IFRS Guidebook (Currently Unavailable)

Author: Steven Bragg

The IFRS Guidebook discusses the key elements of International Financial Reporting Standards, as well as how to record and disclose accounting information.

Publication Date: November 2014

Designed For
All professionals who need clarification on IFRS accounting topics.

Topics Covered

• Financial Statements
• Statement of Cash Flows
• Consolidated and Separate Financial Statements
• Accounting Policies, Estimate Changes and Errors
• Financial Reporting in Hyperinflationary Economies
• Earnings per Share
• Interim Financial Reporting
• Operating Segments
• Joint Arrangements
• Investments in Associates and Joint Ventures
• Disclosure of Interests in Other Entities
• Inventories
• Property, Plant, and Equipment
• Intangible Assets
• Investment Property
• Impairment of Assets
• Assets Held for Sale and Discontinued Operations
• Provisions, Contingent Liabilities and Contingent Assets
• Revenue
• Employee Benefits and Retirement Plans
• Share-based Payment
• Income Taxes
• Business Combinations
• Financial Instruments
• Fair Value Measurement
• Effects of Changes in Foreign Exchange Rates
• Borrowing Costs
• Leases
• Related Party Disclosures
• Events after the Reporting Period
• Insurance Contracts
• Agriculture
• Construction Contracts
• Government Grants
• Mineral Resources
• Service Concessions
• Other Topics

Learning Objectives

• Cite the accounting principles upon which IFRS is based.
• Note the types of formats in which the balance sheet can be presented, and the circumstances under which different financial statement layouts are required.
• Identify the various sections and line items contained within the statement of cash flows.
• State the circumstances under which control is exercised over an investee.
• Note the circumstances under which financial statements are restated.
• Cite the indicators of hyperinflation, and when such an environment is no longer considered to exist.
• State the adjustments needed to derive basic earnings per share and diluted earnings per share.
• Identify the proper accounting for revenue in an interim period, and note how the integral view alters the accounting for interim periods.
• State the rules for determining whether a segment of a business is reportable.
• Note the rules for determining joint control of an entity.
• Identify the circumstances under which an entity is considered to be an associate.
• Note the factors under which a structured entity is created, and note how to deal with different end dates for the financial statements of subsidiaries.
• State the underlying accounting transactions for the periodic and perpetual inventory systems, as well as the derivation of the gross profit and retail methods.
• Recognize the calculation methods for accelerated depreciation.
• Identify the circumstances under which intangible assets can be accounted for separately.
• State the uses for investment property, as well as the accounting for it.
• Cite the circumstances under which impairment occurs, and the indicators of impairment.
• Recognize the situations when an asset can be designated as held for sale, and the accounting rules that apply to such an asset.
• Identify the types of events that can create a provision.
• Note the situations under which revenue should or should not be deferred, and the types of revenue-generating activities.
• Identify the types of post-employment benefit plans, and the accounting for the various types of benefit plans.
• State the impact of stock price volatility on stock options, and the types of features associated with stock options.
• Identify the basis of measurement for a deferred tax asset.
• Note the criteria used to discern the acquirer in a business combination, and the accounting for contingent consideration.
• State the classification criteria for a financial liability, a hedging instrument, and a financial asset derecognition.
• Note the circumstances under which the highest and best use concept is employed, and examples of the fair value hierarchy.
• Note the criteria used to identify a functional currency and a presentation currency.
• Cite the circumstances under which borrowing costs can be capitalized.
• State the accounting rules for recognizing an asset under a finance lease.
• Note the criteria for designating an entity as a related party.
• Classify events as being after the reporting period or as new events.
• State the intent behind the liability adequacy test and note the impairment rules for a reinsurance contract.
• Cite the accounting rules for biological assets.
• State how revenue, incentive payments, and direct costs are recognized under a construction contract.
• State the recognition criteria for a government grant.
• Note the recordation rules for exploration costs and the indicators for mineral asset impairment testing.
• Note the types of infrastructure facilities to which a service concession arrangement might apply, as well as the accounting for such an arrangement.
• Identify the relevant accounting for the hedge of a net investment in a foreign operation, as well as the liabilities associated with the Directive on Waste Electrical and Electronic Equipment.

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Accounting (20 hours)

Program Prerequisites
None

Advance Preparation
None