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Understanding the main concepts of IFRS Standards
The fourth edition of Applying IFRS Standards explains the core principles of International Financial Reporting (IFRS) Standards. It also addresses the skills needed to apply the standards in business environments. The book begins with an overview of the International Accounting Standards Board (IASB) and how it establishes accounting standards. The general book topics are then covered in detail and include: income taxes, financial instruments, fair value measurement, property, inventories, employee benefits and more. Discussion questions, exercises and references are provided throughout the book.
Part 1 CONCEPTUAL FRAMEWORK 1
1 The IASB and its Conceptual Framework 3
Part 2 ELEMENTS 19
2 Owners' equity: share capital and reserves 21
3 Fair value measurement 49
4 Revenue from contracts with customers 73
5 Provisions, contingent liabilities and contingent assets 95
6 Income taxes 123
7 Financial instruments 155
8 Share-based payment 199
9 Inventories 219
10 Employee benefits 245
11 Property, plant and equipment 275
12 Leases 321
13 Intangible assets 355
14 Business combinations 379
15 Impairment of assets 417
Online chapter A Exploration for and evaluation of mineral resources
Online chapter B Agriculture
PART 3 PRESENTATION AND DISCLOSURES 447
16 Financial statement presentation 449
17 Statement of cash flows 485
18 Operating segments 517
19 Other key notes disclosures 537
PART 4 ECONOMIC ENTITIES 559
20 Consolidation: controlled entities 561
21 Consolidation: wholly owned subsidiaries 577
22 Consolidation: intragroup transactions 605
23 Consolidation: non-controlling interest 635
24 Translation of the financial statements of foreign entities 679
Online chapter C Associates and joint ventures
Online chapter D Joint arrangements
The vision of the IFRS Foundation to establish a truly global language for accounting has now been realised in 100+ of the world's jurisdictions and continues to generate public support from the G20 and major international organisations such as World Bank, IMF, Basel Committee, IOSCO and IFAC. The widespread adoption of the IFRS Standards has enabled greater fluency in international financial reporting and established a global understanding of accountancy practice in an increasingly internationalised business world. An accountancy professional able to master the Standards now has the opportunity to ply their trade in the world's major business centres without the need for local accounting knowledge.
Written in collaboration with EY, Applying IFRS Standards, fourth edition, is the ideal companion for both accountancy students and professionals aiming to develop a complete understanding of IFRS Standards. Authored by a selection of leading academics and professionals, the book explains the key concepts and applications of IFRS Standards, using a wealth of insights and examples sourced from across the international business world. In addition to a comprehensive factual breakdown of the IFRS Standards, each chapter in the first three parts of the book is accompanied by an academic perspective, which offers readers critical interpretations designed to bring context to the often complex world of IFRS Standards.
Applying IFRS Standards, fourth edition, comes equipped with discussion questions and exercises at the end of each chapter, specifically designed to test the reader's understanding of the content. A wealth of additional learning materials can also be found at www.wiley.com/college/picker, including:
- Four additional chapters: Exploration for and evaluation of mineral resources; Agriculture; Associates and joint ventures; Joint arrangements
- Instructor slides
- Testbank
- Additional exercises
- Solutions manual
- Access to the IFRS Standards Learning Resources