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El. knyga: Wiley Interpretation and Application of IFRS Standards [Wiley Online]

  • Formatas: 1016 pages
  • Serija: Wiley Regulatory Reporting
  • Išleidimo metai: 11-May-2018
  • Leidėjas: John Wiley & Sons Inc
  • ISBN-10: 1119461537
  • ISBN-13: 9781119461531
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  • Wiley Online
  • Kaina: 121,59 €*
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Wiley Interpretation and Application of IFRS StandardsDidesnis paveikslėlis
  • Formatas: 1016 pages
  • Serija: Wiley Regulatory Reporting
  • Išleidimo metai: 11-May-2018
  • Leidėjas: John Wiley & Sons Inc
  • ISBN-10: 1119461537
  • ISBN-13: 9781119461531
Kitos knygos pagal šią temą:
Wiley Online E-booksMore info about Wiley Online
Partnerių interneto svetainė: https://onlinelibrary.wiley.com/doi/book/10.1002/9781119461531
The one-stop resource for IFRS interpretation and application, updated for 2018

Wiley IFRS 2018 offers a complete resource for the interpretation and application of the latest International Financial Reporting Standards (IFRS) as outlined by the International Accounting Standards Board (IASB). With up-to-date coverage and a host of practical tools, this book provides invaluable guidance on the expanding framework for unified financial reporting. Organised for easy navigation, each chapter includes general statement information followed by topic-specific discussion to facilitate both quick-reference and in-depth study. The expert team at PKF International provides authoritative insight from a practitioner's perspective: IFRIC interpretations and practical real-world guidance ensure full understanding of the newest standards, and the Disclosure Checklist helps verify compliance.

The IASB's efforts are paying off as more and more countries around the globe either adopt IFRS as their national standards, or adjust local standards in alignment. A working understanding of IFRS application is becoming essential, even as the rules continue to evolve. This book provides full coverage of the latest standards and thorough guidance for implementation.

  • Review the latest IFRS rules and standards
  • Apply guidelines and best practices appropriately
  • Gain expert insight on IFRS interpretation and implementation
  • Ensure compliance and verify completeness

Uniform financial reporting reduces the costs of financial statement preparation for multinational companies, and streamlines the assessment of business results. As the standards themselves evolve, so must practitioners' understanding of how to apply them correctly in real-world cases. Wiley IFRS 2018 offers a complete, up-to-date reference to help you apply and comply with the latest international standards.

About the Authors vii
1 Introduction to International Financial Reporting Standards 1(26)
Introduction
1(2)
Origins and Early History of the IASB
3(3)
The Current Structure
6(1)
Process of IFRS Standard Setting
7(2)
Convergence: The IASB and Financial Reporting in the US
9(3)
The IASB and Europe
12(2)
Appendix A: Current International Financial Reporting Standards (IAS/IFRS) and Interpretations (SIC/IFRIC)
14(2)
Appendix B: Projects Completed Since Previous Issue (July 2016 to June 2017)
16(1)
Appendix C: IFRS for SMEs
17(1)
Definition of SMEs
18(1)
IFRS for SMEs is a Complete, Self-Contained Set of Requirements
19(1)
Modifications of Full IFRS made in IFRS for SMEs
19(4)
Disclosure Requirements under IFRS for SMEs
23(1)
Maintenance of the IFRS for SMEs
24(1)
SME Implementation Group
24(1)
Implications of the IFRS for SMEs
24(1)
Application of the IFRS for SMEs
25(2)
2 Conceptual Framework 27(18)
Introduction
27(1)
Conceptual Framework for Financial Reporting 2010
28(3)
Purpose and Status
28(1)
The Accounting Model
28(1)
The Objective of General-Purpose Financial Statements
28(1)
Qualitative Characteristics of Useful Financial Information
29(1)
The 1989 Framework: The Remaining Text
30(1)
Conceptual Framework Project
31(8)
2013 Discussion Paper
31(1)
Exposure Draft-Conceptual Framework for Financial Reporting
32(5)
Chapter 1 The Objective of General Purpose Financial Reporting
33(1)
Chapter 2 Qualitative Characteristics of Useful Financial Information
33(1)
Chapter 3 Financial Statements and the Reporting Entity
33(1)
Chapter 4 The Elements of Financial Statements
34(1)
Chapter 5 Recognition and Derecognition
35(1)
Chapter 6 Measurement
36(1)
Chapter 7 Presentation and Disclosure
36(1)
Chapter 8 Concepts of Capital and Capital Maintenance
37(1)
Further Considerations Following the Issue of the Exposure Draft
37(3)
Chapter 1 The Objective of General Purpose Financial Reporting
38(1)
Chapter 2 Qualitative Characteristics of Useful Financial Information
38(1)
Chapter 3 Financial Statements and the Reporting Entity
38(1)
Chapter 4 The Elements of Financial Statements
38(1)
Chapter 5 Recognition and Derecognition
38(1)
Chapter 6 Measurement
38(1)
Chapter 7 Presentation and Disclosure
38(1)
Hierarchy of Standards
39(1)
IFRS Practice Statement Management Commentary
40(2)
Nature and Scope
40(1)
Principles
40(1)
Qualitative Characteristics
41(1)
Presentation
41(1)
Elements
41(1)
US GAAP Comparison
42(3)
3 Presentation of Financial Statements 45(20)
Introduction
45(1)
Scope
46(1)
Definitions of Terms
47(1)
Financial Statements
48(1)
Objective
48(1)
Purpose of Financial Statements
48(1)
General Features
49(5)
Fair Presentation and Compliance with IFRSs
49(5)
Going concern
50(1)
Accrual basis of accounting
50(1)
Materiality and aggregation
50(1)
Offsetting
51(1)
Frequency of reporting
51(1)
Comparative information
52(1)
Consistency of presentation
53(1)
Structure and Content
54(3)
Complete Set of Financial Statements
