Wiley ifrs 2012: interpretation and application of international financial reporting standards cd rom set (paperback)

International Financial Reporting Standards (IFRS) have received increased attention since such signal events as endorsements by the International Organization of Securities Commissions (IOSCO) in 2000, by the European Union (2002, mandating universal adoption by publicly held companies in 2005), and by the SEC (waiving reconciliation requirements for foreign private issuers using IFRS beginning in 2007, and establishing a "road map" for adoption by US public companies by 2016).

With further refinements to IFRS continuing to be made by the International Accounting Standards Board (IASB)-aided by work being performed pursuant to the "convergence" commitment made by the US standard-setter, FASB-and given the now virtually unstoppable momentum worldwide to adopt (or, in some cases, adapt) IFRS, mastery of this knowledge is becoming a necessity for all preparers of financial statements. Although only publicly held US companies are facing an impending near-term mandate to convert to IFRS, many private companies already are encountering requests or demands from their major customers, suppliers, joint venture partners, and affiliates to provide financial reports prepared under IFRS. In all likelihood, replacement of US GAAP by IFRS will become a reality for even privately held enterprises within the foreseeable term.

Experience from EU-based companies that implemented IFRS financial reporting by 2005 suggests that such an undertaking may require a multi-year effort. Wiley IFRS 2012 provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world fact situations. It can be used both in training accounting staff and serving as a reference guide during actual implementation of IFRS and preparation of IFRS-based financial statements. Wiley IFRS 2012 is equally valuable for preparers, auditors, and users of financial reports.

To optimize the reader"s understanding, both examples created to explain particular IFRS requirements and selections from actual published financial statements are provided throughout the book, illustrating all key concepts. Also included in this edition are a revised, comprehensive disclosure checklist, an updated, high-level comparison between US GAAP and IFRS , keyed to chapter topics, and integrated discussions of major ongoing IASB projects that may have significant impact on readers" responsibilities over the coming year.

Includes summary of key provisions of US GAAP vs. IFRS

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About the Authors ix

About the Online Resources xi

1 Introduction to International Financial Reporting Standards 1

2 Conceptual Framework 29

3 Presentation of Financial Statements 37

4 Statement of Financial Position 57

5 Statement of Profit or Loss and Other Comprehensive Income, and Changes in Equity 71

6 Statement of Cash Flows 91

7 Accounting Policies, Changes in Accounting Estimates, and Errors 107

8 Inventory 127

9 Property, Plant, and Equipment 147

10 Borrowing Costs 197

11 Intangible Assets 205

12 Investment Property 235

13 Interests in Associates 247

14 Interests in Joint Ventures 265

15 Business Combinations and Consolidated Financial Statements 281

16 Shareholders' Equity 373

17 Share-Based Payment 401

18 Current Liabilities, Provisions, Contingencies, and Events After the Reporting Period 439

19 Employee Benefits 473

20 Revenue Recognition, Including Construction Contracts 511

21 Government Grants 549

22 Leases 561

23 Foreign Currency 613

24 Financial Instruments 643

25 Fair Value 737

26 Income Taxes 755

27 Earnings Per Share 789

28 Operating Segments 807

29 Related-Party Disclosures 823

30 Accounting and Reporting by Retirement Benefit Plans 835

31 Agriculture 843

32 Extractive Industries 855

33 Accounting for Insurance Contracts 863

34 Interim Financial Reporting 873

35 Inflation and Hyperinflation 911

36 First-Time Adoption of International Financial Reporting Standards 935

Appendix A: Disclosure Checklist 965

Index 1045