ISBN-10:
0471296260
ISBN-13:
9780471296263
Pub. Date:
11/28/1998
Publisher:
Wiley
Wiley IAS 99: Interpretation and Application of International Accounting Standards 1999 / Edition 1999

Wiley IAS 99: Interpretation and Application of International Accounting Standards 1999 / Edition 1999

by Barry J. Epstein, Abbas A. Mirza

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Overview

The practical guide to IAS compliance

Accountants rely on this handy yet comprehensive quick-reference guide to help them prepare and understand financial statements presented in accordance with the rapidly evolving, ever more widely utilized international accounting standards (IAS). Formal acceptance of IAS for use in cross-border securities registrations is a real possibility within the next twelve months, as the IAS standard-setting body completes its "core set of standards" project in late 1998 and the International Organization of Securities Commissions (IOSCO) begins to deliberate its endorsement of these standards. Every accountant or corporate financial official involved in—or contemplating—registration 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 1999 edition covers important, complex requirements newly addressed by the IAS, including:

  • IAS 34, Interim Financial Reporting—the first international standard to address the important issues of measuring financial results on interim bases
  • IAS 35, Discontinuing Operations—which supersedes less definitive earlier guidance and offers explicit rules for disclosures
  • IAS 36, Impairment of Assets—previously not addressed in any depth under IAS, the new standard requires 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 Assets—which changes the language of contingent obligations and sets new recognition and disclosure standards
  • IAS 38, Intangible Assets—which greatly expands the guidance concerning the always challenging subject of intangible assets, and unifies the requirements governing accounting for goodwill with those applicable to all other intangibles
  • E62, Financial Instruments: Recognition and Measurement—the latest exposure draft addressing this very important and controversial topic, expected to result in a final standard by year-end 1998, covered in expansive detail with the authors' recommendations clearly set forth

Plus: coverage of revised standards on accounting for employee benefits (IAS 19), business combinations (IAS 22), and leases (IAS 17); and full, integrated coverage of the newly established interpretive series of releases issued by the Standing Interpretations Committee. The 1999 edition also contains a new chapter on the often contentious topic of related-party disclosures, as well as expanded coverage of specialized industry accounting rules.

Product Details

ISBN-13: 9780471296263
Publisher: Wiley
Publication date: 11/28/1998
Edition description: Older Edition
Pages: 860
Product dimensions: 7.44(w) x 9.27(h) x 1.34(d)

About the Author

BARRY J. EPSTEIN, PhD, CPA, is a partner at BDO Seidman, 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.

Balance Sheet.

Income Statement, Statement of Changes in Equity, and Statement of Recognized Gains and Losses.

Cash Flow Statements.

Cash, Receivables, and Financial Instruments.

Inventory.

Construction Contracts.

Property, Plant, and Equipment.

Intangible Assets.

Investments.

Business Combinations and Consolidated Finanical Statements.

Current Liabilities, Pensions, and Contingencies.

Long-Term Debt.

Accounting for Leases.

Accounting for Income Taxes.

Accounting for Employee Benefits.

Stockholders' Equity.

Earnings Per Share.

Interim Financial Reporting.

Segment Reporting.

Accounting Changes and Correction of Fundamental Errors.

Foreign Currency.

Related-Party Disclosures.

Specialized Industry GAAP.

Accounting for Inflation and Hyperinflation.

Appendix.

Index.

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