International Financial Reporting Standards (IFRS) Workbook and Guide: Practical insights, Case studies, Multiple-choice questions, Illustrations

Wiley IFRS International Financial Reporting Standards Workbook and Guide......Page 5
CONTENTS......Page 7
FOREWORD by the Chairman of IASB......Page 9
FOREWORD by the Secretary General of IOSCO......Page 11
PREFACE......Page 13
ACKNOWLEDGMENTS......Page 15
ABOUT THE AUTHORS......Page 17
2. WORLDWIDE ADOPTION OF IFRS......Page 19
4. THE INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE......Page 20
5. THE INTERNATIONAL ACCOUNTING STANDARDS BOARD......Page 22
3. UNDERLYING ASSUMPTIONS......Page 25
4. QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS......Page 26
5. ELEMENTS OF FINANCIAL STATEMENTS......Page 27
6. CONCEPTS OF CAPITAL AND CAPITAL MAINTENANCE......Page 28
3. DEFINITIONS OF KEY TERMS......Page 30
6. OVERALL CONSIDERATIONS......Page 31
7. STRUCTURE AND CONTENT......Page 33
3. DEFINITIONS OF KEY TERMS......Page 38
5. COST OF INVENTORIES......Page 39
7. COST FORMULAS......Page 40
8. NET REALIZABLE VALUE......Page 42
10. DISCLOSURE......Page 43
4. BENEFITS OF PRESENTING A CASH FLOW STATEMENT......Page 45
5. CASH AND CASH EQUIVALENTS......Page 46
6. PRESENTATION OF THE CASH FLOW STATEMENT......Page 47
9. FINANCING ACTIVITIES......Page 48
11. DIRECT VERSUS INDIRECT METHOD......Page 49
12. REPORTING CASH FLOWS ON A GROSS BASIS VERSUS A NET BASIS......Page 51
17. OTHER DISCLOSURES REQUIRED AND RECOMMENDED BY IAS 7......Page 52
4. SELECTION AND APPLICATION OF ACCOUNTING POLICIES......Page 57
5. CONSISTENCY OF ACCOUNTING POLICIES......Page 58
7. APPLYING CHANGES IN ACCOUNTING POLICIES......Page 59
8. LIMITATIONS OF RETROSPECTIVE APPLICATION......Page 60
10. CHANGES IN ACCOUNTING ESTIMATES......Page 61
11. CORRECTION OF PRIOR-PERIOD ERRORS......Page 63
4. AUTHORIZATION DATE......Page 66
5. ADJUSTING AND NONADJUSTING EVENTS (after the balance sheet date)......Page 67
8. DISCLOSURE REQUIREMENTS......Page 69
3. COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS......Page 71
4. CONTRACT REVENUE......Page 72
6. RECOGNITION OF CONTRACT REVENUE AND EXPENSES......Page 73
9. PERCENTAGE OF COMPLETION METHOD......Page 74
10. DISCLOSURES......Page 76
2. DEFINITIONS OF KEY TERMS......Page 80
4. ACCOUNTING FOR DEFERRED TAX......Page 82
5. CONSOLIDATED FINANCIAL STATEMENTS......Page 83
6. TEMPORARY DIFFERENCES NOT RECOGNIZED FOR DEFERRED TAX......Page 84
7. DEFERRED TAX ASSETS......Page 85
10. CURRENT AND DEFERRED TAX RECOGNITION......Page 86
12. DISCLOSURE: KEY ELEMENTS......Page 87
3. IDENTIFYING BUSINESS AND GEOGRAPHICAL SEGMENTS......Page 93
4. REPORTABLE SEGMENTS......Page 94
5. SEGMENT INFORMATION......Page 96
6. DISCLOSURE......Page 99
4. RECOGNITION OF AN ASSET......Page 103
5. DEPRECIATION......Page 106
7. IFRIC INTERPRETATION 1......Page 107
8. DISCLOSURE......Page 108
4. CLASSIFICATION OF LEASES......Page 111
5. LEASES IN THE FINANCIAL STATEMENTS OF LESSEES......Page 113
6. LEASES IN THE FINANCIAL STATEMENTS OF LESSORS......Page 116
