Pocket ifrs

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International Financial Reporting Standards Pocket guide – 2009

International Financial Reporting Standards Pocket guide – 2009

This pocket guide provides a summary of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) issued up to March 2009, including IAS 1 (revised), ‘Presentation of financial statements’. There is a choice within IAS 1(revised) of presenting income and expense as a single statement or as two statements. The sections below assume the adoption of the two-statement approach for the presentation of income and expense (that is, an ‘income statement’ and a ‘statement of comprehensive income’), with the exception of section 4, ‘Presentation of financial statements under IAS 1 (revised)’. This assumes the adoption of thesinglestatement approach (that is, a ‘statement of comprehensive income’). This guide does not address in detail the disclosure requirements; these can be found in the PwC publication IFRS disclosure checklist. The information in this guide is arranged in six sections: • Accounting rules and principles. • Income statement and related notes. • Balance sheet and related notes. • Consolidated andseparate financial statements. • Other subjects. • Industry-specific topics. More detailed guidance and information on these topics can be found in the IFRS Manual of Accounting 2009 and other publications from PricewaterhouseCoopers. A list of all IFRS publications is provided on the inside front and back covers.

Contents
Accounting rules and principles 1. 2. 3. 4. 5. 6. 7. 8. IntroductionAccounting principles and applicability of IFRS First-time adoption Presentation of financial statements Accounting policies, accounting estimates and errors Financial instruments Foreign currencies Insurance contracts 1 2 3 5 9 11 20 22

Income statement and related notes 9. 10. 11. 12. 13. 14. Revenue Segment reporting Employee benefits Share-based payment Taxation Earnings per share 23 26 27 3032 34

Balance sheet and related notes 15. 16. 17. 18. 19. 20. 21. 22. 23. Intangible fixed assets Property, plant and equipment Investment property Impairment of assets Lease accounting Inventories Provisions and contingences Post-balance-sheet events and financial statements Share capital and reserves 35 37 39 40 42 43 44 47 48

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IFRS pocket guide 2009

Contents
Consolidated andseparate financial statements 24. Consolidated and separate financial statements 24A. Consolidated and separate financial statements (IAS 27 revised) 25. Business combinations 25A. Business combinations (IFRS 3 revised) 26. Disposals of subsidiaries, business and non-current assets 27. Associates 28. Joint ventures Other subjects 29. 30. 31. 32. Related-party disclosures Cash flow statements Interimreports Service concession arrangements 62 63 64 66 50 52 54 56 58 60 61

Industry-specific topics 33. Agriculture 34. Retirement benefit plans 35. Extractive industries Index by standards and interpretation 68 69 70 73

IFRS pocket guide 2009

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Accounting rules and principles

Accounting rules and principles
1 Introduction
Recent years have seen major changes in financial reportingworldwide. Most obvious is the continuing adoption of IFRS worldwide. Many territories have been using IFRS for some years, and more are planning to come on stream from 2011. The next wave of transitioning countries includes Korea, India, Japan, much of South and Central America and Canada. The key countries in this regard – but still something of any unknown quantity – is the US. The decisionabout adoption of IFRS in the US is still to be taken, although many US companies are acting as if it will definitely happen. Despite this, the likely adoption date is now more often quoted as 2016 rather than 2014. Convergence between IFRS and US GAAP continues in the meantime. An important recent development is the extent to which IFRS is affected by politics. The credit crunch, the problems in...
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