Frequently Asked Questions in IFRS

In a handy, easy to navigate format, Frequently Asked Questions in IFRS provides clear answers to some of the most commonly asked questions on International Financial Reporting Standards. The book contains a useful overview of the standards, provides worked examples to aid understanding and includes a handy ′test your knowledge′ section. Topics covered included the role of the IASB and the conceptual framework, first–time adoption, current and non–current assets and liabilities, as well as the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions and revenue recognition. In addition to the full standards, the book also contains a section on the IFRS for SMEs. Illustrating the use of the standards through real–world examples from financial reports. Frequently Asked Questions in IFRS provides a simple and accessible way of getting up to speed on these often confusing, principles–based standards.

About the Author ix Acknowledgements xi Preface xiii Foreword xv Frequently Asked Questions xvii Introduction – What is IFRS? 1 1 What is the Role of the International Accounting Standards Board (IASB)? 9 2 Frequently Asked Questions 15 3 Test Your Knowledge 269 4 Answers 273 5 Additional Recommended Reading 277 Appendix: The Differences Between Full IFRS and IFRS for SMEs 283 Index 377