Advanced Financial Reporting: A Complete Guide to IFRS
By: Derry Cotter (author)Paperback
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International Financial Reporting provides a current and comprehensive guide to international accounting standards. Covering both IFRS and IAS, this book adopts a user-friendly structure. By clearly explaining the theory behind each standard and then illustrating its application in worked examples, this text makes a technical subject accessible and easy to understand. This text has been written primarily for intermediate and advanced students of Financial Reporting studying an undergraduate or masters level programme. It is also appropriate for students studying for professional exams on IFRS.
Derry Cotter is a Lecturer in Accounting at University College Cork, Ireland
ContentsPart 1: A BRIEF HISTORY OF ACCOUNTING1. The rise of Accounting Accounting in ancient timesEvolution of double entry book-keepingEconomic consequences of financial statementsImpact of technological revolutionPart 2: A THEORETICAL FRAMEWORK FOR ACCOUNTING 2. Conceptual framework Introduction to IASB? s FrameworkObjective of financial reportingFinancial statements - underlying assumptions - qualitative characteristics - elements - measurement basis - recognition criteria - capital maintenance concepts 3. Alternative income models Historical cost accountingCurrent purchasing powerCurrent cost accountingPart 3: FINANCIAL REPORTING REGULATION4. The regulatory environment Purpose of regulationSources of regulationRole of managementImpact of financial statements5. The Annual Report Contents of the annual reportEvolution of the annual report6. Accountability Creative accountingCorporate governanceEthicsWhistle-blowingCorporate social reportingEnvironmental accountingPart 4: PRESENTATION OF FINANCIAL STATEMENTS7. Presentation of financial statements Objective of IAS 1Components of financial statementsSample financial statements 8. Statement of cash flows IntroductionPresentation of a statement of cash flows9. Accounting policies, accounting estimates and errors Accounting policiesFactors that influence management? s choice of accounting policies Changes in accounting estimatesErrors10. Interim financial reporting Part 5: ACCOUNTING FOR ASSETS11. Inventories Classification of inventoryMeasurement of costNet realisable value12. Construction contracts Definition of a construction contractAccounting for construction contractsPresentation in financial statements13. Property, plant and equipment Recognition of P, P & E in financial statementsMeasurement of P, P & E.DepreciationDecrecognition14. Intangible assets Recognition in statement of financial positionInitial measurementMeasurement subsequent to recognitionDerecognition of an intangible asset15. Investment property Definition of investment propertyRecognition in statement of financial positionMeasurement at recognitionMeasurement after recognition16. Impairment of assets Identifying an impaired assetImpairment review proceduresRecognising an impairment lossReversal of an impairment lossImpairment of goodwill17. Non-current assets held for sale and discontinued operations Assets held for saleDiscontinued operationsPart 6: LIABILITIES AND EQUITY18. Share-based payment IntroductionEquity settled share-based payment Cash settled share-based payment Share-based payment transactions with a cash alternative19. Income taxes Current taxDeferred tax20. Employee benefits Short-term employee benefitsPost-employment benefitsOther long-term employee benefitsTermination benefits21. Provisions, contingent liabilities and contingent assets IntroductionProvisionsContingent liabilities and contingent assetsPart 7: CONSOLIDATED FINANCIAL STATEMENTS22. Introduction to group accounts Definition of a groupParents and subsidiariesConsolidation procedures23. Consolidated statement of financial position Date of acquisitionPost-acquisition periodsGoodwill and bargain purchaseNon-controlling interestsElimination of unrealised profitsIntra-group balances24. Consolidated statement of comprehensive income Intra-group itemsNon-controlling interestsDividendsSubsidiary acquired during the reporting period 25. Business combinations The acquisition methodRecognition and measurement of assets and liabilities acquiredMeasurement periodSubsequent measurement and accountingSeparate financial statements of a parent26. Changes in ownership Acquisition of shares- business combination achieved in stages- purchase of additional equity shares after control is attainedDisposal of shares in a subsidiary- loss of control- disposals not resulting in a loss of control27. Investments in associates Definition of an associateAccounting for investments in associatesGoodwill arising on the acquisition of shares in an associateUpstream and downstream transactionsReporting periods and accounting policiesLosses of an associate28. Interests in joint ventures Types of joint venture- jointly controlled operations- jointly controlled assets- jointly controlled entities29. Consolidated statement of cash flows Acquisition of a subsidiary during the periodNon-controlling interestsImpairment of goodwillInvestments which are equity-accountedDisposal of a subsidiary during the periodPart 8: MISCELLANEOUS ACCOUNTING ISSUES30. Events after the reporting period Adjusting eventsNon-adjusting events31. Leases Key definitions and classification of leasesAccounting by lesseesAccounting by lessors 32. Revenue Measurement of revenueCategories of revenue: sale of goods; rendering of services; interest, royalties and dividendsCustomer loyalty programmes 33. Accounting for government grants Initial recognition of grantsRecognition as incomeAccounting treatment of government grantsRepayment of government grants34. The effects of changes in foreign exchange rates Identifying an entity? s functional currencyRecording transactions in an entity? s functional currencyMonetary and non-monetary itemsUse of a presentation currency other than an entity? s functional currencyTranslation of a foreign operation 35. Borrowing costs Borrowing costs incurred in respect of qualifying assetsOther borrowing costs36. Related party disclosures Identifying related partiesDisclosure of related party transactions37. Financial reporting in hyperinflationary economies Definition of a hyperinflationary economyThe re-statement of financial statementsPart 9: FINANCIAL INSTRUMENTS38. Capital instruments, reduction of capital and distributable profits Definition of a financial instrumentFinancial liabilities and equity instrumentsClassification of financial instruments39. Recognition and measurement of financial instruments Classification and measurement of financial assets Financial liabilities 40. Disclosure of financial instruments Part 10: FINANCIAL ANALYSIS41. Financsp; Limitations of financial statementsAdjusting financial statementsCriteria for a successful businessStock exchange/investor ratiosFinancial analysis of Ryanair and EasyJet42. Operating segments Determining reportable segmentsDisclosure requirements43. Earnings per share Calculation of basic EPSChanges in ordinary share capital when computing basic EPSDiluted EPSPresentation and disclosurePart 11: SPECIALIST ACTIVITIESAccounting policiesChanges in accounting policies45. Exploration for and evaluation of mineral resources Measurement of exploration and evaluation assetsPresentation of assetsImpairment of assets46. Accounting and reporting by retirement benefit plans Defined contribution plansDefined benefit plans47. Agriculture Recognition and measurement of biological assets and agriculture produceContracts for saleGovernment grants Part 12: FIRST TIME ADOPTION of INTERNATIONAL ACCOUNTING STANDARDS48. Rules for first time adoption of IFRS Introduction to IFRS 1Opening IFRS statement of financial positionExceptions to the retrospective application of other IFRSsPart 13: SMALL AND MEDIUM-SIZED ENTITIES49. Accounting for small and medium-sized entities Introduction to IFRS for SMEsPrincipal differences from full IFRS ? Appendix 1Sample financial statements for SMEs ? Appendix 2 Glossary of Terms
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