International Financial Reporting Standards An Introduction

by Needles, Belverd E.; Powers, Marian

• ISBN13: 9780538476805
• ISBN10: 053847680X
• Edition: 2nd
• Format: Paperback
• Copyright: 2010-03-24
• Publisher: South-Western College Pub

Summary

INTERNATIONAL FINANCIAL REPORTING STANDARDS: AN INTRODUCTION is written at an introductory level to provide authoritative coverage about International Financial Reporting Standards without providing information inappropriate for an intro-level course. The easy-to-read booklet provides information about the background and status of these financial standards and how they relate to the standards currently used in the U.S.

Table of Contents

Introduction: The Global Momentum for IFRS

Backgroundof IFRS

The Origin of International Accounting Standards (IAS)

The Road to Convergence

Will IFRS Live Up to Their Promise?

The Structure of IFRS

Overview of IFRS

Framework for the Preparation and Presentation of Financial Statements

Proposed Presentation of Financial Statements

Key Differences Between IFRS and U.S. GAAP

Principles-Based Versus Rules-Based Standards

Income Measurement

Fair Value Measurements

Revenue Recognition

Provisions

Comprehensive Income and Recycling

Inventory Accounting

Property, Plant, and Equipment Revaluation

Impairment

Equity

Share-Based Payments

Consolidation

IFRS for Private Entities

IFRS for SMEs

What are IFRS for SMEs and What is Their Potential Importance to Financial Reporting in the U.S.?

Why and How Were IFRS for SMEs Developed?

Advantages and Disadvantages of SMEs

Key Differences between Full IFRS and IFRS for SMEs

Similarities and Differences between U.S. GAAP and IFRS for SMEs

The Current Status and Future of IFRS

Remaining Differences between US GAAP and IFRS

Transitioning to IFRS

Adapting to IFRS

Common Acronyms

IFRS Timeline

Current IFRS and IAS

Selected Websites with IFRS Resources

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