This book is all about how companies are applying the key principles in International Financial Reporting Standards (IFRS) and shows this by use of extensive examples of UK company accounts.
The book provides coverage of the key points of each standard and links that with actual practice. It is not a detailed guidance book as such, or a transistion book from UK standards to IFRS, but a quick reference for the busy accountant which shows how to apply the key points of each standard by reference to how other companies have done it.
Robert Kirk BSc (Econ) FCA CPA trained in Belfast with Price Waterhouse & Co., and subsequently spent two years in industry in a subsidiary of Shell (UK) and four further years in practice. He is currently Professor of Financial Reporting in the School of Accounting at the University of Ulster and has been lecturing on the CIMA Mastercourses Accounting Standards and Accounting Standards in Depth since 1985. He has authored four editions of Accounting Standards in Depth; UK Accounting Standards: A Quick Reference Guide; and International Reporting Standards in Depth Volume 1 Theory and Practice and Volume 2 Solutions.
1. Introduction - p. 6 2. Chapter 1. The regulatory framework and presentation of financial statements - p. 9 3. 1.1. Framework for the preparation and presentation of financial statements (1989) - p. 9 4. 1.2. IAS 1 Presentation of financial information (revised December 2003) - p. 11 5. Chapter 2. Asset valuation - p. 19 6. 2.1. IAS 16 Property, Plant and Equipment (revised December 2003) - p. 19 7. 2.2. IAS 40 Investment Property (revised December 2003) - p. 23 8. 2.3. IAS 20 Accounting for Government Grants and Disclosure of Government Assistance (1994) - p. 27 9. 2.4. IAS 36 Impairment of Assets (revised 2003) - p. 29 10. 2.5. IAS 23 Borrowing Costs (revised December 2003 and March 2007) - p. 36 11. Chapter 3. Asset valuation - p. 39 12. 3.1. IAS 38 Intangible Assets (revised 2003) - p. 39 13. 3.2. IAS 17 Leases (December 2003) - p. 46 14. Chapter 4. Asset valuation - p. 52 15. 4.1. IAS 2 Inventories (December 2003) - p. 52 16. 4.2. IAS 11 Construction Contracts (1978, revised 1993) - p. 55 17. Chapter 5. Balance sheet - p. 59 18. 5.1. IAS 37 Provisions, Contingent Liabilities and Contingent Assets (May 1975, revised September 1988) - p. 59 19. Chapter 6. Performance measurement - p. 70 20. 6.1. IAS 18 Revenue Recognition (November 1984) - p. 70 21. 6.2. IAS 8 Accounting Policies Changes in Accounting Estimates and Errors (December 2003) - p. 71 22. 6.3. IAS 33 Earnings Per Share (October 1998) - p. 73 23. 6.4. IFRS 5 Non-current Assets Held for Sale and Presentation of Discontinued Operations (March 2004) - p. 77 24. Chapter 7. Employee costs - p. 82 25. 7.1. IAS 19 Employee Benefits (December 1998, amended 2000) - p. 82 26. 7.2. IAS 26 Accounting and Reporting by Retirement Plans (1994) - p. 93 27. 7.3. IFRS 2 Share-Based Payment (April 2004) - p. 95 28. Chapter 8. Foreign trading - p. 103 29. 8.1. IAS 21 The Effects of Changes in Foreign Exchange Rates (revised December 2003) - p. 103 30. 8.2. IAS 29 Financial Reporting in Hyperinflationary Economies (December 2003) - p. 107 31. Chapter 9. Cash flow statements - p. 109 32. 9.1. IAS 7 Cash Flow Statements (revised 1992) - p. 109 33. Chapter 10. Disclosure standards - p. 114 34. 10.1. IAS 10 Events After the Balance Sheet Date (December 2003) - p. 114 35. 10.2. IAS 14 Segment Reporting (1997) - p. 117 36. 10.3. IFRS 8 Operating Segments (November 2006) - p. 123 37. 10.4. IAS 24 Related Party Disclosures (December 2003) - p. 126 38. Chapter 11. Group reporting - p. 129 39. 11.1. IAS 27 Consolidated and Separate Financial Statements (December 2003) - p. 129 40. 11.2. IFRS 3 Business Combinations - p. 133 41. 11.3. IAS 28 Accounting for Investments in Associates (December 2003) - p. 138 42. 11.4. IAS 31 Interests in Joint Ventures (December 2003) - p. 141 43. Chapter 12. Financial instruments - p. 146 44. 12.1. IAS 32 Financial Instruments: Disclosure and Presentation (revised 2003) - p. 146 45. 12.2. IAS 39 Financial Instruments: Recognition and Measurement (revised 2003) - p. 155 46. 12.3. IFRS 7 Financial Instruments: Presentation (revised 2003) - p. 164 47. Chapter 13. Sundry financial reporting standards - p. 167 48. 13.1. IAS 34 Interim Reports (1998) - p. 167 49. 13.2. IAS 41 Agriculture (February 2001) - p. 174 50. 13.3. IFRS 4 Insurance Contracts (March 2004) - p. 178 51. 13.4. IFRS 6 Exploration and Evaluation of Mineral Resources - p. 180 52. Chapter 14. The International financial reporting interpretations committee - p. 186 53. 14.1. Introduction - p. 186 54. 14.2. Standing Interpretations - p. 186 55. 14.3. International Financial Reporting Interpretations Committee Statements - p. 188 56. Chapter 15. Taxation - p. 195 57. 15.1. IAS 12 Income Taxes (revised 2000) - p. 195 58. Index - p. 201
This book is all about how companies are applying the key principles in International Financial Reporting Standards (IFRS) and shows this by use of extensive examples of UK company accounts.
