Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, Chinese GAAP, and Indian GAAP

811 Pages·2012·5.51 MB·English

by  Abbas A. Mirza

International
Trends in
Financial
Reporting
under IFRS
International
Trends in
Financial
Reporting
under IFRS
Including Comparisons with
US GAAP, China GAAP, and
India Accounting Standards
Abbas Ali Mirza Nandakumar Ankarath

JOHN WILEY & SONS, INC.
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Library of Congress Cataloging-in-Publication Data
Mirza, Abbas Ali.
Wiley international financial reporting trends / Abbas Ali Mirza and A. Nandakumar.
p. cm.
Includes index.
ISBN 978-0-470-17844-7 (pbk.); ISBN 978-1-118-22009-2 (ebk); ISBN 978-1-118-23382-5 (ebk); ISBN 978-1-118-25846-0 (ebk)
Printed in the United States
1. Financial statements. 2. Corporation reports—Periodicals. 3. Accounting—Standards. 4. International business enterprises—
Accounting. I. Nandakumar, Ankarath. II. Title.
HF5681.B2M52 2012
657'.32—dc23
2012005818
Printed in the United States of America
10 9 8 7 6 5 4 3 2 1
Contents
Preface ix
Acknowledgments xi
About the Authors xiii
About the Contributors xv
SECTION I: INTRODUCTION TO IFRS AND IASB FRAMEWORK 1
Chapter 1: Introduction to International Financial Reporting
Standards 3
Chapter 2: IASB Framework for the Preparation and
Presentation of Financial Statements 13
SECTION II: PRESENTATION OF FINANCIAL STATEMENTS 17
Chapter 3: Presentation of Financial Statements (IAS 1) 19
Chapter 4: Statement of Cash Flows (IAS 7) 55
Chapter 5: Accounting Policies, Changes in Accounting
Estimates and Errors (IAS 8) 65
Chapter 6: Events after the Reporting Date (IAS 10) 73
SECTION III: REVENUE 81
Chapter 7: Revenue (IAS 18) 83
Chapter 8: Construction Contracts (IAS 11) 95
Chapter 9: Accounting for Government Grants and
Disclosure of Government Assistance (IAS 20) 99
Chapter 10: Agriculture (IAS 41) 105
SECTION IV: NONCURRENT ASSETS, PROVISIONS, CURRENT
LIABILITIES AND ASSETS 109
Chapter 11: Property, Plant and Equipment (IAS 16) 111
Chapter 12: Borrowing Costs (IAS 23) 131
Chapter 13: Provisions, Contingent Liabilities and Contingent
Assets (IAS 37) 143
Chapter 14: Intangible Assets (IAS 38) 159
Chapter 15: Investment Property (IAS 40) 179
v
SECTION V: INVESTMENTS IN ASSOCIATES, JOINT VENTURES,
SUBSIDIARIES, IMPAIRMENT OF ASSETS AND
BUSINESS COMBINATIONS 191
Chapter 16: Consolidated Financial Statements and Separate
Financial Statements (IAS 27) 193
Chapter 17: Investments in Associates (IAS 28) 215
Chapter 18: Interests in Joint Ventures (IAS 31) 219
Chapter 19: Impairment of Assets (IAS 36) 249
Chapter 20: Business Combinations (IFRS 3) 263
Chapter 21: Non-Current Assets Held for Sale and
Discontinued Operations (IFRS 5) 281
SECTION VI: FINANCIAL INSTRUMENTS 289
Chapter 22: Financial Instruments: Presentation (IAS 32) 291
Chapter 23: Financial Instrument: Recognition and
Measurement (IAS 39) 293
Chapter 24: Financial Instrument Disclosures (IFRS 7) 297
SECTION VII: EMPLOYEE BENEFITS AND SHARE-BASED PAYMENTS 329
Chapter 25: Employee Benefits (IAS 19) 331
Chapter 26: Share-Based Payments (IFRS 2) 363
SECTION VIII: STANDARDS APPLICABLE TO PUBLIC LISTED
COMPANIES 373
Chapter 27: Earnings per Share (IAS 33) 375
Chapter 28: Interim Financial Reporting (IAS 34) 383
Chapter 29: Operating Segments (IFRS 8) 397
SECTION IX: INDUSTRY-SPECIFIC STANDARDS AND STANDARDS
APPLICABLE IN SPECIFIC SITUATIONS 427
Chapter 30: Accounting and Reporting by Retirement Benefit
Plans (IAS 26) 429
Chapter 31: Financial Reporting in Hyperinflationary
Economies (IAS 29) 433
Chapter 32: First-Time Adoption of International Financial
Reporting Standards (IFRS 1) 437
Chapter 33: Insurance Contracts (IFRS 4) 445
Chapter 34: Exploration for and Evaluation of Mineral
Resources (IFRS 6) 465
vi
SECTION X: OTHER GENERAL STANDARDS 489
Chapter 35: Inventories (IAS 2) 491
Chapter 36: Income Taxes (IAS 12) 505
Chapter 37: Leases (IAS 17) 541
Chapter 38: The Effects of Changes in Foreign Exchange
Rates (IAS 21) 553
Chapter 39: Related Party Disclosures (IAS 24) 563
APPENDICES: STANDARDS ISSUED BUT NOT EFFECTIVE
IMMEDIATELY WITH EARLIER APPLICATION
PERMISSIBLE 57
Appendix A: Financial Instruments (IFRS 9) 579
Appendix B: New IFRS Issued and Amendments to Existing
Standards Effective in 2011 and Later Years 587
APPENDICES: COMPARISON OF IFRS TO OTHER ACCOUNTING
STANDARDS 59
Appendix C: Comparison of IFRS with US GAAP 601
Appendix D: Comparison of IFRS with India Accounting
Standards 63
Appendix E: Comparison of IFRS with China GAAP 707
Index 783

vii