Comprehensive resource explaining the IFRS Standards and teaching the skills required to use them in practice
Written in collaboration with Ernst & Young, this fully updated Fifth Edition of Applying IFRS Standards is designed to meet the needs of accountancy students and practitioners in understanding the complexities of IFRS Standards. Beginning with an overview of the International Accounting Standards Board (IASB) and how it establishes accounting standards, the book goes on to explain the key concepts and applications of IFRS Standards, using a wealth of insights and examples sourced from across the international business world and addressing the skills needed to apply the standards in business environments.
In addition to a comprehensive factual breakdown of the IFRS Standards, each chapter in the first three parts of the book is accompanied by an academic perspective, which offers readers critical interpretations designed to bring further context.
Discussion questions, exercises and references are provided throughout the book. Companion websites contain additional chapters, instructor slides and test banks, additional exercises, a solutions manual, and access to IFRS Learning Resources.
Applying IFRS Standards includes information on:
- Fair value measurement, revenue from contracts with customers, income taxes, financial instruments, share-based payments, inventories, and employee benefits
- Property, plant, and equipment, leases, intangible assets, business combinations, impairment of assets, and financial statement presentations
- Statement of cash flows, operating segments, and consolidation in controlled entities, intragroup transactions, and non-controlling interests
- Qualitative characteristics of useful financial information, going concern assumptions
Applying IFRS Standards is an essential learning resource on the subject for students and early-career accounting professionals and serves as a useful reference for established accounting professionals.
Part 1 Conceptual Framework 1
1 The IASB and its Conceptual Framework 3
Part 2 Elements 23
2 Financial statement presentation 25
3 Revenue from contracts with customers 55
4 Inventories 83
5 Property, plant and equipment 109
6 Intangible assets 151
7 Impairment of assets 173
8 Fair value measurement 199
9 Leases 223
10 Provisions, contingent liabilities and contingent assets 259
11 Employee benefits 279
12 Owners equity: share capital and reserves 307
13 Financial instruments 331
14 Share- based payment 379
15 Income taxes 403
Part 3 Presentation and Disclosures 433
16 Statement of cash flows 435
17 Key notes disclosures 457
18 Operating segments 479
19 Business combinations 497
Part 4 Economic Entities 523
20 Consolidation: controlled entities 525
21 Consolidation: wholly owned subsidiaries 539
22 Consolidation: intragroup transactions 561
23 Consolidation: non- controlling interest 585
24 Translation of foreign currency transactions and the financial statements
of foreign entities 625
Ruth Picker AM, Former Global IFRS Leader and Asia-Pacific Risk Management Leader, EY. Former IFRIC member.
Leo van der Tas, is Professor of Corporate Reporting at Tilburg University, The Netherlands and partner-contractor with EY. Former IFRIC member.
David Kolitz, Exeter, UK, is Senior Lecturer in Accounting at the University of Exeter Business School.
Gilad Livne, London, UK, is Professor of Accounting at the School of Business and Management, at Queen Mary University of London.
Janice Loftus, Adelaide, Australia, is Associate Professor at the Business School at the University of Adelaide.
Miriam Koning, Rotterdam, The Netherlands, is Associate Professor of Accounting at Rotterdam School of Management, Erasmus University.
Cathrynne Service, is an Independent IFRS consultant, Academic Author and Educationist.