54(14)
Notes
55(1)
Statement of compliance with IFRS
55(1)
Accounting policies
55(1)
Fairness exception under IAS 1
56(1)
Other disclosures required by IAS 1
57(1)
Future Developments
57(1)
Illustrative Financial Statements
57(6)
US GAAP Comparison
63(2)
4 Statement of Financial Position 65(16)
Introduction
65(2)
Scope
67(1)
Definitions of Terms
67(1)
General Concepts, Structure and Content
68(5)
General Concepts
68(2)
Structure and Content
70(3)
Classification of Assets
73(2)
Current Assets
73(1)
Non-Current Assets
74(1)
Other Assets
75(1)
Classification of Liabilities
75(2)
Current Liabilities
75(1)
Non-Current Liabilities
76(1)
Offsetting Assets and Liabilities
77(1)
Classification of Shareholders&apos Equity
77(2)
Share Capital
77(1)
Retained Earnings
78(1)
Disclosure of Share Capital
78(1)
Future Developments
79(1)
US GAAP Comparison
79(2)
5 Statements of Profit or Loss and Other Comprehensive Income, and Changes in Equity 81(20)
Introduction
81(3)
Future Developments
84(1)
Scope
84(1)
Definitions of Terms
84(2)
Elements of Financial Statements
84(1)
Other Terminology
85(1)
Concepts of Income
86(1)
Recognition and Measurement
86(2)
Income
86(1)
Expenses
87(1)
Gains and losses
87(1)
Statement of Profit or Loss and Other Comprehensive Income
88(2)
Presentation in the Profit or Loss Section
90(7)
Statement title
90(1)
Reporting period
90(1)
Comparative information
91(1)
Classification of expenses
91(4)
Aggregating items
95(1)
Offsetting items of revenue and expense
96(1)
Other Comprehensive Income
97(2)
Reclassification Adjustments: An Example
98(1)
Statement of Changes in Equity
99(1)
US GAAP Comparison
100(1)
6 Statement of Cash Flows 101(18)
Introduction
101(1)
Scope
102(1)
Definitions of Terms
102(1)
Background
102(3)
Benefits of Statement of Cash Flows
102(2)
Exclusion of Non-Cash Transactions
104(1)
Components of Cash and Cash Equivalents
104(1)
Presentation
105(5)
Classifications in the Statement of Cash Flows
105(2)
Reporting Cash Flows from Operating Activities
107(3)
Direct vs. indirect methods
107(3)
Other Requirements
110(2)
Gross vs. net basis
110(1)
Foreign currency cash flows
110(1)
Cash flow per share
111(1)
Net Reporting by Financial Institutions
111(1)
Reporting Futures, Forward Contracts, Options and Swaps
111(1)
Reporting Extraordinary Items in the Statement of Cash Flows
111(1)
Reconciliation of Cash and Cash Equivalents
112(1)
Acquisitions and Disposals of Subsidiaries and Other Business Units
112(1)
Disclosure and Examples
112(5)
Other Disclosures Required or Recommended by IAS 7
112(1)
Changes in Liabilities Arising from Financing Activities
112(5)
Consolidated Statement of Cash Flows
117(1)
US GAAP Comparison
118(1)
7 Accounting Policies, Changes in Accounting Estimates, and Errors 119(20)
Introduction
119(2)
Scope
121(1)
Definitions of Terms
121(1)
Importance of Comparability and Consistency in Financial Reporting
122(1)
Accounting Policy
123(1)
Selecting Accounting Policies
124(1)
Changes in Accounting Policies
125(6)
Applying changes in accounting policies
125(1)
Retrospective application
125(3)
Impracticability exception
128(2)
Changes in amortisation method
130(1)
Changes in Accounting Estimates
131(1)
Correction of Errors
132(5)
Impracticability exception
136(1)
Future Developments
137(1)
US GAAP Comparison
138(1)
8 Inventories 139(18)
Introduction
139(1)
Definitions of Terms
140(1)
Recognition and Measurement
141(9)
Basic Concept of Inventory Costing
141(1)
Ownership of Goods
142(4)
Goods in transit
142(2)
Consignment sales
144(2)
Right to return purchases
146(1)
Accounting for Inventories
146(1)
Valuation of Inventories
147(3)
Joint products and by-products
149(1)
Direct costing
149(1)
Differences in inventory costing between IFRS and tax requirements
150(1)
Methods of Inventory Costing Under IAS 2
150(5)
Specific Identification
150(1)
First-In, First-Out (FIFO)
151(1)
Weighted-Average Cost
152(1)
Net Realisable Value
153(1)
Recoveries of previously recognised losses
153(1)
Other Valuation Methods
153(1)
Retail method
153(1)
Standard costs
154(1)
Disclosure Requirements
154(1)
Examples of Financial Statement Disclosures
155(1)
US GAAP Comparison
155(2)
9 Property, Plant and Equipment 157(28)
Introduction
157(1)
Definitions of Terms
158(3)
Recognition and Measurement
161(16)
Property, Plant and Equipment
161(6)
Initial measurement
162(1)
Decommissioning cost included in initial measurement
163(1)
Changes in decommissioning costs
164(1)
Initial recognition of self-constructed assets
164(1)
Exchanges of assets
165(1)
Costs incurred subsequent to purchase or self-construction
165(1)
Depreciation of property, plant and equipment
166(1)
Depreciation Methods Based on Time
167(4)
Partial-year depreciation
168(1)
Depreciation method based on actual physical use-units of production method
169(1)
Residual value
170(1)
Useful lives
170(1)
Tax methods
170(1)
Leasehold improvements
171(1)
Revaluation of Property, Plant and Equipment
171(7)
Fair value
172(1)
Revaluation applied to all assets in the class
173(1)
Revaluation adjustments
173(1)
Initial revaluation
174(1)
Subsequent revaluation
174(1)
Methods of adjusting accumulated depreciation at the date of revaluation
175(1)
Deferred tax effects of revaluations
176(1)
Derecognition
177(1)
Disclosures
178(3)
Non-Monetary (Exchange) Transactions
179(1)
Non-reciprocal transfers
180(1)
Transfers of Assets from Customers
181(1)
Examples of Financial Statement Disclosures
181(3)
US GAAP Comparison
184(1)
10 Borrowing Costs 185(8)
Introduction
185(1)
Definitions of Terms
185(1)
Recognition and Measurement
186(5)
Capitalisation of Borrowing Costs
186(10)
When do we start capitalising?
186(1)
How much should we capitalise?
187(3)
When do we stop capitalising borrowing costs?
