{"product_id":"ifrs-essentials-isbn-9781118494714","title":"IFRS Essentials","description":"\u003cb\u003eGain a deeper understanding of financial reporting under IFRS through clear explanations and extensive practical examples.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eIFRS can be a complex topic, and books on the subject often tackle its intricacies through dense explanation across thousands of pages. Others seek to provide an overview of IFRS and these, while useful for the general reader, lack the depth required by practitioners and students.\u003cbr\u003e\u003cbr\u003e\u003ci\u003eIFRS Essentials\u003c\/i\u003e strikes a balance between the two extremes, offering concise interpretation of the crucial facts supported by a wealth of examples. Problems and their solutions are demonstrated in a manner which is short, straightforward and simple to understand, avoiding complex language; jargon and redundant detail.\u003cbr\u003e\u003cbr\u003eThis book is suitable for students and lecturers at universities and other educational institutions, auditing and accounting trainees, and employees in the area of accounting and auditing who seek to develop their practical skills and deepen their knowledge of IFRS. \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003eAbbreviations xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eThe Conceptual Framework for Financial Reporting 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 1\u003c\/p\u003e \u003cp\u003e2 The Objective of General Purpose Financial Reporting 1\u003c\/p\u003e \u003cp\u003e3 Going Concern 2\u003c\/p\u003e \u003cp\u003e4 Qualitative Characteristics of Useful Financial Information 2\u003c\/p\u003e \u003cp\u003e4.1 Introduction 2\u003c\/p\u003e \u003cp\u003e4.2 Fundamental Qualitative Characteristics 2\u003c\/p\u003e \u003cp\u003e4.2.1 Relevance 3\u003c\/p\u003e \u003cp\u003e4.2.2 FaithfulRepresentation 3\u003c\/p\u003e \u003cp\u003e4.3 Enhancing Qualitative Characteristics 4\u003c\/p\u003e \u003cp\u003e4.3.1 Comparability 5\u003c\/p\u003e \u003cp\u003e4.3.2 Verifiability 5\u003c\/p\u003e \u003cp\u003e4.3.3 Timeliness 5\u003c\/p\u003e \u003cp\u003e4.3.4 Understandability 5\u003c\/p\u003e \u003cp\u003e5 The Cost Constraint on Useful Financial Reporting 5\u003c\/p\u003e \u003cp\u003e6 The Elements of Financial Statements 6\u003c\/p\u003e \u003cp\u003e6.1 Definitions 6\u003c\/p\u003e \u003cp\u003e6.2 Recognition 6\u003c\/p\u003e \u003cp\u003e6.3 Measurement 7\u003c\/p\u003e \u003cp\u003e7 Exampleswith Solutions 7\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 1 Presentation of Financial Statements 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 11\u003c\/p\u003e \u003cp\u003e2 Going Concern 11\u003c\/p\u003e \u003cp\u003e3 Fair Presentation of the Financial Statements and Compliance with IFRSs 11\u003c\/p\u003e \u003cp\u003e4 General Principles Relating to Presentation 12\u003c\/p\u003e \u003cp\u003e4.1 Materiality and Aggregation 12\u003c\/p\u003e \u003cp\u003e4.2 Offsetting 12\u003c\/p\u003e \u003cp\u003e4.3 Frequency of Reporting 12\u003c\/p\u003e \u003cp\u003e4.4 Comparative Information 12\u003c\/p\u003e \u003cp\u003e4.5 Consistency of Presentation 13\u003c\/p\u003e \u003cp\u003e5 Components of the Financial Statements 13\u003c\/p\u003e \u003cp\u003e6 Structure and Content of the Components of the Financial Statements 13\u003c\/p\u003e \u003cp\u003e6.1 Statement of Financial Position (Balance Sheet) 13\u003c\/p\u003e \u003cp\u003e6.2 Statement of Comprehensive Income and Separate Income Statement 14\u003c\/p\u003e \u003cp\u003e6.2.1 Profit or Loss, Other Comprehensive Income and How They Interrelate 14\u003c\/p\u003e \u003cp\u003e6.2.2 Preparation of the Statement(s) 16\u003c\/p\u003e \u003cp\u003e6.3 Statement of Changes in Equity 19\u003c\/p\u003e \u003cp\u003e7 Exampleswith Solutions 20\u003c\/p\u003e \u003cp\u003e7.1 Examples that can be Solved Without the Knowledge of Other Chapters of theBook 21\u003c\/p\u003e \u003cp\u003e7.2 Examples that Require Knowledge of Other Sections of the Book 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 2 Inventories 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Scope 33\u003c\/p\u003e \u003cp\u003e2 Measurement 33\u003c\/p\u003e \u003cp\u003e2.1 Measurement at Recognition 33\u003c\/p\u003e \u003cp\u003e2.2 Measurement after Recognition 34\u003c\/p\u003e \u003cp\u003e3 Presentation and Derecognition 35\u003c\/p\u003e \u003cp\u003e4 Exampleswith Solutions 35\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 7 Statement ofCash Flows 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 43\u003c\/p\u003e \u003cp\u003e2 Preparation of the Statement of Cash Flows 44\u003c\/p\u003e \u003cp\u003e2.1 Operating Activities 44\u003c\/p\u003e \u003cp\u003e2.2 Investing and Financing Activities 44\u003c\/p\u003e \u003cp\u003e3 Special Topics 45\u003c\/p\u003e \u003cp\u003e3.1 Interest and Dividends 45\u003c\/p\u003e \u003cp\u003e3.2 Income Taxes 45\u003c\/p\u003e \u003cp\u003e4 Consolidated Statements ofCash Flows 45\u003c\/p\u003e \u003cp\u003e4.1 Introduction 45\u003c\/p\u003e \u003cp\u003e4.2 