| Description |
xvi, 1203 pages : illustrations ; 26 cm |
| Contents |
Contents note continued: 11.6.The revaluation model -- 11.7.Choosing between the cost model and the revaluation model -- 11.8.Derecognition -- 11.9.Disclosure -- Summary -- Discussion questions -- Exercises -- References -- 12.Leases -- 12.1.What is a lease? -- 12.2.Classification of leases -- 12.3.Classification guidance -- 12.4.Substance over form: incentives to misclassify leases -- 12.5.Accounting for finance leases by lessees -- 12.6.Accounting for finance leases by lessors -- 12.7.Accounting for finance leases by manufacturer or dealer lessors -- 12.8.Accounting for operating leases -- 12.9.Accounting for sale and leaseback transactions -- 12.10.Proposals to change the leasing standard -- Summary -- Discussion questions -- Exercises -- References -- 13.Intangible assets -- 13.1.The nature of intangible assets -- 13.2.Recognition and initial measurement -- 13.3.Measurement subsequent to initial recognition -- 13.4.Retirements and disposals -- 13.5.Disclosure -- |
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Contents note continued: 13.6.Proposals for changes in accounting for intangible assets -- 13.7.Innovative measures of intangibles -- Summary -- Discussion questions -- Exercises -- References -- 14.Business combinations -- 14.1.The nature of a business combination -- 14.2.Accounting for a business combination --- basic principles -- 14.3.Accounting in the records of the acquirer -- 14.4.Recognition and measurement of assets acquired and liabilities assumed -- 14.5.Goodwill and gain on bargain purchase -- 14.6.Shares acquired in the acquiree -- 14.7.Accounting in the records of the acquiree -- 14.8.Subsequent adjustments to the initial accounting for a business combination -- 14.9.Disclosure --- business combinations -- Summary -- Discussion questions -- Exercises -- References -- 15.Impairment of assets -- 15.1.Introduction to IAS 36 -- 15.2.When to undertake an impairment test -- 15.3.Impairment test for an individual asset -- |
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Contents note continued: 15.4.Cash-generating units --- excluding goodwill -- 15.5.Cash-generating units and goodwill -- 15.6.Reversal of an impairment loss -- 15.7.Disclosure -- Summary -- Discussion questions -- Exercises -- References -- 16.Accounting for mineral resources -- 16.1.Introduction to IFRS 6 Exploration for and Evaluation of Mineral Resources -- 16.2.Scope of IFRS 6 -- 16.3.Recognition of E&E assets -- 16.4.Measurement of E&E assets -- 16.5.Impairment -- 16.6.Presentation and disclosure -- 16.7.Future developments -- Summary -- Discussion questions -- Exercises -- References -- 17.Agriculture -- 17.1.Introduction to IAS 41 -- 17.2.Scope and key definitions -- 17.3.The harvest distinction -- 17.4.The recognition criteria for biological assets and agricultural produce -- 17.5.Measurement at fair value -- 17.6.Practical implementation issues with the use of fair value -- 17.7.Government grants -- 17.8.The interaction between IAS 41 and IAS 16, IAS 40 and IAS 17 -- |
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Contents note continued: 17.9.Disclosure requirements -- 17.10.Preparing financial statements when applying IAS 41 -- 17.11.The interaction between IFRS 13 and IAS 41 -- Summary -- Discussion questions -- Exercises -- References -- pt. 3 DISCLOSURE -- 18.Financial statement presentation -- 18.1.Components of financial statements -- 18.2.General features of financial statements -- 18.3.Statement of financial position -- 18.4.Statement of profit or loss and other comprehensive income -- 18.5.Statement of changes in equity -- 18.6.Notes -- 18.7.Accounting policies, changes in accounting estimates and errors -- 18.8.Events after the reporting period -- Summary -- Discussion questions -- Exercises -- References -- 19.Statement of cash flows -- 19.1.Purpose of a statement of cash flows -- 19.2.Defining cash and cash equivalents -- 19.3.Classifying cash flow activities -- 19.4.Format of the statement of cash flows -- 19.5.Preparing a statement of cash flows -- 19.6.Other disclosures -- |
