The Impact of IFRS on Industry

One of the biggest challenges of any reporting standard is how best to interpret and implement it in the context of a specific company or industry, given that each industry has its own intricacies and nuances. The Impact of IFRS on Industry provides specific guidance on applying IFRS in a diverse range of sectors.

Opening with an overview of IFRS, including a summary of all the standards, the book goes on to provide detailed coverage of the standards that can impact all industries, including IAS-40, IFRS 1, and IFRS 5. Thereafter, it offers practical advice and guidance on the application of IFRS in specific industries, including automotive; oil and gas; bio-sciences; infrastructure; airlines; media and communications; government-owned entities; mining; software; banking and financial services; insurance; FMCG; shipping; pharmaceuticals; telecoms; real estate and construction; power; SMEs; retail; e-commerce; and the service sector. The book concludes with a discussion on the collateral impact of implementing IFRS and how forthcoming IFRS Standards could impact specific industries.

Worked examples are used throughout to demonstrate how the standards are applied in practice.

• Understand the IFRS standards comprehensively
• Learn which standards impact all industries
• Examine the ways in which IFRS is applied in practice
• See how different standards are applied in specific industries

Suitable as a quick reference or a comprehensive guide, The Impact of IFRS on Industry gives you the real-world IFRS answers you need.

Preface vii

Acknowledgements ix

1 Introduction: The Background and Evolution of IFRS, and a Discussion on Why IFRS Would Have an Impact on Industry 1

2 Summary of Disclosures Under IFRS Standards 7

3 IFRS Standards that Could Impact All Industries 43

4 The Impact of IFRS Standards on Specific Industries 75

5 Forthcoming IFRS Standards That Could Impact Industry 231

6 Collateral Impact of a Transition to IFRS 237

Afterword 245

Appendix: Impact Summary 247

Index 251

Mohan R. Lavi is the Finance Director of Ellucian Higher Education Systems India Pvt Ltd, Bangalore, and owns a consulting firm, Arthazastra Management Services India Pvt Ltd. He is a chartered accountant with over twenty years of experience across a wide variety of industries.

The industry-specific guide to the interpretation and application of IFRS

How best to interpret and implement IFRS in the context of a specific company or industry can be challenging. The Impact of IFRS on Industry offers industry leaders, corporate accountants, auditors and analysts an overview of IFRS and summarises the applicable standards for a wide range of industries. In addition, the text provides detailed coverage of the standards that can impact all industries, including IAS-40, IFRS 1, and IFRS 5.

This invaluable resource is filled with practical advice on the application of IFRS in specific industries, including automotive, oil and gas, bio-sciences, infrastructure, airlines, media and communications, government-owned entities, mining, software, banking and financial services, insurance, FMCG, shipping, pharmaceuticals, telecoms, real estate and construction, power, SMEs, retail, e-commerce and the service sector. The author includes illustrative examples that demonstrate how the standards are applied in practice and offers a discussion on the collateral impact of implementing IFRS and how forthcoming IFRS Standards could affect specific industries.

The Impact of IFRS on Industry is both a quick reference and a comprehensive guide, providing practical advice on the application of IFRS for accountants in a wide variety of industries.