A concise FAQ guide to IFRS principles and practices
Co-written by Steven Collings, winner of Accounting Technician
of the Year at the British Accountancy Awards 2011, this book is a
comprehensive guide to International Financial Reporting Standards
(IFRS) which became mandatory in the EU in 2005, and they will
almost certainly be adopted by most other developed countries in
the near future. Unlike US-GAAP and other sets of standards, the
IFRS are principles-based rather than rules-based, putting the onus
of interpretation more on users than has previously been the case.
Under IFRS users must understand the economic substance of
operations, and they must be able to make assumptions, hypotheses,
and estimations leading to an accounting treatment consistent with
the general objectives of and principles behind IFRS financial
reporting. In a handy, easy-to-navigate Q&A format, "Frequently
Asked Questions on IFRS" provides accounting and finance
professionals with the answers to some of the most commonly asked
questions on the new standards. Covering the often complicated
areas of accounting for financial instruments, tangible and
intangible assets, provisions, and revenue recognition, the book
also contains a valuable overview of the standards and the thinking
behind them.Includes a comprehensive section on the new IFRS for
small and medium enterprisesContains real-world examples from
financial reports; a glossary of commonly used terms; and a 'Test
Your Knowledge' sectionProvides a simple way to get up to speed on
these often confusing, principles-based standards
General
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