Applying IFRS Standards

Höfundur: Ruth Picker (Útgáfa: 5)
Applying IFRS Standards

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A comprehensive IFRS practice resource from leading accounting authorities In the newly revised fifth edition of Applying IFRS® Standards, a team of accounting experts delivers a comprehensive practice resource designed for accountancy students and accounting practitioners seeking to better understand the complexities of International Financial Reporting Standards (IFRS). The book begins with an overview of the International Accounting Standards Board (IASB) and explains how it establishes accounting standards, before moving on to a discussion of the key concepts and applications of IFRS.

It offers insights and examples sourced from the international business world and addresses the skills you need to apply the standards in real-world business environments. In addition to a comprehensive factual breakdown of the IFRS Standards, parts of the book are accompanied by an academic perspective, which offers key relevant research findings. Applying IFRS® Standards provides discussion questions, exercises, and references, as well as complimentary access to a companion website that contains additional chapters, instructor slides, test banks, more exercises, a solutions manual, and new IFRS Learning Resources.

Nánar um bókina

Útgefandi
Wiley Professional Development (P&T)
ISBN
9781394235919
Print ISBN
9781394235933
Format
ePub
Útgáfa
5
Höfundar
Ruth Picker
Tungumál
English
Útgefið
2025-04-17
Prent takmörkun á líftíma
100
Prent takmörkun
10
Afritunar takmörkun
2

