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IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking

IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking

Kurt Ramin , Cornelis Reiman

ISBN: 978-1-118-38785-6

Mar 2013

752 pages

$68.99

Description

International Financial Reporting Standards are increasingly adopted worldwide, and it is critical to understand their place within the global business environment as well as the most up-to-date methods of applying them. In IFRS and XBRL Kurt Ramin and Cornelis Reiman, world authorities on IFRS, have condensed the overwhelming flood of available material to present a comprehensive guide to the key components of IFRS, helping to explain why they are a priority for private enterprises and governments alike. The book:
  • provides valuable commentary on key components of IFRS which are crucial to local, national and international business decision making
  • demonstrates the importance of disclosure checklists
  • offers illustrative financial statements arising from IFRS
  • looks at recent developments in IFRS, in particular how the standards should be reflected in the narrative report, and what implications they have for sustainability reporting
  • explores how business reporting can be improved, for example through the addition of non-financial reporting
  • examines the key issue of emerging technology in reporting under IFRS, especially the use of XBRL and the obvious push for a new paradigm whereby object definitions, tracking and valuation offer considerable benefits to the people who produce and rely upon business reports
To complete the picture, the authors examines other standards, and cover important issues such as US GAAP convergence with IFRS, and the important of International Valuation Standards, IFRS and XBRL is the complete guide to the background, current state, and future of International Financial Reporting Standards.
Foreword xi

About the book xiii

About the authors xv

Preface xix

Acknowledgements xxi

Introduction to this book 1

Leading to a new reporting paradigm – concept map 2

PART I: INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Tips for readers 13

Chapter 1: Introduction to and objectives of IFRS 15

Chapter 2: How important are IFRS to business and global acceptance? 19

2.1 IFRS and legal objectives 20

2.2 Convergence of IFRS and US GAAP 21

2.3 Reconciliation to US GAAP 24

2.4 IOSCO, regulators and enforcement 25

Chapter 3: Governance and accountability of the IFRS Foundation 29 3.1 History, structure and finance 29

3.2 The monitoring board and IFRS Foundation trustees 39

3.3 IASB members, due process and IFRS Interpretations Committee 42

3.4 IFRS Advisory Council 48

Chapter 4: Framework, standards and interpretations of IFRS 51

4.1 Framework 52

4.2 International Financial Reporting Standards 58

4.3 IFRS for Small and Medium-sized Enterprises versus Private companies 159

4.4 Interpretations to Standards 162

Chapter 5: IFRS Practice Statement Management Commentary 165

Chapter 6: Future plans 169

Chapter 7: New presentation formats 171

7.1 Model financial statements 171

7.2 New financial statement presentation 174

Chapter 8: Contents of IFRS book 177

Chapter 9: Glossary for IFRS 181

Chapter 10: Index to IFRS book 183

PART II: IFRS DISCLOSURES, OTHER REPORTING STANDARDS AND ASSURANCE

Tips for readers 187

Chapter 1: IFRS disclosure 189

1.1 Summary of disclosures 192

1.2 Disclosure checklists 193

1.3 IFRS disclosure examples 206

Chapter 2: Other reporting standards 223

2.1 International Public Sector Accounting Standards (IPSAS) 224

2.2 Statistics-based standards 311

2.3 International Valuation Standards Council (IVSC) 321

2.4 Valuation Resource Group 328

2.5 IEEE 328

2.6 ISO 330

2.7 AccountAbility 335

2.8 Other standards 346

2.9 OneReport 354

2.10 Taxation 354

PART III: XBRL – USING TECHNOLOGY TO IMPLEMENT STANDARDS

Tips for readers 359

Chapter 1: XBRL 361

1.1 XML – the technical basis of XBRL 364

1.2 Benefi ts of XBRL 367

1.3 Users of XBRL – worldwide 372

Chapter 2: XBRL and IFRS 373

2.1 Overview 375

2.2 The IFRS taxonomy 381

2.3 IFRS Foundation and translation 389

2.4 Support materials 401

2.5 Future steps 437

Chapter 3: Organising and collecting data 443

3.1 FASB codification and XBRL taxonomy 443

3.2 Illustrative financial statements 449

3.3 XBRL for integrated reporting 458

3.4 Content analysis 469

Chapter 4: Using systems to organise and collect data 473

4.1 ERP systems and spreadsheets 473

4.2 SAP, Oracle and Cloud 475

Chapter 5: Opportunities to integrate and track data objects 481

5.1 Growing interest among stakeholders 481

PART IV: TRACKING OBJECTS – A PARADIGM SHIFT IN BUSINESS REPORTING

Tips for readers 489

Chapter 1: Introduction 491

Chapter 2: Developments in new reporting models 495

Chapter 3: Recognition and de-recognition 499

Chapter 4: Discussing measurement 501

Chapter 5: A comprehensive business reporting model 505

Chapter 6: Future reporting: the object and value supply chain 507

Chapter 7: Integrated reporting 525

7.1 Integrated reporting 526

7.2 Landscape of integrated reporting 535

Chapter 8: Object tracking 541

8.1 Object recognition 541

8.2 Data management 542

8.3 Tagging 542

8.4 Tracking 543

PART V: THE NEED FOR INCREASED ACCEPTANCE OF IFRS

Tips for readers 545

Preamble 546

Chapter 1: The need for increased acceptance of IFRS 549

1.1 National accounting standards versus IFRS 549

1.2 Partial acceptance of IFRS 550

Chapter 2: The need for increased acceptance of XBRL 551

Chapter 3: Additional issues 553

Chapter 4: Conclusion 561

Acronyms 563

References 571

Appendix A: IFRS example – for familiarisation 583

Appendix B: SNA 2008 – Contents 617

Glossary of IFRS terms 665

Index 715