Insights into IFRS 2011/12 (8th edition) KPMG's Practical Guide to International Financial Reporting Standards

Author: The KPMG International Financial Reporting Group
Publisher: Sweet & Maxwell U.K.
ISBN: 9780414047860
Published In: October 2011
Format: Hardback , 1728 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

New Edition is available now !

Description
Contents

Details

Insights into IFRS is your guide to preparing and understanding financial statements that have been prepared in accordance with IFRSs.

Fully updated in the light of major changes to IFRSs over the past year, this new edition is your must-have companion.

Helps you to follow the requirements of IFRSs
Provides you with updates based on real IFRS queries encountered by KPMG member firms when working with clients around the world
Emphasises the application of IFRSs in practice and provides the conclusions reached by the KPMG International Standards Group on many interpretive issues
Includes many detailed examples to help you apply that experience

The new edition:

Details the impact of IFRSs and guidance published between 1 August 2010 and 1 August 2011 that will be effective from 1 January 2011
Provides information about recently published IFRSs and amendments to IFRSs that currently are effective

Includes new or restructured chapters on:

Financial instruments, including the additions to the new standard on recognition and measurement of financial liabilities
IFRS 10 Consolidated Financial Statements (published May 2011)
IFRS 11 Joint Arrangements (published May 2011)

It also highlights how the following may affect existing guidance on:

IFRS 12 Disclosure of Interests in Other Entities (published May 2011)
IFRS 13 Fair Value Measurement (published May 2011)
Deferred Tax: Recovery of Underlying Assets – Amendments to IAS 12 (published December 2010)
Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (published December 2010)
IFRS Practice Statement Management Commentary (published December 2010)
Disclosures – Transfers of Financial Assets (Amendments to IFRS 7) (published October 2010)
New conceptual framework chapters on the objective of general purpose financial reporting and qualitative characteristics of useful financial information (published October 2010)

1. The Background

Introduction
The Framework

2. General issues

Form and components of financial statements
Changes in equity
Statement of cash flows
Basis of accounting
Consolidation (based on IAS 27 Consolidated and Separate Financial Statements)
Consolidation (based on IFRS 10 Consolidated Financial Statements)
Business combinations
Foreign currency translation
Accounting policies, errors and estimates
Events after the balance sheet date

3. Specific statement of financial position items

General
Property, plant and equipment
Intangible assets and goodwill
Investment property
Investments in associates and the equity method (based on IAS 28 Investments in Associates (2008))
Investments in joint ventures (based on IAS 31 Interests in Joint Ventures)
Joint arrangements (based on IFRS 11 Joint Arrangements)
Inventories
Biological assets
Impairment
Provisions and contingent assets and liabilities
Income taxes

4. Specific statement of comprehensive income items

General
Revenue
Government grants
Employee benefits
Share-based payments
Borrowing costs

5. Special topics

Leases
Operating segments
Earnings per share
Non-current assets held for sale and discontinued operations
Related party disclosures
Non-monetary transactions
Accompanying financial and other information
Interim financial reporting
Insurance contracts
Extractive activities
Service concession
Common control transactions and Newco formations

6. First-time adoption of IFRSs

7. Financial instruments (based on IAS 32 Financial Instruments: Presentation and IAS 39 Financial Instruments: Recognition and Measurement)