190(1)
Costs in excess of recoverable amounts
190(1)
Disclosure requirements
191(1)
Future Development
191(1)
US GAAP Comparison
191(2)
11 Intangible Assets 193(28)
Introduction
193(1)
Scope
194(1)
Definitions of Terms
195(1)
Recognition and Measurement
196(20)
Background
196(1)
Nature of Intangible Assets
196(1)
Recognition Criteria
197(2)
Identifiability
197(1)
Control
198(1)
Future economic benefits
199(1)
Measurement of the Cost of Intangibles
199(2)
Intangibles acquired through an exchange of assets
200(1)
Intangibles acquired at little or no cost by means of government grants
201(1)
Internally Generated Intangibles other than Goodwill
201(4)
Recognition of internally generated computer software costs
203(2)
Costs Not Satisfying the IAS 38 Recognition Criteria
205(2)
Subsequently Incurred Costs
207(1)
Measurement Subsequent to Initial Recognition
207(3)
Cost model
207(1)
Revaluation model
208(1)
Development costs as a special case
209(1)
Amortisation Period
210(3)
Customer lists
211(1)
Patents
212(1)
Copyrights
212(1)
Renewable licence rights
212(1)
Residual Value
213(1)
Periodic review of useful life assumptions and amortisation methods employed
213(1)
Impairment Losses
214(1)
Derecognition of Intangible Assets
215(1)
Website Development and Operating Costs
215(1)
Disclosures
216(2)
Example of Financial Statement Disclosure
218(2)
US GAAP Comparison
220(1)
12 Investment Property 221(14)
Introduction
221(1)
Definitions of Terms
222(1)
Identification
222(2)
Apportioning property between investment property and owner-occupied property
223(1)
Property leased to a subsidiary or a parent company
224(1)
Property interest held under operating lease
224(1)
Interrelationship between IFRS 3 and IAS 40
224(1)
Recognition and Measurement
224(6)
Recognition
224(1)
Subsequent expenditures
225(1)
Fair value vs. cost model
226(1)
Fair value model
226(1)
Inability to measure fair value reliably
226(1)
Cost model
227(1)
Transfers to or from investment property
227(2)
Disposal and retirement of investment property
229(1)
Presentation and Disclosure
230(2)
Presentation
230(1)
Disclosure
230(2)
Examples of Financial Statement Disclosures
232(1)
US GAAP Comparison
233(2)
13 Impairment of Assets and Non-Current Assets Held for Sale 235(22)
Introduction
235(1)
Definitions of Terms: Impairment of Assets
236(1)
Impairment of Assets (IAS 36)
236(10)
Scope of IAS 36
236(1)
Principal requirements of IAS 36
237(1)
Identifying impairments
237(1)
Computing recoverable amounts-general concepts
238(1)
Determining fair value less costs to sell
238(1)
Computing value in use
238(1)
Cash-generating units
239(1)
Discount rate
239(1)
Corporate assets
240(1)
Accounting for impairments
241(1)
Reversals of impairments under the historical cost method of accounting
242(2)
Reversals of impairments under the revaluation method
244(1)
Insurance and other recoveries
245(1)
Disclosure requirements
245(1)
Examples of Financial Statement Disclosures
246(7)
Definitions of Terms: Non-Current Assets Held for Sale
248(1)
Non-Current Assets Held for Sale
249(1)
Held-for-sale classification
249(1)
Measurement of non-current assets held for sale
250(1)
Change of plans
251(1)
Presentation and disclosure
252(1)
Discontinued Operations
253(1)
Presentation and disclosure
253(1)
Examples of Financial Statement Disclosures
254(1)
US GAAP Comparison
255(2)
14 Consolidations, Joint Arrangements, Associates and Separate Financial Statements 257(52)
Introduction
258(1)
Definitions of Terms
259(1)
Consolidated Financial Statements
260(17)
Scope
260(6)
Identification of a subsidiary
261(1)
Power
261(1)
Majority of voting rights
262(1)
Less than a majority of voting rights
263(1)
Exposure, or rights, to variable returns from an investee
264(1)
Link between power and returns
264(1)
Example of a fund manager
265(1)
Other arrangements
265(1)
Consolidation Procedures
266(6)
Intercompany transactions and balances
266(1)
Non-controlling interests
266(1)
Changes in the proportion of non-controlling interests
267(1)
Uniformity of accounting policies
268(1)
Measurement
268(1)
Reporting date
268(1)
Ownership interest
268(1)
Indirect interest
269(1)
Subsidiaries to be disposed of or acquired with a view to resale
270(1)
Changes in ownership interest resulting in loss of control
270(2)
Investment Entities
272(7)
Definition
272(1)
Investment management services
273(1)
Business purpose
273(1)
Exit strategies
273(1)
Earnings from investments
274(1)
Fair value measurement
275(1)
More than one investment
275(1)
More than one investor
276(1)
Unrelated investors
276(1)
Change in status
276(1)
Examples of Financial Statement Disclosures
277(2)
Joint Arrangements
279(7)
Scope
279(1)
Joint Arrangements
279(1)
Types of Joint Arrangements
280(2)
Assessment Questions
282(1)
Accounting for Joint Operations
282(3)
Basic principles
282(1)
Accounting for acquisitions of interests in joint operations in which the activity constitutes a business
283(2)
Conclusion
285(1)
Accounting for Joint Ventures
286(1)
Separate Financial Statements
286(1)
Associates
286(1)
Identification of an Associate
286(1)
Accounting for an Associate
287(1)
Equity Method of Accounting
287(10)
Scope and Application
287(1)
The Equity Method
288(6)
Basic principles
288(1)
Accounting at acquisition
289(3)
Intercompany transactions between investor and investee
292(2)
Contribution of non-monetary assets
294(1)
Accounting for Changes in Ownership Interest
294(3)
Loss of significant influence
294(1)
Discontinuing the equity method
295(1)
Acquisition of an associate in stages
296(1)
Increasing a stake in an associate while continuing the equity method
296(1)
Dilution losses
296(1)
Examples of Financial Statement Disclosures
297(2)
Impairment of the Value of Equity-Method Investments
297(1)
Other Requirements of IAS 28
298(1)
Separate financial statements
298(1)
Consistency of accounting policies
298(1)
Coterminous year-end dates
298(1)
Treatment of cumulative preferred shares
298(1)
Share of losses exceeding the interest
298(1)
Separate Financial Statements
299(2)
Investment entities
300(1)
Disclosure in separate financial statements
300(1)
Disclosure Requirements
301(2)
Main objective
302(1)
Significant judgements and assumptions
302(1)
Interests in subsidiaries
302(1)
Interests in joint arrangements and associates
302(1)
Interests in unconsolidated structured entities
303(1)
Investment entities
303(1)
Transition Guidance
303(2)
Consolidations
303(1)
Joint venture
304(1)
Joint operation
305(1)
Investment entities
305(1)
Disclosure
305(1)
US GAAP Comparison
305(4)
15 Business Combinations 309(52)
Introduction
309(2)
Background
309(2)
Definitions of Terms
311(5)
Business Combinations and Consolidations
316(1)
Objectives
316(1)
Scope
316(1)
Business Combinations
316(23)
Determining Fair Values
316(1)
Transactions and Events Accounted for as Business Combinations
317(1)
Qualifying as a Business
317(2)
