Handbook to Ifrs Transition and to Ifrs U.s. Gaap Dual Reporting - Interpretation, Implementation and Application to Grey Areas

Klappentext An indispensable guide to making the transition to dual IFRS/GAAP financial reportingU.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 transitionIn 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. Zusammenfassung An indispensable guide to making the transition to dual IFRS/GAAP financial reportingU.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 transitionIn 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. Inhaltsverzeichnis Preface xxxiiiAbout the Author xxxv1 Introduction and Scope of Book 11.1 Nature of Accounting Literature and Pertinent Pronouncements 11.2 Significance of the IFRS Transition 11.3 IFRS Transition Scenario 31.4 Scope of the Book 62 IFRS First-Time Adoption Requirements and Interaction with U.S. GAAP and SEC Rules and Regulations 112.1 Chapter Preview 112.2 IFRS 1 Amendments and Effective Dates 112.3 Rationale of IFRS 1 122.4 Accounting Steps in Migrating to IFRSs 182.5 First IFRS Financial Statements 202.6 Entities Affected by IFRS 1 282.7 Compliance with IFRSs 292.8 Transition Date 372.9 Accounting Policies 372.10 The Impact of Alternative Bases of Reporting 4...

List of contents

Preface xxxiiiAbout the Author xxxv1 Introduction and Scope of Book 11.1 Nature of Accounting Literature and Pertinent Pronouncements 11.2 Significance of the IFRS Transition 11.3 IFRS Transition Scenario 31.4 Scope of the Book 62 IFRS First-Time Adoption Requirements and Interaction with U.S. GAAP and SEC Rules and Regulations 112.1 Chapter Preview 112.2 IFRS 1 Amendments and Effective Dates 112.3 Rationale of IFRS 1 122.4 Accounting Steps in Migrating to IFRSs 182.5 First IFRS Financial Statements 202.6 Entities Affected by IFRS 1 282.7 Compliance with IFRSs 292.8 Transition Date 372.9 Accounting Policies 372.10 The Impact of Alternative Bases of Reporting 462.11 Accounting Estimates 542.12 The Opening IFRS Statement of Financial Position 612.13 Comparative Information 672.14 Exceptions and Exemptions in the Context of Comparability 802.15 Interim Reporting 872.16 Reconciliations and Disclosures 952.17 Exceptions to the Retrospective Application of Other IFRSs 1012.18 Exemption for Past Business Combinations 1262.19 Exemptions from Other IFRSs 1492.20 Short-Term Exemptions from Other IFRSs 2052.21 Implications for Financial Statement Preparers 2103 Dual Reporting for The Statement of Financial Position 2153.1 Chapter Preview 2153.2 Context of the Statement of Financial Position 2163.3 Structure of the Statement of Financial Position 2203.4 Certain Other Structural Elements of the Statement of Financial Position 2343.5 Captions and Line Items 2413.6 Implications for Financial Statement Preparers 3444 Dual Reporting for the Statements of Income 3474.1 Chapter Preview 3474.2 Different Forms of Statements of Income 3484.3 Context of Statements 3574.4 Structure of the Statement of Income 3634.5 Aggregations and Subtotals 3664.6 Analysis of Expenses 4404.7 Captions and Line Items 4504.8 Implications for Financial Statement Preparers 5165 Dual Reporting for the Statement of Cash Flows 5215.1 Chapter Preview 5215.2 Context of the Statement of Cash Flows 5225.3 Cash and Cash Equivalents 5275.4 Direct versus IndirectMethod 5365.5 Other Structural Elements of the Statement of Cash Flows 5475.6 Special Issues 5975.7 Captions and Line Items 6365.8 Implications for Financial Statement Preparers 6466 Dual Reporting for the Statement of Changes in Equity 6556.1 Chapter Preview 6556.2 Context of the Statement of Changes in Equity 6566.3 Different Concepts of the Statement of Changes in Equity 6646.4 The Structure of the Statement of Changes in Equity 6696.5 Specific Elements 6966.6 Captions and Line Items 7036.7 Implications for Financial Statement Preparers 7277 Dual Reporting for Interim Financial Statement 7317.1 Chapter Preview 7317.2 Accounting Principles for Interim Financial Statements 7327.3 Types of Interim Financial Information 7427.4 Reporting Entities 7447.5 Approaches to Interim Reporting 7527.6 Bases of Accounting in Interim Financial Statements 7557.7 Periods to be Covered 7587.8 Frequency of Reporting 7637.9 Reporting Deadlines 7637.10 Audited versus Unaudited 7647.11 Set of Interim Financial Statements 7657.12 Condensed Format of Interim Financial Statements 7707.13 Implications for Financial Statement Preparers 777Key Elements and Decisions 777Other Control Points 778Table of Exhibits 781Bibliography 785Index 789

Product details

• Authors: Francesco Bellandi, Bellandi Francesco
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 29.02.2012
• EAN: 9780470977125
• ISBN: 978-0-470-97712-5
• No. of pages: 846
• Series: Wiley Regulatory Reporting; Wiley Regulatory Reporting
• Subjects: Social sciences, law, business > Business > Business administration; Rechnungswesen, Finanzbuchhaltung, Accounting, Financial Accounting