The one-stop guide to transitioning to IFRS financial reporting The International Financial Reporting Standards (IFRS) have already been adopted in Europe, and plans are in place to transition to IFRS reporting in the UK, India, Japan, and other major economies. The US is deliberating the nature of its convergence with IFRS and US entities will need to understand the implications of transition. This means all finance managers and financial controllers will be responsible, not only for understanding IFRS, but for making the transition and dealing with implications. Managing the Transition to IFRS-Based Financial Reporting is a one-stop resource for navigating this major change. Case studies and project management advice help move smoothly from GAAP to IFRS principles and requirements. Managing the Transition to IFRS-Based Financial Reporting is the only book on the market that focuses on both the accounting and non-accounting implications of IFRS transition. This complete approach will guide you from the history and conceptual basis of IFRS through each stage of the transition process, ensuring expert change management and fluid communication from start to finish. Takes a holistic approach, covering non-accounting implications like educating and communicating IFRS requirements Provides case studies to illustrate best practices for moving to the new international standards Provides a framework for planning and executing the entire IFRS transition project With nearly two decades of financial training experience, author Lisa Weaver is imminently qualified to deliver clear, concise, and understandable content. In addition, the reference material and other resources in Managing the Transition to IFRS-Based Financial Reporting will help you simplify the transition and take advantage of all the benefits IFRS reporting confers.

The one-stop guide to transitioning to IFRS financialreportingThe International Financial Reporting Standards (IFRS) havealready been adopted in Europe, and plans are in place totransition to IFRS reporting in the UK, India, Japan, and othermajor economies. The US is deliberating the nature of itsconvergence with IFRS and US entities will need to understand theimplications of transition. This means all finance managers andfinancial controllers will be responsible, not only forunderstanding IFRS, but for making the transition and dealing withimplications. Managing the Transition to IFRS-Based FinancialReporting is a one-stop resource for navigating this majorchange. Case studies and project management advice help movesmoothly from GAAP to IFRS principles and requirements.Managing the Transition to IFRS-Based Financial Reportingis the only book on the market that focuses on both the accountingand non-accounting implications of IFRS transition. This completeapproach will guide you from the history and conceptual basis ofIFRS through each stage of the transition process, ensuring expertchange management and fluid communication from start to finish.* Takes a holistic approach, covering non-accounting implicationslike educating and communicating IFRS requirements* Provides case studies to illustrate best practices for movingto the new international standards* Provides a framework for planning and executing the entire IFRStransition projectWith nearly two decades of financial training experience, authorLisa Weaver is imminently qualified to deliver clear, concise, andunderstandable content. In addition, the reference material andother resources in Managing the Transition to IFRS-BasedFinancial Reporting will help you simplify the transition andtake advantage of all the benefits IFRS reporting confers.

List of Tables viiList of Figures ixList of Case Studies xiForeword xiiiPreface xvDisclaimer xviiAcknowledgements xixAbout the Author xxiIntroduction xxiiiI: Understanding the Framework of Performing a Transition toIFRS-based Financial Reporting 11 International Financial Reporting in Context 32 The Conceptual Framework of IFRS, Accounting Policies and thePresentation of Financial Statements 253 IFRS 1 First-time Adoption of IFRS 43II: Planning and Implementing a Transition Project 674 Establishing the IFRS Transition Project 695 Assessing the Accounting Impacts of IFRS Transition 1056 Wider Transitional Issues - Systems, Internal Audit andthe Audit Committee, and Commercial Implications 1297 Training, Communication and Change Management 163III: The Way Forward - Developments in SelectedCountries 1878 The Transition to New UK GAAP 1899 The Way Forward - The Move Towards IFRS in the US andSelected Other Countries 207Appendix 1: IASB Standards 223Appendix 2: Useful Reference Material and Further Reading225Appendix 3: Summary of IFRS Transition Planning Considerations229Bibliography 231Index 237