Wiley IFRS 2007: Interpretation and Application of International Financial Reporting Standards (Wiley Ifrs)

Your one indispensable guide to IFRS compliance International Financial Reporting Standards (IFRS), originally known as International Accounting Standards (IAS), have existed since the mid-1970s but have only received significant attention from standard-setters, preparers, and users of financial statements in recent years. The IASB's restructuring in 2001 introduced due process procedures which conveyed added credibility upon the standards it promulgated, while other events, such as the epidemic of financial reporting frauds in the late 1990s and early 2000s helped foster the perception that the diversity of national financial reporting standards needed to be addressed and resolved, to ease the burden of investors and facilitate the international flow of capital. Seminal events included the qualified acceptance of IFRS by the International Organization of Securities Commissions (IOSCO), and the mandate for all European Union-chartered publicly-held companies to report consolidated financial statements under IFRS beginning in 2005. As other major nations either formally adopt IFRS (e.g., China) or heavily incorporate them into nominally national GAAP (e.g., Australia), and as several major private sector standard setters (in the US and UK, most notably) have committed to "converge" to IFRS, the importance of IFRS to the future of financial reporting is assured. Wiley IFRS 2007 is the comprehensive source for guidance in applying IFRS to complex, real-world fact situations, and is equally valuable for preparers, auditors, and users of financial reports. To facilitate the reader's understanding, both examples created to explain particular IFRS requirements, and selections from actual published financial statements, are copiously provided throughout the book, illustrating all key concepts. Also included in this edition are a revised, comprehensive disclosure checklist; an updated, detailed comparison between US GAAP and IFRS, keyed to chapter topics; and discussions of major ongoing IASB projects which