Understanding IFRS Fundamentals 1st Edition by Nandakumar Ankarath, Kalpesh J Mehta, T P Ghosh ISBN 0470399147 9780470399149

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ISBN 10: 0470399147 
ISBN 13: 9780470399149
Author: Nandakumar Ankarath, Kalpesh J Mehta, T P Ghosh

A one-stop resource for understanding and applying current International Financial Reporting Standards

The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world, with more than 100 countries requiring or allowing the use of IFRS for the preparation of financial statements by publicly held companies. It is expected that by 2011, more than 150 countries will be converting to it.

It’s clear that IFRS is here to stay―get the expert advice you need to properly implement IFRS with Understanding IFRS Fundamentals: International Financial Reporting Standards.

Understanding IFRS Fundamentals 1st Table of contents:

Part I: Core Financial Statements and Fundamental Concepts

• Chapter 1: Presentation of Financial Statements (IAS 1)
  • Objectives of financial statements
  • Components of financial statements
  • Fair presentation and compliance with IFRS
  • Going concern, accrual basis, and materiality
  • Structure and content of the statement of financial position, statement of comprehensive income, and statement of changes in equity
• Chapter 2: Inventories (IAS 2)
  • Definition and measurement of inventories
  • Cost formulas (FIFO, weighted average)
  • Net realizable value
• Chapter 3: Statement of Cash Flows (IAS 7)
  • Purpose of the cash flow statement
  • Operating, investing, and financing activities
  • Direct and indirect methods
• Chapter 4: Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)
  • Selection and application of accounting policies
  • Changes in accounting policies
  • Changes in accounting estimates
  • Correction of prior period errors
• Chapter 5: Events After the Reporting Period (IAS 10)
  • Adjusting and non-adjusting events
  • Disclosure requirements
• Chapter 6: Construction Contracts (IAS 11) (Note: IAS 11 was superseded by IFRS 15, but would be covered in a 1st edition from 2010)
  • Accounting for contract revenue and costs
  • Percentage of completion method
• Chapter 7: Income Taxes (IAS 12)
  • Current and deferred taxes
  • Tax bases, temporary differences
  • Recognition and measurement of deferred tax assets and liabilities
• Chapter 8: Property, Plant, and Equipment (IAS 16)
  • Recognition, measurement, and depreciation
  • Cost model vs. revaluation model
  • Derecognition
• Chapter 9: Leases (IAS 17) (Note: IAS 17 was superseded by IFRS 16, but would be covered in a 1st edition from 2010)
  • Classification of leases (finance vs. operating)
  • Accounting for lessees and lessors
• Chapter 10: Revenue (IAS 18) (Note: IAS 18 was superseded by IFRS 15, but would be covered in a 1st edition from 2010)
  • Recognition of revenue from sale of goods, rendering of services, interest, royalties, and dividends
• Chapter 11: Employee Benefits (IAS 19)
  • Short-term employee benefits
  • Post-employment benefits (defined contribution and defined benefit plans)
  • Other long-term employee benefits
  • Termination benefits
• Chapter 12: Accounting for Government Grants and Disclosure of Government Assistance (IAS 20)
  • Recognition of government grants
• Chapter 13: The Effects of Changes in Foreign Exchange Rates (IAS 21)
  • Functional currency
  • Translation of foreign currency transactions and financial statements
• Chapter 14: Borrowing Costs (IAS 23)
  • Capitalization of borrowing costs
• Chapter 15: Related-Party Disclosures (IAS 24)
  • Definition of related parties
  • Disclosure requirements for related party relationships and transactions
• Chapter 16: Accounting and Reporting by Retirement Benefit Plans (IAS 26)
  • Accounting for defined contribution and defined benefit plans by the plans themselves
• Chapter 17: Consolidated and Separate Financial Statements (IAS 27) (Note: IAS 27 deals with separate financial statements and was largely replaced for consolidation by IFRS 10)
  • Concepts of control and consolidation
  • Preparation of consolidated financial statements
  • Accounting for investments in separate financial statements
• Chapter 18: Investments in Associates (IAS 28)
  • Equity method of accounting for investments in associates
• Chapter 19: Financial Reporting in Hyperinflationary Economies (IAS 29)
  • Restatement of financial statements

Part II: Advanced Topics and Specific Standards

• Chapter 20: Interests in Joint Ventures (IAS 31) (Note: IAS 31 was superseded by IFRS 11)
  • Types of joint ventures
  • Accounting for joint ventures (proportionate consolidation, equity method)
• Chapter 21: Financial Instruments: Presentation (IAS 32)
  • Classification of financial instruments as liabilities or equity
  • Compound financial instruments
• Chapter 22: Earnings Per Share (IAS 33)
  • Calculation of basic and diluted EPS
• Chapter 23: Interim Financial Reporting (IAS 34)
  • Principles for interim financial reports
  • Minimum content of an interim financial report
• Chapter 24: Impairment of Assets (IAS 36)
  • Identifying impaired assets
  • Measuring recoverable amount (fair value less costs of disposal, value in use)
  • Recognition and reversal of impairment losses
• Chapter 25: Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)
  • Recognition and measurement of provisions
  • Contingent liabilities and assets
• Chapter 26: Intangible Assets (IAS 38)
  • Recognition, measurement, and amortization of intangible assets
  • Research and development costs
• Chapter 27: Financial Instruments: Recognition and Measurement (IAS 39) (Note: IAS 39 was superseded by IFRS 9)
  • Classification and measurement of financial assets and liabilities
  • Hedge accounting
• Chapter 28: Investment Property (IAS 40)
  • Definition, recognition, and measurement
  • Fair value model vs. cost model
• Chapter 29: Agriculture (IAS 41)
  • Accounting for biological assets and agricultural produce

Part III: Introduction to IFRS and Key New Standards (as of 2010)

• Chapter 30: First-Time Adoption of International Financial Reporting Standards (IFRS 1)
  • Rules and exemptions for entities adopting IFRS for the first time
  • Transition date and opening IFRS statement of financial position
• Chapter 31: Share-Based Payment (IFRS 2)
  • Recognition and measurement of share-based payment transactions
• Chapter 32: Business Combinations (IFRS 3)
  • Acquisition method of accounting for business combinations
  • Goodwill and non-controlling interests
• Chapter 33: Insurance Contracts (IFRS 4)
  • Basic requirements for insurance contracts (note: IFRS 17 later replaced this)
• Chapter 34: Noncurrent Assets Held for Sale and Discontinued Operations (IFRS 5)
  • Classification and measurement of assets held for sale
• Chapter 35: Exploration for and Evaluation of Mineral Resources (IFRS 6)
  • Accounting for exploration and evaluation expenditures
• Chapter 36: Financial Instruments: Disclosures (IFRS 7)
  • Required disclosures for financial instruments
• Chapter 37: Operating Segments (IFRS 8)
  • Identifying operating segments
  • Disclosure of segment information
• Chapter 38: Financial Instruments (IFRS 9) (Note: While IFRS 9 was issued in stages, its final version was later than 2010. This chapter would likely cover the initial versions or planned future changes.)
  • Overview of the new standard (classification, impairment, hedge accounting)
• Chapter 39: International Financial Reporting Standards (IFRS) for Small and Medium-Sized Entities (SMEs)
  • Simplified IFRS for SMEs

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