Acquisitions and Disposals of Subsidiaries 46\u003c\/p\u003e \u003cp\u003e4.3 Associates 46\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 46\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 55\u003c\/p\u003e \u003cp\u003e2 Accounting Policies 55\u003c\/p\u003e \u003cp\u003e2.1 Selection and Application of Accounting Policies 55\u003c\/p\u003e \u003cp\u003e2.2 The Principle ofConsistency 56\u003c\/p\u003e \u003cp\u003e2.3 When an Accounting Policy Has to be Changed 57\u003c\/p\u003e \u003cp\u003e2.4 Consequences of a Change in Accounting Policy 57\u003c\/p\u003e \u003cp\u003e3 Changes in Accounting Estimates 57\u003c\/p\u003e \u003cp\u003e3.1 Introduction 57\u003c\/p\u003e \u003cp\u003e3.2 Accounting Treatment 58\u003c\/p\u003e \u003cp\u003e4 Correction of Prior Period Errors 58\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 59\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 10 Events after the Reporting Period 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Overview 71\u003c\/p\u003e \u003cp\u003e2 Exampleswith Solutions 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 11 Construction Contracts 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 75\u003c\/p\u003e \u003cp\u003e2 Contract Revenue 75\u003c\/p\u003e \u003cp\u003e3 ContractCosts 76\u003c\/p\u003e \u003cp\u003e4 Percentage of Completion Method 76\u003c\/p\u003e \u003cp\u003e4.1 Introduction 76\u003c\/p\u003e \u003cp\u003e4.2 Reliable Estimate of the Outcome of a Contract 77\u003c\/p\u003e \u003cp\u003e4.3 Determining the Stage ofCompletion 77\u003c\/p\u003e \u003cp\u003e4.4 Recognition of Expected Losses 78\u003c\/p\u003e \u003cp\u003e4.5 Uncertainties in Collectibility 78\u003c\/p\u003e \u003cp\u003e4.6 Presentation andDisclosure 78\u003c\/p\u003e \u003cp\u003e5 When the Outcome of a Contract Cannot be Estimated Reliably 79\u003c\/p\u003e \u003cp\u003e6 Exampleswith Solutions 79\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 12 Income Taxes 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 91\u003c\/p\u003e \u003cp\u003e2 Current Tax 91\u003c\/p\u003e \u003cp\u003e3 Deferred Tax 91\u003c\/p\u003e \u003cp\u003e3.1 The Logic Behind Recognizing Deferred Tax 91\u003c\/p\u003e \u003cp\u003e3.2 Recognition Criteria 93\u003c\/p\u003e \u003cp\u003e3.2.1 Taxable Temporary Differences 93\u003c\/p\u003e \u003cp\u003e3.2.2 Deductible Temporary Differences 93\u003c\/p\u003e \u003cp\u003e3.2.3 Unused Tax Losses andUnused TaxCredits 94\u003c\/p\u003e \u003cp\u003e3.2.4 Reassessment of Unrecognized Deferred Tax Assets 94\u003c\/p\u003e \u003cp\u003e3.2.5 Outside Basis Differences vs Inside Basis Differences 94\u003c\/p\u003e \u003cp\u003e3.3 Measurement 94\u003c\/p\u003e \u003cp\u003e3.3.1 Applicable Tax Rates and Tax Laws 94\u003c\/p\u003e \u003cp\u003e3.3.2 Manner of Recovery or Settlement of the Carrying Amount of an Asset or a Liability 95\u003c\/p\u003e \u003cp\u003e3.3.3 Prohibition of Discounting 95\u003c\/p\u003e \u003cp\u003e3.3.4 Impairment and Reversal of Impairment 95\u003c\/p\u003e \u003cp\u003e3.4 Presentation 95\u003c\/p\u003e \u003cp\u003e3.5 Specific Issues 96\u003c\/p\u003e \u003cp\u003e3.5.1 Change in the Tax Rate 96\u003c\/p\u003e \u003cp\u003e3.5.2 BusinessCombinations 96\u003c\/p\u003e \u003cp\u003e4 Tax (or Tax Rate) Reconciliation 96\u003c\/p\u003e \u003cp\u003e5 Exampleswith solutions 97\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 16 Property, Plant, and Equipment 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 111\u003c\/p\u003e \u003cp\u003e2 Recognition 111\u003c\/p\u003e \u003cp\u003e3 Measurement at Recognition 112\u003c\/p\u003e \u003cp\u003e4 Measurement after Recognition 113\u003c\/p\u003e \u003cp\u003e4.1 Cost Model and Revaluation Model 113\u003c\/p\u003e \u003cp\u003e4.2 Depreciation 113\u003c\/p\u003e \u003cp\u003e4.2.1 Depreciable Amount 113\u003c\/p\u003e \u003cp\u003e4.2.2 Depreciation Period 114\u003c\/p\u003e \u003cp\u003e4.2.3 DepreciationMethod 114\u003c\/p\u003e \u003cp\u003e4.2.4 Component Accounting 115\u003c\/p\u003e \u003cp\u003e4.3 Impairment 115\u003c\/p\u003e \u003cp\u003e4.4 Changes in Existing Decommissioning, Restoration, and Similar Liabilities 115\u003c\/p\u003e \u003cp\u003e5 Derecognition 116\u003c\/p\u003e \u003cp\u003e6 Exampleswith solutions 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 17Leases 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 127\u003c\/p\u003e \u003cp\u003e2 DefinitionsRelating to Time 127\u003c\/p\u003e \u003cp\u003e3 Classification of Leases as Finance Leases or Operating Leases 127\u003c\/p\u003e \u003cp\u003e3.1 Introduction 127\u003c\/p\u003e \u003cp\u003e3.2 Primary LeaseClassificationCriteria 128\u003c\/p\u003e \u003cp\u003e3.3 Supplemental Indicators of a Finance Lease 129\u003c\/p\u003e \u003cp\u003e4 Accounting of Leases by Lessees 130\u003c\/p\u003e \u003cp\u003e4.1 Finance Leases 130\u003c\/p\u003e \u003cp\u003e4.2 Operating Leases 130\u003c\/p\u003e \u003cp\u003e5 Accounting of Leases by Lessors 131\u003c\/p\u003e \u003cp\u003e5.1 Finance Leases 131\u003c\/p\u003e \u003cp\u003e5.2 Operating Leases 131\u003c\/p\u003e \u003cp\u003e6 Sale and Leaseback Transactions 132\u003c\/p\u003e \u003cp\u003e7 Exampleswith Solutions 132\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 18 Revenue 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 143\u003c\/p\u003e \u003cp\u003e2 Measurement of Revenue 143\u003c\/p\u003e \u003cp\u003e3 Sale of Goods 144\u003c\/p\u003e \u003cp\u003e4 Rendering of Services 145\u003c\/p\u003e \u003cp\u003e5 Interest, Royalties, and Dividends 145\u003c\/p\u003e \u003cp\u003e6 Multiple Element Transactions and Linked Transactions 146\u003c\/p\u003e \u003cp\u003e6.1 Introduction 146\u003c\/p\u003e \u003cp\u003e6.2 Multiple Element Transactions 146\u003c\/p\u003e \u003cp\u003e6.2.1 Sale onCredit 146\u003c\/p\u003e \u003cp\u003e6.2.2 Servicing Component 147\u003c\/p\u003e \u003cp\u003e6.2.3 Customer Loyalty Programs 147\u003c\/p\u003e \u003cp\u003e6.3 Linked Transactions 148\u003c\/p\u003e \u003cp\u003e7 Exampleswith solutions 148\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 19 Employee Benefits and IAS 26 Accounting and Reporting by Retirement Benefit Plans 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 155\u003c\/p\u003e \u003cp\u003e2 Financial Reporting without Early Application of the Amendments to IAS 19 Issued in June 2011 155\u003c\/p\u003e \u003cp\u003e2.1 Introduction and Scope 155\u003c\/p\u003e \u003cp\u003e2.2 Short-term Employee Benefits 156\u003c\/p\u003e \u003cp\u003e2.3 Post-employment Benefits 156\u003c\/p\u003e \u003cp\u003e2.3.1 Introduction 156\u003c\/p\u003e \u003cp\u003e2.3.2 Defined Contribution Plans 157\u003c\/p\u003e \u003cp\u003e2.3.3 Defined Benefit Plans 157\u003c\/p\u003e \u003cp\u003e2.4 Other Long-term Employee Benefits 160\u003c\/p\u003e \u003cp\u003e2.5 Termination Benefits 160\u003c\/p\u003e \u003cp\u003e2.6 Exampleswith Solutions 161\u003c\/p\u003e \u003cp\u003e3 The Amendments to IAS 19 Issued in June 2011 169\u003c\/p\u003e \u003cp\u003e3.1 Post-employment Benefits 170\u003c\/p\u003e \u003cp\u003e3.2 Termination Benefits 171\u003c\/p\u003e \u003cp\u003e3.2.1 Recognition 171\u003c\/p\u003e \u003cp\u003e3.2.2 Measurement 172\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 20 Government Grants 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 173\u003c\/p\u003e \u003cp\u003e2 Recognition and Measurement 173\u003c\/p\u003e \u003cp\u003e3 Presentation 174\u003c\/p\u003e \u003cp\u003e3.1 GrantsRelated toAssets 174\u003c\/p\u003e \u003cp\u003e3.2 Grants Related to Income 174\u003c\/p\u003e \u003cp\u003e4 Repayment of Government Grants 175\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 21 The Effects of Changes in Foreign Exchange Rates 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Scope 183\u003c\/p\u003e \u003cp\u003e2 Monetary vs non-Monetary Items 183\u003c\/p\u003e \u003cp\u003e3 Translation of Foreign Currency Transactions 184\u003c\/p\u003e \u003cp\u003e3.1 Initial Recognition 184\u003c\/p\u003e \u003cp\u003e3.2 Subsequent Reporting – Monetary Items 184\u003c\/p\u003e \u003cp\u003e3.3 Subsequent Reporting – Non-monetary Items 184\u003c\/p\u003e \u003cp\u003e4 Translation of Financial Statements of Foreign Operations When Preparing the Consolidated Financial Statements 185\u003c\/p\u003e \u003cp\u003e4.1 Determining the Functional Currency and the Method of Foreign Currency Translation 185\u003c\/p\u003e \u003cp\u003e4.2 CurrentRate (orClosingRate)Method 186\u003c\/p\u003e \u003cp\u003e4.3 Monetary\/Non-monetary Method 187\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 188\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 23BorrowingCosts 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 197\u003c\/p\u003e \u003cp\u003e2 Specific and General Borrowings 197\u003c\/p\u003e \u003cp\u003e3 Period ofCapitalization 198\u003c\/p\u003e \u003cp\u003e4 Exampleswith Solutions 199\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 24Related PartyDisclosures 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 203\u003c\/p\u003e \u003cp\u003e2 Related Parties andRelationshipswith Them 203\u003c\/p\u003e \u003cp\u003e3 Disclosures 204\u003c\/p\u003e \u003cp\u003e4 Application of IAS 24 in the Consolidated Financial Statements 205\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 205\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 26 Accounting and Reporting by Retirement Benefit Plans: see the Chapter on IAS 19\/IAS 26 209\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 27 (2008) Consolidated and Separate Financial Statements, IAS 27 (2011) Separate Financial Statements, and IFRS 10 (2011) Consolidated Financial Statements 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 211\u003c\/p\u003e \u003cp\u003e2 Financial Reporting without Early Application of IFRS 10 and IAS 27 (2011) 212\u003c\/p\u003e \u003cp\u003e2.1 The Concept of “Control” 212\u003c\/p\u003e \u003cp\u003e2.2 Balance Sheet Date of the Consolidated Financial Statements and Diverging Balance Sheet Dates of Subsidiaries 213\u003c\/p\u003e \u003cp\u003e2.3 Preparing the Consolidated Financial Statements 213\u003c\/p\u003e \u003cp\u003e2.3.1 Overview 