International Accounting Standards: A Practical Guide

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World Bank Publications, Jan 1, 2001 - Business & Economics - 171 pages
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This book summarizes each International Accounting Standard in order to provide a broad and basic understanding of the key issues for each standard. In addition to these short summaries, each chapter contains a case study that stresses the practical application of key concepts in a particular standard. This provides the non-technical reader with the tools to participate in discussions on the appropriateness and application of a standard to a given situation. All of the accounting standards, issued by the International Accounting Standards Committee (IASC) are included in this book, as well as interpretations disseminated by the Standards Interpretations Committee (SIC) through 31 December 2000. This publication has been published previously in Russian-English and French-English editions. The second edition is the only English only version of this publication.

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Page 112 - An equity instrument is any contract that evidences a residual interest in the assets of an enterprise after deducting all of its liabilities.
Page 161 - IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries...
Page 141 - ... probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability.
Page 130 - ... the nature and amount of items affecting assets, • liabilities, equity, net income, or cash flows that are • unusual because of their nature, size, or incidence...
Page 2 - Framework states that the objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.
Page 146 - An intangible asset is an identifiable non-monetary asset, without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.
Page 101 - Certain transaction-related contingent items (eg Performance bonds, bid bonds, warranties and standby letters of credit related to particular transactions).
Page 6 - An item that meets the definition of an element should be recognised if: (a) it is probable that any future economic benefit associated with the item will flow to or from the enterprise; and (b) the item has a cost or value that can be measured with reliability.
Page 19 - Additional information may be relevant to users in understanding the financial position and liquidity of an enterprise. Disclosure of this information, together with a commentary by management, is encouraged and may include: (a) the amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments, indicating any restrictions on the use of these facilities...
Page 130 - This creates a lacuna dealt with by paragraph 26, which requires that if an estimate of an amount reported in an interim period is changed significantly during the final interim period of the financial year but a separate financial report is not published for that final interim period, the nature and amount of that change in estimate should be disclosed in a note to the annual financial statements for that financial year.

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