Description
The industry-specific guide to IFRS interpretation and application
One of the biggest challenges of any reporting standard is how best to interpret and implement it in the context of a specific company or industry, given that each industry has its own intricacies and nuances. The Impact of IFRS on Industry provides specific guidance on applying IFRS in a diverse range of sectors.
Opening with an overview of IFRS, including a summary of all the standards, the book goes on to provide detailed coverage of the standards that can impact all industries, including IAS-40, IFRS 1, and IFRS 5. Thereafter, it offers practical advice and guidance on the application of IFRS in specific industries, including automotive; oil and gas; bio-sciences; infrastructure; airlines; media and communications; government-owned entities; mining; software; banking and financial services; insurance; FMCG; shipping; pharmaceuticals; telecoms; real estate and construction; power; SMEs; retail; e-commerce; and the service sector. The book concludes with a discussion on the collateral impact of implementing IFRS and how forthcoming IFRS Standards could impact specific industries.
Worked examples are used throughout to demonstrate how the standards are applied in practice.
- Understand the IFRS standards comprehensively
- Learn which standards impact all industries
- Examine the ways in which IFRS is applied in practice
- See how different standards are applied in specific industries
Suitable as a quick reference or a comprehensive guide, The Impact of IFRS on Industry gives you the real-world IFRS answers you need.
Chapter
2.9 IFRS 14 Regulatory Deferral Accounts
2.10 IFRS 15 Revenue From Contracts With Customers
2.10.1 Contracts with customers
2.10.2 Disaggregation of revenue
2.10.4 Performance obligations
2.10.5 Transaction price allocated to the remaining performance obligations
2.10.6 Significant judgements in the application of this Standard
2.10.7 Determining the timing of satisfaction of performance obligations
2.10.8 Determining the transaction price and the amounts allocated to performance obligations
2.10.9 Assets recognised from the costs to obtain or fulfil a contract with a customer
2.12 IAS 3 Cash Flow Statements
2.13 IAS 10 Events After the Reporting Date
2.14 IAS 11 Construction Contracts
2.16 IAS 16 Property, Plant and Equipment
2.19 IAS 19 Employee Benefits
2.20 IAS 20 Government Grants
2.21 IAS 21 The Effects of Foreign Currency
2.22 IAS 23 Borrowing Costs
2.23 IAS 24 Related Party Disclosures
2.24 IAS 26 Accounting and Reporting by Retirement Benefit Plans
2.25 IAS 27 Separate Financial Statements
2.26 IAS 29 Accounting in Hyperinflationary Economies
2.27 IAS 33 Earnings Per Share
2.28 IAS 36 Impairment of Assets
2.30 IAS 38 Intangible Assets
2.31 IAS 40 Investment Property
Chapter 3 IFRS Standards that Could Impact All Industries
3.1 IFRS 1 – First-Time Conversion to International Financial Reporting Standards
3.1.1 Date of transition to IFRS
3.1.2 Mandatory and optional exceptions
3.1.3 Mandatory exceptions
3.1.4 Optional exceptions
3.1.5 Business combinations
3.1.6 IAS 21 – Accumulated translation reserves
3.1.7 IAS 27 – Investments in separate financial statements
3.1.8 Assets and liabilities of subsidiaries, associates and joint ventures: different IFRS adoption dates of investor and investee
3.2 IAS 36 Impairment of Assets
3.2.2 Indicators of impairment
3.3 IAS 40 Investment Property
3.4 IFRS 3 Business Combinations
3.5 IFRS 5 Non-Current Assets Held for Sale
3.6 IFRS 8 Operating Segments
3.6.1 Reportable segments
3.7 IFRS 13 Fair Value Measurement
3.7.1 Fair Value Ready Reckoner
3.7.2 Explaining the Ready Reckoner
3.7.3 The Asset or Liability
3.7.5 The Reference Market
3.7.6 Market Participants
3.7.7 Fair Value of Assets
3.7.8 Fair Value of Liabilities
3.7.9 Fair Value Hierarchy
3.7.10 How fair is Fair Value?
3.8 IAS 39/IFRS 9 Financial Instruments
3.8.1 Volatility in Equity and the Income Statement
3.8.2 Significant Changes in Financial Risk Management Strategies
3.8.3 Changes to Business Processes and a Need for Systems Solutions Upgrade
3.8.4 Information to Stakeholders
3.9 IFRS 10 Consolidated Financial Statements
3.10 IFRS 15 Revenue From Contracts With Customers
Chapter 4 The Impact of IFRS Standards on Specific Industries
4.1.2 IFRS Standards that could impact the industry
4.1.3 First-time Conversion to IFRS
4.2.2 IFRS Standards that could impact the industry
4.2.3 First time conversion
4.3.2 IFRS Standards that could impact the industry
4.4.2 IFRS Standards that could impact the industry
4.4.3 First time conversion
4.5 Family Controlled Enterprises (FCES)
4.5.2 The IFRS Standard that could impact FCEs
4.6 Fast-Moving Consumer Goods (FMCG)
4.6.2 IFRS Standards that could impact the industry
4.6.3 First time conversion
4.7 Government Owned Industry
4.7.2 Differences between IFRS and IPSAS
4.8.2 IFRS Standards that could impact the industry
4.8.3 Presentation of Financial Statements
4.9.2 IFRS Standards that could impact the industry
4.10.2 IFRS Standards that could impact the industry
4.11 Real Estate and Infrastructure
4.11.2 IFRS Standards that could impact the industry
4.12.2 IFRS Standards that could impact the industry
4.13.2 IFRS Standards that could impact the industry
4.14.2 Present IFRS Standards that could impact the industry.
4.14.3 First time conversion example
4.15.2 IFRS Standards that could impact the industry
4.15.3 First time conversion case study
4.16.2 Present IFRS Standards that could impact the industry
4.17.2 IFRS Standards that could impact the industry
4.18.2 Present IFRS Standards that could impact the industry
4.18.3 Accounting Policies
4.19 Small and Medium Enterprises
4.19.2 Major differences between IFRS and IFRS for SMEs
4.19.4 Comprehensive Review
4.20 Software and Information Technology
4.20.2 Present IFRS Standards that could impact the industry
4.20.3 Research and Development Expenditure
Chapter 5 Forthcoming IFRS Standards That Could Impact Industry
5.1.1 Industries Impacted: Airline industry, Retail industry and All Industries that have Leases as an integral part of their business
5.1.2 Significant Changes
5.1.3 Identification and Classification of a Lease
5.2 IFRS 4 Insurance Contracts
5.2.1 Industries Impacted: The Insurance Industry
5.3.1 Industries Impacted: Small and Medium enterprises in all industries.
5.4.1 Industries Impacted: All Industries
5.5.1 Disclosure Initiative
Chapter 6 Collateral Impact of a Transition to IFRS
6.1 Significant Assumptions and Judgement
6.2 The Going Concern Concept
6.2.1 Availability of credit
6.2.2 Forecasts and budgets
6.3 Information Technology
6.7 Presentation of Financial Statements
6.8 Impact of IFRS on Financial Ratios
6.9 Challenges in Implementing IFRS
6.9.1 Where are the valuers?
The Impact of IFRS on Industry
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