Techniques for Structuring Business Combinations
319(1)
Accounting for Business Combinations under the Acquisition Method
319(18)
Step 1 Identify the acquirer
320(1)
Step 2 Determine the acquisition date
321(1)
Step 3 Recognise and measure the identifiable tangible and intangible assets acquired and liabilities assumed
322(3)
Step 4 Identify assets and liabilities requiring separate accounting
325(2)
Step 5 Classify or designate identifiable assets acquired and liabilities assumed
327(1)
Step 6 Recognise and measure any non-controlling interest in the acquiree
327(3)
Step 7 Measure the consideration transferred
330(1)
Step 8 Recognise and measure goodwill or gain from a bargain purchase
331(6)
Acquisition-related costs
337(1)
Post-combination measurement and accounting
337(2)
Disclosure Requirements
339(19)
Recognising and measuring the identifiable assets acquired and liabilities assumed
339(4)
Determining what is part of the business combination transaction
343(5)
Goodwill and Gain from a Bargain Purchase
348(8)
Goodwill
348(3)
Deferred income tax-fair value adjustments
351(1)
Impairment of goodwill
352(1)
Reversal of previously recognised impairment of goodwill
353(1)
Gain from a bargain purchase
353(2)
Business combinations achieved in stages (step acquisitions)
355(1)
Footnote Disclosure: Acquisitions
356(2)
Examples of Financial Statement Disclosures
358(2)
Future Developments
360(1)
US GAAP Comparison
360(1)
16 Shareholders&apos Equity 361(22)
Introduction
361(6)
Definitions of Terms
367
Recognition and Measurement
362(1)
Presentation and Disclosure
363(5)
Types of Shares
363(1)
Presentation and Disclosures Relating to Share Capital
364(3)
Presentation and Disclosures Relating to Other Equity
367(1)
Classification Between Liabilities and Equity
368(2)
Puttable shares
369(1)
Compound financial instruments
370(1)
Share Issuances and Related Matters
370(10)
Additional Guidance Relative to Share
Issuances and Related Matters
370(1)
Accounting for the issuance of shares
370(1)
Share capital issued for services
371(1)
Issuance of share units
371(1)
Share subscriptions
371(2)
Distinguishing additional contributed capital from the par or stated value of the shares
373(1)
Donated capital
374(1)
Compound and Convertible Equity Instruments
374(1)
Retained Earnings
375(1)
Dividends and Distributions
376(2)
Cash dividends
376(2)
Liquidating dividends
378(1)
Taxation impact
378(1)
Accounting for Treasury Share Transactions
378(1)
Members&apos Shares in Co-operative Entities
379(1)
Examples of Financial Statement Disclosures
380(1)
US GAAP Comparison
381(2)
17 Share-Based Payment 383(34)
Introduction
382(2)
Scope
384(1)
Definitions of Terms
384(3)
Overview
387(2)
Recognition and Measurement
389(2)
Recognition When There are Vesting Conditions
390(1)
Equity-Settled Share-Based Payments
391(6)
Goods and Services
391(1)
Employees
391(1)
Service Conditions
391(1)
Market and Non-Market Performance Conditions
392(1)
Measurement of Fair Value
393(1)
Modifications and Cancellations to the Terms and Conditions
394(1)
If the Modification Increases the Fair Value
395(1)
If the Modification Decreases the Fair Value
396(1)
Cancellations and Settlements
396(1)
Employee share options with graded vesting characteristics and service conditions
396(1)
Cash-Settled Share-Based Payments
397(3)
Measurement
398(1)
Treatment of Vesting and Non-Vesting Conditions
398(1)
Share-Based Payment Transactions with a Net Settlement Feature for Withholding Tax Obligations
398(1)
Modifications to the Terms and Conditions of a Cash-Settled Share-Based Payment
399(1)
Share-Based Payment Transactions With Cash Alternatives
400(1)
Share-Based Transactions Among Group Entities
401(2)
Disclosure
403(1)
Financial Statement Presentation under IFRS
404(1)
Examples of Financial Statement Disclosures
404(1)
US GAAP Comparison
405(1)
Appendix: Employee Share Options Valuation Example
406(11)
Employee share options: Valuation models
408(9)
18 Current Liabilities, Provisions, Contingencies and Events After the Reporting Period 417(32)
Introduction
417(1)
Definitions of Terms
418(2)
Recognition and Measurement
420(9)
Current Liabilities
420(1)
Classification
420(1)
Nature of current liabilities
420(1)
Offsetting current assets against related current liabilities
421(1)
Types of liabilities
421(1)
Amount and Payee Known
421(4)
Short-term obligations expected to be refinanced
423(1)
Long-term debt subject to demand for repayment
424(1)
Payee Known but Amount May Need to Be Estimated
425(6)
Provisions
425(4)
Disclosures
429(2)
Practical Examples
431(11)
Dry-docking costs
431(1)
Unlawful environmental damage
431(1)
Onerous contracts
432(1)
Decommissioning costs
432(2)
Levies
434(1)
Payee Unknown and the Amount May Have to Be Estimated
435(1)
Contingent Liabilities
436(2)
Assessing the likelihood of contingent events
437(1)
Remote contingent losses
437(1)
Litigation
438(1)
Financial Guarantee Contracts
438(1)
Contingent Assets
438(1)
Disclosures Prescribed by IAS 37 for Contingent Liabilities and Contingent Assets
439(3)
Reporting Events Occurring After the Reporting Period
442(4)
Authorisation date
442(1)
Adjusting and non-adjusting events (after the reporting period)
443(2)
Dividends proposed or declared after the reporting period
445(1)
Going concern considerations
445(1)
Disclosure requirements
445(1)
Examples of Financial Statement Disclosures
446(1)
Future Developments
446(1)
US GAAP Comparison
447(2)
19 Employee Benefits 449(26)
Introduction
449(1)
Definitions of Terms
450(4)
Background
454(1)
Importance of Pension and Other Benefit Plan Accounting
454(1)
Basic Objectives of Accounting for Pension and Other Benefit Plan Costs
455(1)
Need for pension accounting rules
455(1)
Basic Principles of IAS 19
455(2)
Applicability: Pension plans
455(1)
Applicability: Other employee benefit plans
456(1)
Cost recognition distinguished from funding practices
457(1)
Post-employment Benefit Plans
457(3)
General discussion
457(1)
Periodic measurement of cost for defined contribution plans
457(1)
Periodic measurement of cost for defined benefit plans
457(1)
Current service cost
458(1)
Interest on the accrued benefit obligation
458(1)
The expected return on plan assets
459(1)
Actuarial gains and losses
459(1)
Past service costs
459(1)
Transition adjustment
460(1)
Employer&aposs Liability and Assets
460(1)
Minimum Funding Requirement
460(3)
IFRIC 14: IAS 19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction
460(1)
Economic benefit available as a refund
461(1)
The economic benefit available as a contribution reduction
462(1)
The effect of a minimum funding requirement on the economic benefit available as a reduction in future contributions
462(1)
When a minimum funding requirement may give rise to a liability
463(1)
Other Pension Considerations
463(3)
Multiple and multi-employer plans
463(2)
Business combinations
465(1)