213\u003c\/p\u003e \u003cp\u003e2.3.2 Elimination of Intragroup Receivables and Liabilities 214\u003c\/p\u003e \u003cp\u003e2.3.3 Elimination of Intragroup Income and Expenses 215\u003c\/p\u003e \u003cp\u003e2.3.4 Elimination of Intragroup Profits and Losses that are Recognized in the Carrying Amounts of Assets 215\u003c\/p\u003e \u003cp\u003e2.3.5 Non-controlling Interests 215\u003c\/p\u003e \u003cp\u003e2.4 Acquisition and Disposal of Shares 216\u003c\/p\u003e \u003cp\u003e2.5 Investments in Subsidiaries, Jointly Controlled Entities, and Associates in Separate Financial Statements 217\u003c\/p\u003e \u003cp\u003e2.6 Exampleswith Solutions 218\u003c\/p\u003e \u003cp\u003e3 IFRS 10 (Issued in May 2011) 228\u003c\/p\u003e \u003cp\u003e3.1 Introduction 228\u003c\/p\u003e \u003cp\u003e3.2 AssessingControl 228\u003c\/p\u003e \u003cp\u003e3.2.1 Overview 228\u003c\/p\u003e \u003cp\u003e3.2.2 Power 229\u003c\/p\u003e \u003cp\u003e3.2.3 Exposure or Rights to Variable Returns 231\u003c\/p\u003e \u003cp\u003e3.2.4 LinkBetween Power andReturns 231\u003c\/p\u003e \u003cp\u003e3.2.5 Conclusion 232\u003c\/p\u003e \u003cp\u003e3.3 Examplewith Solution 232\u003c\/p\u003e \u003cp\u003e4 The New Version of IAS 27 (Issued in May 2011) 233\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 28 Investments in Associates and IAS 28 (2011) Investments in Associates and JointVentures 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 235\u003c\/p\u003e \u003cp\u003e2 Financial Reporting without Early Application of the Amendments to IAS 28 Issued in May 2011 235\u003c\/p\u003e \u003cp\u003e2.1 The Term “Associate” and Scope of IAS 28 235\u003c\/p\u003e \u003cp\u003e2.2 The EquityMethod 236\u003c\/p\u003e \u003cp\u003e2.2.1 Overview 236\u003c\/p\u003e \u003cp\u003e2.2.2 Impairment Losses and Reversals of Impairment Losses 238\u003c\/p\u003e \u003cp\u003e2.2.3 Uniform Accounting Policies 238\u003c\/p\u003e \u003cp\u003e2.2.4 Elimination of Intragroup Profits and Losses 239\u003c\/p\u003e \u003cp\u003e2.2.5 Continuing Losses 239\u003c\/p\u003e \u003cp\u003e2.2.6 Balance Sheet Date of the Financial Statements of the Associate 239\u003c\/p\u003e \u003cp\u003e2.2.7 Application of the Concept of Materiality 239\u003c\/p\u003e \u003cp\u003e2.3 Presentation 240\u003c\/p\u003e \u003cp\u003e2.4 Separate Financial Statements of the Investor 240\u003c\/p\u003e \u003cp\u003e2.5 Preparation of the Consolidated Financial Statements 240\u003c\/p\u003e \u003cp\u003e2.6 Exampleswith Solutions 241\u003c\/p\u003e \u003cp\u003e3 The Amendments to IAS 28 Issued in May 2011 252\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 29 Financial Reporting in Hyperinflationary Economies 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 253\u003c\/p\u003e \u003cp\u003e2 Application of IAS 29 Relating to Foreign Operations: the “7-Step-Approach” 253\u003c\/p\u003e \u003cp\u003e3 Reporting Period in Which an Entity Identifies Hyperinflation when the Currency was not Hyperinflationary in the Prior Period 254\u003c\/p\u003e \u003cp\u003e4 Examplewith Solution 255\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 31 Interests in Joint Ventures and IFRS 11 Joint Arrangements 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 261\u003c\/p\u003e \u003cp\u003e2 IAS 31 “Interests in JointVentures” 261\u003c\/p\u003e \u003cp\u003e2.1 The Term“JointVenture” and Forms of JointVentures 261\u003c\/p\u003e \u003cp\u003e2.2 Accounting Treatment in the Financial Statements of the Venturer 262\u003c\/p\u003e \u003cp\u003e2.2.1 Jointly Controlled Operations in Consolidated and Separate Financial Statements 262\u003c\/p\u003e \u003cp\u003e2.2.2 Jointly Controlled Assets in Consolidated and Separate Financial Statements 262\u003c\/p\u003e \u003cp\u003e2.2.3 Jointly Controlled Entities 262\u003c\/p\u003e \u003cp\u003e2.3 Examplewith Solution 263\u003c\/p\u003e \u003cp\u003e3 IFRS 11 “Joint Arrangements” (Issued in May 2011) 265\u003c\/p\u003e \u003cp\u003e3.1 Introduction 265\u003c\/p\u003e \u003cp\u003e3.2 Assessing JointControl 266\u003c\/p\u003e \u003cp\u003e3.3 Types of Joint Arrangement 267\u003c\/p\u003e \u003cp\u003e3.3.1 Introduction 267\u003c\/p\u003e \u003cp\u003e3.3.2 Structure of the Joint Arrangement 267\u003c\/p\u003e \u003cp\u003e3.4 Consolidated Financial Statements of Parties to a Joint Arrangement 268\u003c\/p\u003e \u003cp\u003e3.4.1 JointOperations 269\u003c\/p\u003e \u003cp\u003e3.4.2 JointVentures 269\u003c\/p\u003e \u003cp\u003e3.5 Separate Financial Statements of Parties to a Joint Arrangement 269\u003c\/p\u003e \u003cp\u003e3.5.1 JointOperations 270\u003c\/p\u003e \u003cp\u003e3.5.2 JointVentures 270\u003c\/p\u003e \u003cp\u003e3.6 Examplewith Solution 270\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 32 Financial Instruments: Presentation 273\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 The Term “Financial Instrument” 273\u003c\/p\u003e \u003cp\u003e2 Scope 274\u003c\/p\u003e \u003cp\u003e3 Differentiation Between Equity and Liabilities 274\u003c\/p\u003e \u003cp\u003e4 Accounting for a Convertible Bond after Recognition by the Issuer 275\u003c\/p\u003e \u003cp\u003e5 Treasury Shares 275\u003c\/p\u003e \u003cp\u003e6 Costs of an Equity Transaction 276\u003c\/p\u003e \u003cp\u003e7 Offsetting 277\u003c\/p\u003e \u003cp\u003e8 Exampleswith Solutions 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 33 Earnings per Share 283\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 283\u003c\/p\u003e \u003cp\u003e2 Ordinary Shares and Potential Ordinary Shares 283\u003c\/p\u003e \u003cp\u003e3 Basic Earnings per Share 283\u003c\/p\u003e \u003cp\u003e4 Diluted Earnings per Share 284\u003c\/p\u003e \u003cp\u003e5 Presentation andDisclosure 285\u003c\/p\u003e \u003cp\u003e6 Exampleswith Solutions 285\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 34 Interim Financial Reporting 293\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 293\u003c\/p\u003e \u003cp\u003e2 Content of an Interim Financial Report 293\u003c\/p\u003e \u003cp\u003e2.1 Components 293\u003c\/p\u003e \u003cp\u003e2.2 Periods and Dates to be Presented in Interim Reports 294\u003c\/p\u003e \u003cp\u003e3 Materiality 294\u003c\/p\u003e \u003cp\u003e4 Recognition and Measurement 294\u003c\/p\u003e \u003cp\u003e4.1 Discrete Approach vs Integral Approach 294\u003c\/p\u003e \u003cp\u003e4.2 Independence of the Annual Result from the Frequency of Reporting 295\u003c\/p\u003e \u003cp\u003e4.3 Quantity Component and Price Component 295\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 296\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 36 Impairment ofAssets 301\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope of IAS 36 301\u003c\/p\u003e \u003cp\u003e2 When to Test for Impairment 301\u003c\/p\u003e \u003cp\u003e3 When toReverse an Impairment Loss 302\u003c\/p\u003e \u003cp\u003e4 Determining the Recoverable Amount for an Individual Asset or for an Asset’s CGU? 302\u003c\/p\u003e \u003cp\u003e5 Determining the Recoverable Amount 303\u003c\/p\u003e \u003cp\u003e5.1 General Aspects 303\u003c\/p\u003e \u003cp\u003e5.2 FairValue LessCosts to Sell 304\u003c\/p\u003e \u003cp\u003e5.3 Value inUse 304\u003c\/p\u003e \u003cp\u003e5.3.1 Introduction 304\u003c\/p\u003e \u003cp\u003e5.3.2 Estimating the FutureCash Flows 305\u003c\/p\u003e \u003cp\u003e5.3.3 Determining the Discount Rate 306\u003c\/p\u003e \u003cp\u003e6 Determining the Carrying Amount of a CGU 307\u003c\/p\u003e \u003cp\u003e7 Goodwill 307\u003c\/p\u003e \u003cp\u003e7.1 Allocating Goodwill to CGUs 307\u003c\/p\u003e \u003cp\u003e7.2 Multi-level Impairment Test 307\u003c\/p\u003e \u003cp\u003e8 CorporateAssets 308\u003c\/p\u003e \u003cp\u003e9 Recognizing and Reversing an Impairment Loss 308\u003c\/p\u003e \u003cp\u003e10 Non-controlling Interests 309\u003c\/p\u003e \u003cp\u003e11 Exampleswith Solutions 310\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 37 Provisions, Contingent Liabilities, and Contingent Assets 325\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Scope 325\u003c\/p\u003e \u003cp\u003e2 Definition and Recognition of Provisions 325\u003c\/p\u003e \u003cp\u003e2.1 Overview 325\u003c\/p\u003e \u003cp\u003e2.2 Existence of a Present Obligation 325\u003c\/p\u003e \u003cp\u003e2.3 Past Event 326\u003c\/p\u003e \u003cp\u003e2.4 Probability of an Outflow of Resources 326\u003c\/p\u003e \u003cp\u003e2.5 Reliable Estimate of the Amount of the Obligation 327\u003c\/p\u003e \u003cp\u003e2.6 Distinction from Other Liabilities 327\u003c\/p\u003e \u003cp\u003e3 Contingent Liabilities 327\u003c\/p\u003e \u003cp\u003e4 Contingent Assets 327\u003c\/p\u003e \u003cp\u003e5 Measurement 328\u003c\/p\u003e \u003cp\u003e6 Reimbursements 328\u003c\/p\u003e \u003cp\u003e7 Changes in Provisions 329\u003c\/p\u003e \u003cp\u003e8 Specific Issues 329\u003c\/p\u003e \u003cp\u003e8.1 OnerousContracts 329\u003c\/p\u003e \u003cp\u003e8.2 Provisions for Decommissioning, Restoration, and Similar Obligations 329\u003c\/p\u003e \u003cp\u003e8.3 Restructurings 330\u003c\/p\u003e \u003cp\u003e8.4 Decommissioning Funds 331\u003c\/p\u003e \u003cp\u003e9 Exampleswith solutions 331\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 38 Intangible Assets 337\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Scope of IAS 38 337\u003c\/p\u003e \u003cp\u003e2 The Term “Intangible Asset” 337\u003c\/p\u003e \u003cp\u003e3 Recognition and Initial Measurement 338\u003c\/p\u003e \u003cp\u003e3.1 Introduction 338\u003c\/p\u003e \u003cp\u003e3.2 Separate Acquisition of Intangible Assets 338\u003c\/p\u003e \u003cp\u003e3.3 Acquisition of Intangible Assets as Part of a Business Combination 338\u003c\/p\u003e \u003cp\u003e3.4 Internally Generated Intangible Assets 339\u003c\/p\u003e \u003cp\u003e4 Further Prohibitions ofCapitalization 341\u003c\/p\u003e \u003cp\u003e5 Measurement after Recognition 341\u003c\/p\u003e \u003cp\u003e5.1 Cost Model and Revaluation Model 341\u003c\/p\u003e \u003cp\u003e5.2 Intangible Assets With Finite Useful Lives 342\u003c\/p\u003e \u003cp\u003e5.3 Intangible Assets With Indefinite Useful Lives 343\u003c\/p\u003e \u003cp\u003e5.4 Impairment 343\u003c\/p\u003e \u003cp\u003e6 Derecognition 344\u003c\/p\u003e \u003cp\u003e7 