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9780470977125

The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

by
  • ISBN13:

    9780470977125

  • ISBN10:

    0470977124

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2012-05-15
  • Publisher: Wiley
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Supplemental Materials

What is included with this book?

Summary

An indispensable guide to making the transition to dual IFRS/GAAP financial reporting U.S. financial reporting will undergo an unprecedented level of change within the next several years. U.S. companies face a convergence between U.S. GAAP and IFRS, affecting several major accounting standards--most notably in the areas of leasing, revenue recognition, and financial instruments. It is imperative that U.S. companies understand these major changes and their business and operational implications. The IFRS U.S. GAAP Dual Reporting Handbook to First-Time Adoption offers a comprehensive treatment of both the principles and techniques of dual reporting under IFRS/U.S. GAAP, while exploring the practical implications for accounting professionals of reporting under both sets of standards. Takes an operating approach to the implementation and application of the dual standards Draws upon the author's extensive firsthand experience to dispel uncertainty and offer decision makers expert technical assistance Defines systemic changes businesses will need to make to accommodate IFRS standards Compares the two bodies of standards item-by-item and identifies solutions under one set of standards to issues arising under the other Explores the strategic impact of structuring a company for IFRS transition In addition to covering the full range of critical issues surrounding adopting IFRS, this indispensable handbook is a rich resource of dual reporting tools, including financial statement formats, charts of accounts, accounting check-lists, reconciliation schedules, and operating manuals.

Table of Contents

Prefacep. xxxiii
About the Authorp. xxxv
Introduction and Scope of Bookp. 1
Nature of Accounting Literature and Pertinent Pronouncementsp. 1
Significance of the IFRS Transitionp. 1
IFRS Transition Scenariop. 3
Scope of the Bookp. 6
IFRS First-Time Adoption Requirements and Interaction with U.S. GAAP and SEC Rules and Regulationsp. 11
Chapter Previewp. 11
IFRS 1 Amendments and Effective Datesp. 11
Rationale of IFRS 1p. 12
Accounting Steps in Migrating to IFRSsp. 18
First IFRS Financial Statementsp. 20
Entities Affected by IFRS 1p. 28
Compliance with IFRSsp. 29
Transition Datep. 37
Accounting Policiesp. 37
The Impact of Alternative Bases of Reportingp. 46
Accounting Estimatesp. 54
The Opening IFRS Statement of Financial Positionp. 61
Comparative Informationp. 67
Exceptions and Exemptions in the Context of Comparabilityp. 80
Interim Reportingp. 87
Reconciliations and Disclosuresp. 95
Exceptions to the Retrospective Application of Other IFRSsp. 101
Exemption for Past Business Combinationsp. 126
Exemptions from Other IFRSsp. 149
Short-Term Exemptions from Other IFRSsp. 205
Implications for Financial Statement Preparersp. 210
Dual Reporting for The Statement of Financial Positionp. 215
Chapter Previewp. 215
Context of the Statement of Financial Positionp. 216
Structure of the Statement of Financial Positionp. 220
Certain Other Structural Elements of the Statement of Financial Positionp. 234
Captions and Line Itemsp. 241
Implications for Financial Statement Preparersp. 344
Dual Reporting for the Statements of Incomep. 347
Chapter Previewp. 347
Different Forms of Statements of Incomep. 348
Context of Statementsp. 357
Structure of the Statement of Incomep. 363
Aggregations and Subtotalsp. 366
Analysis of Expensesp. 440
Captions and Line Itemsp. 450
Implications for Financial Statement Preparersp. 516
Dual Reporting for the Statement of Cash Flowsp. 521
Chapter Previewp. 521
Context of the Statement of Cash Flowsp. 522
Cash and Cash Equivalentsp. 527
Direct versus IndirectMethodp. 536
Other Structural Elements of the Statement of Cash Flowsp. 547
Special Issuesp. 597
Captions and Line Itemsp. 636
Implications for Financial Statement Preparersp. 646
Dual Reporting for the Statement of Changes in Equityp. 655
Chapter Previewp. 655
Context of the Statement of Changes in Equityp. 656
Different Concepts of the Statement of Changes in Equityp. 664
The Structure of the Statement of Changes in Equityp. 669
Specific Elementsp. 696
Captions and Line Itemsp. 703
Implications for Financial Statement Preparersp. 727
Dual Reporting for Interim Financial Statementp. 731
Chapter Previewp. 731
Accounting Principles for Interim Financial Statementsp. 732
Types of Interim Financial Informationp. 742
Reporting Entitiesp. 744
Approaches to Interim Reportingp. 752
Bases of Accounting in Interim Financial Statementsp. 755
Periods to be Coveredp. 758
Frequency of Reportingp. 763
Reporting Deadlinesp. 763
Audited versus Unauditedp. 764
Set of Interim Financial Statementsp. 765
Condensed Format of Interim Financial Statementsp. 770
Implications for Financial Statement Preparersp. 777
Key Elements and Decisionsp. 777
Other Control Pointsp. 778
Table of Exhibitsp. 781
Bibliographyp. 785
Indexp. 789
Table of Contents provided by Publisher. All Rights Reserved.

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