Contributions from employees or third parties
465(1)
Disclosures for Post-employment Benefit Plans
466(1)
Examples of Financial Statement Disclosures
467(4)
Other Employee Benefits
471(2)
Short-term employee benefits
471(1)
Other post-retirement benefits
472(1)
Other long-term employee benefits
472(1)
Termination benefits
472(1)
Future Developments
473(1)
US GAAP Comparison
473(2)
20 Revenue from Contracts with Customer 475(40)
Introduction
475(1)
Definitions of Terms
476(1)
Scope
477(1)
The Revenue Model
477(20)
The Core Principle and Steps
477(1)
Step 1: Identify the contract with customers
478(1)
Identifying the contract
478(2)
Combination of contracts
480(1)
Contract modifications
480(2)
Step 2: Identify the performance obligations in the contract
482(1)
Distinct performance obligations
483(1)
A series of distinct goods and services
484(1)
Step 3: Determine the transaction price
484(1)
Variable consideration
484(1)
Constraining estimates of variable consideration
485(1)
The existence of a significant financing component in the contract
486(1)
Non-cash consideration
487(1)
Consideration payable to a customer
487(1)
Changes in the transaction price
488(1)
Step 4: Allocate the transaction price
488(1)
Allocation based on stand-alone selling prices
488(1)
Allocation of a discount
489(2)
Allocation of variable consideration
491(1)
Step 5: Recognise revenue when
performance obligations are satisfied
491(1)
Performance obligations satisfied over time
492(2)
Measuring progress towards complete satisfaction of a performance obligation
494(3)
Performance obligations satisfied at a point in time
496(1)
Contract Cost
497(2)
Incremental Costs of Obtaining a Contract
497(2)
Costs to fulfil a contract
497(1)
Amortisation
498(1)
Impairment
498(1)
Presentation
499(1)
Statement of Financial Position
499(1)
Disclosure
499(4)
Transition
502(1)
Specific Transactions
503(9)
Sale with a right of return
503(1)
Warranties
503(1)
Principal versus agent considerations
504(1)
Customer options for additional goods or services
505(1)
Customers&apos unexercised rights
505(1)
Non-Refundable Upfront Fees (and Some Related Costs)
506(1)
Licensing
506(1)
Determining the nature of the entity&aposs promise
507(1)
Sales-based or usage-based royalties
507(1)
Repurchase agreements
508(1)
A forward or a call option
508(1)
A put option
508(1)
Consignment arrangements
509(1)
Bill-and-hold arrangements
509(1)
Service concession arrangements
510(2)
Example of Financial Statement Disclosures
512(1)
US GAAP Comparison
512(3)
21 Government Grants 515(12)
Introduction
515(1)
Scope
516(1)
Government Grants
516(1)
Definitions of Terms
517(1)
Recognition of Government Grants
517(4)
Criteria for recognition
517(2)
Recognition period
519(2)
Non-Monetary Grants
521(1)
Presentation and Disclosure
521(2)
Presentation of Grants Related to Assets
521(1)
Presentation on the statement of financial position
521(1)
Presentation in the statement of cash flows
522(1)
Presentation of Grants Related to Comprehensive Income
522(1)
Disclosures
522(1)
Other Issues
523(2)
Repayment of Government Grants
523(1)
Impairment of Assets and Government Grants
524(1)
Government Assistance
524(1)
Service Concessions
525(1)
Service concession arrangements
525(1)
Accounting under the financial asset model
526(1)
Accounting under the intangible asset model
526(1)
Operating revenue
526(1)
Accounting by the government (grantor)
526(1)
US GAAP Comparison
526(1)
22 Leases 527(56)
Introduction
527(1)
Definitions of Terms
528(3)
Minimum Lease Payments (MLP)
530(1)
Classification of Leases
531(3)
Classification of Leases-Lessee
531(2)
Leases Involving Land and Buildings
533(1)
Classification of Leases-Lessor
533(1)
Different Types of Finance Leases
533(1)
Recognition and Measurement
534(21)
Accounting for Leases-Lessee
534(7)
Operating leases
535(6)
Impairment of leased asset
541(1)
Accounting for Leases-Lessor
541(10)
Operating leases
541(2)
Finance leases
543(1)
Sales-type leases
543(4)
Direct financing leases
547(4)
Leveraged leases
551(1)
Sale-Leaseback Transactions
551(4)
Other leasing guidance
552(3)
Disclosure Requirements Under IAS 17
555(2)
Lessee Disclosures
555(1)
Lessor Disclosures
556(1)
Examples of Financial Statement Disclosures
557(3)
Future Developments
560(1)
US GAAP Comparison
561(1)
Appendix A: Special Situations Not Addressed by IAS 17 But Which Have Been Interpreted Under US GAAP
562(14)
Sale-Leaseback Transactions
562(2)
Sale-leaseback involving real estate
564(2)
Leases Involving Real Estate-Guidance Under US GAAP
566(1)
Leases Involving Land Only
566(1)
Leases Involving Land and Building
567(2)
Leases Involving Real Estate and Equipment
569(2)
Leases Involving Only Part of a Building
571(1)
Termination of a Lease
571(1)
Renewal or Extension of an Existing Lease
571(1)
Leases between Related Parties
572(1)
Accounting for Leases in a Business Combination
573(1)
Sale or Assignment to Third Parties-Non-Recourse Financing
573(1)
Money-Over-Money Lease Transactions
574(1)
Acquisition of Interest in Residual Value
574(1)
Accounting for a Sublease
574(2)
Appendix B: Leveraged Leases Under US GAAP
576(7)
23 Foreign Currency 583(32)
Introduction
583(1)
Definitions of Terms
584(1)
Scope, Objectives and Discussion of Definitions
585(3)
Functional Currency
585(2)
Monetary and Non-Monetary Items
587(1)
Foreign Currency Transactions
588(15)
Translation of Foreign Currency Financial Statements
592(1)
Translation of functional currency financial statements into a presentation currency
593(1)
Translation (remeasurement) of financial statements into a functional currency
594(1)
Net investment in a foreign operation
595(1)
Consolidation of foreign operations
595(8)
Guidance Applicable to Special Situations
603(4)
Non-controlling interests
603(1)
Goodwill and fair value adjustments
603(1)
Exchange differences arising from elimination of intragroup balances
603(1)
Different reporting dates
603(1)
Disposal of a foreign operation
603(1)
Change in functional currency
604(1)
Reporting a Foreign Operation&aposs Inventory
604(1)
Translation of Foreign Currency Transactions in Further Detail
605(2)
Disclosure
607(1)
Hedging
608(4)
Hedging a Net Investment in a Foreign Operation or Foreign Currency Transaction
608(3)
Hedges of a net investment in a foreign operation
608(1)
Hedges of foreign currency transactions
609(2)
Currency of Monetary Items Comprising Net Investment in Foreign Operations
611(1)
Examples of Financial Statement Disclosures
612(1)
US GAAP Comparison
613(2)
24 Financial Instruments 615(122)
Introduction
617(4)
Introduction to IFRS 9
617(1)
Significant Differences Between IFRS 9 and IAS 39
618(1)
Objective
618(1)
Scope
618(3)
Definitions of Terms
621(5)
Recognition, Measurement and Derecognition of Financial Instruments
626(15)
Initial Recognition
626(1)
Initial Measurement
626(1)
Initial Measurement: Transaction Costs
627(1)
Fair Value on Initial Recognition?
