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.
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.
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.
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.
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.
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
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
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
39. Other financial reporting in hyper inflationary economies
40. Summary of IFRIC’s
41. Basic financial statements and other issues
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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ISBN-13: 978 185418756 7
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