International Financial Reporting Standards: A Practical Guide

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World Bank Publications, 2006 - Business & Economics - 299 pages
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Now in its fourth edition, and with translations into 13 languages, this publication gives readers a broad and basic understanding of the key issues for each International Financial Reporting Standard. It summarizes each standard, providing a quick reference for managers and executives in the private and public sectors who may not have a strong background in accounting. All of the standards issued by the International Accounting Standards Board (IASB) through 31 May 2006 are included in this book.
 

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Page 8 - The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.
Page 262 - An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Page 193 - A provision should be recognized only when • an entity has a present obligation (legal or constructive) as a result of a past event (obligating event), • it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and • a reliable estimate can be made of the amount of the obligation.
Page 115 - ... (b) deductible temporary differences, which are temporary differences that will result in amounts that are deductible in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.
Page 275 - ... 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 150 - Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm's length transaction.
Page 150 - The above definition of fair value leads to what is ostensibly a simple rule, namely, that revenue should be measured at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the entity.
Page 193 - ... a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits...
Page 124 - 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 4 - 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.

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