Table of Contents


wiley ias 2003: interpretation and application of international accounting standards
Wiley IAS 2003: Interpretation and Application of International Accounting Standards
byBarry J. EpsteinandAbbas Ali Mirza ISBN:0471227366
John Wiley & Sons 2003 (952 pages)

This compact and truly comprehensive quick-reference presents accountants with a guide to depend on for assistance in the preparation and understanding of financial statements presented in accordance with IAS.

Table of Contents
Wiley IAS 2003—Interpretation and Application of International Accounting Standards
Preface
Chapter 1 - Introduction to International Accounting Standards
Chapter 2 - Balance Sheet
Chapter 3 - Income Statement, Statement of Changes in Equity, and Statement of Recognized Gains and Losses
Chapter 4 - Cash Flow Statement
Chapter 5 - Financial Instruments—Cash and Receivables
Chapter 6 - Inventory
Chapter 7 - Revenue Recognition, Including Construction Contracts
Chapter 8 - Property, Plant, and Equipment
Chapter 9 - Intangible Assets
Chapter 10 - Interests in Financial Instruments, Associates, Joint Ventures, and Investment Property
Chapter 11 - Business Combinations and Consolidated Financial Statements
Chapter 12 - Current Liabilities, Provisions, Contingencies, and Events after the Balance Sheet Date
Chapter 13 - Financial Instruments—Long-Term Debt
Chapter 14 - Leases
Chapter 15 - Income Taxes
Chapter 16 - Employee Benefits
Chapter 17 - Stockholders' Equity
Chapter 18 - Earnings Per Share
Chapter 19 - Interim Financial Reporting
Chapter 20 - Segment Reporting
Chapter 21 - Accounting Changes and Correction of Errors
Chapter 22 - Foreign Currency
Chapter 23 - Related-Party Disclosures
Chapter 24 - Specialized Industries
Chapter 25 - Inflation and Hyperinflation
Chapter 26 - Government Grants
Appendix A - Disclosure Checklist
Appendix B - Illustrative Financial Statements Presented Under IAS
Appendix C - Comparison of IAS, US GAAP, and UK GAAP
Index
List of Tables
List of Exhibits and Examples
List of Sidebars


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 preparation and understanding of financial statements presented in accordance with IAS. This new edition includes complete coverage of all the standards issues or revised by the International Accounting Standards Committee under the IOSCO’s “core set of standards” program, as well as 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 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

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.

About the Authors

Barry J. Espstein, Ph.D., CPA, is a Partner at Gleeson, Sklar, Sawyers & Cumpata LLP, Chicago, Illinois.

Abbas Ali Mirza, ACA, AICWA, CPA, is a Partner at Deloitte & Touche, Dubai, United Arab Emirates.