Wiley Ias 2002: Interpretation and Application of International Accounting Standards

by Epstein, Barry J.; Mirza, Abbas Ali

• ISBN13: 9780471441212
• ISBN10: 047144121X
• Format: Paperback
• Copyright: 2001-12-01
• Publisher: John Wiley & Sons Inc

Summary

The indispensable guide to IAS compliance

International Accounting Standards (IAS) are hotter than ever due to their endorsement by the International Organization of Securities Commissions (IOSCO) and the European Commission’s groundbreaking decision to require all listed companies throughout the European Union to apply International Accounting Standards (instead of their national accounting standards) by 2005. These two milestone proclamations of support have given the IAS (soon to be called the International Financial Reporting Standards or "IFRS") the long-awaited backing they need to become truly international GAAP, or global accounting standards. As a result, more and more countries in emerging and developing economies, as well as global players, are adopting these standards.

This handy yet comprehensive quick-reference guide helps accountants prepare and understand financial statements presented in accordance with the rapidly evolving, ever more widely used International Accounting Standards. The 2002 edition of the authoritative, practical guide to IAS compliance includes complete coverage of all the standards issued or revised under the IOSCO’s "core set of standards" program and those issued thereafter. More than ever before, every accountant or corporate financial official involved in–or contemplating–registration in foreign markets now needs the guidance offered in this book. Written by a team of practicing CPAs with in-depth international experience in applying IAS, this guide includes meaningful real-world examples and interpretive insights into the requirements of IAS.

This up-to-date 2002 edition covers important, complex requirements addressed by the recent IASs, including: *IAS 10, Events After the Balance Sheet Date *IAS 33, Earnings Per Share *IAS 34, Interim Financial Reporting *IAS 35, Discontinuing Operations *IAS 36, Impairment of Assets *IAS 37, Provisions, Contingent Liabilities, and Contingent Assets *IAS 38, Intangible Assets *IAS 40, Investment Property *IAS 41, Agriculture *IAS 32, Financial Instruments: Disclosure and Presentation *IAS 39, Financial Instruments: Recognition and Measurement *IAS 39, Implementation Guidance: Questions and Answers

Plus: Other IASs including the revised standard on Presentation of Financial Statements (IAS 1), Cash Flow Statements (IAS 7), Construction Contracts (IAS 11), Segment Reporting (IAS 14), Property, Plant and Equipment (IAS 16), Leases (IAS 17), Revenue (IAS 18), Employee Benefits (IAS 19), Income Taxes (IAS 12), Government Grants (IAS 20), Business Combinations (IAS 22), and a chapter on the often contentious topic of Related-Party Disclosures (IAS 24) as well as coverage of specialized industry accounting rules–Disclosures in Financial Statements of Banks (IAS 30).

Also included: Coverage of Issues Papers on Insurance and Extractive Industries and interpretations of the Standing Interpretations Committee (SIC) currently operative–SICs 1 to 25.

Table of Contents

1 Introduction to International Accounting Standards.

Appendix A: Current International Accounting Standards and SIC.

Appendix B: The IOSCO Recommendations for the Use of International Accounting Standards.

Appendix C: Case Study Illustrating Possible Supplemental Treatments under the IOSCOÆs Recommendations.

Appendix D: US GAAP Reconciliation and Restatement.

2 Balance Sheet.

3 Income Statement, Statement of Changes in Equity, and Statement of Recognized Gains and Losses.

4 Cash Flow Statements.

5 Financial InstrumentsùCash and Receivables.

6 Inventory.

7 Revenue Recognition, Including Construction Contract Accounting.

Appendix: Accounting under Special SituationsùGuidance from US GAAP.

8 Property, Plant, and Equipment.

9 Intangible Assets.

10 Financial InstrumentsùInvestments in Joint Ventures, Associates, and Investment Property.

Appendix: Schematic Summarizing Treatment of Investment Property.

11 Business Combinations and Consolidated Financial Statements.

12 Current Liabilities, Provisions, Contingencies, and Events After the Balance Sheet Date.

13 Financial InstrumentsùLong-Term Debt.

14 Accounting for Leases.

Appendix A: Special Situations Not Yet Addressed by IAS 17.

Appendix B: Leveraged Leases.

15 Accounting for Income Taxes.

Appendix: Accounting for Income Taxes in Interim Periods.

16 Accounting for Employee Benefits.

17 Stockholders' Equity.

Appendix A: Illustration of Financial Statement Presentation .

Appendix B: Additional Guidance under US GAAP.

18 Earnings Per Share.

19 Interim Financial Reporting.

20 Segment Reporting.

21 Accounting Changes and Correction of Fundamental Errors.

22 Foreign Currency.

Appendix: Additional Guidance from US GAAP.

23 Related-Party Disclosures.

24 Specialized Industry Accounting.

25 Accounting for Inflation and Hyperinflation.

Appendix: Monetary vs. Nonmonetary Items.

26 Government Grants.

Appendix: Disclosure Checklist.

Index.