IFRS Primer International GAAP Basics

by Wiecek, Irene M.; Young, Nicola M.

• ISBN13: 9780470483176
• ISBN10: 0470483172
• Edition: 1st
• Format: Paperback
• Copyright: 2009-10-19
• Publisher: Wiley

Summary

The IFRS Primer: International GAAP Basics serves as a roadmap to provide guidance and a path through the period of transition to convergence of GAAP and international reporting standards for both students and instructors. As in introduction to International Financial Reporting Standards (IFRS), the IFRS Primer is a stand alone and logical supplement for use with existing U.S. introductory, intermediate, and advanced financial accounting textbooks.

Author Biography

Irene M. Wiecek, FCA is a faculty member of the University of Toronto at Mississauga and is cross-appointed to the Joseph L. Rotman School of Management. She teaches financial reporting in various programs including the Commerce Program and the Master of Management & Professional Accounting Program. The Associate Director of the MMPA Program for many years, she co-founded and is Co-Director of the ICAO/Rotman Centre for Innovation in Accounting Education, which supports and facilitates innovation in accounting education. Irene has been involved in professional accounting education for over twenty years both at the Institute of Chartered Accountants of Ontario and the CICA, teaching and developing case/program material in various programs including the ICAO School of Accountancy. She helped create and currently directs the CICA In-depth GAAP Program. In the area of standard setting, she is Chair of the Canadian Academic Accounting Association Financial Accounting Exposure Draft Response Committee. Irene is a member of the CICA Qualifications Committee which provides leadership, direction and standards for admission into the CA profession. She is the recipient of the MMPA Faculty of the Year award for 2004 and 2006.

Nicola M. Young, MBA, FCA is a Professor of Accounting in the Sobey School of Business at Saint Mary's University in Halifax, Nova Scotia where her teaching responsibilities have varied from the introductory offering to final year advanced financial accounting courses to the survey course in the Executive MBA program. She is the recipient of teaching awards, and has contributed to the academic and administrative life of the university through chairing the Department of Accounting, membership on the Board of Governors, the Pension and other Committees. Nickie was associated with the Atlantic School of Chartered Accountancy for over twenty-five years in a variety of roles, including program and course development, teaching, and program reform.?In addition to contributions to the accounting profession at the provincial level, Nickie has served on national boards of the Canadian Institute of Chartered Accountants dealing with licensure and education. For the last fifteen years, she has worked with the CICA's Public Sector Accounting Board as an Associate, as a member and chair of the Board, and as chair and member of PSAB Task Forces.

Table of Contents

Introduction and Reporting Basics

Introduction and IAS Framework

Presentation of Financial Statements: IAS 1

Statement of Cash Flows: IAS 7

Non-current Assets Held for Sale and Discontinued Operations: IFRS 5

Provisions, Contingent Liabilities and Contingent Assets: IAS 37

Revenue: IAS 18

Non-financial Assets

Inventories: IAS 2

Construction Contracts: IAS 11

Agriculture: IAS 41

Property, Plant and Equipment: IAS 16

Investment Property: IAS 40

Exploration for and Evaluation of Mineral Resources: IFRS 6

Borrowing Costs: IAS 23

Accounting for Government Grants and Disclosure of Government Assistance: IAS 20 C O N T E N T S

Intangible Assets: IAS 38

Impairment of Assets: IAS 36

Financial Assets and Liabilities

Basic Financial Instruments: IAS 32, IAS 39, and IFRS 7

Financial Instruments-Recognition and Measurement: IAS 39

Financial Instruments-Presentation: IAS 32

Financial Instruments-Disclosure: IFRS 7

Special Topics

Accounting Policies, Changes in Accounting Estimates and Errors: IAS 8

Events After the Reporting Period: IAS 10

Income Taxes: IAS 12

Leases: IAS 17

Employee Benefi ts: IAS 19

Related Party Disclosures: IAS 24

Earnings per Share: IAS 33

Interim Financial Reporting: IAS 34

Share-based Payment: IFRS 2

Reporting Entity

Investments in Associates: IAS 28

Business Combinations: IFRS 3

Consolidated and Separate Financial Statements: IAS 27

Interests in Joint Ventures: IAS 31

Operating Segments: IFRS 8

The Effects of Changes in Foreign Exchange Rates: IAS 21

Specialized Applications

Specialized Industries and Hyperinfl ation: IFRS 4, IAS 26, IAS 29

First-time Adoption of International Financial Reporting Standards: IFRS 1

Table of Contents provided by Publisher. All Rights Reserved.