Frequently Asked Questions In Ifrs
Download Frequently Asked Questions In Ifrs PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Frequently Asked Questions In Ifrs book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages.
Frequently Asked Questions in IFRS
A concise FAQ guide to IFRS principles and practices Co-written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book is a comprehensive guide to International Financial Reporting Standards (IFRS) which became mandatory in the EU in 2005, and they will almost certainly be adopted by most other developed countries in the near future. Unlike US-GAAP and other sets of standards, the IFRS are principles-based rather than rules-based, putting the onus of interpretation more on users than has previously been the case. Under IFRS users must understand the economic substance of operations, and they must be able to make assumptions, hypotheses, and estimations leading to an accounting treatment consistent with the general objectives of and principles behind IFRS financial reporting. In a handy, easy-to-navigate Q&A format, Frequently Asked Questions on IFRS provides accounting and finance professionals with the answers to some of the most commonly asked questions on the new standards. Covering the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions, and revenue recognition, the book also contains a valuable overview of the standards and the thinking behind them. Includes a comprehensive section on the new IFRS for small and medium enterprises Contains real-world examples from financial reports; a glossary of commonly used terms; and a 'Test Your Knowledge' section Provides a simple way to get up to speed on these often confusing, principles-based standards
Frequently Asked Questions in International Standards on Auditing
Auditing has hit the headlines over recent years, and for all the wrong reasons, and in today's environment, the result of negligent auditing can be serious resulting in sizeable fines and even withdrawal of audit registration which can be costly in terms of fee income. Frequently Asked Questions in International Standards on Auditing presents the relevant standards in a concise and jargon-free way, enabling auditors to appreciate the reasoning behind the standards and undertake audit work effectively. This book focuses on the main areas of the auditing standards and also addresses some key areas where audit firms are failing and which have been flagged up by audit regulators. The FAQs cover the main parts of each standard, and each question will be answered in a practical context, with worked examples showing how the standards are applied in real situations.
Adoption, Impact, and Challenges of International Financial Reporting Standards
The International Accounting Standards Board (IASB) has played a crucial role in the development of global financial reporting standards. Over the past five decades, the IASB has formulated and published several international accounting standards, initially known as IAS (International Accounting Standards), which have since evolved to become IFRS (International Financial Reporting Standards). The aim is to make IFRS an international benchmark for financial reporting. Future directions and main challenges of IFRS adoption must be explored to realize its impact on various countries and regions. Adoption, Impact, and Challenges of International Financial Reporting Standards explores the evolution of IFRS, critically examining their adoption, impact, challenges, and future directions. It examines the current state of IFRS, the differences between IFRS and local accounting standards, and the main consequences of IFRS adoption. This book covers topics such as international relations, accounting and finance, and global business, and is a useful resource for business owners, policymakers, economists, academicians, researchers, and scientists.