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Contents note continued: 19.7.Comprehensive example -- 19.8.Extracts from financial statements -- Summary -- Discussion questions -- Exercises -- References -- 20.Earnings per share -- 20.1.Introduction -- 20.2.Application and scope -- 20.3.Basic earnings per share -- 20.4.Diluted earnings per share -- 20.5.Retrospective adjustments -- 20.6.Disclosure -- Summary -- Discussion questions -- Exercises -- References -- 21.Operating segments -- 21.1.Objectives of financial reporting by segments -- 21.2.Scope -- 21.3.A controversial standard -- 21.4.Main differences between IAS 14 and IFRS 8 -- 21.5.Identifying operating segments -- 21.6.Identifying reportable segments -- 21.7.Applying the definition of reportable segments -- 21.8.Disclosure -- 21.9.Applying the disclosures in practice -- Summary -- Discussion questions -- Exercises -- References -- 22.Related party disclosures -- 22.1.Application -- 22.2.Objective and scope -- 22.3.Identifying related parties -- |
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Contents note continued: 22.4.Relationships that are not related parties -- 22.5.Disclosure -- 22.6.Government-related entities -- Summary -- Discussion questions -- Exercises -- References -- pt. 4 ECONOMIC ENTITIES -- 23.Consolidation: controlled entities -- 23.1.Consolidated financial statements -- 23.2.Control as the criterion for consolidation -- 23.3.Preparation of consolidated financial statements -- 23.4.Business combinations and consolidation -- 23.5.Disclosure -- Summary -- Discussion questions -- Exercises -- 24.Consolidation: wholly owned subsidiaries -- 24.1.The consolidation process -- 24.2.Consolidation worksheets -- 24.3.The acquisition analysis -- 24.4.Worksheet entries at the acquisition date -- 24.5.Worksheet entries subsequent to the acquisition date -- 24.6.Revaluations in the records of the subsidiary at acquisition date -- 24.7.Disclosure -- 24.8.Reverse acquisitions -- Summary -- Discussion questions -- Exercises -- |
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Contents note continued: 25.Consolidation: intragroup transactions -- 25.1.Rationale for adjusting for intragroup transactions -- 25.2.Transfers of inventory -- 25.3.Transfers of property, plant and equipment -- 25.4.Transfers between inventory and non-current assets -- 25.5.Intragroup services -- 25.6.Intragroup dividends -- 25.7.Intragroup borrowings -- Summary -- Discussion questions -- Exercises -- 26.Consolidation: non-controlling interest -- 26.1.Non-controlling interest explained -- 26.2.Effects of an NCI on the consolidation process -- 26.3.Calculating the NCI share of equity -- 26.4.Adjusting for the effects of intragroup transactions -- 26.5.Gain on bargain purchase -- Summary -- Discussion questions -- Exercises -- 27.Consolidation: other issues -- 27.1.Direct and indirect non-controlling interest -- 27.2.Sequential acquisitions -- 27.3.Non-sequential acquisitions -- 27.4.Reciprocal ownership -- 27.5.Changes in ownership interests -- Summary -- Discussion questions -- |
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Contents note continued: 29.4.Applying the equity method: basic principles -- 29.5.Applying the equity method: goodwill and fair value adjustments -- 29.6.Applying the equity method --- inter-entity transactions -- 29.7.Share of losses of an associate or joint venture -- 29.8.Disclosure -- Summary -- Discussion questions -- Exercises -- References -- 30.Joint arrangements -- 30.1.Introduction and scope -- 30.2.Joint arrangements: characteristics and classification -- 30.3.Accounting for joint arrangements -- 30.4.Accounting by a joint operator -- 30.5.Disclosure -- Summary -- Discussion questions -- Exercises -- References |
