Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Preface

This edition of IFRS: Interpretation and Application of International Financial Reporting Standards provides detailed, analytical explanations and illustrations of all current accounting principles promulgated by the IASB that are applicable to the 2014 financial reporting period of reporting entities. The focus of the book is to provide sufficient guidelines for entities that prepare their 2014 financial statements. New developments that are applicable to periods after 2014 are identified and briefly discussed separately from the main text in each chapter.

The book integrates the accounting principles set out in International Financial Reporting Standards (IFRS) including Interpretations issued by the IFRS Interpretations Committee. These materials have been synthesized into a user-oriented topical format, eliminating the need for readers to first be familiar with the names or numbers of the salient professional standards.

The stated goal of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles. More and more global economies are adopting IFRS. In fact, the IASB acknowledges that all major economies have established time lines to converge with or adopt IFRS in the near future. The US Securities and Exchange Commission is also in the process of making a decision whether to phase out US GAAP in favor of ...