Description
The one-stop resource for IFRS interpretation and application, updated for 2017
Wiley IFRS 2017 offers a complete resource for the interpretation and application of the latest International Financial Reporting Standards (IFRS) as outlined by the International Accounting Standards Board (IASB). With up-to-date coverage and a host of practical tools, this book provides invaluable guidance on the expanding framework for unified financial reporting. Organised for easy navigation, each chapter includes general statement information followed by topic-specific discussion to facilitate both quick-reference and in-depth study. The expert team at PKF International provides authoritative insight from a practitioner's perspective: IFRIC interpretations and practical real-world guidance ensure full understanding of the newest standards, and the Disclosure Checklist helps verify compliance.
The IASB's efforts are paying off as more and more countries around the globe either adopt IFRS as their national standards, or adjust local standards in alignment. A working understanding of IFRS application is becoming essential, even as the rules continue to evolve. This book provides full coverage of the latest standards and thorough guidance for implementation.
- Review the latest IFRS rules and standards
- Apply guidelines and best practices appropriately
- Gain expert insight on IFRS interpretation and implementation
- Ensure compliance and verify completeness
Uniform financial reporting reduces the costs of financial statement preparation for multinational companies, and streamlines the assessment of business results. As the standards themselves evolve, so must practitioners' understanding of how to apply them correctly in real-world cases. Wiley IFRS 2017 offers a complete, up-to-date reference to help you apply and comply with the latest international standards.
Table of Contents
About the Authors vii
1 Introduction to International Financial Reporting Standards 1
2 Conceptual Framework 27
3 Presentation of Financial Statements 43
4 Statement of Financial Position 63
5 Statements of Profit or Loss and Other Comprehensive Income, and Changes in Equity 79
6 Statement of Cash Flows 99
7 Accounting Policies, Changes in Accounting Estimates, and Errors 117
8 Inventories 137
9 Property, Plant and Equipment 155
10 Borrowing Costs 189
11 Intangible Assets 197
12 Investment Property 227
13 Impairment of Assets and Non-Current Assets Held for Sale 241
14 Consolidations, Joint Arrangements, Associates and Separate Financial Statements 265
15 Business Combinations 317
16 Shareholders’ Equity 373
17 Share-Based Payment 395
18 Current Liabilities, Provisions, Contingencies and Events After the Reporting Period 425
19 Employee Benefits 459
20 Revenue Recognition, Including Construction Contracts 485
21 Government Grants 519
22 Leases 533
23 Foreign Currency 589
24 Financial Instruments 619
25 Fair Value 747
26 Income Taxes 777
27 Earnings per Share 813
28 Operating Segments 833
29 Related-Party Disclosures 851
30 Accounting and Reporting by Retirement Benefit Plans 865
31 Agriculture 873
32 Extractive Industries 889
33 Accounting for Insurance Contracts 899
34 Interim Financial Reporting 911
35 Hyperinflation 933
36 First-Time Adoption of International Financial Reporting Standards 943
Index 975