627(1)
Contracts to buy or sell a non-financial item
628(1)
Financial Assets
629(1)
Regular-way purchase or sale of financial assets
629(1)
Classification of financial assets
629(1)
Classification of Financial Assets-Decision Tree
630(1)
The business model
630(1)
Cash Flow Characteristics
630(1)
Fair value through profit or loss (FVTPL)
630(1)
Fair Value Through Other Comprehensive Income (FVTOCI)
631(1)
Amortised Cost
632(3)
Business model for assets classified as amortised cost
633(1)
Cash flow characteristics for assets classified as amortised cost
633(1)
Changes to contractual terms
634(1)
Subsequent Measurement of Financial Assets
635(1)
Investments in Equity Instruments
635(1)
Reclassification of Financial Assets
636(2)
Derecognition of Financial Assets
638(1)
Transferring of Financial Assets
638(1)
Transferring of Financial Assets that Qualify for Derecognition
639(1)
Transferring of Financial Assets that do Not Qualify for Derecognition
639(1)
Continuing Involvement in Transferred Financial Assets
640(1)
Financial Liabilities
641(1)
Classification of Financial Liabilities
641(1)
Subsequent Measurement of Financial Liabilities
642(4)
Liabilities Designated as at Fair Value Through Profit or Loss and Recognition of Own Credit Risk Related Fair Value Changes
642(2)
Own credit risk
643(1)
Determining the effects of changes in credit risk
644(1)
Reclassification of Financial Liabilities
644(7)
Derecognition of financial liabilities
644(2)
Embedded Derivatives
646(2)
Financial Instruments Measured at Amortised Cost
648(3)
Dealing with changes in cash flows subsequent to the initial calculation of the effective interest rate
649(1)
Modification of contractual cash flows
650(1)
Write-off
650(1)
Fair Valuation Gains and Losses
651(3)
Recognition of Foreign Exchange Gains and Losses
651(3)
Exchange differences arising on translation of foreign entities
652(1)
Interaction between the standards
653(1)
Statement of financial position
653(1)
Impairment of Financial Instruments
654(12)
A Simplified Decision Tree
654(1)
The general approach
654(2)
Determining Significant Increases in Credit Risk Since Initial Recognition
656(3)
Instruments Determined to have Low Credit Risk at the Reporting Date
659(1)
Collective and Individual Assessment Basis for Determining Significant Increases in Credit Risk
659(3)
Reasonable and Supportable Forward-Looking Information
662(1)
Modified Financial Assets
663(1)
Purchased or Originated Credit-Impaired Financial Assets
663(1)
Simplified Approach for Trade Receivables, Contract Assets and Lease Receivables
663(2)
Measurement of Expected Credit Losses and Applying Probabilities
665(1)
Impact of Collateral
666(1)
Hedge Accounting
666(26)
Derivatives
666(6)
Identifying whether certain transactions involve derivatives
669(1)
Forward contracts
670(1)
Future contracts
671(1)
Options
671(1)
Swaps
671(1)
Derivatives that are not based on financial instruments
671(1)
Objective and Scope of Hedge Accounting
672(1)
Qualifying Criteria for Hedge Accounting
673(1)
Designation of Hedging Instruments
674(1)
Designation of Hedged Items
675(1)
Components of a Nominal Amount
676(1)
Relationship Between Components and the Total Cash Flows of an Item
676(1)
Designation of Financial Items as Hedged Items
677(2)
Hedge Effectiveness
679(2)
Rebalancing the Hedging Relationship and Changes to the Hedge Ratio
681(3)
Discontinuation of Hedge Accounting
684(1)
Fair Value Hedges
685(1)
Cash flow Hedges
686(1)
Hedges of a Net Investment in a Foreign Operation
687(1)
Accounting for the Time Value of Options
687(3)
Accounting for the Forward Element of Forward Contracts
690(1)
Hedges of a Group of Items
690(1)
Designation of a Component of a Nominal Amount
691(1)
Layers of Groups of Items Designated as the Hedged Item
692(1)
Nil net positions
692(1)
Effective Date and Transition Requirements of IFRS 9
692(4)
Impracticability
693(1)
Impairment
693(1)
Classification and Measurement
694(2)
Business model
694(1)
Solely payments of principal and interest on principal
694(1)
Hybrid contracts
695(1)
Financial liabilities
695(1)
Unquoted equity instruments
695(1)
Transition for hedge accounting
695(1)
Presentation of Financial Instruments under IAS 32
696(9)
Distinguishing Liabilities from Equity
696(1)
Puttable Financial Instruments
697(1)
Settlement in the Entity&aposs Own Equity Instruments
698(1)
Interests in Cooperatives
698(1)
Convertible Debt Instruments
699(1)
Features of Convertible Debt Instruments
699(1)
Classification of Compound Instruments
700(3)
Debt Instruments Issued with Share Warrants
703(1)
Instruments Having Contingent Settlement Provisions
703(1)
Treasury Shares
704(1)
Reporting Interest, Dividends, Losses and Gains
704(1)
Offsetting Financial Assets and Liabilities
704(1)
Disclosures
705(32)
Disclosures Required under IFRS 7
705(2)
Applicability of IFRS 7
707(1)
Classes of Financial Instruments and Level of Disclosure
708(3)
Disclosures Relating to Reclassifications
711(1)
Offsetting Financial Assets and Financial Liabilities
711(3)
Collateral
714(1)
Loss Allowances for Financial Assets Measured at FVTOCI
714(1)
Certain Compound Instruments
714(1)
Defaults and Breaches
714(1)
Disclosures in the Statements of Comprehensive Income and Changes in Equity
714(1)
Accounting Policies Disclosure
715(1)
Example: Note
2. Accounting Policies
715(3)
Sub-note 2.8 financial instruments
715(3)
Hedging Disclosures
718(2)
Risk management strategy
718(1)
The amount, timing and uncertainty of future cash flows
718(1)
The effects of hedge accounting on financial position and performance
719(1)
Fair Value Disclosures
720(4)
Example: Note 3.8 financial instruments and financial risk management
721(3)
Disclosures About the Nature and Extent of Risks Flowing from Financial Instruments
724(1)
Qualitative disclosures
724(1)
Quantitative disclosures
725(1)