7. SALE AND LEASEBACK TRANSACTIONS AND OTHER TRANSACTIONS INVOLVING THE LEGAL FORM OF A LEASE......Page 117
2. SCOPE......Page 121
4. MEASUREMENT OF REVENUE......Page 122
6. SALE OF GOODS......Page 123
7. RENDERING OF SERVICES......Page 125
9. DISCLOSURES......Page 126
3. DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT PLANS—CLASSIFICATION......Page 128
7. ACCOUNTING FOR DEFINED CONTRIBUTION SCHEMES......Page 129
9. KEY INFORMATION: DEFINED BENEFIT PLANS......Page 130
10. BALANCE SHEET......Page 131
14. PENSION ASSETS AND LIABILITIES......Page 132
15. CURTAILMENTS AND SETTLEMENTS......Page 133
16. ACTUARIAL GAINS AND LOSSES—DEFINED BENEFIT PLANS......Page 134
17. DISCLOSURE......Page 135
3. DEFINITIONS OF KEY TERMS (in accordance with IAS 20)......Page 140
5. RECOGNITION OF GOVERNMENT GRANTS......Page 141
7. PRESENTATION OF GRANTS RELATED TO ASSETS......Page 144
10. DISCLOSURES......Page 145
3. FUNCTIONAL CURRENCY......Page 147
5. RECOGNITION OF EXCHANGE DIFFERENCES......Page 148
6. TRANSLATION TO THE PRESENTATION CURRENCY FROM THE FUNCTIONAL CURRENCY......Page 149
7. TRANSLATION OF A FOREIGN OPERATION......Page 151
9. DISCLOSURE......Page 152
3. DEFINITIONS OF KEY TERMS (in accordance with IAS 23)......Page 156
5. QUALIFYING ASSETS......Page 157
7. BORROWINGS ELIGIBLE FOR CAPITALIZATION......Page 158
8. EXCESS OF CARRYING AMOUNT OF THE QUALIFYING ASSET OVER THE RECOVERABLE AMOUNT......Page 159
12. DISCLOSURE......Page 160
2. SCOPE......Page 162
3. DEFINITIONS OF KEY TERMS (in accordance with IAS 24)......Page 163
4. EXPLANATION AND FURTHER ELABORATION OF THE DEFINITIONS......Page 164
6. DISCLOSURES......Page 167
3. DEFINITIONS OF KEY TERMS (in accordance with IAS 26)......Page 170
4. DEFINED CONTRIBUTION PLANS......Page 171
5. DEFINED BENEFIT PLANS......Page 172
6. ADDITIONAL DISCLOSURES REQUIRED BY THE STANDARD......Page 174
4. CONSOLIDATED FINANCIAL STATEMENT......Page 177
5. ACCOUNTING PROCEDURES......Page 178
6. DISCLOSURES......Page 179
3. SIGNIFICANT INFLUENCE......Page 184
4. Equity Method......Page 185
7. ACQUISITION OF AN ASSOCIATE AND ACCOUNTING TREATMENT......Page 186
8. IMPAIRMENT LOSSES......Page 187
9. DISCLOSURES......Page 188
4. FUNCTIONAL CURRENCY AND HYPERINFLATION......Page 190
6. INCOME STATEMENT......Page 191
7. SUNDRY POINTS......Page 192
8. DISCLOSURE......Page 193
4. REQUIRED DISCLOSURES......Page 195
3. DIFFERENT FORMS OF JOINT VENTURE......Page 200
6. JOINTLY CONTROLLED ENTITIES......Page 201
10. FINANCIAL STATEMENTS OF AN INVESTOR......Page 202
11. DISCLOSURE......Page 203
2. SCOPE AND DEFINITIONS OF KEY TERMS (in accordance with IAS 32)......Page 205
3. PRESENTATION OF LIABILITIES AND EQUITY......Page 208
4. PRESENTATION OF INTEREST, DIVIDENDS, LOSSES, AND GAINS......Page 214
5. DISCLOSURE......Page 216
2. SCOPE......Page 221
3. CLASSIFICATION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES INTO CATEGORIES......Page 223
4. RECOGNITION......Page 227
5. DERECOGNITION......Page 228
6. MEASUREMENT......Page 235
7. DERIVATIVES......Page 250
8. HEDGE ACCOUNTING......Page 254
