International Financial Reporting Standards: A Practical Guide
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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accounting policies ACCOUNTING TREATMENT acquisition adjusted amortization applied assets and liabilities balance sheet date biological assets business combination Calculation capital carrying amount cash flow statement cash flows contingent liabilities costs debt December 31 deferred tax depreciation determined disclosed dividends eamings earnings earnings per share effect employee entity entity's equipment equity instruments example fair value less finance lease FINANCIAL ANALYSIS financial assets financial instruments financial ratios financial report financial statements functional currency future gain or loss goodwill hedge IBRD IFRS impairment loss income statement incorrect intangible assets interest rate inventory investment property joint ventures KEY CONCEPTS lease payments measured method obligation operating cash flow options outflow percent period present value PRESENTATION AND DISCLOSURE PROBLEMS ADDRESSED profit or loss purchase recognition recognized restated result revaluation revenue risk segment share options share-based payment subsidiary tax expense transactions
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 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...