Advanced Financial Reporting: A Complete Guide to IFRS

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.

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About Author

Derry Cotter is a Lecturer in Accounting at University College Cork, Ireland


Contents Part 1: A BRIEF HISTORY OF ACCOUNTING 1. The rise of Accounting Accounting in ancient times Evolution of double entry book-keeping Economic consequences of financial statements Impact of technological revolution Part 2: A THEORETICAL FRAMEWORK FOR ACCOUNTING 2. Conceptual framework Introduction to IASB's Framework Objective of financial reporting Financial statements - underlying assumptions - qualitative characteristics - elements - measurement basis - recognition criteria - capital maintenance concepts 3. Alternative income models Historical cost accounting Current purchasing power Current cost accounting Part 3: FINANCIAL REPORTING REGULATION 4. The regulatory environment Purpose of regulation Sources of regulation Role of management Impact of financial statements 5. The Annual Report Contents of the annual report Evolution of the annual report 6. Accountability Creative accounting Corporate governance Ethics Whistle-blowing Corporate social reporting Environmental accounting Part 4: PRESENTATION OF FINANCIAL STATEMENTS 7. Presentation of financial statements Objective of IAS 1 Components of financial statements Sample financial statements 8. Statement of cash flows Introduction Presentation of a statement of cash flows 9. Accounting policies, accounting estimates and errors Accounting policies Factors that influence management's choice of accounting policies Changes in accounting estimates Errors 10. Interim financial reporting Part 5: ACCOUNTING FOR ASSETS 11. Inventories Classification of inventory Measurement of cost Net realisable value 12. Construction contracts Definition of a construction contract Accounting for construction contracts Presentation in financial statements 13. Property, plant and equipment Recognition of P, P & E in financial statements Measurement of P, P & E. Depreciation Decrecognition 14. Intangible assets Recognition in statement of financial position Initial measurement Measurement subsequent to recognition Derecognition of an intangible asset 15. Investment property Definition of investment property Recognition in statement of financial position Measurement at recognition Measurement after recognition 16. Impairment of assets Identifying an impaired asset Impairment review procedures Recognising an impairment loss Reversal of an impairment loss Impairment of goodwill 17. Non-current assets held for sale and discontinued operations Assets held for sale Discontinued operations Part 6: LIABILITIES AND EQUITY 18. Share-based payment Introduction Equity settled share-based payment Cash settled share-based payment Share-based payment transactions with a cash alternative 19. Income taxes Current tax Deferred tax 20. Employee benefits Short-term employee benefits Post-employment benefits Other long-term employee benefits Termination benefits 21. Provisions, contingent liabilities and contingent assets Introduction Provisions Contingent liabilities and contingent assets Part 7: CONSOLIDATED FINANCIAL STATEMENTS 22. Introduction to group accounts Definition of a group Parents and subsidiaries Consolidation procedures 23. Consolidated statement of financial position Date of acquisition Post-acquisition periods Goodwill and bargain purchase Non-controlling interests Elimination of unrealised profits Intra-group balances 24. Consolidated statement of comprehensive income Intra-group items Non-controlling interests Dividends Subsidiary acquired during the reporting period 25. Business combinations The acquisition method Recognition and measurement of assets and liabilities acquired Measurement period Subsequent measurement and accounting Separate financial statements of a parent 26. Changes in ownership Acquisition of shares - business combination achieved in stages - purchase of additional equity shares after control is attained Disposal of shares in a subsidiary - loss of control - disposals not resulting in a loss of control 27. Investments in associates Definition of an associate Accounting for investments in associates Goodwill arising on the acquisition of shares in an associate Upstream and downstream transactions Reporting periods and accounting policies Losses of an associate 28. Interests in joint ventures Types of joint venture - jointly controlled operations - jointly controlled assets - jointly controlled entities 29. Consolidated statement of cash flows Acquisition of a subsidiary during the period Non-controlling interests Impairment of goodwill Investments which are equity-accounted Disposal of a subsidiary during the period Part 8: MISCELLANEOUS ACCOUNTING ISSUES 30. Events after the reporting period Adjusting events Non-adjusting events 31. Leases Key definitions and classification of leases Accounting by lessees Accounting by lessors 32. Revenue Measurement of revenue Categories of revenue: sale of goods; rendering of services; interest, royalties and dividends Customer loyalty programmes 33. Accounting for government grants Initial recognition of grants Recognition as income Accounting treatment of government grants Repayment of government grants 34. The effects of changes in foreign exchange rates Identifying an entity's functional currency Recording transactions in an entity's functional currency Monetary and non-monetary items Use of a presentation currency other than an entity's functional currency Translation of a foreign operation 35. Borrowing costs Borrowing costs incurred in respect of qualifying assets Other borrowing costs 36. Related party disclosures Identifying related parties Disclosure of related party transactions 37. Financial reporting in hyperinflationary economies Definition of a hyperinflationary economy The re-statement of financial statements Part 9: FINANCIAL INSTRUMENTS 38. Capital instruments, reduction of capital and distributable profits Definition of a financial instrument Financial liabilities and equity instruments Classification of financial instruments 39. 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 statements Adjusting financial statements Criteria for a successful business Stock exchange/investor ratios Financial analysis of Ryanair and EasyJet 42. Operating segments Determining reportable segments Disclosure requirements 43. Earnings per share Calculation of basic EPS Changes in ordinary share capital when computing basic EPS Diluted EPS Presentation and disclosure Part 11: SPECIALIST ACTIVITIES Accounting policies Changes in accounting policies 45. Exploration for and evaluation of mineral resources Measurement of exploration and evaluation assets Presentation of assets Impairment of assets 46. Accounting and reporting by retirement benefit plans Defined contribution plans Defined benefit plans 47. Agriculture Recognition and measurement of biological assets and agriculture produce Contracts for sale Government grants Part 12: FIRST TIME ADOPTION of INTERNATIONAL ACCOUNTING STANDARDS 48. Rules for first time adoption of IFRS Introduction to IFRS 1 Opening IFRS statement of financial position Exceptions to the retrospective application of other IFRSs Part 13: SMALL AND MEDIUM-SIZED ENTITIES 49. Accounting for small and medium-sized entities Introduction to IFRS for SMEs Principal differences from full IFRS -- Appendix 1 Sample financial statements for SMEs -- Appendix 2 Glossary of Terms

Product Details

  • publication date: 16/09/2011
  • ISBN13: 9780273732358
  • Format: Paperback
  • Number Of Pages: 512
  • ID: 9780273732358
  • weight: 1080
  • ISBN10: 0273732358

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