The book provides coverage of the key points of each standard and links that with actual practice. It is not a detailed guidance book as such, or a transistion book from UK standards to IFRS, but a quick reference for the busy accountant which shows how to apply the key points of each standard by reference to how other companies have done it.
Robert Kirk BSc (Econ) FCA CPA trained in Belfast with Price Waterhouse & Co., and subsequently spent two years in industry in a subsidiary of Shell (UK) and four further years in practice. He is currently Professor of Financial Reporting in the School of Accounting at the University of Ulster and has been lecturing on the CIMA Mastercourses Accounting Standards and Accounting Standards in Depth since 1985. He has authored four editions of Accounting Standards in Depth; UK Accounting Standards: A Quick Reference Guide; and International Reporting Standards in Depth Volume 1 Theory and Practice and Volume 2 Solutions.
1. Introduction - p. 6 2. Chapter 1. The regulatory framework and presentation of financial statements - p. 9 3. 1.1. Framework for the preparation and presentation of financial statements (1989) - p. 9 4. 1.2. IAS 1 Presentation of financial information (revised December 2003) - p. 11 5. Chapter 2. Asset valuation - p. 19 6. 2.1. IAS 16 Property, Plant and Equipment (revised December 2003) - p. 19 7. 2.2. IAS 40 Investment Property (revised December 2003) - p. 23 8. 2.3. IAS 20 Accounting for Government Grants and Disclosure of Government Assistance (1994) - p. 27 9. 2.4. IAS 36 Impairment of Assets (revised 2003) - p. 29 10. 2.5. IAS 23 Borrowing Costs (revised December 2003 and March 2007) - p. 36 11. Chapter 3. Asset valuation - p. 39 12. 3.1. IAS 38 Intangible Assets (revised 2003) - p. 39 13. 3.2. IAS 17 Leases (December 2003) - p. 46 14. Chapter 4. Asset valuation - p. 52 15. 4.1. IAS 2 Inventories (December 2003) - p. 52 16. 4.2. IAS 11 Construction Contracts (1978, revised 1993) - p. 55 17. Chapter 5. Balance sheet - p. 59 18. 5.1. IAS 37 Provisions, Contingent Liabilities and Contingent Assets (May 1975, revised September 1988) - p. 59 19. Chapter 6. Performance measurement - p. 70 20. 6.1. IAS 18 Revenue Recognition (November 1984) - p. 70 21. 6.2. IAS 8 Accounting Policies Changes in Accounting Estimates and Errors (December 2003) - p. 71 22. 6.3. IAS 33 Earnings Per Share (October 1998) - p. 73 23. 6.4. IFRS 5 Non-current Assets Held for Sale and Presentation of Discontinued Operations (March 2004) - p. 77 24. Chapter 7. Employee costs - p. 82 25. 7.1. IAS 19 Employee Benefits (December 1998, amended 2000) - p. 82 26. 7.2. IAS 26 Accounting and Reporting by Retirement Plans (1994) - p. 93 27. 7.3. IFRS 2 Share-Based Payment (April 2004) - p. 95 28. Chapter 8. Foreign trading - p. 103 29. 8.1. IAS 21 The Effects of Changes in Foreign Exchange Rates (revised December 2003) - p. 103 30. 8.2. IAS 29 Financial Reporting in Hyperinflationary Economies (December 2003) - p. 107 31. Chapter 9. Cash flow statements - p. 109 32. 9.1. IAS 7 Cash Flow Statements (revised 1992) - p. 109 33. Chapter 10. Disclosure standards - p. 114 34. 10.1. IAS 10 Events After the Balance Sheet Date (December 2003) - p. 114 35. 10.2. IAS 14 Segment Reporting (1997) - p. 117 36. 10.3. IFRS 8 Operating Segments (November 2006) - p. 123 37. 10.4. IAS 24 Related Party Disclosures (December 2003) - p. 126 38. Chapter 11. Group reporting - p. 129 39. 11.1. IAS 27 Consolidated and Separate Financial Statements (December 2003) - p. 129 40. 11.2. IFRS 3 Business Combinations - p. 133 41. 11.3. IAS 28 Accounting for Investments in Associates (December 2003) - p. 138 42. 11.4. IAS 31 Interests in Joint Ventures (December 2003) - p. 141 43. Chapter 12. Financial instruments - p. 146 44. 12.1. IAS 32 Financial Instruments: Disclosure and Presentation (revised 2003) - p. 146 45. 12.2. IAS 39 Financial Instruments: Recognition and Measurement (revised 2003) - p. 155 46. 12.3. IFRS 7 Financial Instruments: Presentation (revised 2003) - p. 164 47. Chapter 13. Sundry financial reporting standards - p. 167 48. 13.1. IAS 34 Interim Reports (1998) - p. 167 49. 13.2. IAS 41 Agriculture (February 2001) - p. 174 50. 13.3. IFRS 4 Insurance Contracts (March 2004) - p. 178 51. 13.4. IFRS 6 Exploration and Evaluation of Mineral Resources - p. 180 52. Chapter 14. The International financial reporting interpretations committee - p. 186 53. 14.1. Introduction - p. 186 54. 14.2. Standing Interpretations - p. 186 55. 14.3. International Financial Reporting Interpretations Committee Statements - p. 188 56. Chapter 15. Taxation - p. 195 57. 15.1. IAS 12 Income Taxes (revised 2000) - p. 195 58. Index - p. 201
