An Executive Guide to IFRS [Elektronisk resurs] : Content, Costs and Benefits to Business.

Description based upon print version of record.

An Executive Guide to IFRS Content: Costs and Benefits to Business; CONTENTS; Preface; Acknowledegment; About the author; 1 Worldwide convergence on IFRS; Convergence; Large company advantages; Why governments support IFRS; The use of IAS/IFRS in the world; Problems with convergence; Modified convergence; Small and medium-sized business; Conclusion; 2 Content of financial statements; IAS 1 presentation of financial statements; Statement of Comprehensive Income; Statement of Financial Position; Statement of Cash Flows; Statement of Changes in Equity; Accounting policies and changes

Fair presentationConventions; Interim financial statements; Conclusion; Appendix: The IASB Conceptual Framework; Qualitative characteristics; Assets and liabilities; 3 Investments in other companies; Consolidation; Translation of foreign subsidiaries; Business combinations; Investments in associates; Joint ventures; Assets held for disposal; Equity investments; Conclusion; Appendix: Fair value measurement; The market; Measurement hierarchy; Highest and best use; Liabilities; Conclusion; 4 Income statement items; Revenue recognition; Agriculture; Government grants; Pensions; Stock options

InventoriesIncome taxes; Interest expense; Foreign exchange differences; Accounting in hyperinflationary economies; Conclusion; 5 Balance sheet items; Property, plant and equipment; Investment property; Leased assets; Intangible assets; Mineral rights; Impairment; Assets held for sale; Financial instruments; Disclosures about financial instruments; Defining equity; Liabilities; Contingent liabilities; Conclusion; 6 Other significant standards; First time adoption; Related party transactions; Segment reporting; Concessions; Events after balance sheet date; Insurance; Conclusion

7 The IFRS for SMEsDevelopment of the standard; Content; Conclusion; 8 Comparison with US GAAP; Conceptual Framework; Consolidation; Financial instruments; Offsetting; Non-financial assets; Impairment; Miscellaneous; Conclusion; 9 The IASB's standard-setting process; Due process; Discussion paper; Exposure draft; New standard; Interpretations; Structure; Finance; Lobbying the IASB; Monitoring the IASB; Conclusion; 10 History of the IASB; The start-up phase; Steady progress; The enhancement phase; Transition; Global convergence; Relations with the US; Relations with Europe

The financial crisisConclusion; 11 Observer notes; Standard-setters are people; What sort of people?; What do they think?; Fair value controversies; Executory contracts; True and fair view; Anti-abuse measures; Conclusions; Further reading; Index;

"A comprehensive and invaluable guide to IFRS which users will find indispensable in correctly applying the complex and onerous requirements of IFRS and IAS."Steve Collings FMAAT FCCA, Leavitt Walmsley Associates and author of Interpretation and Application of International Standards on Auditing International Financial Reporting Standards have been mandatory in the EU since 2005 and are rapidly being adopted by countries throughout the world. In this environment it is increasingly important for managers, executives and CEOs to understand the background of the IFRS and their main requirements.