IFRS 2009: Interpretation and Application of International Financial Reporting Standards

IFRS 2009: Interpretation and Application of International Financial Reporting Standards

by Barry J. Epstein, Eva K. Jermakowicz


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With widespread acceptance and use of the IASB standards around the globe, the need to understand the IASB standards greatly increases. Wiley IFRS 2009 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. The Wiley IFRS 2009 Book and CD-ROM set covers the most recent International Financial Reporting Standards (IFRS) and IFRIC interpretations. In addition, it is an indispensable guide to IFRS compliance.This is every CPA s one-stop resource for understanding current International Financial Reporting Standards.

Product Details

ISBN-13: 9780470286098
Publisher: Wiley
Publication date: 02/09/2009
Pages: 1238
Product dimensions: 7.40(w) x 9.20(h) x 2.50(d)

About the Author

Barry J. Epstein, PhD, CPA, a partner in the firm Russell Novak & Company, LLP, has forty-two years’ experience in the public accounting profession, as auditor, technical director/partner for several national and local firms, and as a consulting and testifying financial reporting and auditing expert on over one-hundred and twenty litigation matters to date. His current practice is concentrated on providing technical consultations to CPA firms and corporations on US GAAP and IFRS accounting and financial reporting matters; on US and international auditing standards; matters involving financial analysis; forensic accounting investigations; and on corporate governance matters. He regularly serves as an accounting, auditing, financial reporting, and financial analysis expert in litigation matters, including assignments for both the private sector entities and governmental agencies.

Dr. Epstein is a widely published authority on accounting and auditing. His current publications include Wiley GAAP, now in its 25th edition, for which he is the lead coauthor. He has also appeared on over a dozen national radio and television programs discussing the crises in corporate financial reporting and corporate governance, has presented hundreds of educational programs to professional and corporate groups in the US and internationally, and has had dozens of articles published in professional journals. He previously chaired the Audit Committee of the AICPA’s Board of Examiners, responsible for the Uniform CPA Examination, and has served on other professional panels at state and national levels.

Dr Epstein holds degrees from DePaul University (Chicago—BSC, accounting and finance, 1967) University of Chicago (MBA, economics and industrial relations, 1969), and University of Pittsburgh (PhD, information systems and finance, 1979). He is a member of American Institute of Certified Public Accountants, Illinois CPA Society, and American Accounting Association

Eva K. Jermakowicz, PhD, CPA, has taught accounting for over twenty-five years and has served as a consultant to international organizations and businesses. She is currently a Professor of Accounting and Chair of the Accounting and Business Law Department at Tennessee State University. Her previous positions were on the faculties of the University of Southern Indiana and Warsaw Tech University in Poland, and she has taught accounting courses in several additional countries. Dr. Jermakowicz was a Fulbright scholar under the European Union Affairs Research Program in Brussels, Belgium, for the academic year 2003-2004, where her project was “Convergence of National Accounting Standards with International Financial Reporting Standards.” She was also a Fulbright scholar in Poland in 1997. Dr. Jermakowicz has consulted on international projects under the auspices of the World Bank, the United Nations, and Nicom Consulting, Ltd. Her primary areas of interest are international accounting and finance. Dr. Jermakowicz has had numerous articles published in academic journals and proceedings, including Abacus, Journal of International Accounting, Auditing & Taxation, Journal of International Financial Management & Accounting, Multinational Finance Journal, Journal of Accounting and Finance Research, Bank Accounting & Finance, Financial Executive, Strategic Finance, CPA Journal, and Butterworths Journal of International Banking and Financial Law. She is a member of many professional organizations, including the American Accounting Association, European Accounting Association, American Institute of Certified Public Accountants, the Tennessee Society of CPAs, and the Institute of Management Accountants.

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Table of Contents

1 Introduction to International Financial Reporting Standards.

2 Statement of Financial Position.

3 Statements of Income, Comprehensive Income, and Changes in Equity.

4 Statement of Cash Flows.

5 Cash, Receivables, and Financial Instruments.

6 Inventory.

7 Revenue Recognition, Including Construction Contracts.

8 Property, Plant, and Equipment.

9 Intangible Assets.

10 Interests in Financial Instruments, Associates, Joint Ventures, and Investment Property.

11 Business Combinations and Consolidated Financial Statements.

12 Current Liabilities, Provisions, Contingencies, and Events After the Reporting Period.

13 Financial Instruments—Noncurrent Liabilities.

14 Leases.

15 Income Taxes.

16 Employee Benefits.

17 Shareholders’ Equity.

18 Earnings Per Share.

19 Interim Financial Reporting.

20 Operating Segments.

21 Accounting Policies, Changes in Accounting Estimates, and Errors.

22 Foreign Currency.

23 Related-Party Disclosures.

24 Specialized Industry Accounting.

25 Inflation and Hyperinflation.

26 Government Grants.

27 First-Time Adoption of International Financial Reporting Standards.

Appendix A: Disclosure Checklist.

Appendix B: Illustrative Financial Statements Presented under IFRS.

Appendix C: Comparison of IFRS and US GAAP.


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