The practical guide to IAS compliance
This handy yet comprehensive quick-reference guide helps accountants prepare and understand financial statements presented in accordance with the rapidly evolving, ever more widely utilized international accounting standards (IAS). This 2000 edition includes complete coverage of all the standards issued or revised under the International Organization of Securities Commissions’ (IOSCO) "core set of standards" program. More than ever before, every accountant or corporate financial official involved inor contemplatingregistration in foreign markets now needs the guidance offered in this book. Written by a team of practicing CPAs with in-depth international experience, this guide includes meaningful real-world examples and interpretive insights into the requirements of IAS.
This up-to-date 2000 edition covers important, complex requirements addressed by the IAS, including:
- IAS 34, Interim Financial Reportingthe first international standard to address the important issues of measuring financial results on interim bases
- Discontinuing Operationswhich supersedes less definitive earlier guidance and offers explicit rules for disclosures
- Impairment of Assetsthe recent standard requiring that close attention be given to indicators of impairment for not only plant assets but all tangible and intangible long-lived assets and investments
- IAS 37, Provisions, Contingent Liabilities, and Contingent Assetswhich change the language of contingent obligations and set new recognition and disclosure standards
- IAS 38, Intangible Assetswhich greatly expands the guidance concerning the always challenging subject of intangible assets, and unifies the requirements governing accounting for goodwill with those applicable all other intangibles
- E62, Financial Instruments: Recognition and Measurementthe latest exposure draft addressing this very important and controversial topic, covered in expansive detail with the authors’ recommendations clearly set forth
- E64, Investment Property
- E65, Agriculture
Also, for the first time, the 2000 edition covers:
- IAS 26, Financial Reporting by Retirement Benefit Plan
- IAS 20, Government Grant
- IAS 18, Revenue Recognition
- IAS 10 (revised 1999), Events After the Balance Sheet Date
Plus: revised standards on accounting for employee benefits (IAS 19), business combinations (IAS 22), and leases (IAS 17); full, integrated coverage of the recently established interpretive series of releases issued by the Standing Interpretations Committee; and a chapter on the often contentious topic of related-party disclosures, as well as coverage of specialized industry accounting rules.
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About the Author
BARRY J. EPSTEIN, PhD, CPA, is a partner at Gleeson, Sklar, Sawyers & Cumpata LLP, Chicago, Illinois.
ABBAS ALI MIRZA, ACA, AICWA, CPA, is a director at Pannell Kerr Forster (Ratan Mama & Co.), Dubai, United Arab Emirates.
Table of Contents
Introduction to International Accounting Standards.
Income Statement, Statement of Changes in Equity, and Statement of Recognized Gains and Losses.
Cash Flow Statements.
Cash, Receivables, and Financial Instruments.
Revenue Rcognition, Including Construction Contract Accounting.
Property, Plant, and Equipment.
Business Combinations and Consolidated Financial Statements.
Current Liabilities, Provisions, Contingencies, and Events After the Balance Sheet Date.
Accounting for Leases.
Accounting for Income Taxes.
Accounting for Employee Benefits.
Earnings per Share.
Interim Financial Reporting.
Accounting Changes and Correction of Fundamental Errors.
Specialized Industry Accounting.
Accounting for Inflation and Hyperinflation.