Author Description

Overview This book covers advanced level topics in financial reporting within the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) reporting framework. While the book is aimed at advanced level accounting degree students in tertiary institutions, it is a useful primer for practitioners who wish to reinforce their knowledge of rapidly changing accounting standards. Note: There is a new section on permissible reclassification of financial assets. In the wake of the global financial crisis, the IASB in October 2008 permitted limited reclassifications from fair value through profit or loss to align IAS 39 with US GAAP. Features Inclusion of the most recent amendments to existing standards including the revised IFRS 3 (2008)and revised IAS 27 (2008). Coverage of complex topics: business combinations, consolidation, equity accounting, translation of foreign transactions and foreign operations, financial instruments, share-based payments, earnings per share, deferred taxation and risk reporting disclosures. Application of the three "Cs" of sound accounting pedagogy: Concepts Principles-based to enhance students' conceptual understanding of the underlying rationale of accounting requirements. Context Emphasizes the importance of understanding the economics of and motivations for the specific transactions that are the subject of accounting rules. Competencies Focuses on the requirements of accounting standards within the IAS and IFRS reporting framework and provides in-depth coverage of how to apply them to complex settings. Rigorous and comprehensive illustrations, explanations and problem sets aimed at achieving high standards of professional competencies demanded by accountancy bodies worldwide. Analytical checks to allow for self-auditing of answers.