Credit Risk Disclosures
725(1)
The credit risk management practices
725(1)
Quantitative and qualitative information about amounts arising from expected credit losses
726(2)
Credit risk exposure
728(1)
Collateral and other credit enhancements obtained
728(4)
Liquidity risk disclosures
731(1)
Market Risk Disclosures
732(2)
Disclosures Required on Initial Application of IFRS 9
734(3)
25 Fair Value 737(30)
Introduction
737(1)
The Debate over the Use of Fair Value Measurements
737(1)
Scope
738(1)
Definitions of Terms
739(2)
Fair Value Measurement Principles and Methodologies
741(18)
Item identification and unit of account
742(1)
The principal or most advantageous market
743(1)
Market participants
744(3)
Selection of the valuation premise for asset measurements
747(2)
Risk assumptions when valuing a liability
749(1)
Liabilities and equity instruments held by other (third) parties as asset
750(1)
Liabilities and equity instruments not held by other (third) parties as asset
751(1)
Restriction preventing the transfer of a liability or an entity&aposs own equity instrument
752(1)
Financial liability with a demand feature
752(1)
Shareholders&apos equity
752(1)
Fair value for net exposures
752(1)
Inputs
753(3)
Valuation techniques
756(2)
Measurement Considerations
758(1)
Fair Value Disclosure
759(3)
Education Material
762(3)
Future Developments
765(1)
US GAAP Comparison
765(2)
26 Income Taxes 767(36)
Introduction
767(1)
Scope
768(1)
Definitions of Terms
768(1)
Identification
769(1)
Recognition and Measurement of Current Tax
770(1)
Recognition of Current Tax
770(1)
Measurement of Current Tax
770(1)
Recognition and Measurement of Deferred Tax
770(1)
Recognition of Deferred Tax
770(1)
Measurement of Deferred Tax Assets
770(1)
Recognition in Profit or Loss
771(1)
Calculation of Deferred Tax Asset or Liability
771(12)
Identification of Temporary Differences
772(2)
Identification of Exemptions
774(1)
Goodwill
774(1)
Initial recognition exemption
775(1)
Identification of Unused Tax Losses or Tax Credits
775(1)
Calculation and Measurement of Deferred Tax Assets and Liabilities
775(2)
Limitation on the Recognition of Deferred Tax Assets
777(6)
Future temporary differences as a source for taxable profit to offset deductible differences
780(1)
Tax-planning opportunities that will help realise deferred tax assets
781(1)
Subsequently revised expectations that a deferred tax benefit is recoverable
782(1)
Effect of Changed Circumstances
783(6)
Uncertainties over Income Tax Treatments
783(2)
Clarification of application
783(1)
Disclosure
784(1)
Effect of Tax Law Changes on Previously Recorded Deferred Tax Assets and Liabilities
785(1)
Reporting the Effect of Tax Status Changes
786(1)
Implications of Changes in Tax Rates and Status Made in Interim Periods
787(2)
Specific Transactions
789(7)
Income Tax Consequences of Dividends Paid
789(1)
Accounting for Business Combinations at the Acquisition Date
790(1)
Accounting for Business Combinations after the Acquisition
791(1)
Temporary Differences in Consolidated Financial Statements
792(1)
Assets Carried at Fair Value
792(1)
Tax on Investments in Subsidiaries, Associates and Joint Ventures
793(2)
Tax Effects of Compound Financial Instruments
795(1)
Share-Based Payment Transactions
796(1)
Presentation and Disclosure
796(3)
Presentation
796(1)
Disclosures
797(2)
Statement of financial position disclosures
797(1)
Statement of profit or loss and other comprehensive income disclosures
797(2)
Example of Financial Statement Disclosures
799(2)
Proposed Amendments
801(1)
US GAAP Comparison
801(2)
27 Earnings per Share 803(18)
Introduction
803(1)
Scope
803(1)
Definitions of Terms
804(1)
Concepts, Rules and Examples
805(12)
Simple Capital Structure
805(4)
Computational guidelines
805(1)
Numerator
805(1)
Denominator
806(3)
Complex Capital Structure
809(1)
Determining Dilution Effects
810(3)
Options and warrants
811(1)
Convertible instruments
812(1)
Contingent Issuances of Ordinary Shares
813(1)
Contracts Which May Be Settled in Shares or for Cash
814(1)
Written put options
815(1)
Sequencing of Dilution Effects
815(1)
Presentation and Disclosure Requirements Under IAS 33
816(1)
Example of Financial Statement Disclosures
817(1)
US GAAP Comparison
818(3)
28 Operating Segments 821(18)
Introduction
821(1)
Scope
821(1)
Definitions of Terms
822(1)
Identification
823(1)
Concepts and Requirements Under IFRS 8
824(5)
Operating Segments and Reportable Segments
825(1)
Operating segments
825(1)
Chief operating decision maker
826(1)
Reportable segments
826(3)
Disclosure Requirements
829(4)
Entity-wide disclosure requirements
832(1)
Example of Financial Statement Disclosures Under IFRS
833(5)
US GAAP Comparison
838(1)
29 Related Party Disclosures 839(14)
Introduction
839(1)
Definitions of Terms
840(1)
Identification
841(5)
The Need for Related Party Disclosures
841(1)
Scope of the Standard
842(1)
Applicability
843(1)
Substance over Form
843(2)
Significant Influence
845(1)
Disclosures
846(4)
Financial Statement Disclosures
846(1)
Disclosure of Parent-Subsidiary Relationships
847(1)
Disclosures to Be Provided
847(2)
Arm&aposs-length transaction price assertions
848(1)
Aggregation of disclosures
848(1)
Compensation
849(1)
Comparatives
849(1)
Government-Related Entities
849(1)
Example of Financial Statement Disclosures
850(1)
US GAAP Comparison
851(2)
30 Accounting and Reporting by Retirement Benefit Plans 853(8)
Introduction
853(1)
Definitions of Terms
853(1)
Scope
854(1)
Defined Contribution Plans
855(1)
Defined Benefit Plans
856(2)
Disclosures
858(1)
US GAAP Comparison
859(2)
31 Agriculture 861(16)
Introduction
861(1)
Scope
862(1)
Definitions of Terms
863(1)
Identification
864(1)
Recognition and Measurement
865(5)
Basic Principles of IAS 41
865(1)
Determining Fair Values
866(2)
Recognition and Measurement
868(2)
Agricultural Produce (Measurement)
870(1)