Exampleswith Solutions 344\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 39 Financial Instruments: Recognition and Measurement: see the Chapter on IFRS 9\/IAS 39 351\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 40 Investment Property 353\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 The Concept of “Investment Property” 353\u003c\/p\u003e \u003cp\u003e2 Recognition 354\u003c\/p\u003e \u003cp\u003e3 Measurement at Recognition 354\u003c\/p\u003e \u003cp\u003e4 Measurement after Recognition 354\u003c\/p\u003e \u003cp\u003e4.1 Introduction 354\u003c\/p\u003e \u003cp\u003e4.2 Fair Value Model 355\u003c\/p\u003e \u003cp\u003e4.3 Cost Model 356\u003c\/p\u003e \u003cp\u003e5 Derecognition 356\u003c\/p\u003e \u003cp\u003e6 Presentation 357\u003c\/p\u003e \u003cp\u003e7 Exampleswith solutions 357\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIAS 41Agriculture 365\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 365\u003c\/p\u003e \u003cp\u003e2 Recognition 365\u003c\/p\u003e \u003cp\u003e3 Measurement 365\u003c\/p\u003e \u003cp\u003e4 GovernmentGrants 366\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 367\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 1 First-time Adoption of International Financial Reporting Standards 371\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 371\u003c\/p\u003e \u003cp\u003e2 Recognition and Measurement 372\u003c\/p\u003e \u003cp\u003e2.1 Accounting Policies 372\u003c\/p\u003e \u003cp\u003e2.2 Exceptions to Retrospective Application of Other IFRSs (Mandatory) 373\u003c\/p\u003e \u003cp\u003e2.3 Exemptions from Other IFRSs (Optional) 373\u003c\/p\u003e \u003cp\u003e2.3.1 Overview 373\u003c\/p\u003e \u003cp\u003e2.3.2 Measurement of Property, Plant, and Equipment 373\u003c\/p\u003e \u003cp\u003e2.3.3 ForeignCurrencyReserve 374\u003c\/p\u003e \u003cp\u003e2.3.4 BusinessCombinations 374\u003c\/p\u003e \u003cp\u003e2.4 Deferred Tax 374\u003c\/p\u003e \u003cp\u003e3 Presentation andDisclosure 375\u003c\/p\u003e \u003cp\u003e4 Exampleswith Solutions 375\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 2 Share-based Payment 379\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 A general introduction to Employee Share Options 379\u003c\/p\u003e \u003cp\u003e2 Scope of IFRS 2 380\u003c\/p\u003e \u003cp\u003e3 The Accounting of Employee Share Options 380\u003c\/p\u003e \u003cp\u003e3.1 Introduction 380\u003c\/p\u003e \u003cp\u003e3.2 Equity-settled Transactions 381\u003c\/p\u003e \u003cp\u003e3.3 Cash-settled Transactions 382\u003c\/p\u003e \u003cp\u003e4 Exampleswith Solutions 383\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 3BusinessCombinations 389\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 389\u003c\/p\u003e \u003cp\u003e2 Acquisition of Shares vs Acquisition of the Individual Assets 389\u003c\/p\u003e \u003cp\u003e3 Identifying the Acquirer 390\u003c\/p\u003e \u003cp\u003e4 Acquisition Date 390\u003c\/p\u003e \u003cp\u003e5 Acquisition-related Costs 390\u003c\/p\u003e \u003cp\u003e6 Accounting for a Business Combination on the Acquisition Date 390\u003c\/p\u003e \u003cp\u003e6.1 Overview 390\u003c\/p\u003e \u003cp\u003e6.2 Identifiable Assets Acquired and Liabilities Assumed 391\u003c\/p\u003e \u003cp\u003e6.2.1 Recognition in the Statement of Financial Position 391\u003c\/p\u003e \u003cp\u003e6.2.2 Classifications andDesignations 392\u003c\/p\u003e \u003cp\u003e6.2.3 Measurement 392\u003c\/p\u003e \u003cp\u003e6.2.4 Exception to the Recognition Rules 393\u003c\/p\u003e \u003cp\u003e6.2.5 Exceptions to the Recognition and Measurement Rules 393\u003c\/p\u003e \u003cp\u003e6.2.6 Exception to the Measurement Rules 393\u003c\/p\u003e \u003cp\u003e6.3 Non-controlling Interest 393\u003c\/p\u003e \u003cp\u003e6.4 Goodwill and Gain on a Bargain Purchase 394\u003c\/p\u003e \u003cp\u003e6.5 Business Combination Achieved in Stages 394\u003c\/p\u003e \u003cp\u003e6.6 Consideration Transferred (Including Contingent Consideration) 395\u003c\/p\u003e \u003cp\u003e6.7 Measurement Period 396\u003c\/p\u003e \u003cp\u003e7 Subsequent Measurement and Accounting 397\u003c\/p\u003e \u003cp\u003e8 Deferred tax 398\u003c\/p\u003e \u003cp\u003e9 Entries Necessary in Order to Prepare the Consolidated Financial Statements 398\u003c\/p\u003e \u003cp\u003e10 DeterminingWhat is Part of theBusinessCombination Transaction 399\u003c\/p\u003e \u003cp\u003e11 Exampleswith Solutions 400\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 4 Insurance Contracts 421\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 421\u003c\/p\u003e \u003cp\u003e2 Insurance Contracts, Insurance Risk, and the Scope of IFRS 4 421\u003c\/p\u003e \u003cp\u003e3 Financial Reporting for Insurance Contracts 421\u003c\/p\u003e \u003cp\u003e4 Examplewith Solution 422\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 5 Non-current Assets Held for Sale and Discontinued Operations 425\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Overview 425\u003c\/p\u003e \u003cp\u003e2 Scope 426\u003c\/p\u003e \u003cp\u003e3 Non-current Assets and Disposal Groups held for Sale 426\u003c\/p\u003e \u003cp\u003e3.1 Classification as “Held for Sale” 426\u003c\/p\u003e \u003cp\u003e3.2 Measurement of Non-current Assets and Disposal Groups Classified as “Held for Sale” 428\u003c\/p\u003e \u003cp\u003e3.2.1 General Aspects 428\u003c\/p\u003e \u003cp\u003e3.2.2 Changes to a Plan of Sale 429\u003c\/p\u003e \u003cp\u003e3.3 Presentation 429\u003c\/p\u003e \u003cp\u003e4 Presentation of Discontinued Operations 430\u003c\/p\u003e \u003cp\u003e4.1 General Aspects 430\u003c\/p\u003e \u003cp\u003e4.2 Selected Specifics in Consolidated Financial Statements 431\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 431\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 6 Exploration for and Evaluation of Mineral Resources 441\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction and Scope 441\u003c\/p\u003e \u003cp\u003e2 Financial Reporting 441\u003c\/p\u003e \u003cp\u003e3 Stripping Costs in the Production Phase of a Surface Mine 442\u003c\/p\u003e \u003cp\u003e4 Examplewith Solution 443\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 7 Financial Instruments: Disclosures 445\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 445\u003c\/p\u003e \u003cp\u003e2 Significance of Financial Instruments for Financial Position and Performance 445\u003c\/p\u003e \u003cp\u003e3 Nature and Extent of Risks Arising from Financial Instruments 446\u003c\/p\u003e \u003cp\u003e4 Transfers of Financial Assets 447\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 447\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 8 Operating Segments 451\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 451\u003c\/p\u003e \u003cp\u003e2 Scope 451\u003c\/p\u003e \u003cp\u003e3 Operating Segments andChiefOperatingDecisionMaker 451\u003c\/p\u003e \u003cp\u003e4 Reportable Segments 452\u003c\/p\u003e \u003cp\u003e4.1 Overview 452\u003c\/p\u003e \u003cp\u003e4.2 Aggregation ofOperating Segments 453\u003c\/p\u003e \u003cp\u003e4.3 Quantitative Thresholds 453\u003c\/p\u003e \u003cp\u003e4.4 RemainingOperating Segments 453\u003c\/p\u003e \u003cp\u003e5 SegmentDisclosures 454\u003c\/p\u003e \u003cp\u003e5.1 Determination of the Amounts to be Disclosed 454\u003c\/p\u003e \u003cp\u003e5.2 Disclosure Requirements 454\u003c\/p\u003e \u003cp\u003e5.2.1 Segment Profit or Loss 454\u003c\/p\u003e \u003cp\u003e5.2.2 Segment Assets and Segment Liabilities 455\u003c\/p\u003e \u003cp\u003e5.2.3 Reconciliations 455\u003c\/p\u003e \u003cp\u003e5.2.4 OtherDisclosures 456\u003c\/p\u003e \u003cp\u003e6 Entity-wide Disclosures 456\u003c\/p\u003e \u003cp\u003e7 Exampleswith Solutions 457\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition andMeasurement 461\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 461\u003c\/p\u003e \u003cp\u003e2 Financial Instruments Accounting According to IFRS 9 (as Issued in 2010) and its Consequential Amendments to IAS 39 462\u003c\/p\u003e \u003cp\u003e2.1 Scope 462\u003c\/p\u003e \u003cp\u003e2.2 Initial Recognition 462\u003c\/p\u003e \u003cp\u003e2.3 Measurement 462\u003c\/p\u003e \u003cp\u003e2.3.1 Derivatives and Financial Instruments Held for Trading 462\u003c\/p\u003e \u003cp\u003e2.3.2 Initial Measurement 463\u003c\/p\u003e \u003cp\u003e2.3.3 Subsequent Measurement of Financial Assets 463\u003c\/p\u003e \u003cp\u003e2.3.4 Subsequent Measurement of Financial Liabilities 465\u003c\/p\u003e \u003cp\u003e2.3.5 Measurement at Amortized Cost: Determining the Effective InterestRate 465\u003c\/p\u003e \u003cp\u003e2.3.6 Determining Fair Values After Recognition 466\u003c\/p\u003e \u003cp\u003e2.3.7 Presentation of FairValueGains and Losses 466\u003c\/p\u003e \u003cp\u003e2.3.8 Impairment Losses and Reversals of Impairment Losses 467\u003c\/p\u003e \u003cp\u003e2.4 HybridContracts 468\u003c\/p\u003e \u003cp\u003e2.4.1 Introduction 468\u003c\/p\u003e \u003cp\u003e2.4.2 Hybrid Contracts with Financial Asset Hosts 468\u003c\/p\u003e \u003cp\u003e2.4.3 OtherHybridContracts 468\u003c\/p\u003e \u003cp\u003e2.5 Derecognition of Financial Assets 469\u003c\/p\u003e \u003cp\u003e2.6 Financial Guarantee Contracts From the Issuer’s Perspective 470\u003c\/p\u003e \u003cp\u003e2.7 Hedge Accounting 471\u003c\/p\u003e \u003cp\u003e2.7.1 Introduction 471\u003c\/p\u003e \u003cp\u003e2.7.2 TheRules inMoreDetail 473\u003c\/p\u003e \u003cp\u003e2.8 Exampleswith Solutions 475\u003c\/p\u003e \u003cp\u003e3 Financial Instruments Accounting Prior to IFRS 9 495\u003c\/p\u003e \u003cp\u003e3.1 Scope 495\u003c\/p\u003e \u003cp\u003e3.2 Subsequent Measurement 495\u003c\/p\u003e \u003cp\u003e3.2.1 Assigning a Financial Asset or a Financial Liability to a MeasurementCategory 495\u003c\/p\u003e \u003cp\u003e3.2.2 Gains and Losses and Technical Aspects 497\u003c\/p\u003e \u003cp\u003e3.2.3 Determining Fair Values After Recognition 497\u003c\/p\u003e \u003cp\u003e3.2.4 Impairment Losses and Reversals of Impairment Losses 497\u003c\/p\u003e \u003cp\u003e3.3 HybridContracts 499\u003c\/p\u003e \u003cp\u003e3.4 Exampleswith Solutions 499\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 10 Consolidated Financial Statements: see the Chapter on IAS 