Bruce Mackenzie - Wiley IFRS 2013: Interpretation and Application of International Financial Reporting Standards

Contents

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ISBN: 978-1-118-27727-0 (paperback); 978-1-118-41979-3 (ebk); 978-1-118-42123-9 (ebk); 978-1-118-64016-6 (ebk)

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PREFACE

This edition of IFRS: Interpretation and Application of International Financial Reporting Standards provides detailed, analytical explanations and illustrations of all current accounting principles promulgated by the IASB that are applicable to the 2013 financial reporting period of reporting entities. The focus of the book is to provide sufficient guidelines for entities that prepare their 2013 financial statements. New developments that are applicable to periods after 2013 are identified and briefly discussed separately from the main text in each chapter.

The book integrates the accounting principles set out in International Financial Reporting Standards (IFRS) including Interpretations issued by the IFRS Interpretations Committee. These materials have been synthesized into a user-oriented topical format, eliminating the need for readers to first be familiar with the names or numbers of the salient professional standards.

The stated goal of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles. More and more global economies are adopting IFRS. In fact, the IASB acknowledges that all major economies have established time lines to converge with or adopt IFRS in the near future. The US Securities and Exchange Commission is also in the process of making a decision whether to phase out US GAAP in favor of IFRS.

The primary objective of this book is to assist the practitioner, user, or preparer in navigating the myriad practical problems faced in applying IFRS. Accordingly, the paramount goal has been to incorporate meaningful, real-world-type examples in guiding users in the application of IFRS to the complex fact situations that must be dealt with in the actual practice of accounting. In addition to this emphasis, a major strength of this book is that it does explain the theory of IFRS in sufficient detail to serve as a valuable adjunct to, or substitute for, accounting textbooks. Much more than a reiteration of currently promulgated IFRS, it provides the user with an understanding of the underlying conceptual basis for the rules, to enable the reasoning by analogy that is so necessary in dealing with a complex, fast-changing world of commercial arrangements and structures using principles-based standards. Since IFRS is by design less prescriptive than many national GAAP, practitioners have been left with a proportionately greater challenge in actually applying the rules. This book is designed to bridge the gap between these less detailed standards and application problems encountered in practice.