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020 9781118644188|q(electronic bk.)
020 |z9781118643747
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035 (CaONFJC)MIL611515
035 (OCoLC)880409109
040 MiAaPQ|beng|erda|epn|cMiAaPQ|dMiAaPQ
050 4 HF5626 -- .W43 2014eb
082 0 657/.3
100 1 Weaver, Lisa
245 10 Managing the Transition to IFRS-Based Financial Reporting
:|bA Practical Guide to Planning and Implementing a
Transition to IFRS or National GAAP
250 1st ed
264 1 New York :|bJohn Wiley & Sons, Incorporated,|c2014
264 4 |c©2014
300 1 online resource (274 pages)
336 text|btxt|2rdacontent
337 computer|bc|2rdamedia
338 online resource|bcr|2rdacarrier
490 1 Wiley Regulatory Reporting Ser
505 0 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
505 8 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
505 8 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
505 8 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
505 8 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
520 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
588 Description based on publisher supplied metadata and other
sources
590 Electronic reproduction. Ann Arbor, Michigan : ProQuest
Ebook Central, 2020. Available via World Wide Web. Access
may be limited to ProQuest Ebook Central affiliated
libraries
650 0 Accounting -- Standards.;Corporation reports.;Financial
statements -- Standards
655 4 Electronic books
776 08 |iPrint version:|aWeaver, Lisa|tManaging the Transition to
IFRS-Based Financial Reporting : A Practical Guide to
Planning and Implementing a Transition to IFRS or National
GAAP|dNew York : John Wiley & Sons, Incorporated,c2014
|z9781118643747
830 0 Wiley Regulatory Reporting Ser
856 40 |uhttps://ebookcentral.proquest.com/lib/sinciatw/
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