27\/IFRS\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 503\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 11 Joint Arrangements: see the Chapter on IAS 31\/IFRS 11 505\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 12Disclosure of Interests inOtherEntities 507\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 507\u003c\/p\u003e \u003cp\u003e2 The Term “Structured Entity” 507\u003c\/p\u003e \u003cp\u003e3 The Individual Disclosure Requirements of IFRS 12 508\u003c\/p\u003e \u003cp\u003e3.1 Significant Judgments and Assumptions 508\u003c\/p\u003e \u003cp\u003e3.2 Interests in Subsidiaries 509\u003c\/p\u003e \u003cp\u003e3.3 Interests in Joint Arrangements and Associates 510\u003c\/p\u003e \u003cp\u003e3.4 Interests in Unconsolidated Structured Entities 511\u003c\/p\u003e \u003cp\u003e4 Exampleswith Solutions 511\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIFRS 13 FairValueMeasurement 513\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Introduction 513\u003c\/p\u003e \u003cp\u003e2 Scope 513\u003c\/p\u003e \u003cp\u003e3 The Measurement Requirements of IFRS 13 514\u003c\/p\u003e \u003cp\u003e3.1 Definition of Fair Value 514\u003c\/p\u003e \u003cp\u003e3.2 The Asset or Liability 514\u003c\/p\u003e \u003cp\u003e3.3 The Transaction 515\u003c\/p\u003e \u003cp\u003e3.4 Market Participants 516\u003c\/p\u003e \u003cp\u003e3.5 The Price 516\u003c\/p\u003e \u003cp\u003e3.6 Application to Non-financial Assets 517\u003c\/p\u003e \u003cp\u003e3.7 Application to Liabilities and the Entity’s Own Equity Instruments 517\u003c\/p\u003e \u003cp\u003e3.8 Fair Value at Initial Recognition 518\u003c\/p\u003e \u003cp\u003e3.9 Valuation Techniques 518\u003c\/p\u003e \u003cp\u003e3.10 Inputs to Valuation Techniques 519\u003c\/p\u003e \u003cp\u003e3.11 FairValueHierarchy 519\u003c\/p\u003e \u003cp\u003e3.11.1 Level 1 Inputs 520\u003c\/p\u003e \u003cp\u003e3.11.2 Level 2 Inputs 520\u003c\/p\u003e \u003cp\u003e3.11.3 Level 3 Inputs 520\u003c\/p\u003e \u003cp\u003e4 Illustration of the Application of Selected Valuation Techniques 521\u003c\/p\u003e \u003cp\u003e4.1 Measuring Owner-occupied Items of Property, Plant, and Equipment 521\u003c\/p\u003e \u003cp\u003e4.2 Measuring American Options According to the Binomial Model 521\u003c\/p\u003e \u003cp\u003e4.3 Measuring a Brand According to the Relief from Royalty Method 521\u003c\/p\u003e \u003cp\u003e4.4 The Tax Amortization Benefit 522\u003c\/p\u003e \u003cp\u003e5 Exampleswith Solutions 522\u003c\/p\u003e \u003cp\u003eIndex 527\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDr. Dieter Christian\u003c\/b\u003e is a lecturer at the Vienna University of Economics and Business, several other Austrian universities and various private seminar companies. He is an author in the area of IFRS and Austrian GAAP. He was formerly a Senior Manager and head of the department for IFRS and Austrian GAAP at BDO Austria and also worked in the IFRS department for PricewaterhouseCoopers in Austria. He has a Doctorate in Business Administration and an MBA from \u003ci\u003eVienna University of Economics and Business\u003c\/i\u003e. He is a Member of the IFRS working group of the Austrian Financial Reporting and Auditing Committee (AFRAC).\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDr. Norbert Lüdenbach\u003c\/b\u003e is a tax advisor and chartered accountant, and is Head of the IFRS Department of BDO Germany. He is an author of commentaries on IFRS and German GAAP as well as being a lecturer at the University of Freiburg (Germany). He is also the publisher of a practice-oriented German IFRS journal which is published on a monthly basis.\u003c\/p\u003e \u003cb\u003eGain a deeper understanding of financial reporting under IFRS through clear explanations and extensive practical examples.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eIFRS can be a complex topic, and books on the subject often tackle its intricacies through dense explanation across thousands of pages. Others seek to provide an overview of IFRS and these, while useful for the general reader, lack the depth required by practitioners and students.\u003cbr\u003e\u003cbr\u003e\u003ci\u003eIFRS Essentials\u003c\/i\u003e strikes a balance between the two extremes, offering concise interpretation of the crucial facts supported by a wealth of examples. Problems and their solutions are demonstrated in a manner which is short, straightforward and simple to understand, avoiding complex language; jargon and redundant detail.\u003cbr\u003e\u003cbr\u003eThis book is suitable for students and lecturers at universities and other educational institutions, auditing and accounting trainees, and employees in the area of accounting and auditing who seek to develop their practical skills and deepen their knowledge of IFRS.","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989400633573,"sku":"NP9781118494714","price":87.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118494714.jpg?v=1761783966","url":"https:\/\/k12savings.com\/es\/products\/ifrs-essentials-isbn-9781118494714","provider":"K12savings","version":"1.0","type":"link"}