International Accounting Standards (IAS-with future pronouncements to be known as International Financial Reporting Standards, or IFRS) are receiving more attention than ever, having now been endorsed by the International Organization of Securities Commissions (IOSCO) and, most recently, by the European Union. The EU will require that listed companies throughout the European Union apply IAS, instead of previously employed national accounting standards, by 2005, for consolidated financial reporting purposes (and since comparative financials are required, users will generally need to begin this exercise in 2003, as a practical matter). These two events-coupled with the growing list of nations either formally adopting IAS or basing national standards on them, and with the ever-expanding group of major international companies choosing to report on that basis of accounting-will likely provide the impetus necessary to catapult IAS into truly global use and acceptance.
Wiley IAS 2003 is the compact yet truly comprehensive quick-reference guide that accountants can depend on to assist in the prepa- ration and understanding of financial statements presented in accordance with IAS. This new edition includes complete coverage of all the standards issued or revised by the International Accounting Standards Committee under the IOSCO's "core set of standards" program, as well as all other extant requirements. In addition, the book offers in-depth coverage of the latest changes proposed by the newly constituted International Accounting Standards Board's "improvements project," some of which will likely become effective by the end of 2003.
More than ever before, every accountant or corporate financial official involved in-or contemplating-registration in foreign securities markets now needs the guidance offered in this book. Written by a team of practicing CPAs with in-depth international experience in applying IAS, this guide includes meaningful real-world examples and interpretive insights into the requirements of all current, and proposed, IAS.
This up-to-date 2003 edition covers important, complex requirements addressed by recent IAS, including:
- IAS 10, Events After the Balance Sheet Date
- IAS 33, Earnings Per Share
- IAS 34, Interim Financial Reporting
- IAS 35, Discontinuing Operations
- IAS 36, Impairment of Assets
- IAS 37, Provisions, Contingent Liabilities, and Contingent Assets
- IAS 38, Intangible Assets
- IAS 40, Investment Property
- IAS 41, Agriculture
- IAS 32, Financial Instruments: Disclosure and Presentation
- IAS 39, Financial Instruments: Recognition and Measurement
- IAS 39 Implementation Guidance: Questions and Answers
Plus: Other IAS, including the revised standards on Presentation of Financial Statements (IAS 1), Cash Flow Statements (IAS 7), Construction Contracts (IAS 11), Segment Reporting (IAS 14), Property, Plant and Equipment (IAS 16), Leases (IAS 17), Revenue (IAS 18), Employee Benefits (IAS 19), Income Taxes (IAS 12), Government Grants (IAS 20), Business Combinations (IAS 22), and the often contentious topic of Related-Party Disclosures (IAS 24), as well as coverage of specialized industry accounting rules-including Disclosures in Financial Statements of Banks (IAS 30). All currently effective interpretations (SIC) are fully discussed and integrated into the coverage of the related IAS.
New for 2003: expanded examples of financial statements prepared under IAS, with extensive informative disclosures, and a comprehensive comparison of IAS to both U.S. GAAP and U.K. GAAP requirements. Also included is a comprehensive, updated disclosure checklist.
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