Kaflar

  • Cover
  • Table of Contents
  • Title Page
  • Copyright
  • From the Profession
  • Preface
  • About the Authors
  • Acronyms
  • Part 1: Conceptual Framework
  • 1 The IASB and its Conceptual Framework
  • INTRODUCTION
  • 1.1 THE IFRS FOUNDATION AND THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
  • 1.2 THE PURPOSE OF A CONCEPTUAL FRAMEWORK
  • 1.3 QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION
  • 1.4 GOING CONCERN ASSUMPTION
  • 1.5 DEFINITION OF ELEMENTS IN FINANCIAL STATEMENTS
  • 1.6 RECOGNITION OF ELEMENTS OF FINANCIAL STATEMENTS
  • 1.7 DERECOGNITION
  • 1.8 MEASUREMENT OF THE ELEMENTS
  • 1.9 UNIT OF ACCOUNT
  • 1.10 PRESENTATION AND DISCLOSURE
  • 1.11 CONCEPTS OF CAPITAL
  • 1.12 SUMMARY
  • Discussion questions
  • References
  • Part 2: Elements
  • 2 Financial statement presentation
  • INTRODUCTION
  • 2.1 COMPONENTS OF FINANCIAL STATEMENTS
  • 2.2 GENERAL PRINCIPLES OF FINANCIAL STATEMENTS
  • 2.3 STATEMENT OF FINANCIAL POSITION
  • 2.4 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
  • 2.5 STATEMENT OF CHANGES IN EQUITY
  • 2.6 NOTES
  • 2.7 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
  • 2.8 EVENTS AFTER THE REPORTING PERIOD
  • 2.9 FUTURE DEVELOPMENTS
  • 2.10 SUMMARY
  • Discussion questions
  • References
  • 3 Revenue from contracts with customers
  • 3.1 INTRODUCTION
  • 3.2 SCOPE
  • 3.3 IDENTIFY THE CONTRACT WITH THE CUSTOMER
  • 3.4 IDENTIFY THE PERFORMANCE OBLIGATIONS
  • 3.5 DETERMINE THE TRANSACTION PRICE
  • 3.6 ALLOCATE THE TRANSACTION PRICE
  • 3.7 SATISFACTION OF PERFORMANCE OBLIGATIONS
  • 3.8 CONTRACT COSTS
  • 3.9 OTHER APPLICATION ISSUES
  • 3.10 PRESENTATION AND DISCLOSURES
  • 3.11 SUMMARY
  • Discussion questions
  • Reference
  • Note
  • 4 Inventories
  • 4.1 INTRODUCTION
  • 4.2 THE NATURE OF INVENTORIES
  • 4.3 MEASUREMENT OF INVENTORY
  • 4.4 DETERMINATION OF COST
  • 4.5 RECORDING INVENTORY TRANSACTIONS
  • 4.6 END‐OF‐PERIOD ACCOUNTING
  • 4.7 ASSIGNING COSTS TO INVENTORY ON SALE
  • 4.8 NET REALISABLE VALUE
  • 4.9 RECOGNITION AS AN EXPENSE
  • 4.10 DISCLOSURE
  • 4.11 SUMMARY
  • 5 Property, plant and equipment
  • 5.1 THE NATURE OF PROPERTY, PLANT AND EQUIPMENT
  • 5.2 INITIAL RECOGNITION OF PROPERTY, PLANT AND EQUIPMENT
  • 5.3 INITIAL MEASUREMENT OF PROPERTY, PLANT AND EQUIPMENT
  • 5.4 MEASUREMENT SUBSEQUENT TO INITIAL RECOGNITION
  • 5.5 THE COST MODEL
  • 5.6 THE REVALUATION MODEL
  • 5.7 CHOOSING BETWEEN THE COST MODEL AND THE REVALUATION MODEL
  • 5.8 DERECOGNITION
  • 5.9 DISCLOSURE
  • 5.10 INVESTMENT PROPERTIES
  • 5.11 SUMMARY
  • References
  • 6 Intangible assets
  • INTRODUCTION
  • 6.1 THE NATURE OF INTANGIBLE ASSETS
  • 6.2 RECOGNITION AND INITIAL MEASUREMENT
  • 6.3 MEASUREMENT SUBSEQUENT TO INITIAL RECOGNITION
  • 6.4 RETIREMENTS AND DISPOSALS
  • 6.5 DISCLOSURE
  • 6.6 SUMMARY
  • Discussion questions
  • References
  • 7 Impairment of assets
  • 7.1 INTRODUCTION TO IAS 36
  • 7.2 WHEN TO UNDERTAKE AN IMPAIRMENT TEST
  • 7.3 IMPAIRMENT TEST FOR AN INDIVIDUAL ASSET
  • 7.4 CASH‐GENERATING UNITS — EXCLUDING GOODWILL
  • 7.5 CASH‐GENERATING UNITS AND GOODWILL
  • 7.6 REVERSAL OF AN IMPAIRMENT LOSS
  • 7.7 DISCLOSURE
  • 7.8 SUMMARY
  • Discussion questions
  • References
  • 8 Fair value measurement
  • 8.1 INTRODUCTION
  • 8.2 THE DEFINITION OF FAIR VALUE
  • 8.3 THE FAIR VALUE FRAMEWORK
  • 8.4 APPLICATION TO NON‐FINANCIAL ASSETS
  • 8.5 APPLICATION TO LIABILITIES
  • 8.6 APPLICATION TO MEASUREMENT OF AN ENTITY'S OWN EQUITY
  • 8.7 DISCLOSURE
  • 8.8 SUMMARY
  • Discussion questions
  • References
  • 9 Leases
  • 9.1 INTRODUCTION
  • 9.2 BACKGROUND OF CURRENT LEASE ACCOUNTING
