International Financial Reporting Standards A Practical Guide, Sixth Edition

Applying International Financial Reporting Standards (IFRS) in a business situation can have a significant effect on the financial results and position of a division or an entire business enterprise. International Financial Reporting Standards: A Practical Guide gives private – or public-sector executives, managers, or financial analysts without a strong background in accounting the tools they need to participate in discussions and decisions on the appropriateness or application of IFRS. Each chapter summarizes an International Financial Reporting Standard, following a consistent structure: \*Problems addressed by the IFRS \*Scope of the Standard \*Key concepts and definitions \*Accounting treatment \*Presentation and disclosure \*Financial analysis and interpretation Many chapters of the book also contain examples that illustrate the practical application of key concepts in a particular standard. Titled International Accounting Standards: A Practical Guide in its previous two editions, the publication includes all of the standards issued by the International Accounting Standards Board (IASB) through 31 May 2004.

An acceptable coherent framework of fundamental accounting principles is essential for preparing financial statements. The major reasons for providing the framework are to: 1) identify the essential concepts underlying the preparation and presentation of financial statements; 2) guide standard setters in developing new accounting standards and reviewing existing standards; 3) assist preparers in preparing financial statements and dealing with topics that are not covered by a specific International Financial Reporting Standard (IFRS); 4) assist auditors in forming an opinion as to whether a set of financial statements conforms with IFRS; and 5) assist users in interpreting the financial information contained in a set of financial statements that comply with IFRS. The framework sets guidelines and should not be seen as a constitution; nothing in the framework overrides any specific standard. The objective of financial statements is to provide information about the financial position (statement of financial position), performance (statement of comprehensive income), and changes in financial position (statement of cash flows) of an entity that is useful to a wide range of users in making economic decisions. Users of financial information include present and potential capital providers, employees, lenders, suppliers, customers, and the government. Financial statements also show the results of management's stewardship of the resources entrusted to it.

Now in its sixth edition, and with previous editions translated into 15 languages, this publication gives readers a broad and basic understanding of the key issues for each International Financial Reporting Standard. It summarizes each standard, providing a quick reference for managers and executives in the private and public sectors who may not have a strong background in accounting. This edition includes material of potential interest to the financial analyst. Most chapters also contain exercises which illustrate the practical application of key concepts in a particular standard. This provides the non-technical reader with the tools to participate in discussions on the appropriateness or application of a standard in a given situation. The reader can also evaluate the effect that applying a given standard will have on the financial results and position of a division or an entire enterprise. All of the accounting standards issued by the International Accounting Standards Board (IASB) through September 30, 2010, are included in this publication.-- Publisher description Applying International Financial Reporting Standards in a business situation can have a significant effect on the financial results and position of a division or an entire business enterprise. IFRS: A practical Guide gives private or public sector executives, managers, and financial analysts, who may not have a strong background in accounting, the tools they need to participate in discussions and decisions on the appropriateness or application of IFRS