Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, Chinese GAAP, and Indian GAAP

Preface

NEED FOR THIS PUBLICATION

International Financial Reporting Standards (IFRS) are gaining importance by the day. More than 100 countries have adopted these Standards in one way or another. Even world leaders are debating how the accounting world should be promulgating and using a single set of high-quality accounting standards. In the wake of the recent global financial crisis, the finance ministers of G20 nations (the most powerful economies of the world) called for global convergence of accounting standards. There is therefore a real need to learn and understand how these Standards are applied in practice. Recognizing the urgent need to understand how international accounting and financial reporting standards are applied in practice by conglomerates that have a global footprint, we embarked on this ambitious book project, which attempts to illustrate the practical application and disclosures in the financial statements of the Global 500 companies. The main objective of this publication is to highlight and illustrate financial statement disclosures made by listed companies operating internationally under IFRS in their published financial statements.

REFERENCES TO STANDARDS

References to IFRS in this volume are to the official pronouncements of the International Accounting Standards Board (IASB) issued on January 1, 2011; however, this volume relates to Standards that were issued during 2011 and that are not mandatory until 2013, although early adoption is permissible.