Applying International Accounting Standards

Applying International Accounting Standards is an exciting new textbook written to meet the needs of accounting students and practitioners in understanding the complexities and applying the stable platform of International Accounting Standards. It does not cover all International Accounting Standards, concentrating on those that are not related to specific industries. The text offers a step–by–step introduction to the financial reporting procedures outlined within the new International Financial Reporting Standards (IFRS). With the inception of he IFRS on 1 January 2005, students studying accounting will need to possess a thorough conceptual and practical understanding of the new financial reporting requirements contained within the IFRS. The focus of this text is on the interpretation, analysis, illustration and application of the scope and purpose of the new financial reporting processes of the IFRS. As the financial reporting environment will be new to most readers from January 2005, each chapter contains numerous illustrative examples to ensure that the student gains a deep understanding of all the reporting requirements under the respective IFRS. This textbook has been written for  intermediate and advanced financial reporting courses, at both undergraduate and postgraduate level, as well as professionals as it aligns with the knowledge expectations of the accounting profession. Features Accounting standards are underpinned by a conceptual framework. International Accounting Standards are principles based. Practical applications for all accounting standards are covered. Step–by–step analysis of the IFRS and its scope, objectives and repotting requirements is provided. The text details the relevant issues and practical workings associated with the selected IFRS. Illustrative examples are positioned throughout the chapters to show the new financial reporting procedures and further develop conceptual understanding of the new processes. Chapters include extracts from international companies to illustrate how real companies are reporting financial data in accordance with the IFRS. Graded end–of–chapter exercises and problems provide students with numerous opportunities to test their understanding of the financial reporting requirements under the respective standard. For the lecturer, a comprehensive solution manual provides guidance on the correct procedures for working through the activities.