Applying International Financial Reporting Standards

Applying International Financial Reporting Standards

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By (author) Ruth Picker, By (author) Ken J. Leo, By (author) Janice Loftus, By (author) Victoria Wise, By (author) Kerry Clark, By (author) Keith Alfredson

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  • Publisher: John Wiley & Sons Australia Ltd
  • Format: Paperback | 1224 pages
  • Dimensions: 212mm x 254mm x 44mm | 2,200g
  • Publication date: 18 February 2013
  • Publication City/Country: Milton, QLD
  • ISBN 10: 0730302121
  • ISBN 13: 9780730302124
  • Edition: 3, Revised
  • Edition statement: 3rd Revised edition
  • Sales rank: 54,465

Product description

"Applying International Financial Reporting Standards3rd edition" has beenthoroughly updated to reflectthe numerous changes with the International Financial ReportingStandards (IFRS) as a consequence of the convergence programbetween the IASB and FASB. The expert, authoritative and reliableexplanations of the author team continues and the textbook iswidely referenced by both students and academics, and theaccounting profession in countries that have adopted internationalaccounting standards. The continuing focus of the third edition is to explain, interpret, analyse and illustrate the financial reportingrequirements under IFRS. Each chapter contains numerousillustrative examples that present and explain concepts to ensureusers gain a deep understanding of the reporting requirements andprocedures, and attain the knowledge expectations of the accountingprofession in respect to IFRS.The coverage of accounting standards has been expanded with theinclusion of new or thoroughly revised chapters on IFRS 9 Financialinstruments, IFRS 11 Joint arrangements, IFRS 13 Fair valuemeasurement, IAS 8 Revenue, IAS 24 Related party disclosures, IAS33 Earnings per share and IAS 41 Agriculture. This textbook hasbeen written for intermediate and advanced courses on financialaccounting, at both undergraduate and postgraduatelevel.

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Author information

Ruth Picker BA, FCA, FSIA, FCPA, is Global Leader, GlobalIFRS Services, Global Professional Practice, with Ernst &Young. Ruth has 29 years' experience with Ernst & Youngand has held various leadership roles during this time. Up untilJune 2009, Ruth was Managing Partner -- Melbourne and theOceania Team Leader of Climate Change and Sustainability Services.Prior to this role, Ruth was a senior partner in the TechnicalConsulting Group, Global IFRS and the firm's ProfessionalPractice Director (PPD) responsible for directing the firm'saccounting and auditing policies with the ultimate authority onaccounting and auditing issues. She is a member of Ernst &Young's Global IFRS Policy Committee.Ruth's authoritative insight and understanding ofaccounting policy and regulation was acknowledged through herappointment to the International Financial ReportingInterpretations Committee (IFRIC), the official interpretative armof the International Accounting Standards Board. She is currently amember of the IFRIC and the only Australian on that body.Ruth was responsible for the preparation of Ernst &Young's Corporate Governance Series (which includes guidancefor directors and results of numerous corporate governance surveys)and subsequent advice to a number of entities in both the privateand public sectors on the application of corporate governance.Ruth has conducted numerous 'Directors'Schools' for listed company boards. These schools weredesigned by Ruth and are aimed at enhancing the financial literacyof listed company board members. She is a frequent speaker andauthor on accounting issues and has been actively involved in theAustralian accounting standard-setting process, being a past memberand former deputy chair of the Australian Accounting StandardsBoard (AASB) and having served on the Urgent Issues Group for 3years. She has been a long-standing lecturer and Task Force memberfor the Securities Institute of Australia, serving thatorganisation for 17 years.Her written articles have been published in a number ofpublications, and she is frequently quoted in the media onaccounting and governance issues.In November 2000, Ruth was awarded the inaugural 'LynneSutherland Award' -- an Ernst & Young award createdto recognise those people at Ernst & Young who contribute tothe development and retention of women and who support and enhancethe ability of Ernst & Young to attract and retain talentedpeople.Ken Leo BCom (Hons), MBA, has been an academic for over40 years, including 20 years as Professor of Accounting at aUniversity in Western Australia. During this time he has taughtcompany accounting to undergraduate and postgraduate students. Hehas been involved in writing books published by John Wiley &Sons since 1981, and has also written books and monographs forother organisations, including CPA Australia, Group of 100 and theAustralian Accounting Research Foundation. As a founding member ofthe Urgent Issues Group in 1995, he served on this body until 2001.He subsequently served on the Australian Accounting Standards Boardfrom 2002 to 2007, and was deputy chairman for some of thattime.Janice Loftus BBus, MCom (Hons), is a senior lecturer inaccounting at the University of Adelaide, South Australia. Herteaching interests are in the area of financial accounting and shehas written several study guides for distance learning programs.Janice's research interests are in the area of financialreporting. She co-authored Accounting Theory Monograph 11 onsolvency and cash condition with Professor M.C. Miller. She hasnumerous publications on international financial reportingstandards, risk reporting, solvency, earnings management, socialand environmental reporting, and developments in standard settingin Australian and international journals. Janice co-authored"Accounting: Building Business Skills " published by JohnWiley & Sons. She is the editor of "Financial Reporting, Regulation and Governance" . Prior to embarking on an academiccareer, Janice held several senior accounting positions inAustralian and multinational corporations.Victoria Wise BCom, MEcon, PhD, FCPA, FPNA, is aProfessor in the School of Accounting, Economics and Finance atDeakin University, Australia. During her 20 years as an academicshe has taught financial accounting and auditing to undergraduate, honours and postgraduate students. Victoria has more than 130publications including books and book chapters, refereed andprofessional journal articles and conference proceedings. Herjournal articles focus on international financial reportingstandards, corporate governance and regulatory issues, and publicsector and small business financial reporting. Her current researchinterests include corporate regulation and governance.Kerry Clark BCom, CA, Executive Director --Technical Consulting Group, Global IFRS. Kerry has 17 years'experience with Ernst & Young and is currently on secondment tothe Ernst & Young Calgary office in Canada, assisting many ofCanada's largest oil and gas companies in their conversion toIFRS. Prior to this she was a key member of the TechnicalConsulting Group, Global IFRS in the Ernst & Young Melbourneoffice in Australia where she was responsible for advising clientson the application of IFRS to complex transactions. Kerry has beeninvolved in the authoring of many Ernst & Young publicationsand "Charter" magazine articles and assisted Ruth Picker inconducting 'Directors' Schools' for listedcompany boards. She has also spoken on accounting issues in manydifferent forums.

