The Handbook to IFRS Transition and to IFRS U. S. GAAP Dual Reporting : Interpretation, Implementation and Application to Grey Areas.
Francesco. Bellandi
Bok Engelsk 2012 · Electronic books.
| Omfang | 1 online resource (847 pages)
|
|---|---|
| Utgave | 10th ed.
|
| Opplysninger | Intro -- The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting -- Preface -- About the Author -- 1 Introduction and Scope of Book -- 1.1 Nature of Accounting Literature and Pertinent Pronouncements -- 1.2 Significance of the IFRS Transition -- 1.3 IFRS Transition Scenario -- 1.4 Scope of the Book -- 1.4.1 The Dual Reporting Perspective -- 1.4.2 IFRS Migration, Transition, or First-Time Adoption -- 1.4.3 Why this Book Includes Guidance to Foreign Private Issuers -- 1.4.4 Other Unique Features of this Book -- 1.4.5 Use of this Book in Jurisdictions Other than the U.S -- 1.4.6 The Benefits of Reading this Book -- 2 IFRS First-Time Adoption Requirements and Interaction with U.S. GAAP and SEC Rules and Regulations -- 2.1 Chapter Preview -- 2.2 IFRS 1 Amendments and Effective Dates -- 2.2.1 History of IFRS 1 -- 2.2.2 Restructured IFRS 1 -- 2.3 Rationale of IFRS 1 -- 2.3.1 First-Time Adoption of a Comprehensive Basis of Accounting -- 2.3.2 Derogation from the Basic Principle of Retrospective Application -- 2.3.3 IFRS 1 versus SIC-8 -- 2.3.4 Main Rationales of IFRS 1 -- 2.4 Accounting Steps in Migrating to IFRSs -- 2.5 First IFRS Financial Statements -- 2.5.1 Terminology -- 2.5.2 First versus Subsequent IFRS Financial Statements -- 2.5.3 What First IFRS Financial Statements are and What They are Not -- 2.5.4 External Use -- 2.5.5 Complete Set -- 2.5.6 Primary Financial Statements -- 2.5.7 Location and Context of the First IFRS Financial Statements -- 2.5.8 Financial Statements of Entities Incorporated in the First IFRS Consolidated Financial Statements -- 2.5.9 IFRS Financial Statements of Other Entities Included in a Registrant's Report -- 2.5.10 Previous GAAP -- 2.5.10.1 Timing of Use of Previous GAAP -- 2.5.10.2 Previous versus Home-Country GAAP -- 2.5.10.3 Use of Different Sets of Local GAAP.. - 2.11.10 Equity versus Financial Liability Classification -- 2.11.11 Internally Developed Intangible Assets -- 2.11.12 Financial Assets and Financial Liabilities -- 2.11.13 Employee Benefits -- 2.11.14 Share-Based Payment Transactions -- 2.11.15 Impairment of Nonfinancial Assets -- 2.11.16 Depreciation and Amortization -- 2.12 The Opening IFRS Statement of Financial Position -- 2.12.1 Procedures Concerning the Opening IFRS Statement of Financial Position -- 2.12.1.1 Focal Points -- 2.12.1.2 Advance Planning -- 2.12.1.3 Effect of Changes -- 2.12.1.4 Failure to Adjust Opening Retained Earnings -- 2.12.1.5 Shift to the Beginning of the First IFRS Reporting Period -- 2.12.1.6 Retrospective Adjustments involving Other Comprehensive Income -- 2.12.1.7 Steps -- 2.12.2 Recognition -- 2.12.2.1 General Rule -- 2.12.2.2 Whether an Entity can Capitalize Migration Costs -- 2.12.2.3 Whether an Entity can Set Up a Provision for Migration Costs -- 2.12.2.4 Noncontrolling Interests -- 2.12.3 Derecognition -- 2.12.4 Reclassification -- 2.12.5 Measurement -- 2.12.5.1 Basic Rule -- 2.12.5.2 Impairment -- 2.12.6 Income Tax