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The Complete Guide to International Financial Reporting Standards

The 3rd edition of this essential book gives a clear explanation of the principles of International Financial Reporting Standards and the accounting and disclosure requirements, and provides a clarification of practical problems of compliance.

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There is a fundamental need for the existence and application of Accounting Standards. The Standards are in a constant state of change and it is vitally important for finance directors, accountants and other professional advisors to stay up to date.

Ralph Tiffin explains the accounting ideas behind each of the Standards and their effect on financial statements. He summarises the issues underlying standard practice, and clarifies the accounting and disclosure requirements as well as the practical problems of compliance.

Why do we need Financial Reporting Standards?

There are different views on how to account for and report business transactions. These may be due to cultural or commercial reasons or because of legislative or taxation laws. A prime aim of the International Financial Reporting Standards is to bring consistency of reporting within and between countries. Investors and others using financial statements (for example, for investing or benchmarking purposes) can then make decisions based on consistently prepared data. However, consistency is not the only reason why these Standards are needed. There can be poor or down-right bad accounting. Poor accounting may mean lack of exactness giving a wide range of values or inadequate disclosure. Bad accounting could mean fraud.

Why do YOU need to understand International Financial Accounting Standards?

Owners, directors, managers and professional advisers, such as lawyers, have a responsibility to understand how business activities are presented in financial statements – i.e. is the reality of what is going on in the business being properly and fairly presented. To appreciate if this is the case an understanding of the requirements is needed.

Who will benefit from this Guide?

The Guide is aimed at: anyone in business who has to interface with published accounts and internal reports; or who is responsible for reports that are affected by or lead to published accounts. As never before, professional advisers, directors and executive officers from functions other than finance are affected by the requirements of International Financial Reporting Standards.

Accountants and students of accountancy will also find this Guide useful as a summary of the Standards, as it cuts through to exactly what they aim to achieve and thus what has to be accounted for and disclosed.


1. Introduction

  • The purpose of this text
  • Why do we need Accounting Standards?
  • Why do YOU need to understand Accounting Standards?
  • Where is IFRS today? Where is IFRS heading?
  • Layout and how to use the book
  • How to use the book
  • Barriers to understanding
  • Understanding financial statement and accounting practices
  • Order of chapters
  • Summary objectives and requirements of the Standards

2. The Framework, financial statements, accounting concepts and policies

3. Presentation of financial statements

4. Accounting policies changes in accounting estimates and errors

5. Events after the reporting period

6. Related party disclosures

7. First-time adoption of IFRS

8. Interim financial reporting

9. Revenue

10. The effects of changes in foreign exchange rates

11. Employee benefits

12. Share based payment

13. Borrowing costs

14. Accounting for government grants

15. Income taxes/current tax/deferred tax

16. Non-current Assets Held for Sale and Discontinued Operations

17. Earnings per share

18. Property plant and equipment

19. Investment property

20. Intangible Assets

21. Impairment of assets

22. Inventories/Stock

23. Construction contracts/Long term WIP

24. Leases – off balance sheet finance

25. Provisions, contingent liabilities and contingent assets

26. Statement of cash flows – (cash flow statements)

27. Business combinations

28. Consolidated and separate financial statements

29. Accounting for investments in associates

30. Financial reporting of interests in joint ventures

31. Operating segments

32. Financial instruments – disclosure and presentation

33. Financial Instruments: recognition and measurement

34. Financial Instruments: disclosures

35. Accounting and reporting by retirement benefit plans

36. Insurance contracts

37. Exploration for and Evaluation of Mineral Resources

38. Agriculture

39. Other financial reporting in hyper inflationary economies

40. Summary of IFRIC’s

  • Introduction
  • IFRIC Interpretation 1 – Changes in Existing Decommissioning, Restoration and Similar Liabilities
  • IFRIC Interpretation 2 – Members’ Shares in Co-operative Entities and Similar Instruments
  • IFRIC Interpretation 4 – Determining whether an Arrangement contains a Lease
  • IFRIC Interpretation 5 – Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
  • IFRIC Interpretation 6 – Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment
  • IFRIC Interpretation 7 – Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
  • IFRIC Interpretation 8 – Scope of IFRS 2
  • IFRIC Interpretation 9 – Reassessment of Embedded Derivatives
  • IFRIC Interpretation 10 – Interim Financial Reporting and Impairment
  • IFRIC Interpretation 11 – IFRS 2 – Group and Treasury Share Transactions
  • IFRIC Interpretation 12 – Service Concession Arrangements
  • IFRIC Interpretation 13 – Customer Loyalty Programmes
  • IFRIC Interpretation 14 – IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
  • IFRIC Interpretation 15 – Agreements for the Construction of Real Estate
  • IFRIC Interpretation 16 – Hedges of a Net Investment in a Foreign Operation
  • IFRIC Interpretation 17 – Distributions of Non-cash Assets to Owners
  • The titles of earlier Standards Interpretation Committee announcements

41. Basic financial statements and other issues

  • Section One: Financial statement components
  • If there are profits there must be cash
  • Section Two: Accounting ratios
  • Section Three: Creative accounting
  • In summary
  • Financial instruments


Ralph Tiffin

Ralph Tiffin BSc, FCA, AMIMechE is principal of McLachlan+Tiffin, chartered accountants and statutory auditors, and principal consultant at Tiffins.consultancy Ltd. Ralph has a wealth of experience with companies of all sizes in the UK, the EU, Asia and the Middle East. With his background in engineering and day to day work with diverse businesses, Ralph spends the majority of his time consulting and lecturing on accounting topics, project appraisal, budgeting, project appraisal IFRS, ethics and fraud prevention management issues for the energy, telecoms, rail, shipping and other sectors. His firm and associated consultancy has many clients in the transport, construction, manufacturing, engineering, food, retail and ship-owning and ship management companies.

Ralph is the author of a range of books on financial management, IFRS, project appraisal, accounting and auditing. All his books are aimed at understanding finance and the practical implementation of techniques for better business management.

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Download (PDF) ISBN-10: 1 85418756 2
ISBN-13: 978 185418756 7
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