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Wiley Interpretation and Application of IFRS Standards

Name: Wiley Interpretation and Application of IFRS Standards
Author: PKF International Ltd
ISBN: 9781119577355

by PKF International Ltd

June 2019

Intermediate to advanced

996 pages

38h 5m

English

Wiley

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Cover
About the Authors
1 Introduction to International Financial Reporting Standards
IntroductionOrigins and Early History of the IASBThe Current StructureProcess of IFRS Standard SettingConvergence: The IASB and Financial Reporting in the UsThe IASB and EuropeAppendix A: Current International Financial Reporting Standards (IAS/IFRS) and Interpretations (SIC/IFRIC)Appendix B: Projects Completed Since Previous Issue (July 2017 to June 2018)Appendix C: IFRS for SMEs
2 Conceptual Framework
IntroductionConceptual Framework for Financial Reporting 2018Conceptual Framework for Financial Reporting 2010Hierarchy 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
IntroductionFuture DevelopmentsScopeDefinitions of TermsConcepts of IncomeRecognition and MeasurementStatement of Profit or Loss and Other Comprehensive IncomePresentation in the Profit or Loss SectionOther Comprehensive IncomeStatement of Changes in EquityUS GAAP Comparison
6 Statement of Cash Flows
IntroductionScopeDefinitions of TermsBackgroundPresentationOther RequirementsDisclosure and ExamplesConsolidated Statement of Cash FlowsUS GAAP Comparison
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 InventoryUS 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 MeasurementUS 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 DisclosuresDefinitions 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 RequirementsUS GAAP Comparison
15 Business Combinations
IntroductionDefinitions of TermsBusiness Combinations and ConsolidationsBusiness CombinationsDisclosure RequirementsExamples of Financial Statement DisclosuresFuture DevelopmentsUS GAAP Comparison
16 Shareholders’ Equity
IntroductionDefinitions of TermsRecognition and MeasurementPresentation and DisclosureClassification Between Liabilities and EquityShare Issuances and Related MattersFuture DevelopmentsUS 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 DisclosuresAppendix: Employee Share Options Valuation Example
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 BenefitsUS GAAP Comparison
20 Revenue From Contracts with Customers
IntroductionDefinitions of TermsScopeThe Revenue ModelContract CostPresentationDisclosureExample of Financial Statement DisclosuresSpecific Transactions in IFRS 15Other Specific TransactionsUS 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 Requirements Under IAS 17Examples of Financial Statement DisclosuresUS 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 32DisclosuresFuture Developments
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 DisclosuresUS 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 Requirements Under IFRS 8Disclosure RequirementsExample of Financial Statement Disclosures Under IfrsUS GAAP Comparison
29 Related Party Disclosures
IntroductionDefinitions of TermsIdentificationDisclosuresExample of Financial Statement DisclosuresUS 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 MeasurementExamples of Financial Statement Disclosures
32 Extractive Industries
IntroductionDefinitions of TermsExploration and Evaluation of Mineral ResourcesAssets Subject To IFRS 6Example of Financial Statement DisclosuresIFRIC 20, Stripping Cost in the Production Phase of A Surface MineExample of Financial Statement DisclosuresUS GAAP Comparison
33 Accounting for Insurance Contracts
IntroductionDefinitions of TermsInsurance ContractsRecognition and Measurement GuidanceDisclosureFuture DevelopmentsUS 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 Interpretation and Application of IFRS Standards

18 CURRENT LIABILITIES, PROVISIONS, CONTINGENCIES AND EVENTS AFTER THE REPORTING PERIOD

INTRODUCTION

Accounting for all of a reporting entity’s liabilities is clearly necessary in order to accurately convey its financial position to investors, creditors and other stakeholders. Different kinds of liabilities have differing implications: short-term trade payables ...

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Wiley Interpretation and Application of IFRS Standards

by PKF International Ltd

18 CURRENT LIABILITIES, PROVISIONS, CONTINGENCIES AND EVENTS AFTER THE REPORTING PERIOD

INTRODUCTION

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.