Frequently asked questions in IFRS 1st Edition by Steven Collings 1119998972 9781119998976

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ISBN 10: 1119998972

ISBN 13: 9781119998976

Author: Steven Collings

A concise FAQ guide to IFRS principles and practices Co-written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book is a comprehensive guide to International Financial Reporting Standards (IFRS) which became mandatory in the EU in 2005, and they will almost certainly be adopted by most other developed countries in the near future. Unlike US-GAAP and other sets of standards, the IFRS are principles-based rather than rules-based, putting the onus of interpretation more on users than has previously been the case. Under IFRS users must understand the economic substance of operations, and they must be able to make assumptions, hypotheses, and estimations leading to an accounting treatment consistent with the general objectives of and principles behind IFRS financial reporting. In a handy, easy-to-navigate Q&A format, Frequently Asked Questions on IFRS provides accounting and finance professionals with the answers to some of the most commonly asked questions on the new standards. Covering the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions, and revenue recognition, the book also contains a valuable overview of the standards and the thinking behind them. Includes a comprehensive section on the new IFRS for small and medium enterprises Contains real-world examples from financial reports; a glossary of commonly used terms; and a ‘Test Your Knowledge’ section Provides a simple way to get up to speed on these often confusing, principles-based standards

Frequently asked questions in IFRS 1st Table of contents:

Chapter 1 What is the Role of the International Accounting Standards Board (IASB)?

What exactly does the IASB do and what are its objectives?

Answer

Chapter 2 Frequently Asked Questions

1.What is the Conceptual Framework?

Answer

2.What are the qualitative characteristics of financial statements?

Answer

3. What are the elements of the financial statements?

Answer

4. Can you change accounting policies and, if so, how do you do it?

Answer

5.What are accounting estimates and how are these accounted for?

Answer

6.What is defined as current and non-current under IFRS?

Answer

7.What happens when an entity adopts IFRS for the first time?

Answer

8. What happens when one company acquires another company?

Answer

9.What are step acquisitions?

Answer

10.What are deemed disposals in business combinations?

Answer

11.Why are consolidated financial statements prepared and how do these differ from separate financia

Answer

12.How is an associate defined under IFRS?

Answer

13.How do you account for an associate under IFRS?

Answer

14.What are joint arrangements and joint ventures?

Answer

15.How do you account for a joint venture under IFRS?

Answer

16.How does an entity deal with exchange rate differences?

Answer

17.How and when does an entity recognize a non-current tangible asset?

Answer

18. What is the accounting treatment for non-current assets held for sale?

Answer

19.Can internally generated goodwill be recognized on the statement of financial position?

Answer

20.What are intangible non-current assets, other than goodwill?

Answer

21.How does an entity deal with investment property in the statement of financial position?

Answer

22.What is an impairment test?

Answer

23. How does an entity account for borrowing costs (interest) incurred whilst constructing an asset?

Answer

24.What is the difference between a revaluation of property, plant and equipment, and the revaluatio

Answer

25.What distinguishes whether an asset to be disposed of is classified as held for sale?

Answer

26.What are the accounting principles under IFRS for inventories?

Answer

27. If a company enters into construction contracts, how does it account for these?

Answer

28. What are the rules where leases are concerned?

Answer

29.Are there any changes planned for lease accounting?

Answer

30.When a company receives a government grant, how does it account for this?

Answer

31. What are the different categories of revenue under IFRS and how do they differ from gains?

Answer

32. How does a company recognize revenue in its income statement/statement of profit or loss?

Answer

33. What is the difference between current and deferred tax?

Answer

34.How do you work out deferred tax under IFRS?

Answer

35.How does an entity recognize a deferred tax asset?

Answer

36.What are the different types of share-based payment transactions?

Answer

37.How are share-based payments accounted for under IFRS?

Answer

38. What is the difference between a defined contribution pension plan and a defined benefit pension

Answer

39. How are short-term employee benefits accounted for under IFRS?

40.What are operating segments?

Answer

41.What are the disclosure requirements for operating segments?

Answer

42.Why does a company have to report earnings per share and how are these calculated?

Answer

43.What are events after the reporting period and how do you differentiate between an adjusting and

Answer

44. What is the difference between a provision and a contingent liability?

Answer

45.How is a provision accounted for under IFRS?

Answer

46.What disclosures are needed for contingent liabilities?

Answer

47.Why is a statement of cash flows produced as part of the primary financial statements under IFRS?

Answer

48.What is the prescribed method for preparing a statement of cash flows?

Answer

49.How are agricultural and biological assets accounted For?

Answer

50. If a company operates in a hyperinflationary economy, how should the financial statements be pre

Answer

51.What is an audit of a company’s financial statements and are there any ethical issues that affe

Answer

53.How are financial assets and financial liabilities accounted for?

Answer

54.What is the IFRS for SMEs and how is it structured?

Answer

Chapter 3 Test Your Knowledge

Chapter 4 Answers

Chapter 5 Additional Recommended Reading

IFRS for Dummies

Interpretation and Application of International Standards on Auditing

International GAAP 2012

Appendix: The Differences Between Full IFRS and IFRS for SMEs

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