  • 9.3 SCOPE AND LESSEE EXEMPTIONS
  • 9.4 WHAT IS A LEASE?
  • 9.5 LESSEE ACCOUNTING
  • 9.6 LESSEE PRESENTATION AND DISCLOSURE
  • 9.7 LEASE CLASSIFICATION BY LESSORS
  • 9.8 ACCOUNTING FOR FINANCE LEASES BY LESSORS
  • 9.9 ACCOUNTING FOR FINANCE LEASES BY MANUFACTURER OR DEALER LESSORS
  • 9.10 ACCOUNTING FOR OPERATING LEASES BY LESSORS
  • 9.11 ACCOUNTING FOR SALE AND LEASEBACK TRANSACTIONS
  • 9.12 SUMMARY
  • 10 Provisions, contingent liabilities and contingent assets
  • 10.1 INTRODUCTION TO IAS 37
  • 10.2 SCOPE
  • 10.3 WHAT IS A PROVISION?
  • 10.4 WHAT IS A CONTINGENT LIABILITY?
  • 10.5 DISTINGUISHING A CONTINGENT LIABILITY FROM A PROVISION
  • 10.6 MEASUREMENT OF PROVISIONS
  • 10.7 APPLICATION OF THE DEFINITIONS, RECOGNITION AND MEASUREMENT RULES
  • 10.8 CONTINGENT ASSETS
  • 10.9 DISCLOSURE
  • 10.10 SUMMARY
  • Discussion questions
  • References
  • Note
  • 11 Employee benefits
  • 11.1 INTRODUCTION TO ACCOUNTING FOR EMPLOYEE BENEFITS
  • 11.2 SCOPE AND PURPOSE OF IAS 19
  • 11.3 DEFINING EMPLOYEE BENEFITS
  • 11.4 SHORT‐TERM EMPLOYEE BENEFITS
  • 11.5 POST‐EMPLOYMENT BENEFITS
  • 11.6 ACCOUNTING FOR DEFINED CONTRIBUTION POST‐EMPLOYMENT PLANS
  • 11.7 ACCOUNTING FOR DEFINED BENEFIT POST‐EMPLOYMENT PLANS
  • 11.8 OTHER LONG‐TERM EMPLOYEE BENEFITS
  • 11.9 TERMINATION BENEFITS
  • 11.10 SUMMARY
  • Discussion questions
  • References
  • 12 Owners' equity: share capital and reserves
  • 12.1 EQUITY
  • 12.2 FOR‐PROFIT COMPANIES
  • 12.3 KEY FEATURES OF CORPORATE STRUCTURE
  • 12.4 DIFFERENT FORMS OF SHARE CAPITAL
  • 12.5 CONTRIBUTED EQUITY: ISSUE OF SHARE CAPITAL
  • 12.6 CONTRIBUTED EQUITY: SUBSEQUENT MOVEMENTS IN SHARE CAPITAL
  • 12.7 SHARE CAPITAL: SUBSEQUENT DECREASES IN SHARE CAPITAL
  • 12.8 RESERVES
  • 12.9 DISCLOSURE
  • 12.10 SUMMARY
  • Discussion questions
  • References
  • Notes
  • 13 Financial instruments
  • 13.1 INTRODUCTION
  • 13.2 WHAT IS A FINANCIAL INSTRUMENT?
  • 13.3 FINANCIAL ASSETS AND FINANCIAL LIABILITIES
  • 13.4 DISTINGUISHING FINANCIAL LIABILITIES FROM EQUITY INSTRUMENTS
  • 13.5 COMPOUND FINANCIAL INSTRUMENTS
  • 13.6 INTEREST, DIVIDENDS, GAINS AND LOSSES
  • 13.7 FINANCIAL ASSETS AND FINANCIAL LIABILITIES: SCOPE
  • 13.8 DERIVATIVES AND EMBEDDED DERIVATIVES
  • 13.9 FINANCIAL ASSETS AND FINANCIAL LIABILITIES: CATEGORIES OF FINANCIAL INSTRUMENTS
  • 13.10 FINANCIAL ASSETS AND FINANCIAL LIABILITIES: RECOGNITION CRITERIA
  • 13.11 FINANCIAL ASSETS AND FINANCIAL LIABILITIES: MEASUREMENT
  • 13.12 FINANCIAL ASSETS AND FINANCIAL LIABILITIES: OFFSETTING
  • 13.13 HEDGE ACCOUNTING
  • 13.14 DISCLOSURES
  • 13.15 SUMMARY
  • Discussion questions
  • Reference
  • 14 Share‐based payment
  • INTRODUCTION
  • 14.1 APPLICATION AND SCOPE
  • 14.2 CASH‐SETTLED AND EQUITY‐SETTLED SHARE‐BASED PAYMENT TRANSACTIONS
  • 14.3 RECOGNITION
  • 14.4 EQUITY‐SETTLED SHARE‐BASED PAYMENT TRANSACTIONS
  • 14.5 VESTING
  • 14.6 OTHER CONSIDERATIONS
  • 14.7 MODIFICATIONS TO TERMS AND CONDITIONS ON WHICH EQUITY INSTRUMENTS WERE GRANTED
  • 14.8 CASH‐SETTLED SHARE‐BASED PAYMENT TRANSACTIONS
  • 14.9 DISCLOSURE
  • 14.10 SUMMARY
  • Discussion questions
  • References
  • 15 Income taxes
  • 15.1 THE NATURE OF INCOME TAX
  • 15.2 DIFFERENCES BETWEEN ACCOUNTING PROFIT AND TAXABLE PROFIT
  • 15.3 ACCOUNTING FOR INCOME TAXES
  • 15.4 CALCULATION OF CURRENT TAX
  • 15.5 RECOGNITION OF CURRENT TAX
  • 15.6 PAYMENT OF TAX
  • 15.7 TAX LOSSES
  • 15.8 CALCULATION OF DEFERRED TAX
  • 15.9 RECOGNITION OF DEFERRED TAX LIABILITIES AND DEFERRED TAX ASSETS
  • 15.10 CHANGE OF TAX RATES
  • 15.11 OTHER ISSUES
  • 15.12 PRESENTATION IN THE FINANCIAL STATEMENTS
  • 15.13 DISCLOSURES
  • 15.14 SUMMARY
