The International Financial Reporting Standards are quite different from other sets of accounting standards, and are fundamentally different from US-GAAP, in that they are based on principles, and not on detailed rules. Financial Reporting under IFRS:A topic-based approach offers a global perspective on IFRS by presenting the prescribed rationale and principles and illustrating them through numerous examples from large international companies. It aims to develop the fundamental skills necessary to read and use the information contained in all types of financial statements, through examples, activities, questions and answers. The book is broadly divided into three sections. Section one examines the structure of the Balance Sheet and the Income Statement, their links and the accounting mechanisms used to prepare them. Section two deals with the identification, evaluation and reporting of Balance Sheet items. Section three covers the use of financial statements to analyze a firm s performance and its risks. Throughout the book special topics are covered, including Derivatives and Hedge accounting (IAS 39), Business Combination (IFRS 3) and Operating Segments (IFRS 8). Financial Reporting under IFRS is ideally suited to the needs of students of accounting and financial reporting, but all users of financial statements, from creditors and investors to suppliers, customers, employees and governments will benefit from its concise, topic-based approach.

The International Financial Reporting Standards are quite differentfrom other sets of accounting standards, and are fundamentallydifferent from US-GAAP, in that they are based on principles, andnot on detailed rules. Financial Reporting under IFRS:Atopic-based approach offers a global perspective on IFRS bypresenting the prescribed rationale and principles and illustratingthem through numerous examples from large international companies.It aims to develop the fundamental skills necessary to read and usethe information contained in all types of financial statementsthrough examples, activities, questions and answers.The book is broadly divided into three sections. Section oneexamines the structure of the Balance Sheet and the IncomeStatement, their links and the accounting mechanisms used toprepare them. Section two deals with the identification, evaluationand reporting of Balance Sheet items. Section three covers the useof financial statements to analyze a firm's performance andits risks. Throughout the book special topics are coveredincluding Derivatives and Hedge accounting (IAS 39), BusinessCombination (IFRS 3) and Operating Segments (IFRS 8).Financial Reporting under IFRS is ideally suited to theneeds of students of accounting and financial reporting, but allusers of financial statements, from creditors and investors tosuppliers, customers, employees and governments will benefit fromits concise, topic-based approach.

Foreword viiIntroduction ixAcknowledgements xiii1 Financial Statements and Accounting Mechanisms 12 Income from Ordinary Activities 373 Current Assets 654 Non-financial Liabilities 975 Non-current Assets1256 Financing 1637 Taxation 1898 Group Accounts 2159 Financial Analysis and Communication 26110 The IASB and Development of the IFRS 313Index 327