Applying International Financial Reporting Standards (Enhanced Edition) contains a number of content revisions as a consequence of various adjustments made to IFRS since their inception in January 2005. Students are required to possess a sound understanding of the financial reporting requirements under IFRS and this textbook remains the only educational resource available to meet student needs. The new enhanced edition will continue to offer students a thorough conceptual overview and practical working knowledge of the financial reporting requirements required under IFRS.
The core focus of the text remains on the interpretation, analysis, illustration and application of the scope and purpose of the financial reporting processes under IFRS. The financial reporting environment has changed considerably over the past 2 years, since the introduction of international accounting standards, and is expected to continue changing for another 3-5 years. The objective of the author team is to ensure that the textbook continues to be up-to-date in accordance with IFRS revisions initiated by the IASB.
This textbook has been written for intermediate and advance financial reporting courses, at both undergraduate and postgraduate level, and aligns with the knowledge expectations of the accounting profession.
Part 1 Framework
- The IASB and its conceptual Framework
Part 2 Elements
- Shareholders' equity: share capital and reserves
- Revenue
- Provisions, contingent liabilities and contingent assets
- Financial instruments
etc.
Part 3 Disclosure
- Principles of disclosure - IAS 1, IAS 8 and IAS 10
- Presentation of financial statements
- Statement of cash flows
- Operating segments
Part 4 Economic Entities
- Controlled entities: the consolidation method
- Consolidation: wholly owned subsidiaries
- Consolidation: intragroup transactions
- Consolidation: non-controlling interest
etc.