A concise FAQ guide to IFRS principles and practices
Co-written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book is a comprehensive guide to International Financial Reporting Standards (IFRS) which became mandatory in the EU in 2005, and they will almost certainly be adopted by most other developed countries in the near future. Unlike US-GAAP and other sets of standards, the IFRS are principles-based rather than rules-based, putting the onus of interpretation more on users than has previously been the case. Under IFRS users must understand the economic substance of operations, and they must be able to make assumptions, hypotheses, and estimations leading to an accounting treatment consistent with the general objectives of and principles behind IFRS financial reporting. In a handy, easy-to-navigate Q&A format, Frequently Asked Questions on IFRS provides accounting and finance professionals with the answers to some of the most commonly asked questions on the new standards. Covering the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions, and revenue recognition, the book also contains a valuable overview of the standards and the thinking behind them.
* Includes a comprehensive section on the new IFRS for small and medium enterprises
* Contains real-world examples from financial reports; a glossary of commonly used terms; and a ‘Test Your Knowledge’ section
* Provides a simple way to get up to speed on these often confusing, principles-based standards
विषयसूची
About the Author ix
Acknowledgements xi
Preface xiii
Foreword xv
Frequently Asked Questions xvii
Introduction – What is IFRS? 1
1 What is the Role of the International Accounting Standards
Board (IASB)? 9
2 Frequently Asked Questions 15
3 Test Your Knowledge 269
4 Answers 273
5 Additional Recommended Reading 277
Appendix: The Differences Between Full IFRS and IFRS for SMEs
283
Index 377
लेखक के बारे में
Steve Collings (Bolton, UK) is Audit & Technical Manager at Leavitt Walmsley Associates. He writes extensively on technical matters on Accountingweb.co.uk, and is a partner in the student website, studentaccountant.co.uk. Steve also is freelance lecturer to student accountants and to qualified AAT members on financial reporting and auditing issues.
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