Accounting Financial Reporting / IFRS / GAAP

KPMG's Insights into IFRS 2014/2015 Practical Guide To International Financial Reporting Standards, 11th EditIon

By KPMG
Sweet & Maxwell U.K. September 2014

Specifications

ISBN-13
9780414035423
Publisher
Sweet & Maxwell U.K.
Publication
September 2014
Format
Hardback (2 volumes) , 2140 pages
Jurisdiction
International ? Countri(es) for reference only

Details

The 11th edition of Insights into IFRS provides up-to-date information based on KPMG member firms’ experience of applying IFRS around the world. It addresses many interpretative issues and helps you to apply IFRS to real transactions and arrangements.

This edition covers standards in issue at 1 July 2014 that apply to an annual period beginning on 1 January 2014 – bringing you the Insights into IFRS that you need to deal with IFRS today and prepare for IFRS tomorrow.

COVERAGE

  • Current IFRS requirements
  • Forthcoming requirements – i.e. new requirements that are not yet compulsory but that will be soon; helps businesses to anticipate and prepare for the change
  • Future developments – high-level anticipation of possible future changes, to help businesses with their longer-term anticipation and planning
  • General issues such as business combinations and fair value measurement
  • Specific items in the statement of financial position and statement of profit or loss and OCI
  • Special topics such as leases 
    Issues relevant to those making the transition to IFRS
  • Financial instruments
  • Insurance contracts
  • Appendix of currently effective and forthcoming requirements
  • Appendix showing where to find content that was in the previous edition but that has moved (table of concordance)
  • Appendix of examples

NEW FOR THIS EDITION

  • New revenue requirements
  • New financial instruments requirements (IFRS 9 (2013)), including the new requirements for hedge accounting
  • New requirements for regulatory deferral accounts for first-time adopters of IFRS
  • Updated guidance throughout – reflecting changes over the past year, developing practice etc
  • Overhauled chapter on share-based payments – e.g. splitting basic and complex issues and more examples showing practical application
  • Overhauled chapter on earnings per share

IN PRACTICE

  • Emphasises the application of IFRS in practice
  • Explains the conclusions that KPMG has reached on many interpretative issues
  • Is based on actual questions that have arisen in practice around the world – i.e. ‘real life’ application, not theory
  • Includes many illustrative examples to elaborate or clarify the practical application
  • Includes an index of examples, for easy reference

Table of Contents

About this publication  
Abbreviations 
Acknowledgements

Background

  • Introduction
  • Conceptual Framework

General issues

  • Form and components of financial statements
  • Changes in equity 
  • Statement of cash flows
  • Fair value measurement 
  • Consolidation 
  • Business combinations 
  • Foreign currency translation 
  • Accounting policies, errors and estimates 
  • Events after the reporting period
  • Hyperinflation

Statement of financial position

  • General 
  • Property, plant and equipment
  • Intangible assets and goodwill
  • Investment property
  • Associates and the equity method
  • Joint arrangements
  • Inventories
  • Biological assets
  • Impairment of non-financial assets
  • Provisions, contingent assets and liabilities
  • Income taxes

Statement of profit or loss and OCI

  • General
  • Revenue
  • Revenue: IFRS 15
  • Government grants 
  • Employee benefits 
  • Share-based payments 
  • Borrowing costs

Special topics

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

First-time adoption of IFRS

  • First-time adoption of IFRS
  • Regulatory deferral accounts and first-time adoption of IFRS

Financial instruments

  • Scope and definitions
  • Derivatives and embedded derivatives 
  • Equity and financial liabilities 
  • Classification of financial assets and financial liabilities 
  • Recognition and derecognition 
  • Measurement and gains and losses 
  • Hedge accounting 
  • Presentation and disclosures 
  • Financial instruments: IFRS 9 
  • Insurance contracts

Reproduced chapter (Volume 2 only)

  • Fair value measurement

Appendices and index

  • Appendix I:  Currently effective requirements and forthcoming requirements
  • Appendix II:  Table of concordance
  • Appendix III: List of examples
  • Index  
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