International Financial Reporting Standards A Practical Guide (Fourth Edition Hennie van Greuning)

International Financial Reporting Standards A Practical Guide (Fourth Edition Hennie van Greuning)

Each chapter follows a common outline to facilitate discussion of each Standard.

1. Problems Addressed identifies the main objectives and the key issues of the Standard.

2. Scope of the Standard identifies the specific transactions and events covered by a Standard. In certain instances, compliance with the requirements of a Standard is limited to a specified range of enterprises.

3. Key Concepts explains the usage and implications of key concepts and definitions.

4. Accounting Treatment lists the specific accounting principles, bases, conventions, rules, and practices that should be adopted by an enterprise for compliance with a particular Standard. Recognition (initial recording) and measurement (subsequent valuation) is specifically dealt with where appropriate. Ix Introduction

5. Presentation and Disclosure describes the manner in which the financial and nonfinancial items should be presented in the financial statements, as well as aspects that should be disclosed in these financial statements—keeping in mind the needs of various users. Users of financial statements include investors; employees; lenders; suppliers or trade creditors; governments; tax and regulatory authorities; and the public.

6. Financial Analysis and Interpretation discusses items of interest to the financial analyst in chapters where such a discussion is deemed appropriate. It must be emphasized that none of the discussion in these sections should be interpreted as a criticism of IFRS. Where analytical preferences and practices are highlighted, it is to alert the reader to the challenges still remaining along the road to convergence of international accounting practices and unequivocal adoption of IFRS.

7. Examples are included at the end of most chapters. These examples are intended as further illustration of the concepts contained in the IFRS. The author hopes that managers in the client countries of the World Bank will find this format useful in establishing accounting terminology, especially where certain terms are still in the exploratory stage. Feedback in this regard is welcome.

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