4. PRESENTATION OF EARNINGS PER SHARE......Page 266
5. BASIC EARNINGS PER SHARE......Page 267
7. DILUTED EARNINGS PER SHARE......Page 269
9. DISCLOSURES......Page 274
4. EXPLANATORY NOTES......Page 278
8. SUNDRY POINTS......Page 279
3. IDENTIFYING AN IMPAIRMENT LOSS......Page 282
4. DETERMINATION OF A RECOVERABLE AMOUNT......Page 283
7. FUTURE CASH FLOWS......Page 284
8. DISCOUNT RATE......Page 285
10. CASH-GENERATING UNITS......Page 286
13. GROUP OR DIVISIONAL ASSETS (CORPORATE ASSETS)......Page 288
14. ALLOCATION OF IMPAIRMENT LOSS......Page 289
15. REVERSAL OF AN IMPAIRMENT LOSS......Page 290
16. DISCLOSURE REQUIREMENTS......Page 291
3. DEFINITIONS OF KEY TERMS (in accordance with IAS 37)......Page 294
4. PROVISIONS......Page 295
5. CONTINGENT LIABILITIES......Page 300
7. INTERPRETATION OF IAS 37 (IFRIC)......Page 301
8. DISCLOSURES......Page 302
3. DEFINITIONS OF KEY TERMS (in accordance with IAS 38)......Page 305
5. RECOGNITION AND MEASUREMENT......Page 306
6. INTERNALLY GENERATED INTANGIBLE ASSETS......Page 308
7. RECOGNITION OF AN EXPENSE......Page 310
9. MEASUREMENT AFTER RECOGNITION......Page 311
10. USEFUL LIFE......Page 312
14. DISCLOSURES......Page 313
3. INVESTMENT PROPERTY......Page 316
5. MEASUREMENT......Page 317
7. DISCLOSURES......Page 320
3. RECOGNITION AND MEASUREMENT......Page 324
4. GAINS AND LOSSES......Page 325
7. ISSUES IN IAS 41......Page 326
8. DISCLOSURES......Page 329
2. SCOPE......Page 332
3. DEFINITIONS OF KEY TERMS (in accordance with IFRS 1)......Page 333
5. OPENING IFRS BALANCE SHEET......Page 334
7. ACCOUNTING POLICIES......Page 335
9. RATIONALE BEHIND USING THE “CURRENT VERSION OF IFRS”......Page 336
12. BUSINESS COMBINATIONS......Page 337
16. COMPOUND FINANCIAL INSTRUMENTS......Page 338
19. PRESENTATION AND DISCLOSURE......Page 339
3. RECOGNITION OF SHARE-BASED PAYMENT......Page 344
4. EQUITY-SETTLED TRANSACTIONS......Page 345
5. CASH-SETTLED TRANSACTIONS......Page 346
6. TRANSACTIONS THAT CAN BE SETTLED FOR SHARES OR CASH......Page 347
7. DEFERRED TAX IMPLICATIONS......Page 348
8. DISCLOSURE......Page 349
2. DEFINITIONS OF KEY TERMS......Page 356
3. IDENTIFYING AN ACQUIRER......Page 357
5. NET ASSETS ACQUIRED......Page 358
7. PIECEMEAL ACQUISITION......Page 360
8. INITIAL ACCOUNTING......Page 362
9. DISCLOSURES......Page 363
3. FIRST PHASE......Page 368
6. ACCOUNTING UNDER IFRS 4......Page 369
7. DISCLOSURES......Page 370
2. DEFINITIONS OF KEY TERMS (in accordance with IFRS 5)......Page 374
3. EXTENSION OF PERIOD BEYOND ONE YEAR......Page 375
5. MEASUREMENT OF NONCURRENT ASSETS THAT ARE HELD FOR SALE......Page 376
7. DISCLOSURE: NONCURRENT ASSETS......Page 377
8. DISCONTINUED OPERATIONS: PRESENTATION AND DISCLOSURE......Page 379
3. DEFINITIONS OF KEY TERMS (in accordance with IFRS 6)......Page 383
4. RECOGNITION......Page 384
6. IMPAIRMENT......Page 385
7. DISCLOSURE......Page 386
2. SCOPE......Page 389
3. SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE......Page 390
4. NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS......Page 394
Index......Page 398