  • Discussion questions
  • References
  • Part 3: Presentation and Disclosures
  • 16 Statement of cash flows
  • INTRODUCTION AND SCOPE
  • 16.1 PURPOSE OF A STATEMENT OF CASH FLOWS
  • 16.2 DEFINING CASH AND CASH EQUIVALENTS
  • 16.3 CLASSIFYING CASH FLOW ACTIVITIES
  • 16.4 FORMAT OF THE STATEMENT OF CASH FLOWS
  • 16.5 PREPARING A STATEMENT OF CASH FLOWS
  • 16.6 OTHER DISCLOSURES
  • 16.7 FUTURE DEVELOPMENTS
  • 16.8 SUMMARY
  • References
  • 17 Key notes disclosures
  • 17.1 RELATED PARTY DISCLOSURES
  • 17.2 EARNINGS PER SHARE
  • 17.3 SUMMARY
  • Discussion questions
  • 18 Operating segments
  • 18.1 OBJECTIVES OF FINANCIAL REPORTING BY SEGMENTS
  • 18.2 SCOPE
  • 18.3 MANAGEMENT APPROACH VS RISKS AND REWARDS APPROACH
  • 18.4 IDENTIFYING OPERATING SEGMENTS
  • 18.5 IDENTIFYING REPORTABLE SEGMENTS
  • 18.6 APPLYING THE DEFINITION OF REPORTABLE SEGMENTS
  • 18.7 DISCLOSURE
  • 18.8 APPLYING THE DISCLOSURES IN PRACTICE
  • 18.9 SUMMARY
  • References
  • 19 Business combinations
  • 19.1 THE NATURE OF A BUSINESS COMBINATION
  • 19.2 ACCOUNTING FOR A BUSINESS COMBINATION — BASIC PRINCIPLES
  • 19.3 SUBSEQUENT ACCOUNTING FOR A BUSINESS COMBINATION
  • 19.4 DISCLOSURE — BUSINESS COMBINATIONS
  • 19.5 SUMMARY
  • Discussion questions
  • References
  • Part 4: Economic Entities
  • 20 Consolidation: controlled entities
  • 20.1 INTRODUCTION
  • 20.2 CONSOLIDATED FINANCIAL STATEMENTS
  • 20.3 CONTROL AS THE CRITERION FOR CONSOLIDATION
  • 20.4 PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
  • 20.5 BUSINESS COMBINATIONS AND CONSOLIDATION
  • 20.6 DISCLOSURE
  • Discussion questions
  • 21 Consolidation: wholly owned subsidiaries
  • 21.1 THE CONSOLIDATION PROCESS
  • 21.2 CONSOLIDATION WORKSHEETS
  • 21.3 THE ACQUISITION ANALYSIS: DETERMINING GOODWILL OR BARGAIN PURCHASE
  • 21.4 WORKSHEET ENTRIES AT THE ACQUISITION DATE
  • 21.5 WORKSHEET ENTRIES SUBSEQUENT TO THE ACQUISITION DATE
  • 21.6 CONSOLIDATION WORKSHEET WHEN THE PARENT COMPANY ACCOUNTS FOR INVESTMENT IN SUBSIDIARY USING THE EQUITY METHOD
  • 21.7 DISCLOSURE
  • 21.8 SUMMARY
  • Discussion questions
  • 22 Consolidation: intragroup transactions
  • INTRODUCTION
  • 22.1 RATIONALE FOR ADJUSTING FOR INTRAGROUP TRANSACTIONS
  • 22.2 TRANSFERS OF INVENTORY
  • 22.3 INTRAGROUP SERVICES
  • 22.4 INTRAGROUP DIVIDENDS
  • 22.5 INTRAGROUP BORROWINGS
  • 22.6 SUMMARY
  • Discussion questions
  • 23 Consolidation: non-controlling interest
  • 23.1 NON-CONTROLLING INTEREST EXPLAINED
  • 23.2 EFFECTS OF NCI ON THE CONSOLIDATION PROCESS
  • 23.3 CALCULATING THE NCI SHARE OF EQUITY
  • 23.4 ADJUSTING FOR THE EFFECTS OF INTRAGROUP TRANSACTIONS
  • 23.5 GAIN ON BARGAIN PURCHASE
  • 23.6 SUMMARY
  • Discussion questions
  • 24 Translation of foreign currency transactions and the financial statements of foreign entities
  • 24.1 TRANSLATION OF FOREIGN CURRENCY TRANSACTIONS AND FOREIGN SUBSIDIARY'S STATEMENTS
  • 24.2 KEY CONCEPTS IN FOREIGN CURRENCY TRANSLATION
  • 24.3 FUNCTIONAL AND PRESENTATION CURRENCIES
  • 24.4 IDENTIFYING THE FUNCTIONAL CURRENCY
  • 24.5 TRANSLATION OF TRANSACTIONS INTO THE FUNCTIONAL CURRENCY
  • 24.6 TRANSLATION OF FINANCIAL STATEMENTS INTO THE FUNCTIONAL CURRENCY
  • 24.7 TRANSLATION INTO THE PRESENTATION CURRENCY
  • 24.8 CONSOLIDATING ACQUIRED FOREIGN SUBSIDIARIES — WHERE THE FUNCTIONAL CURRENCY IS NOT THE PRESENTATION CURRENCY
  • 24.9 CONSOLIDATING ACQUIRED FOREIGN SUBSIDIARIES — WHERE FUNCTIONAL CURRENCY IS THE PARENT'S REPORTING CURRENCY
  • 24.10 NET INVESTMENT IN A FOREIGN OPERATION
  • 24.11 DISCLOSURE
  • 24.12 SUMMARY
  • Discussion questions
  • References
  • Glossary
  • Index
  • End User License Agreement