International Financial Reporting Standards: A Practical Guide

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World Bank Publications, 2005 - Business & Economics - 297 pages
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Formerly titleInternational Accounting Standards: A Practical Guide, this third edition summarizes each International Financial Report 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 2003.
 

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Contents

V
3
VI
11
VII
15
IX
31
X
41
XI
47
XII
49
XIII
60
XXVII
169
XXIX
176
XXX
183
XXXI
190
XXXII
195
XXXIII
200
XXXV
214
XXXVI
229

XIV
68
XV
74
XVI
81
XVII
83
XVIII
91
XIX
96
XX
104
XXI
112
XXII
122
XXIII
134
XXIV
147
XXV
155
XXVI
164
XXXVII
231
XXXVIII
236
XXXIX
239
XL
244
XLI
248
XLII
252
XLIII
257
XLIV
268
XLV
277
XLVI
286
XLVII
291
XLVIII
297
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Page 7 - 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 269 - An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Page 191 - 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 288 - ... 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 154 - Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.
Page 92 - 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 148 - 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 259 - Certain transaction-related contingent items (eg Performance bonds, bid bonds, warranties and standby letters of credit related to particular transactions).
Page 190 - ... 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 123 - 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.

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