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Contents note continued: 4.11.Disclosure requirements of IAS 18 -- 4.12.Expected future developments -- Summary -- Discussion questions -- Exercises -- References -- 5.Provisions, contingent liabilities and contingent assets -- 5.1.Introduction to IAS 37 -- 5.2.Scope -- 5.3.Definition of a provision -- 5.4.Distinguishing provisions from other liabilities -- 5.5.Definition of a contingent liability -- 5.6.Distinguishing a contingent liability from a provision -- 5.7.The recognition criteria for provisions -- 5.8.Measurement of provisions -- 5.9.Application of the definitions, recognition and measurement rules -- 5.10.Contingent assets -- 5.11.Disclosure -- 5.12.Comparison between IFRS 3 and IAS 37 in respect of contingent liabilities -- 5.13.Expected future developments -- Summary -- Discussion questions -- Exercises -- References -- 6.Income taxes -- 6.1.The nature of income tax -- 6.2.Differences between accounting profit and taxable profit -- 6.3.Accounting for income taxes -- |
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Contents note continued: 6.4.Calculation of current tax -- 6.5.Recognition of current tax -- 6.6.Payment of tax -- 6.7.Tax losses -- 6.8.Calculation of deferred tax -- 6.9.Recognition of deferred tax liabilities and deferred tax assets -- 6.10.Change of tax rates -- 6.11.Other issues -- 6.12.Presentation in the financial statements -- 6.13.Disclosures -- Summary -- Discussion questions -- Exercises -- References -- 7.Financial instruments -- 7.1.Introduction to IAS 32, IFRS 7, IAS 39 and IFRS 9 -- 7.2.What is a financial instrument? -- 7.3.Financial assets and financial liabilities -- 7.4.Demystifying derivatives -- 7.5.Distinguishing financial liabilities from equity instruments -- 7.6.Compound financial instruments -- 7.7.Interest, dividends, gains and losses -- 7.8.Offsetting a financial asset and a financial liability -- 7.9.Disclosures -- 7.10.The scope of IAS 39 Financial Instruments: Recognition and Measurement -- 7.11.Derivatives and embedded derivatives -- |
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Contents note continued: 7.12.The four categories of financial instruments -- 7.13.The recognition criteria -- 7.14.Measurement -- 7.15.Hedge accounting -- 7.16.IFRS 9 --- overview -- 7.17.Expected future developments -- Summary -- Discussion questions -- Exercises -- References -- 8.Share-based payment -- 8.1.Application and scope -- 8.2.Cash-settled and equity-settled share-based payment transactions -- 8.3.Recognition -- 8.4.Equity-settled share-based payment transactions -- 8.5.Vesting -- 8.6.Treatment of a reload feature -- 8.7.Modifications to terms and conditions on which equity instruments were granted -- 8.8.Cash-settled share-based payment transactions -- 8.9.Disclosure -- Summary -- Discussion questions -- Exercises -- References -- 9.Inventories -- 9.1.The nature of inventories -- 9.2.Measurement of inventory upon initial recognition -- 9.3.Determination of cost -- 9.4.Accounting for inventory -- 9.5.End-of-period accounting -- |
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Contents note continued: 9.6.Assigning costs to inventory on sale -- 9.7.Net realisable value -- 9.8.Recognition as an expense -- 9.9.Disclosure -- Summary -- Discussion questions -- Exercises -- References -- 10.Employee benefits -- 10.1.Introduction to accounting for employee benefits -- 10.2.Scope and purpose of IAS 19 -- 10.3.Defining employee benefits -- 10.4.Short-term employee benefits -- 10.5.Post-employment benefits -- 10.6.Accounting for defined contribution post-employment plans -- 10.7.Accounting for defined benefit post-employment plans -- 10.8.Other long-term employee benefits -- 10.9.Termination benefits -- Summary -- Discussion questions -- Exercises -- References -- 11.Property, plant and equipment -- 11.1.The nature of property, plant and equipment -- 11.2.Initial recognition of property, plant and equipment -- 11.3.Initial measurement of property, plant and equipment -- 11.4.Measurement subsequent to initial recognition -- 11.5.The cost model -- |
