Overview

Including IAS and Interpretation

Whether finance directors like it or not, IAS is coming and everybody involved in the financial running of a business – not just FD’s and account executives but other directors and professional advisers – will have to be up to speed. This book explains the principles of IAS and the accounting and disclosure requirements, and clarifies practical problems of compliance.

Content

Summary objectives and requirements

Statement formats and content

• accounting policies, financial statement formats and content
• interim financial reporting

Accounting methods and conventions

• property plant and equipment
• investment property
• intangible assets
• inventories/stock
• construction contracts/long-term WIP
• provisions, contingent liabilities and contingent assets
• the effects of changes in foreign exchange rates
• income taxes, current tax, deferred tax
• employee benefits

Creative accounting

• revenue
• leases – off balance sheet finance
• borrowing costs
• accounting for government grants

Disclosure

• events occurring after the balance sheet date
• related party disclosures
• earnings per share
• financial instruments – disclosure and presentation
• financial instruments- recognition and and measurement

Accounting for groups and investments

• business combinations
• consolidated financial statements
• accounting for investments in associates
• financial reporting of interests in joint ventures
• segment reporting

Specialized industries

• accounting and reporting by retirement benefit plans
• disclosure in financial statements of banks and similar financial institutions
• agriculture

Other

• information reflecting the effects of changing
• financial reporting in hyper-inflationary economies
• basic financial statements
• accounting ratios
• creative accounting

The author

Ralph Tiffin is a mechanical engineer who subsequently qualified as a Chartered Accountant and became manager in one of the largest international firms of accountants. He is now managing partner of an accountancy and consultancy practice. He has a wealth of experience with companies of all sizes in the UK and overseas. Work typically involves developing clients reporting and management systems along with appropriate management training and developing project appraisal processes and spreadsheets. Visit Ralph’s website at http://www.tiffins.co.uk.

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