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IFRS 3 (2008) - major changes and implications

2008-08-13 Business & Economics
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Release : 2008-08-13
Genre : Business & Economics
Kind : eBook
Book Rating : 264/5 ( reviews)

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Book Synopsis IFRS 3 (2008) - major changes and implications by : David Wagener

Download or read book IFRS 3 (2008) - major changes and implications written by David Wagener. This book was released on 2008-08-13. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2008 in the subject Business economics - Accounting and Taxes, grade: 1,7, University of the West of England, Bristol (Bristol Business School (University of the West of England)), course: Accounting in Context, language: English, abstract: This report explains the major changes which companies have to face with the revised IFRS 3 which was published in January 2008. One of them is the introduction of an option when it comes to the recognition of minority interest. The acquiring companies may chose between measuring it with its fair value or, as in the previous version of the standard, with its proportionate share of the net assets of the acquiree. Comparing the two treatments it becomes obvious that only the fair value measurement leads to the recognition of the part of goodwill which is attributable to the minority interest. This causes lower returns on capital employed and higher equity ratios for firms applying the fair value treatment. Another important modification of the revised IFRS 3 is that acquisition related cost such as legal or adviser fees have to be expensed, which means a cut in profits in the year of the acquisition. Before, those costs have been capitalised with the investment. When it comes to business combinations achieved in stages the revised standard demands that any previously held investment has to be re-measured at its fair value. Any differences to the carrying amount have to be realized as gains or losses. Goodwill is subsequently measured as the excess of the consideration transferred, the value of the re-measured investment and any minority interest over the identifiable net assets of the acquiree.

Improvements to IFRSs

2010 Accounting
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Release : 2010
Genre : Accounting
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Improvements to IFRSs by : International Accounting Standards Board

Download or read book Improvements to IFRSs written by International Accounting Standards Board. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt:

Wiley IFRS

2010-12-28 Business & Economics
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Release : 2010-12-28
Genre : Business & Economics
Kind : eBook
Book Rating : 211/5 ( reviews)

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Book Synopsis Wiley IFRS by : Abbas A. Mirza

Download or read book Wiley IFRS written by Abbas A. Mirza. This book was released on 2010-12-28. Available in PDF, EPUB and Kindle. Book excerpt: Wiley IFRS: Practical Implementation Guide and Workbook, Second Edition is a quick reference guide on IFRS/IAS that includes easy-to-understand IFRS/IAS standards outlines, practical insights, case studies with solutions, illustrations and multiple-choice questions with solutions. The book greatly facilitates your understanding of the practical implementation issues involved in applying these complex "principles-based" standards. PS-Line

International GAAP 2008

2008-03-31 Business & Economics
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Release : 2008-03-31
Genre : Business & Economics
Kind : eBook
Book Rating : 416/5 ( reviews)

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Book Synopsis International GAAP 2008 by : Ernst & Young LLP

Download or read book International GAAP 2008 written by Ernst & Young LLP. This book was released on 2008-03-31. Available in PDF, EPUB and Kindle. Book excerpt: IFRSs, the standards set by the International Accounting Standards Board (IASB), are complex and sometimes obscure. Understanding their implications and applying them appropriately requires something special....and that is why International GAAP 2008 is the essential tool for anyone applying, auditing, interpreting, regulating, studying and teaching international financial reporting. It provides expert interpretation and practical guidance for busy professionals, and includes, in every chapter, detailed analysis of how complex financial reporting problems can be resolved appropriately and effectively. International GAAP 2008 is the only globally focused work on IFRSs. It is not constrained by any individual country’s legislation or financial reporting regulations, and it ensures an international consistency of approach unavailable elsewhere. It shows how difficult practical issues should be approached in the new complex global world of international financial reporting, where IFRSs have become the accepted financial reporting system in more than 120 countries. This integrated approach provides a unique level of authoritative material for anyone involved in preparing, interpreting or auditing company accounts, for regulators, academic researchers and for all students of accountancy. The International Financial Reporting Group of Ernst & Young includes financial reporting specialists from throughout the world. Complex technical accounting issues are explained clearly in a practical working context that enables immediate understanding of the point at issue. International GAAP 2008 is accompanied by numerous worked examples, a comprehensive discussion of the practical issues of the day and the possible alternative solutions available, and hundreds of practical illustrations taken from the actual financial statements of companies that report under IFRSs. The only globally focused work on IFRS giving an international consistency of approach unavailable elsewhere This new and essential volume of practical guidance and expert interpretation deals with every aspect of applying International Financial Reporting Standards (IFRS) appropriately and effectively Written by financial reporting experts from the International Financial Reporting Group of Ernst & Young Includes a new chapter on Extractive Industries (mining, oil & gas), the biggest industry sector in the world This new edition in the International GAAP® series serves as a successor to the same authors’ market-dominating UK GAAP and UK & International GAAP "an important part to play in the process of promoting consistent, comparable and high quality financial reporting under IFRSs ... a book that not only provides an analysis of the requirements of the standards and the principles that they expound, but also presents a unique explanation of how the standards should be interpreted and applied in practice." —the Chairman of Trustees of the IASC Foundation Praise for previous editions in the International GAAP series: "A standard reference work" —Financial Times "The definitive guide to financial reporting" —The Times

Frequently Asked Questions in International Standards on Auditing

2014-05-27 Business & Economics
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Release : 2014-05-27
Genre : Business & Economics
Kind : eBook
Book Rating : 389/5 ( reviews)

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Book Synopsis Frequently Asked Questions in International Standards on Auditing by : Steven Collings

Download or read book Frequently Asked Questions in International Standards on Auditing written by Steven Collings. This book was released on 2014-05-27. Available in PDF, EPUB and Kindle. Book excerpt: Auditing has hit the headlines over recent years, and for all the wrong reasons, and in today's environment, the result of negligent auditing can be serious resulting in sizeable fines and even withdrawal of audit registration which can be costly in terms of fee income. Frequently Asked Questions in International Standards on Auditing presents the relevant standards in a concise and jargon-free way, enabling auditors to appreciate the reasoning behind the standards and undertake audit work effectively. This book focuses on the main areas of the auditing standards and also addresses some key areas where audit firms are failing and which have been flagged up by audit regulators. The FAQs cover the main parts of each standard, and each question will be answered in a practical context, with worked examples showing how the standards are applied in real situations.

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