Applying International Financial Reporting Standards, 2nd Edition, has been thoroughly updated to reflect the varied and numerous developments in International Financial Reporting Standards (IFRSs).
The expert knowledge and authoritative explanations of the author team have resulted in the book being extensively referenced by both the accounting profession and academics in countries that have either adopted, or intend to adopt, international accounting standards. The continuing focus of the second edition of this book is on interpreting, analysing and illustrating the financial reporting requirements under IFRSs.
Each chapter contains numerous illustrative examples that present and explain concepts to ensure that users gain a deep understanding of the reporting requirements and meet the knowledge expectations of the accounting profession. The coverage of accounting standards has been expanded in the second edition with the inclusion of new chapters on IFRS 6 Exploration for and Evaluation of Mineral Resources, IAS 18 Revenue, IAS 19 Employee Benefits and IAS 41 Agriculture.
This book has been written for intermediate and advanced financial accounting courses, at both undergraduate and postgraduate levels. It features Fact sheets that summarise the scope and key reporting requirements associated with each standard. These fact sheets are ideal for student review and exam preparation. Step-by-step analysis of IFRSs and their scope, objectives and reporting requirements. Relevant issues and practical workings associated with the selected IFRSs. Illustrative examples positioned throughout the chapters, where relevant, show the financial reporting procedures and further develop conceptual understanding of the accounting processes.
Real-world financial data via extracts from annual reports of well-known international companies illustrate disclosure policies and how companies prepare and report financial performance and position in accordance with IFRSs. Authoritative authors provide insightful and informed analysis of the financial reporting procedures.
From the profession. Preface. About the authors. Acknowledgements.
Part 1 FRAMEWORK. 1 The IASB and its conceptual Framework.
Part 2 ELEMENTS. 2 Shareholders' equity: share capital and reserves. 3 Revenue. 4 Provisions, contingent liabilities and contingent assets. 5 Financial instruments. 6 Share-based payment. 7 Income taxes. 8 Inventories. 9 Property, plant and equipment. 10 Intangible assets. 11 Business combinations. 12 Impairment of assets. 13 Leases. 14 Accounting for mineral resources. 15 Employee benefits. 16 Agriculture.
Part 3 DISCLOSURE. 17 Principles of disclosure - IAS 1, IAS 8 and IAS 10. 18 Presentation of fi nancial statements. 19 Statement of cash flows. 20 Operating segments.
Part 4 ECONOMIC ENTITIES. 21 Controlled entities: the consolidation method. 22 Consolidation: wholly owned subsidiaries. 23 Consolidation: intragroup transactions. 24 Consolidation: non-controlling interest. 25 Consolidation: indirect ownership interests. 26 Consolidation: foreign subsidiaries. 27 Accounting for investments in associates. 28 Interests in joint ventures.
Appendix FACT SHEETS. Useful terms. Index.
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