A one-stop resource for understanding current International Financial Reporting Standards
As the International Accounting Standards Board (IASB) makes significant strides in achieving global convergence of accounting standards worldwide, the International Financial Reporting Standards (IFRS) become extremely important to the accounting world. Wiley IFRS 2011 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them.
- Covers the most recent International Financial Reporting Standards (IFRS) and IFRIC interpretations
- An indispensable guide to IFRS compliance
- Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world situations
Written by two well-known international experts on the subject with hands-on experience in applying these standards, this book is an indispensable guide to IFRS compliance.
From the Back Cover
International Financial Reporting Standards (IFRS®) have received increased attention since such signal events as endorsements by the International Organization of Securities Commissions (IOSCO) in 2000, by the European Union (2002, mandating universal adoption by publicly held companies in 2005), and by the SEC (waiving reconciliation requirements for foreign private issuers using IFRS® beginning in 2007, and establishing a “road map” for adoption by U.S. public companies by 2016).With further refinements to IFRS® continuing to be made by the International Accounting Standards Board (IASB)—aided by work being performed pursuant to the “convergence” commitment made by the U.S. standard-setter, FASB—and given the now virtually unstoppable momentum worldwide to adopt (or, in some cases, adapt) IFRS®, mastery of this knowledge is becoming a necessity for all preparers of financial statements. Although only publicly held U.S. companies are facing an impending near-term mandate to convert to IFRS®, many private companies already are encountering requests or demands from their major customers, suppliers, joint venture partners, and affiliates to provide financial reports prepared under IFRS®. In all likelihood, replacement of U.S. GAAP by IFRS® will become a reality for even privately held enterprises within the foreseeable term.
Experience from EU-based companies that implemented IFRS® financial reporting by 2005 suggests that such an undertaking may require a multi-year effort. Wiley IFRS® 2011 provides a complete explanation of all IFRS® requirements, coupled with copious illustrations of how to apply the rules in complex, real-world fact situations, and can be used both in training accounting staff and serving as a reference guide during actual implementation of IFRS® and preparation of IFRS®-based financial statements. Wiley IFRS® 2011 is equally valuable for preparers, auditors, and users of financial reports.To optimize the reader’s understanding, both examples created to explain particular IFRS® requirements and selections from actual published financial statements are provided throughout the book, illustrating all key concepts. Also included in this edition are a revised, comprehensive disclosure checklist; an updated, detailed comparison between U.S. GAAP and IFRS® , keyed to chapter topics; and integrated discussions of major ongoing IASB projects that may have significant impact on readers’ responsibilities over the coming year.
- Paperback: 1128 pages
- Publisher: Wiley (February 8, 2011)
- Language: English
- ISBN-10: 0470554428
- ISBN-13: 978-0470554425