International Accounting Standards (eBook)

from UK standards to IAS, an accelerated route to understanding the key principles of international accounting rules

paul Rodgers (Autor)

eBook Download: PDF

2007 | 1. Auflage
288 Seiten
Elsevier Science (Verlag)
978-0-08-054861-6 (ISBN)

Infos

This handbook is aquick reference to International Accounting Standards and is designed for all those who interact with financial information, and need an accelerated route to understanding the key principles of international accounting rules.
It is essential reading for all members of the management team. Members of any finance and accounting team will find it a practical summary of all the big concerns allowing relevant questions to be raised with auditors and other professionals interested in the governance of the business.
Tables, diagrams and flow charts are used extensively throughout in order to make the information presented user friendly and quickly assimilated. The consequences for the non-accounting functions of a business are clearly highlighted, to give further insights into how International Accounting standards impinge on abusiness.
* Provides an accelerated route to understanding the key principles of the new International Accounting rules and the key skills to ease the transition to IAS
* Shows the impact both on preparation and presentation of financial information and the consequences for analysis and interpretation.
* Identifies the major differences between the two standards and reflects changes expected in the future.

Paul Rodgers trained as a chartered accountant before working in the computer industry. He subsequently moved into the training sector where he has specialised in financial and management skills for more than seventeen years, whilst keeping in touch with the commercial world as a director of a large training organisation and its publication function.

Clients have included participants from international accountancy practices, banks, government departments plus a wide range of retail and service companies.

Since the introduction of international accounting rules, his skills in this area have been required by numerous organisations preparing for the transition. He also continues to provide a broad spectrum of training as well as undertaking editorial assignments for both professional bodies and private clients. His most recent projects are the establishment of an accountancy division within a leading City based training company and the design of bespoke training courses for the legal sector

Inhalt

Cover 1
Table of Contents 6
Introduction 12
Chapter 1 Harmonization – The Story So Far 16
A long winding road 18
2005 – The year when the accounting world would change forever 20
The EU was not alone 22
Convergence with US GAAP 22
Finance directors beware 23
Let us not lose sight of the benefits 24
Key Facts 24
Chapter 2 The Mechanics of Transition 26
Which UK companies have had to make the transition to IFRS? 28
The small company conundrum 30
First-time adoption: The basics 32
Key Facts 35
Chapter 3 The Conceptual Framework 36
The Christmas tree approach 38
Key Facts 41
Chapter 4 Presentation – The Big Picture 42
What to expect in financial statements prepared under IFRS 44
Key Facts 45
Chapter 5 Presentation – The Balance Sheet 46
Setting expectations 48
Illustrations 49
Key differences 53
Analytical consequences 55
Main sources of guidance 55
Key Facts 55
Chapter 6 Presentation – The Performance Statement 56
Setting expectations 58
Illustrations 58
Key differences 60
Dealing with the unusual 61
Discontinued operations 62
Analytical consequences 69
Main sources of guidance 71
Key Facts 71
Chapter 7 Presentation – The Cash Flow Statement 72
Setting expectations 74
Illustrations 74
What is cash? 77
Cash flow classification 78
Is a cash flow statement always required? 79
Treasury management 79
Main sources of guidance 83
Key Facts 83
Chapter 8 Presentation – Other Primary Statements and Associated Disclosures 86
Setting expectations 88
Illustrations 89
A closer look at UK GAAP 91
Key differences 93
The historic costs note 94
Main sources of guidance 95
Key Facts 96
Chapter 9 Presentation – Related Parties and Segmental Disclosures 98
Setting expectations 100
Related party definitions 100
Materiality 102
Related party disclosures 103
The scope of segmental reporting 105
What is a segment? 106
Segmental disclosures 109
Illustrations of segmental reporting 111
The future 124
Main sources of guidance 124
Key Facts 124
Chapter 10 Tangible Non-current Assets 126
Setting expectations 128
Depreciation 128
Revaluation 129
Capitalization of borrowing costs 131
Government grants 132
Investment properties 133
Main sources of guidance 137
Key Facts 137
Chapter 11 Intangible Assets 138
Setting expectations 140
Goodwill 140
Other intangibles 144
Research and development 145
Illustration of IAS GAAP 147
Main sources of guidance 150
Key Facts 151
Chapter 12 Asset Impairment 152
Setting expectations 154
Grouping assets and impairment allocation 155
Value in use – discount rates 156
Value in use – look-back tests 157
Reversal of impairment 157
Main sources of guidance 157
Key Facts 158
Chapter 13 Leasing 160
Setting expectations 162
Determining lease classification 165
Land and building issues 166
Operating lease disclosures 166
Allocation of finance costs 168
Main sources of guidance 168
Key Facts 169
Chapter 14 Stock and Long-term Contracts 170
Setting expectations 172
What’s in a name? 172
Reduced disclosure 173
Main sources of guidance 174
Key Facts 174
Chapter 15 Taxation 176
Setting expectations 178
FRS 19 snapshot 178
IAS 12 – Temporary differences instead of timing differences 179
Discounting 180
Intragroup transactions 181
Deferred tax assets 181
Disclosure 182
Main sources of guidance 183
Key Facts 183
Chapter 16 Retirement Benefits 186
Setting expectations 188
Accounting for actuarial gains and losses 190
Valuing scheme assets 194
Presentation 195
IAS 19 – A broader emit 195
Main sources of guidance 196
Key Facts 196
Chapter 17 Revenue Recognition 198
Setting expectations 200
IAS 18 – a brief synopsis 200
Main sources of guidance 201
Key Facts 201
Chapter 18 Group Accounts – Acquisition Accounting 202
Setting expectations 204
What is a subsidiary? 204
Exemptions from the requirement to produce group accounts 205
Excluded subsidiaries 206
Non-coterminous year ends 207
Special purpose entities 208
Distributions out of pre-acquisition profits 208
Disclosure 209
Do not forget those goodwill differences 213
Main sources of guidance 214
Key Facts 214
Chapter 19 Group Accounts – Associates 216
Setting expectations 218
Defining an associated undertaking 218
The use of equity accounting 218
The cost method 219
Consequences of a poorly performing associate 220
Presentation 220
Main sources of guidance 223
Key Facts 224
Chapter 20 Group Accounts – Joint Ventures 226
Setting expectations 228
Accounting for a joint venture 229
Déjà vu 232
Main sources of guidance 233
Key Facts 233
Chapter 21 Group Accounts – Merger Accounting: The End of the Road 234
Setting expectations 236
When can merger accounting be used in the UK? 236
Key differences compared to acquisition accounting 237
Main sources of guidance 238
Key Facts 238
Chapter 22 Narrowing the Divide – UK GAAP Goes International 240
Setting expectations 242
Share-based payment 243
Events after the balance-sheet date 247
Earnings per share 250
Foreign currency translation 252
Hyperinflationary economies 256
Financial instruments 256
Main sources of guidance 264
Key Facts 265
Chapter 23 Flicking the Switch: First-time Adoption 268
Setting expectations 270
Additional disclosures 270
Exemptions 279
Main sources of guidance 280
Key facts 280
Index 282

Produkt-Details

• Erscheint lt. Verlag: 27.8.2007
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• ISBN-10: 0-08-054861-X / 008054861X
• ISBN-13: 978-0-08-054861-6 / 9780080548616