEPTS AND REQUIREMENTSDISCLOSURE REQUIREMENTSEXAMPLE OF FINANCIAL STATEMENT DISCLOSURES UNDER IFRSUS GAAP COMPARISON
29 RELATED PARTY DISCLOSURES
INTRODUCTIONDEFINITIONS OF TERMSIDENTIFICATIONDISCLOSURESEXAMPLE OF FINANCIAL STATEMENT DISCLOSURES UNDER IFRSUS GAAP COMPARISON
30 ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLANS
INTRODUCTIONDEFINITIONS OF TERMSSCOPEDEFINED CONTRIBUTION PLANSDEFINED BENEFIT PLANSDISCLOSURESUS GAAP COMPARISON
31 AGRICULTURE
INTRODUCTIONSCOPEDEFINITIONS OF TERMSIDENTIFICATIONRECOGNITION AND MEASUREMENTPRESENTATION AND DISCLOSURESEXAMPLES OF FINANCIAL STATEMENT DISCLOSURESOTHER ISSUESUS GAAP COMPARISON
32 EXTRACTIVE INDUSTRIES
INTRODUCTIONDEFINITIONS OF TERMSEXPLORATION AND EVALUATION OF MINERAL RESOURCESASSETS SUBJECT TO IFRS 6EXAMPLE OF FINANCIAL STATEMENT DISCLOSURESIFRIC 20, STRIPPING COSTS IN THE PRODUCTION PHASE OF A SURFACE MINEEXAMPLE OF FINANCIAL STATEMENT DISCLOSURESFUTURE DEVELOPMENTSUS GAAP COMPARISON
33 ACCOUNTING FOR INSURANCE CONTRACTS
INTRODUCTIONDEFINITIONS OF TERMSINSURANCE CONTRACTSRECOGNITION AND MEASUREMENT GUIDANCEDISCLOSUREIFRS 17 INSURANCE CONTRACTSUS GAAP COMPARISON
34 INTERIM FINANCIAL REPORTING
INTRODUCTIONSCOPEDEFINITIONS OF TERMSOBJECTIVES OF INTERIM FINANCIAL REPORTINGAPPLICATION OF ACCOUNTING POLICIESPRESENTATIONRECOGNITION AND MEASUREMENT ISSUESUS GAAP COMPARISON
35 HYPERINFLATION
INTRODUCTIONFINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIESUS GAAP COMPARISONAPPENDIX: MONETARY VS. NON-MONETARY ITEMS
36 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
INTRODUCTIONDEFINITIONS OF TERMSFIRST-TIME ADOPTION GUIDANCEOPTIONAL EXEMPTIONSPRESENTATION AND DISCLOSURE
INDEX
END USER LICENSE AGREEMENT

Content preview from Wiley 2022 Interpretation and Application of IFRS Standards

35HYPERINFLATION

INTRODUCTION

IAS 29 addresses financial reporting in hyperinflationary economies. While, in general, this applies the same principles as are employed when using general price level accounting, the objective is to convert the financial statements of entities operating under conditions that render unadjusted financial statements of little or no value into meaningful measures of financial position and performance.

Sources of IFRS
IAS 29	IFRS 1	IFRIC 7

FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES

Hyperinflation is a condition that is difficult to define precisely, as there is not a clear demarcation between merely rampant inflation and true hyperinflation. However, in any given economic system, when the general population has lost faith in the stability of the local economy, and business transactions are commonly either denominated in a stable reference currency of another country, or are structured to incorporate an indexing feature intended ...

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Wiley Interpretation and Application of IFRS Standards

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