Containing full coverage of every IFRS, IAS and IFRIC with comparisons of the key differences with current UK GAAP, iGAAP 2012 is the definitive guide for UK listed and AIM listed companies. This title contains explanations of upcoming developments in international financial reporting including disclosures under UK legislation, regulations on director’s remuneration, and other financial reporting obligations.
This indispensable guide provides essential and far ranging support across a range of areas:
- Taking a close up look at the practical aspects of compliance
- Highlighting the requirements of IFRSs and how they differ from UK GAAP
- Providing clarity and commentary upon IFRSs which are open to interpretation
- Identifying UK-specific requirements that continue to apply
As well as a wealth of illustrative examples, this edition provides in-depth analysis and deals comprehensively with all applicable standards and other pronouncements from the IASB. This includes those that are not yet mandatory together with a clear distinction between those that have yet to be endorsed by the European Commission.
Deloitte has earned a reputation for their comprehensive understanding of the latest developments in financial reporting – both within the UK and on a global scale. The result is this definitive reference to reporting under IFRS which has been compiled by drawing on the global expertise of Deloitte – yet retaining a distinctly UK perspective by taking into consideration UK company law and the Companies Act 2006.
In short, this two volume title is an invaluable resource for companies reporting under IFRSs and also those companies considering whether to move from UK GAAP to IFRS in the near future.
Whats new in Deloitte iGAAP 2012 IFRS reporting in the UK:
- IFRS 10 Consolidated Financial Statements issued in May 2011 and replacing the requirements of IAS 27 Consolidated and Separate Financial Statements dealing with the preparation of consolidated financial statements. New Standard is effective for annual periods beginning on or after 1 January 2013.
- IFRS 11 Joint Arrangements issued in May 2011 which establishes principles for financial reporting by parties to a joint arrangement, and replaces IAS 31 Interests in Joint Ventures. New Standard is effective for annual periods beginning on or after 1 January 2013.
- IFRS 12 Disclosure of Interests in other Entities issued in May 2011 which brings together disclosure requirements for an entity’s interests in subsidiaries, joint arrangements, associates and unconsolidated structure entities. New Standard is effective for annual periods beginning on or after 1 January 2013.
- IFRS 13 Fair Value Measurement issued in May 2011 which defines fair value, sets out in a single IFRS a framework for measuring fair value, and requires disclosures about fair value measurements. New Standard is effective for annual periods beginning on or after 1 January 2013.
- IFRIC 12 Service Concession Arrangements (expanded guidance on existing Interpretation).
- Practice Statement Management Commentary which sets out a non-binding framework for the presentation of management commentary to accompany IFRS financial statements.
Other new guidance
- First two chapters of the IASB’s Conceptual Framework for Financial Reporting issued in September 2010 - Chapter 1 The objective of general purpose financial reporting and Chapter 3 Qualitative characteristics of useful financial information.
- Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards dealing with Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters.
- Amendments to IAS 12 Income Taxes relating to the measurement of deferred tax assets and liabilities arising on investment property measured at fair value. Amendments effective for annual periods beginning on or after 1 July 2011.
- Amendments to IAS 1 Presentation of Financial Statements relating to how items are grouped within other comprehensive income. Amendments effective for annual periods beginning on or after 1 July 2012.
- A revised version of IAS 19 Employee Benefits, which removes the ‘corridor method’ and requires actuarial gains and losses to be presented in other comprehensive income. Effective for annual periods beginning on or after 1 January 2013.
