Wiley Interpretation and Application of IFRS® Standards The 2021 reference for the interpretation and application of the latest international standards
Wiley IFRS® Standards 2021 is a revised and comprehensive resource that includes the information needed to interpret and apply the most recent International Financial Reporting Standards (IFRS®) as outlined by the International Accounting Standards Board (IASB).
This accessible resource contains a wide range of practical examples as well as invaluable guidance on the expanding framework for unified financial reporting. The authors provide IFRIC interpretations and directions designed to ensure a clear understanding of the most recent standards.
The IFRS® standards are ever evolving, therefore it is essential that professionals and students have the information needed to apply the standards correctly in real-world cases. Wiley IFRS® Standards 2021 offers a complete, up-to-date reference that aids in the application of the latest international standards in a manner that is transparent, accountable and efficient. This edition includes IFRS 9 Financial Instruments; IFRS 15 Revenue from Contracts with Customers; IFRS 16 Leases and amendments issued and effective for annual periods beginning on or after 01 January 2020 as issued by the IASB by 30 June 2020. This edition also includes some introductory guidance for IFRS 17 Insurance Contracts and incorporates the revised Conceptual Framework for Financial Reporting 2018.
This guide is written by the people passionate about IFRS® at PKF International. PKF International member firms specialise in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic organisations around the globe.
PKF International is a member of the Forum of Firms – an organisation dedicated to consistent and high-quality standards of financial reporting and auditing practices worldwide. www.pkf.com.
PKF International Limited administers a family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. All rights reserved.
Table of Contents:
Author Bios vii
1 Introduction to International Financial Reporting Standards 1
2 Conceptual Framework 15
3 Presentation of Financial Statements 41
4 Statement of Financial Position 63
5 Statements of Profit or Loss and Other Comprehensive Income,
and Changes in Equity 77
6 Statement of Cash Flows 99
7 Accounting Policies, Changes in Accounting Estimates and Errors 117
8 Inventories 139
9 Property, Plant and Equipment 157
10 Borrowing Costs 187
11 Intangible Assets 195
12 Investment Property 225
13 Impairment of Assets and Non-Current Assets Held for Sale 239
14 Consolidations, Joint Arrangements, Associates and Separate
Financial Statements 263
15 Business Combinations 315
16 Shareholders’ Equity 367
17 Share-Based Payment 389
18 Current Liabilities, Provisions, Contingencies and Events After
the Reporting Period 423
19 Employee Benefits 455
20 Revenue from Contracts with Customers 479
21 Government Grants 519
22 Leases 533
23 Foreign Currency 563
24 Financial Instruments 595
25 Fair Value 723
26 Income Taxes 753
27 Earnings Per Share 791
28 Operating Segments 809
29 Related Party Disclosures 829
30 Accounting and Reporting by Retirement Benefit Plans 843
31 Agriculture 851
32 Extractive Industries 867
33 Accounting for Insurance Contracts 877
34 Interim Financial Reporting 899
35 Hyperinflation 919
36 First-Time Adoption of International Financial Reporting Standards 929
Index 961
About the Author :
PKF International is a member of the Forum of Firms – an organisation dedicated to consistent and high-quality standards of financial reporting and auditing practices worldwide. www.pkf.com.
PKF International Limited administers a family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. All rights reserved.