Presentation and Disclosures
870(2)
Financial Statement Presentation
870(4)
Statement of financial position
870(1)
Statement of profit or loss and other comprehensive income
871(1)
Additional disclosures
871(1)
Examples of Financial Statement Disclosures
872(2)
Other Issues
874(1)
Agricultural Land
874(1)
Intangible Assets Related to Agriculture
874(1)
US GAAP Comparison
875(2)
32 Extractive Industries 877(10)
Introduction
877(1)
Definitions of Terms
877(1)
Exploration and Evaluation of Mineral Resources
878(2)
Background
878(1)
IFRS 6 in Greater Detail
878(1)
Cash-Generating Units for Exploration and Evaluation Assets
879(1)
Assets Subject to IFRS 6
880(1)
Categorisation
880(1)
Availability of Cost or Revaluation Models
880(1)
Financial Statement Classification
880(1)
Disclosure Requirements Under IFRS 6
881(1)
Example of Financial Statement Disclosures
881(1)
IFRIC 20 Stripping Cost in the Production Phase of a Surface Mine
882(1)
Example of Financial Statement Disclosures
883(1)
Future Developments
884(1)
Extractive Industry Discussion Paper
884(1)
US GAAP Comparison
885(2)
33 Accounting for Insurance Contracts 887(18)
Introduction
887(1)
Definitions of Terms
887(2)
Insurance Contracts
889(1)
Insurance risk
889(1)
Recognition and Measurement Guidance
890(5)
Adequacy of insurance liabilities
890(1)
Impairment testing of reinsurance assets
891(1)
Selection of accounting principles
892(1)
Unbundling
893(1)
Recognition
894(1)
Discretionary participation features in insurance contracts
894(1)
Embedded derivatives
895(1)
Disclosure
895(7)
Applying IFRS 9 with IFRS 4
895(7)
Temporary exemption from IFRS 9
896(1)
Disclosures about the temporary exemption from IFRS 9
897(2)
The overlay approach
899(2)
Disclosures about the overlay approach
901(1)
Interaction with other requirements
902(1)
Transitional Provisions
902(1)
Temporary exemption from IFRS 9
902(1)
The overlay approach
902(1)
Future Developments
902(1)
IFRS 17 Insurance Contracts
902(1)
US GAAP Comparison
903(2)
34 Interim Financial Reporting 905(20)
Introduction
905(1)
Scope
906(1)
Definitions of Terms
906(1)
Alternative Concepts of Interim Reporting
906(1)
Objectives of Interim Financial Reporting
907(1)
Application of Accounting Policies
908(1)
Consistency
908(1)
Consolidated reporting requirement
909(1)
Materiality as Applied to Interim Financial Statements
909(1)
Presentation
909(5)
Content of an interim financial report
909(1)
Minimum components of an interim financial report
910(1)
Form and content of interim financial statements
910(1)
Significant events and transactions
911(1)
Other disclosures
912(1)
Comparative interim financial statements
913(1)
Recognition Issues
914(7)
General concepts
914(1)
Recognition of annual costs incurred unevenly during the year
915(1)
Revenues received seasonally, cyclically or occasionally
916(1)
Income taxes
916(1)
Multiplicity of taxing jurisdictions and different categories of income
916(1)
Tax credits
917(1)
Tax loss tax credit carrybacks and carryforwards
917(1)
Volume rebates or other anticipated price changes in interim reporting periods
918(1)
Depreciation and amortisation in interim periods
918(1)
Inventories
919(2)
Foreign Currency Translation Adjustments at Interim Dates
921(1)
Adjustments to Previously Reported Interim Data
922(1)
Restatement of Previously Reported Interim Periods
922(2)
Use of estimates in interim periods
923(1)
Impairment of assets in interim periods
923(1)
Interim financial reporting in hyperinflationary economies
923(1)
US GAAP Comparison
924(1)
35 Hyperinflation 925(10)
Introduction
925(1)
Financial Reporting in Hyperinflationary Economies
925(7)
Severe Hyperinflation According to IFRS 1
926(1)
Restating Historical Cost Financial Statements under Hyperinflation Conditions
927(2)
Restating Current Cost Financial Statements under Hyperinflation Conditions
929(1)
Comparative Financial Statements
930(1)
Consolidated Financial Statements
930(1)
Other Disclosure Issues
930(1)
Economies which Cease Being Hyperinflationary
930(1)
Guidance on Applying the Restatement Approach
931(1)
US GAAP Comparison
932(1)
Appendix: Monetary vs. Non-Monetary Items
932(3)
36 First-Time Adoption of International Financial Reporting Standards 935(32)
Introduction
935(1)
Definitions of Terms
936(1)
First-Time Adoption Guidance
937(10)
Objective and Scope of IFRS 1
937(2)
Key Dates
939(1)
Steps in Transition to IFRS
940(1)
Selection of Accounting Policies
940(3)
Opening IFRS Statement of Financial Position
943(2)
Mandatory Exceptions to the Retrospective Application of Other IFRS
945(10)
Estimates
945(1)
Derecognition of financial assets and financial liabilities (IFRS 9)
946(1)
Hedge accounting (IFRS 9)
946(1)
Non-controlling interests (IFRS 10)
947(1)
Optional Exemptions
947(8)
Business combinations
947(3)
Insurance contracts
950(1)
Deemed cost
950(2)
Leases
952(1)
Below market rate government loans
952(1)
Cumulative translation differences
952(1)
Investments in subsidiaries, jointly controlled entities and associates
952(1)
Assets and liabilities of subsidiaries, associates and joint ventures
953(1)
Compound financial instruments
953(1)
Designation of previously recognised financial instruments
953(1)
Fair value measurement of financial assets or financial liabilities at initial recognition
954(1)
Decommissioning liabilities included in the cost of property, plant and equipment
954(1)
Service concession arrangements
954(1)
Borrowing costs
954(1)
Severe hyperinflation
955(1)
Presentation and Disclosure
955(12)
Explanation of transition to IFRS
955(1)
Comparative information
956(1)
Reconciliations
956(1)
Other disclosures
957(1)
Interim reporting
957(1)
Options With and Within the Accounting Standards
958(1)
Transition from US GAAP to IFRS: The Case of DaimlerChrysler
959(8)
Index 967
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