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Contents note continued: Discussion questions -- Exercises -- References -- 3.Fair value measurement -- 3.1.The need for a standard on fair value measurement -- 3.2.The definition of fair value -- 3.3.Application to non-financial assets -- 3.4.Application to liabilities -- 3.5.Application to measurement of equity instruments -- 3.6.Issues relating to measurement of fair value of financial instruments -- 3.7.Disclosure -- 3.8.Some questions about fair value measurement -- Summary -- Discussion questions -- Exercises -- References -- 4.Revenue -- 4.1.Introduction to IAS 18 -- 4.2.The definition of income -- 4.3.The distinction between income and revenue -- 4.4.The scope of IAS 18 -- 4.5.Measurement at fair value -- 4.6.The recognition criteria -- 4.7.Interest, royalties and dividends -- 4.8.Practical examples of applying IAS 18 -- 4.9.Revenue recognition issues in various industries in practice -- 4.10.Interaction between IAS 18 and other standards and interpretations -- |
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Contents note continued: Exercises -- 28.Translation of the financial statements of foreign entities -- 28.1.Translation of a foreign subsidiary's statements -- 28.2.Functional and presentation currencies -- 28.3.The rationale underlying the functional currency choice -- 28.4.Identifying the functional currency -- 28.5.Translation into the functional currency -- 28.6.Changing the functional currency -- 28.7.Translation into the presentation currency -- 28.8.Consolidating foreign subsidiaries --- where local currency is the functional currency -- 28.9.Consolidating foreign subsidiaries --- where functional currency is that of the parent entity -- 28.10.Net investment in a foreign operation -- 28.11.Disclosure -- Summary -- Discussion questions -- Exercises -- References -- 29.Associates and joint ventures -- 29.1.Introduction and scope -- 29.2.Identifying associates and joint ventures -- 29.3.The equity method of accounting: rationale and application -- |
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Machine generated contents note: pt. 1 CONCEPTUAL FRAMEWORK -- 1.The IASB and its Conceptual Framework -- 1.1.The International Accounting Standards Board (IASB) -- 1.2.The purpose of a conceptual framework -- 1.3.Qualitative characteristics of useful financial information -- 1.4.Going concern assumption -- 1.5.Definition of elements in financial statements -- 1.6.Recognition of elements of financial statements -- 1.7.Measurement of the elements of financial statements -- 1.8.Concepts of capital -- Summary -- Discussion questions -- Exercises -- References -- pt. 2 ELEMENTS -- 2.Shareholders' equity: share capital and reserves -- 2.1.Equity -- 2.2.Types of companies -- 2.3.Key features of the corporate structure -- 2.4.Different forms of share capital -- 2.5.Contributed equity: issue of share capital -- 2.6.Contributed equity: subsequent movements in share capital -- 2.7.Share capital: subsequent decreases in share capital -- 2.8.Reserves -- 2.9.Disclosure -- Summary -- |
| Summary |
Applying International Financial Reporting Standards, 3rd edition, has been thoroughly updated to reflect the varied and numerous developments in International Financial Reporting Standards (IFRSs) |
| Analysis |
Australian |
| Notes |
Originally published: 2005 |
| Bibliography |
Includes bibliographical references and index |
| Audience |
For tertiary students |
| Notes |
Donated by Dr Chew Kia Ngee FUniSA for the Library Bookplate appeal 2013 Dr Chew Kia Ngee FUniSA |
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Description based on print version record |
| Subject |
Accounting -- Standards.
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Financial statements -- Standards.
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| Author |
Alfredson, Keith, author
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Clark, Kerry, CA, author
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Leo, K. J., author
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Loftus, Janice, author
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Wise, Victoria J., author
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Ernst & Young.
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| LC no. |
2014379413 |
| ISBN |
9780730302124 (paperback) |