Impact -- 2.12.6.1 Retrospective Application of IAS 12 -- 2.12.6.2 Interaction with IFRS 1 Exceptions and Exemptions -- 2.12.6.3 Tax Rates and Tax Laws Applicable at Transition Date -- 2.12.6.4 Counter-Accounts -- 2.12.6.5 Subsequent Changes in Tax Rates and Tax Laws -- 2.12.6.6 Deferred Income Taxes for First-Time Adopters of IFRS for SMEs -- 2.13 Comparative Information -- 2.13.1 Complete Set of Financial Statements -- 2.13.2 General Rules for Comparative Information -- 2.13.3 Comparative Information under IFRS 1 -- 2.13.4 Restating under IFRS at the Beginning of the Current Period -- 2.13.5 Whether an Entity Must Present the Opening IFRS Statement of Financial Position -- 2.13.6 Single-Period Financial Statements.. - 2.13.7 Additional Periods of Comparative Information -- 2.13.8 When a Regulator Requires More than One Year of Comparative Information -- 2.13.9 Comparative Annual Periods under SEC Rules and Regulations -- 2.13.9.1 General Rules -- 2.13.9.2 U.S. GAAP First-Time Registrants -- 2.13.9.3 The Two-Year Accommodation -- 2.13.9.4 EU-GAAP First-Time Adopters by 2007 -- 2.13.9.5 Previous GAAP Comparative Financial Statements -- 2.13.10 Selected Financial Data -- 2.13.10.1 IFRS Requirements -- 2.13.10.2 Selected Financial Data in SEC Filings -- 2.13.10.3 Previous GAAP Selected Financial Data -- 2.13.10.4 Location of Previous GAAP Summaries and Cautionary Language -- 2.13.10.5 Content of Selected Financial Data -- 2.13.10.6 Recasting of Selected Financial Data -- 2.13.11 Whether Comparative Information Extends to Narrative Disclosure -- 2.13.12 Whether Comparative Information Shall Include Roll-Forward Disclosures -- 2.14 Exceptions and Exemptions in the Context of Comparability -- 2.14.1 Categories of Exceptions and Exemptions -- 2.14.2 SEC Guidance Concerning the IFRS 1 Exceptions and Exemptions -- 2.14.3 Pre- versus Post-Implementation Comparability -- 2.14.4 Effects of Transitional Methods -- 2.14.5 Rationales for Mandatory Exceptions and Voluntary Exemptions -- 2.15 Interim Reporting -- 2.15.1 Introductory Remark -- 2.15.2 When IFRS 1 Applies to Interim Financial Statements -- 2.15.3 Impact on the Transition Date -- 2.15.4 Impact on Comparative Information -- 2.15.5 IFRSs Applicable -- 2.15.6 IFRS Developments in the Transition Year -- 2.15.7 Changes in Accounting Policies During the First IFRS Reporting Period -- 2.15.8 Override of IAS 8 -- 2.15.9 The Use of IAS 8 Impracticability Exception -- 2.15.10 Corrections of Errors in the First IFRS Interim Financial Statements -- 2.15.11 Changes in Accounting Policies When an Entity Does Not Use IAS 34.. - 2.15.12 IFRS 1 Reconciliations in Interim Periods.. - 2.5.10.4 The Impact of Presentation Currency -- 2.5.10.5 RAP/SAP or OCBOA -- 2.5.11 Reissued Financial Statements -- 2.5.12 Differences with Pro Forma Financial Statements -- 2.6 Entities Affected by IFRS 1 -- 2.6.1 Which Companies Must and Which May Not Use IFRS 1 -- 2.6.2 Consolidated versus Separate versus Entity's Financial Statements -- 2.6.3 Interim Financial Statements -- 2.7 Compliance with IFRSs -- 2.7.1 The Statement of Compliance with IFRSs -- 2.7.2 Statement of Compliance with the IFRS for SMEs -- 2.7.3 First Time -- 2.7.4 Adherence to IFRSs -- 2.7.5 Statement