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IFRS Primer International GAAP Basics

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IFRS Primer International GAAP Basics

Irene M. Wiecek, Nicola M. Young

ISBN: 978-0-470-57414-0 August 2010 384 Pages

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The IFRS Primer: International GAAP Basics serves as a roadmap to provide guidance and a path through the period of transition to convergence of GAAP and international reporting standards for both students and instructors. As in introduction to International Financial Reporting Standards (IFRS), the IFRS Primer is a stand alone and logical supplement for use with existing U.S. introductory, intermediate, and advanced financial accounting textbooks.

Related Resources


Introduction and Reporting Basics

1 Introduction and IAS Framework

2 Presentation of Financial Statements: IAS 1

3 Statement of Cash Flows: IAS 7

4 Non-current Assets Held for Sale and Discontinued Operations: IFRS 5

5 Provisions, Contingent Liabilities and Contingent Assets: IAS 37

6 Revenue: IAS 18


Non-financial Assets

7 Inventories: IAS 2

8 Construction Contracts: IAS 11

9 Agriculture: IAS 41

10 Property, Plant and Equipment: IAS 16

11 Investment Property: IAS 40

12 Exploration for and Evaluation of Mineral

Resources: IFRS 6

13 Borrowing Costs: IAS 23

14 Accounting for Government Grants and Disclosure of Government Assistance: IAS 20 C O N T E N T S

15 Intangible Assets: IAS 38

16 Impairment of Assets: IAS 36


Financial Assets and Liabilities

17 Basic Financial Instruments: IAS 32, IAS 39, and IFRS 7

18 Financial Instruments—Recognition and Measurement: IAS 39

19 Financial Instruments—Presentation: IAS 32

20 Financial Instruments—Disclosure: IFRS 7


Special Topics

21 Accounting Policies, Changes in Accounting Estimates and Errors: IAS 8

22 Events After the Reporting Period: IAS 10

23 Income Taxes: IAS 12

24 Leases: IAS 17

25 Employee Benefi ts: IAS 19

26 Related Party Disclosures: IAS 24

27 Earnings per Share: IAS 33

28 Interim Financial Reporting: IAS 34  

29 Share-based Payment: IFRS 2  


Reporting Entity

30 Investments in Associates: IAS 28  

31 Business Combinations: IFRS 3  

32 Consolidated and Separate Financial Statements: IAS 27  

33 Interests in Joint Ventures: IAS 31

34 Operating Segments: IFRS 8  

35 The Effects of Changes in Foreign Exchange Rates: IAS 21


Specialized Applications

36 Specialized Industries and Hyperinfl ation: IFRS 4, IAS 26, IAS 29

37 First-time Adoption of International Financial Reporting Standards: IFRS 1

  • Each chapter begins by identifying the specific IFRS section, and its U.S. counterparts, followed by a list of other IFRSs related to the chapter topic.
  • The content of each chapter follows the same headings as used in the IASB statement: objective and scope, recognition, measurement, etc.
  • Illustrations and tables are included to enhance students’ understanding by a walkthrough of mini scenarios and exercises interspersed throughout the chapter. Short excerpts/note disclosures from actual financial statements prepared under IFRS are also provided.
  • End of chapter material contains quantitative mini-exercises and qualitative mini-scenarios based primarily on unfamiliar or different requirements than those that exist under U.S. GAAP now.