Author Weaver, Lisa
Title Managing the Transition to IFRS-Based Financial Reporting : A Practical Guide to Planning and Implementing a Transition to IFRS or National GAAP
Imprint New York : John Wiley & Sons, Incorporated, 2014
©2014
book jacket
Edition 1st ed
Descript 1 online resource (274 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series Wiley Regulatory Reporting Ser
Wiley Regulatory Reporting Ser
Note Intro -- Managing the Transition to IFRS-based Financial Reporting -- CONTENTS -- LIST OF TABLES -- LIST OF FIGURES -- LIST OF CASE STUDIES -- FOREWORD -- PREFACE -- DISCLAIMER -- ACKNOWLEDGEMENTS -- ABOUT THE AUTHOR -- INTRODUCTION -- I UNDERSTANDING THE FRAMEWORK OF PERFORMING A TRANSITION TO IFRS-BASED FINANCIAL REPORTING -- 1 INTERNATIONAL FINANCIAL REPORTING IN CONTEXT -- 1.1 THE DEVELOPMENT OF INTERNATIONAL FINANCIAL REPORTING -- 1.1.1 The Initial Development of Accounting Guidance and Reasons for, and Problems Caused by, National Differences in Accounting Requirements -- 1.1.2 The International Accounting Standards Committee -- 1.1.3 The Formation of the International Accounting Standards Board, and Endorsement of IAS by IOSCO and the EU -- 1.2 THE REGULATORY FRAMEWORK OF IFRS TODAY -- 1.2.1 The Overall Governance Structure and Standard-setting Bodies -- 1.2.2 IASB Standards -- 1.2.3 The Conceptual Framework -- 1.2.4 The IFRS for SMEs -- 1.3 THE CURRENT POSITION ON INTERNATIONAL HARMONISATION OF FINANCIAL REPORTING -- 1.3.1 Convergence and Harmonisation -- 1.3.2 Convergence of US GAAP and IFRS -- 1.3.3 Harmonisation Challenges - a Cultural Perspective -- 1.4 THE BENEFITS AND IMPACT OF MOVING TO IFRS -- 1.4.1 The Benefits of Moving to IFRS -- 1.4.2 Impact on Profitability and Performance -- 1.4.3 Impact on Financial Position -- 1.4.4 Volatility and Fair Value Accounting -- 1.4.5 Impact on Level of Disclosure -- 1.4.6 The Influence of National GAAP on IFRS Accounting Policies -- CONCLUSION -- 2 THE CONCEPTUAL FRAMEWORK OF IFRS, ACCOUNTING POLICIES AND THE PRESENTATION OF FINANCIAL STATEMENTS -- 2.1 THE FRAMEWORK -- 2.1.1 The Purpose and Status of the Framework -- 2.1.2 The Content of the Framework -- 2.1.3 General Purpose Financial Statements -- 2.1.4 Qualitative Characteristics -- 2.2 DEVELOPING ACCOUNTING POLICIES
2.2.1 Definition and Basic Principles of Disclosure -- 2.2.2 Selection and Application of Accounting Policies -- 2.2.3 Alternative Accounting Treatments -- 2.3 THE PRESENTATION OF FINANCIAL STATEMENTS -- 2.3.1 The Complete Set of Financial Statements -- 2.4 FAIR PRESENTATION, GOING CONCERN AND INTERIM FINANCIAL STATEMENTS -- 2.4.1 Fair Presentation and Statement of Compliance with IFRS -- 2.4.2 Going Concern and Other General Features -- 2.4.3 Interim Financial Information -- CONCLUSION -- 3 IFRS 1 FIRST-TIME ADOPTION OF IFRS -- 3.1 AN INTRODUCTION TO IFRS 1 -- 3.1.1 The Objective of IFRS 1 -- 3.1.2 The Scope of IFRS 1 -- 3.1.3 Current Developments in Relation to IFRS 1 -- 3.2 THE DATE OF TRANSITION TO IFRS AND THE OPENING STATEMENT OF FINANCIAL POSITION -- 3.2.1 Identifying the Date of Transition -- 3.2.2 The Opening Statement of Financial Position -- 3.2.3 Exemptions and Exceptions from Full Retrospective Adoption -- 3.3 PRESENTATION AND DISCLOSURE -- 3.3.1 Explanation of the Transition to IFRS -- 3.3.2 The Equity Reconciliations -- 3.3.3 The Reconciliation of Total Comprehensive Income -- 3.3.4 Errors, Presentation Differences and the Statement of Cash Flows -- 3.3.5 Other IFRS 1 Disclosure Requirements -- 3.3.6 Jurisdiction-specific Disclosure -- 3.3.7 Interim Financial Reports -- CONCLUSION -- II PLANNING AND IMPLEMENTING A TRANSITION PROJECT -- 4 ESTABLISHING THE IFRS TRANSITION PROJECT -- 4.1 THE BENEFIT OF EXPERIENCE -- 4.1.1 Negative Experiences - What Did Not Go Well -- 4.1.2 The Positive Slant on IFRS Transition -- 4.1.3 Top Tips for Planning a Transition to IFRS -- 4.2 THE PROJECT PLAN AND KEY PROJECT MEMBERS -- 4.2.1 Risks and Opportunities -- 4.2.2 Establishing the Project -- 4.3 DEVELOPING THE PROJECT PLAN -- 4.3.1 IFRS Transition Choices for a Group of Companies -- 4.3.2 A High-level Overview of the Project Plan
