International GAAP 2010 (Set OfVol 1 & Vol 2)

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The impact of IFRS goes beyond financial reporting The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world, the impact of which stretches far beyond accounting to affect many key decisions companies make. The ongoing development of IFRS requires a constant review of reporting practices. Early assessment of the impact of new and amended standards reduces the pressure of last minute corrections or delays to the accounts through the audit process, and errors and the potential disruption of investigation from the regulator. Keepingup to date with the changes and their implications requires specialist help International Financial Reporting Standards are complex and are constantly evolving. Finance professionals face an ongoing challenge to keep abreast of IFRS requirements. It is critical that finance professionals have access to the best resource available to help guide them through accounting issues. Expert help is a huge advantage when interpreting the standards. Simply referring to the underlying standard is very often insufficient to gain a good understanding of an issue. Expert analysis and interpretation, including worked examples, provides clarity and can save companies a considerable amount of time. The Ernst & Young team behind International GAAP are subject matter and industry specialists who, on a daily basis, assist companies grapple with the requirements of IFRS. The team reviews the accounts of hundreds of major listed companies and has a thorough understanding of regulators' objectives and practices. Applying the guidance in International GAAP helps ensure a smooth financial reporting and audit process As a single up to date point of reference International GAAP is the best insurance against accounting mistakes. The alternative to examining standards and assessing their implications as transactions occur is to rely on the audit process to identify technical accounting discrepancies. However this is typically very late in the reporting cycle. Confronting technical issues when reporting deadlines loom adds time and cost, and puts huge pressure on the finance function. It may also delay reporting. Utilising International GAAP throughout the financial year alleviates later difficulties and helps ensure a smooth reporting process. About The Author Ernst & Young's International Financial Reporting Standards Group Ernst & Young has developed the global resources -- people and knowledge, to support our clients and client teams in dealing with IFRS issues. We work to give our clients the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide. It's how Ernst & Young makes a difference. International GAAP is compiled by 15 international accounting specialists with industry and subject matter expertise and is reviewed by the global committee responsible for Ernst & Young technical accounting policy. Ernst & Young is committed to supporting companies throughout the reporting cycle and providing the tools and guidance to streamline the reporting process. We believe that consistent application of standards will ensure the long term health of capital markets, providing transparency to investors and other stakeholders. Table Of contants The Development of International GAAP The Quest for a Conceptual Framework for Financial Reporting Presentation of Financial Statements and Accounting Policies Non-Current Assets Held for Sale and Discontinued Operations First-Time Adoption Consolidated Financial Statements Consolidation Procedures and Non-Controlling Interests Separate and Individual Financial Statements Business Combinations Common Control Business Combinations Associates Joint Ventures Foreign Exchange Hyperinflation Intangible Assets Property, Plant and Equipment Investment Property Impairment of Fixed Assets and Goodwill Capitalisation of Borrowing Costs Inventories Construction Contracts Leases Transactions with Governments: Grants and Service Concession Arrangements Provisions, Contingent Liabilities and Contingent Assets Revenue Recognition Income Taxes Share-Based Payment Employee Benefits Financial Instruments: Introduction Financial Instruments: Recognition, De recognition and Offset FinancialInstruments: Financial Liabilities and Equity Financial Instruments: Measurement Financial Instruments: Hedge Accounting Financial Instruments: Disclosures Operating Segments Earnings per Share Events after the Reporting Period Related Party Disclosures Statement of Cash Flows Interim Financial Reporting Agriculture Extractive Industries Insurance Contracts