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.
Ralph Tiffin is a mechanical engineer who subsequently qualified as a Chartered Accountant and became manager in one of the largest international firms of accountants. He is now managing partner of an accountancy and consultancy practice. He has a wealth of experience with companies of all sizes in the UK and overseas. Work typically involves developing clients reporting and management systems along with appropriate management training and developing project appraisal processes and spreadsheets. Ralph is also author of The Finance and Accounting Desktop Guide (Thorogood).
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