4.3.3 Initial Project Scope -- 4.3.4 Detailed Assessment of Impacts -- 4.3.5 Design Responses -- 4.3.6 Implement Changes -- 4.3.7 Post-implementation Review -- 4.4 THE USE OF EXTERNAL ADVISORS -- 4.4.1 Overview of the Role of the External Advisor in the Transition Project -- 4.4.2 Using an External Provider to Provide Assurance on the Transition -- 4.4.3 Advantages and Disadvantages of Reliance on External Advisors -- 4.4.4 The External Auditor's Role -- 4.5 THE COSTS OF THE TRANSITION -- 4.6 PREPARING AN ACTION PLAN -- CONCLUSION -- 5 ASSESSING THE ACCOUNTING IMPACTS OF IFRS TRANSITION -- 5.1 CONDUCTING AN INITIAL IMPACT ASSESSMENT -- 5.1.1 The Basics of Impact Assessment -- 5.1.2 Documentation Issues -- 5.1.3 Becoming IFRS-literate -- 5.1.4 Involvement with Industry Peers -- 5.1.5 The Output of the Impact Assessment -- 5.1.6 The Importance of a Line-by-Line Analysis -- 5.2 DEVELOPING IFRS ACCOUNTING POLICIES -- 5.2.1 The Extent of Accounting Policy Changes -- 5.2.2 Matters to Consider in Developing New Accounting Policies -- 5.2.3 Standards Including Choices -- 5.2.4 Disclosure Notes -- 5.3 POTENTIAL CHANGES TO IFRS -- CONCLUSION -- 6 WIDER TRANSITIONAL ISSUES-SYSTEMS, INTERNAL AUDIT AND THE AUDIT COMMITTEE, AND COMMERCIAL IMPLICATIONS -- 6.1 SYSTEMS IMPLICATIONS -- 6.1.1 Parallel Running and Dual Reporting -- 6.1.2 Typical IT System Changes -- 6.1.3 Integrating IT Changes with the Overall Transition Project -- 6.1.4 Building IT Issues into the IFRS Project Plan -- 6.1.5 XBRL and IFRS -- 6.2 INTERNAL CONTROLS, INTERNAL AUDIT AND THE AUDIT COMMITTEE -- 6.2.1 Using the COSO Framework to Evaluate Internal Controls -- 6.2.2 Controls Over Fair Value Measurements -- 6.2.3 The Role of the Audit Committee -- 6.2.4 The Role of the Internal Audit Function -- 6.3 EVALUATING THE WIDER IMPACTS -- 6.3.1 Human Resources Impacts
6.3.2 Debt Covenants, Financing and Treasury Management -- 6.3.3 Mergers and Acquisitions -- 6.3.4 The Potential Business and Commercial Impacts of the Transition -- CONCLUSION -- 7 TRAINING, COMMUNICATION AND CHANGE MANAGEMENT -- 7.1 EDUCATION AND INTERNAL COMMUNICATION -- 7.1.1 Education and Training on IFRS -- 7.1.2 Methods of Education and Training -- 7.1.3 Internal Communication and Change Management -- 7.2 EXTERNAL COMMUNICATION AND PRESENTATION OF IFRS TRANSITION INFORMATION -- 7.2.1 Why Communication Matters -- 7.2.2 Understanding the Audience -- 7.2.3 Explaining the Impacts of the Transition - Timing of Communications -- 7.2.4 Developing a Communication Strategy - Content of Information -- 7.2.5 The Use of Non-GAAP Measures -- 7.2.6 The Method of Communication -- 7.2.7 Transition Communication Required or Encouraged by Regulation -- 7.3 THE PRESENTATION OF IFRS 1 DISCLOSURES -- 7.3.1 IFRS 1 Disclosure Requirements -- 7.3.2 Matters to Consider in Preparing and Presenting Disclosures in the First IFRS Financial Statements -- CONCLUSION -- III THE WAY FORWARD-DEVELOPMENTS IN SELECTED COUNTRIES -- 8 THE TRANSITION TO NEW UK GAAP -- 8.1 A BACKGROUND TO THE CHANGES AND OUTLINE OF THE NEW REGIME -- 8.1.1 A Brief History of UK GAAP -- 8.1.2 The New UK GAAP Regime -- 8.1.3 Deciding which Component of the New Regime to Follow -- 8.2 ACCOUNTING AND WIDER IMPACTS OF THE TRANSITION -- 8.2.1 FRS 102 - Key Differences Between Existing UK GAAP and New UK GAAP -- 8.2.2 First-time Adoption Accounting Treatment -- 8.2.3 FRS 102 First-time Adoption Disclosure Requirements -- 8.2.4 Transitioning to FRS 101 -- 8.3 TRANSITION PLANNING ISSUES -- 8.3.1 Initial Planning and the Timing of Impact Assessments -- 8.3.2 Costs -- CONCLUSION -- 9 THE WAY FORWARD - THE MOVE TOWARDS IFRS IN THE US AND SELECTED OTHER COUNTRIES -- 9.1 THE US AND IFRS
9.1.1 Progress Towards Harmonisation -- 9.1.2 A Comparison of US GAAP and IFRS -- 9.1.3 Conclusion on Key Transition Issues for US Companies -- 9.2 IFRS IN BRAZIL, RUSSIA, INDIA AND CHINA -- 9.2.1 Brazil -- 9.2.2 Russia -- 9.2.3 India -- 9.2.4 China -- CONCLUSION -- APPENDIX 1: IASB STANDARDS -- APPENDIX 2: USEFUL REFERENCE MATERIAL AND FURTHER READING -- APPENDIX 3: SUMMARY OF IFRS TRANSITION PLANNING CONSIDERATIONS -- BIBLIOGRAPHY -- INDEX
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
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Weaver, Lisa Managing the Transition to IFRS-Based Financial Reporting : A Practical Guide to Planning and Implementing a Transition to IFRS or National GAAP New York : John Wiley & Sons, Incorporated,c2014 9781118643747
Subject Accounting -- Standards.;Corporation reports.;Financial statements -- Standards
Electronic books