IFRS Made Easy

IFRS Made Easy provides complete, easy-to-navigate coverage of all International Financial Reporting Standards (IFRSs) with concise explanations and hundreds of supporting examples. This reference tool goes anywhere you go-to a client's office, on a business trip, or to an important lunch meeting, with on-the-spot answers to any questions that arise.

• Practical, plain -language explanation of the international financial accounting and reporting standards
• Summarizes International Financial Reporting Standards
• Liberally sprinkled with definitions and examples
• Notes applicable IFRS source documents

Written for every company struggling with the impact of convergence, IFRS Made Easy clearly explains how IFRS will impact your company, how you will need to account for various specific items, and more. This book is filled with practical techniques and rules of thumb for understanding the day-to-day IFRS issues every accountant, controller or CFO is sure to face-and puts all the answers you need at your fingertips.

Preface vii

About the Author ix

PART I – REVENUE AND EXPENSES

Chapter 1 Revenue Recognition 3

Chapter 2 Employee Benefits 17

Chapter 3 Share-Based Payments 33

Chapter 4 Income Taxes 43

PART II – ASSETS AND LIABILITIES

Chapter 5 Financial Instruments 61

Chapter 6 Interests in Joint Ventures 81

Chapter 7 Investments in Associates 87

Chapter 8 Inventory 93

Chapter 9 Property, Plant, and Equipment 103

Chapter 10 Intangible Assets 117

Chapter 11 Asset Impairment 129

Chapter 12 Provisions and Contingencies 143

PART III – THE FINANCIAL STATEMENTS

Chapter 13 Financial Statements Presentation 153

Chapter 14 Consolidated and Separate Financial Statements 169

Chapter 15 Related Party Disclosures 175

Chapter 16 Events after the Reporting Period 179

Chapter 17 Financial Reporting in Hyperinflationary Economies 183

PART IV – PUBLIC COMPANY REPORTING

Chapter 18 Operating Segments 189

Chapter 19 Earnings per Share 197

Chapter 20 Interim Financial Reporting 205

PART V – BROAD TRANSACTIONS

Chapter 21 Business Combinations 215

Chapter 22 Changes in Accounting Policies, Estimates, and Errors 225

Chapter 23 Discontinued Operations and Non-Current Assets Held for Sale 233

Chapter 24 Effects of Foreign Exchange Rate Changes 241

Chapter 25 Leases 247

Index 261

STEVEN M. BRAGG, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte. He is the author of over forty books primarily targeted toward controllers and their needs. Bragg received a master's degree in finance from Bentley College, an MBA from Babson College, and a bachelor's degree in economics from the University of Maine.

THE DEFINITIVE GUIDE TO ALL THINGS IFRS^®

International Financial Reporting Standards (IFRS) have been adopted by over 120 nations, with U.S. adoption of IFRS^® slated for 2016. While convergence to IFRS^® appears to be inevitable, most companies have not even begun the process. Practical, with plain-language explanations, IFRS^® Made Easy provides an easy-to-follow, nontechnical reference for accountants, controllers, and CFOs.

Clarifying IFRS^® in simple terms, author and renowned accounting leader Steven Bragg provides guidance for the most common accounting issues arising from international financial reporting standards on topics including:

• Revenue recognition rules
• Defined benefit and defined contribution pension plans
• Payments based on an entity's share price
• Deferred tax assets and liabilities
• Cash flow hedges and fair value hedges
• Investments in associates and joint ventures
• Inventory revaluations
• Fair value adjustments for property, plant, and equipment
• Asset impairment

How will IFRS^® impact your company? How will you need to account for various specific items? How can you report on special situations? If you want nutsandbolts answers to questions like these without overcomplicated explanations, IFRS^® Made Easy is for you, providing the solid framework you need to fully prepare for IFRS^® conversion.