Accuracy -- 2.7.6 The Meaning of IASB-IFRSs -- 2.7.7 Compliance with IFRS as Adopted by the EU -- 2.7.8 Whether the Use of an Endorsed Version of IFRSs is a Qualified Compliance -- 2.7.9 Dual Statement of Compliance with IASB-IFRSs and Jurisdictional IFRSs -- 2.7.10 Single Statement of Compliance with IASB-IFRSs by Jurisdictional IFRS Adopters -- 2.7.11 Reliance upon Home Standard Setter's Compliance with IFRSs -- 2.7.12 Location of the Statement of Compliance with IFRSs -- 2.7.13 Auditor's Opinion on Compliance with IFRSs -- 2.7.14 Return to IFRSs -- 2.7.15 Return to IFRS for SMEs -- 2.7.16 Date from Which Compliance can be Asserted -- 2.8 Transition Date -- 2.8.1 Determination of the Transition Date -- 2.8.2 Transition Date when an Entity Presents More Than One Year of IFRS Comparative Financial Statements -- 2.9 Accounting Policies -- 2.9.1 Basic Rule -- 2.9.2 Effective Date Threshold -- 2.9.3 Transitional Provisions -- 2.9.4 Earlier Adoption of Newly Issued IFRSs -- 2.9.5 Earlier Adoption of IFRS 9 -- 2.9.6 Endorsement Lag -- 2.9.7 Override of IAS 8 -- 2.9.8 Correction of Errors -- 2.9.9 Whether the IAS 8 Impracticability Exception Applies to the First IFRS Financial Statements -- 2.9.9.1 Involuntary Changes in Accounting Policies.. - 2.9.9.2 Voluntary Changes in Accounting Policies -- 2.9.9.3 Implications for IFRS First-Time Adopters -- 2.9.9.4 Impracticability Exception for Correction of Errors -- 2.9.9.5 Impracticability Exception under IFRS for SMEs -- 2.9.10 Changes in Accounting Policies versus Corrections of Errors -- 2.10 The Impact of Alternative Bases of Reporting -- 2.10.1 Accepted Bases of Accounting for Foreign Private Issuers -- 2.10.2 Impact of Basis of Accounting on U.S. GAAP Reconciliation -- 2.10.2.1 IASB-IFRS Foreign Private Issuers -- 2.10.2.2 EU-GAAP Foreign Private Issuers that Were First-Time Adopters by 2007 -- 2.10.2.3 Pre-2007 Foreign Private Issuers that Used the IAS 39 Carve-out -- 2.10.2.4 Other Non-IASB-IFRS Foreign Private Issuers -- 2.10.2.5 Further Effects for Item 18 Filers -- 2.10.2.6 Pro Forma Financial Statements -- 2.10.2.7 Other Impacts -- 2.10.3 Reconciliation to U.S. GAAP -- 2.10.4 Form and Content of Financial Statements -- 2.10.5 Response to U.S. GAAP Issues -- 2.10.6 Issues Not Related to Financial Statements -- 2.10.7 Financial Statements of "Other Entities" -- 2.10.8 Significance Testing -- 2.11 Accounting Estimates -- 2.11.1 Basic Rule -- 2.11.2 The IAS 10 Override -- 2.11.3 The Meaning of Consistency with Previous GAAP -- 2.11.3.1 The Distinction between the IAS 8 and IAS 10 Domains -- 2.11.3.2 The Notion of Subsequent Events in IFRS 1 versus IAS 10 -- 2.11.3.3 Pre-Event Financial Statements -- 2.11.4 Time Effect of Different Definitions of Subsequent Events -- 2.11.5 New Estimation Inputs -- 2.11.6 When Consideration of Subsequent Events is Part of an IFRS Accounting Policy -- 2.11.7 Mistakes in Applying Accounting Policies in the Context of IFRS First-Time Adoption -- 2.11.8 Distinguishing Changes in Accounting Policies, Errors, and Changes in Estimates -- 2.11.9 Lease Classification.. - 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.
|
| Emner | |
| Sjanger | |
| Dewey | |
| ISBN | 9781119967415
|
| ISBN(galt) |