Table of contents

Part 1 Framework 1. The IASB and its Conceptual Framework Part 2 Elements 2. Shareholder's equity: share capital and reserves 3. Fair value measurement 4. Revenue 5. Provisions, contingent liabilities and contingent assets 6. Income taxes 7. Financial Instruments 8. Share-based payment 9. Inventories 10. Employee benefits 11. Property, plant and equipment 12. Leases 13. Intangible assets 14. Business combinations 15. Impairment of assets 16. Accounting for mineral resources 17. Agriculture Part 3 Disclosure 18. Financial statement presentation 19. Statement of cash flows 20. Earnings per share 21. Operating segments 22. Related party disclosures Part 4 Economic entities 23. Controlled entities - the consolidation method 24. Consolidated financial statements - wholly owned subsidiaries 25. Consolidated financial statements - intragroup transactions 26. Consolidated financial statements - non-controlling interest 27. Consolidated financial statements - indirect ownership interests 28. The effects of changes in foreign exchange rates 29. Associates and joint ventures 30. Joint arrangements Part 1 Framework 1. The IASB and its Conceptual Framework Part 2 Elements 2. Shareholder's equity: share capital and reserves 3. Fair value measurement 4. Revenue 5. Provisions, contingent liabilities and contingent assets 6. Income taxes 7. Financial Instruments 8. Share-based payment 9. Inventories 10. Employee benefits 11. Property, plant and equipment 12. Leases 13. Intangible assets 14. Business combinations 15. Impairment of assets 16. Accounting for mineral resources 17. Agriculture Part 3 Disclosure 18. Financial statement presentation 19. Statement of cash flows 20. Earnings per share 21. Operating segments 22. Related party disclosures Part 4 Economic entities 23. Controlled entities - the consolidation method 24. Consolidated financial statements - wholly owned subsidiaries 25. Consolidated financial statements - intragroup transactions 26. Consolidated financial statements - non-controlling interest 27. Consolidated financial statements - indirect ownership interests 28. The effects of changes in foreign exchange rates 29. Associates and joint ventures 30. Joint arrangements