International Financial Reporting: A Practical Guide

Front Cover
Half Title
Title Page
Copyright Page
Contents
Preface
Acknowledgements
List of international standards
Part 1 Introduction to Financial Reporting
	Chapter 1   The regulatory framework
		The need for regulation
		Sources of regulation
		Generally accepted accounting practice
		The International Accounting Standards Board
		The IASB standard-setting process
		The purpose of accounting standards
		Worldwide use of international standards
		First-time adoption of international  standards
		The International Sustainability Standards Board
	Chapter 2   The IASB conceptual framework
		Purpose and status of the IASB Conceptual Framework
		Objective of general purpose financial reporting
		Qualitative characteristics of financial information
		Financial statements and the reporting entity
		Elements of financial statements
		Recognition of the elements of financial statements
		Measurement of the elements of financial statements
		Presentation and disclosure
		Concepts of capital and capital maintenance
		Discounting and present value
	Chapter 3   Presentation of financial statements
		Purpose of financial statements
		Components of financial statements
		General features
		Structure and content of financial statements
		The statement of financial position
		The statement of comprehensive income
		The statement of changes in equity
		The notes to the financial statements
		Interim financial reporting
		Management commentary
		Making materiality judgements
		Exposure Draft ED/2019/7
	Chapter 4   Accounting policies, estimates and errors
		Accounting policies
		Accounting estimates
		Prior period errors
Part 2 Financial Reporting in Practice
	5   Property, plant and equipment
		Definition of property, plant and equipment
		Recognition of property, plant and equipment
		Initial measurement of property, plant and equipment
		Subsequent measurement of property, plant and equipment
		Depreciation
		Disclosure requirements
		Borrowing costs
		Government grants
		Investment property
		IFRS13 Fair Value Measurement
	Chapter 6   Intangible assets
		Definition of an intangible asset
		Initial recognition and measurement of intangible assets
		Subsequent measurement of intangible assets
		Amortisation of intangible assets
		Derecognition
		Disclosure requirements
		Goodwill
		IFRS3 Business Combinations
	Chapter 7   Impairment of assets
		Indications of impairment
		Recoverable amount
		Recognition and measurement of an impairment loss
		Cash-generating units
		Reversal of impairment losses
		Disclosure requirements
	Chapter 8   Non-current assets held for sale and discontinued operations
		Classification of non-current assets as held for sale
		Measurement of non-current assets held for sale
		Presentation of non-current assets held for sale
		Discontinued operations
	Chapter 9   Leases
		Definition of a lease
		Lease accounting by lessees
		Lease accounting by lessors
		Sale and leaseback transactions
	Chapter 10   Inventories
		Inventories
		Cost of inventories
		Cost formulas
		Net realisable value
		Disclosures relating to inventories
	Chapter 11   Financial instruments
		Definitions
		Classification of financial instruments
		Recognition and measurement
		Initial measurement of financial assets and liabilities
		Subsequent measurement of financial assets
		The effective interest method
		Subsequent measurement of financial liabilities
		Disclosure requirements
	Chapter 12   Provisions and events after the reporting period
		Recognition of a provision
		Measurement of a provision
		Application of the recognition and measurement rules
		Contingent liabilities and contingent assets
		Disclosure requirements
		Events after the reporting period
	Chapter 13   Revenue from contracts with customers
		Purpose and scope of IFRS15
		The five-step model
		Identifying the contract
		Identifying performance obligations
		Determining the transaction price
		Allocating the transaction price
		Satisfaction of performance obligations
		Contract costs
		Presentation and disclosure
		Guidance to the application of IFRS15
	Chapter 14   Employee benefits
		Short-term employee benefits
		Post-employment benefits
		Accounting for defined contribution plans
		Accounting for defined benefit plans
		Other long-term employee benefits
		Termination benefits
		Share-based payments
	Chapter 15   Taxation in financial statements
		Current tax
		Deferred tax
		The tax base concept
		IAS12 requirements with regard to deferred tax
		Disclosure requirements
	Chapter 16   Statement of cash flows
		Cash and cash equivalents
		Classification of cash flows by activity
		Interest, dividends and taxes
		Reporting cash flows from operating activities
		Disclosures
		Exposure Draft ED/2019/7
	Chapter 17   Financial reporting in hyperinflationary economies
		Historical cost accounting and its weaknesses
		Strengths of historical cost accounting
		Alternatives to historical cost accounting
		Hyperinflationary economies
		The restatement of financial statements
		Disclosures required by IAS29
Part 3 Consolidated Financial Statements
	Chapter 18   Groups of companies (1)
		Requirement to prepare consolidated financial statements
		Group statement of financial position at date of acquisition
		Group statement of financial position in subsequent years
		Partly-owned subsidiaries
		Preference shares
		Elimination of intra-group balances
		Unrealised profits
		Reporting period and accounting policies
		Disclosure requirements
	Chapter 19   Groups of companies (2)
		Group statement of comprehensive income
		Group statement of changes in equity
		Subsidiary acquired part way through an accounting period
	Chapter 20   Associates and joint arrangements
		Associates and significant influence
		The equity method
		Application of the equity method
		Joint arrangements
		Disclosure requirements
	Chapter 21   Related parties and changes in foreign exchange rates
		Related parties
		Definition of related party and related party transaction
		Disclosures required by IAS24
		Foreign exchange accounting
		Reporting foreign currency transactions
		Translation to a presentation currency
Part 4 Analysis of Financial Statements
	Chapter 22   Ratio analysis
		Accounting ratios
		Profitability ratios
		Liquidity ratios
		Efficiency ratios
		Investment ratios
		Limitations of ratio analysis
		Multivariate ratio analysis
	Chapter 23   Earnings per share
		Significance of EPS
		Calculation of basic EPS
		Shares issued during the accounting period
		Bonus issues
		Rights issues
		Calculation of diluted EPS
		Presentation and disclosure requirements
	Chapter 24   Segmental analysis
		Operating segments
		Reportable segments
		Disclosures required by IFRS8
Part 5 Small and Medium-sized Entities
	Chapter 25   The IFRS for SMEs Standard
		Small and medium-sized entities
		Concepts and pervasive principles
		Financial statement presentation
		Statement of financial position
		Statement of comprehensive income and income statement
		Statement of changes in equity and Statement of income and retained earnings
		Statement of cash flows
		Notes to the financial statements
		Consolidated and separate financial statements
		Accounting policies, estimates and errors
		Financial instruments
		Inventories
		Investments in associates and joint ventures
		Investment property
		Property, plant and equipment
		Intangible assets other than goodwill
		Business combinations and goodwill
		Leases
		Provisions and contingencies
		Liabilities and equity
		Revenue
		Government grants
		Borrowing costs
		Share-based payment
		Impairment of assets
		Employee benefits
		Income tax
		Foreign currency translation and Hyperinflation
		Events after the end of the reporting period
		Related party disclosures
		Specialised activities
		Transition to the IFRS for SMEs Standard
Part 6 Answers
	Answers to exercises
Index
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