Preview

Ifrs

Powerful Essays
Open Document
Open Document
22767 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Ifrs
Consolidation and IFRS: an introduction
Academic year 2010/2011
Patrice Schumesch Sebastian Harushimana

Table of contents (1/4)
 Introduction
- Why IFRS ? - General principles

 Measurement of assets and liabilities
- Formation expenses - Intangible assets - Property, plant & equipment - Leases - Impairment of assets

Slide 2

Consolidation and IFRS: an introduction

Table of contents (2/4)
 Measurement of assets and liabilities (cont’d)
- Government grants - Inventories and contracts in progress - Revenue recognition - Provisions and contingencies - Events after the reporting period - Employee benefits and share-based payments - Deferred taxes - Foreign currency transactions - Financial instruments

Slide 3

Consolidation and IFRS: an introduction

Table of contents (3/4)
 Consolidation
- Consolidation - Business combinations - Translation of financial statements of foreign operations

 Presentation of financial statements
- Structure and contents of financial statements - Statement of financial position - Statement of comprehensive income - Statement of changes in equity - Statement of cash flows - Structure of disclosures

Slide 4

Consolidation and IFRS: an introduction

Table of contents (4/4)
 Presentation of financial statements (cont’d)
- Discontinued operations - Operating segments - Earnings per share - Related party transactions - Interim financial reporting

 Changes in accounting policies and first-time application rules
- Changes in accounting policies, changes in accounting estimates and errors - First-time adoption of IFRS

Slide 5

Consolidation and IFRS: an introduction

Introduction
Why IFRS ?

Why IFRS ?
 IFRS Worldwide
 Globalisation of business and capital markets require that there be one single accounting language  There is also an increasing need for high-quality and transparent financial information (cfr Enron, Worldcom, L&H, Parmalat, etc.)  IASC (International Accounting

You May Also Find These Documents Helpful

  • Better Essays

    Kudler Fine Foods

    • 938 Words
    • 4 Pages

    * Balance sheets, income statements, cash flow, and trend analyses are some of the financial reports offered;…

    • 938 Words
    • 4 Pages
    Better Essays
  • Better Essays

    These statements are the income statement, the balance sheet, cash flow statement, and statement of owner’s equity.…

    • 814 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    Case 9-30 Partial Answer

    • 376 Words
    • 2 Pages

    Requirement 3: EARRINGS UNLIMITED Budgeted Income Statement For the Three Months Ending June 30 Sales in units Sales Variable expenses: Cost of goods sold Commissions Contribution margin Fixed expenses: Advertising Rent Salaries Utilities Insurance Depreciation Net operating income Less interest expense Net income…

    • 376 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Fin515 Project 2

    • 608 Words
    • 3 Pages

    Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long-term bonds Preferred stock Common stock (par plus PIC) Retained earnings Common equity Total liabilities and equity…

    • 608 Words
    • 3 Pages
    Powerful Essays
  • Powerful Essays

    The globalization of markets over the past 50 years has led to the demand for increasingly comparable financial statements across countries. In response to this demand, the International Accounting Standards Board (IASB) was formed with the purpose of developing a set of high quality global accounting standards. Although a majority of developed markets have adopted the international standards, the United States has not. One reason for the delay in adoption is that many of the standards are very similar. However, there are also several key differences between the two. Presently, the United States Financial Accounting Standards Board (FASB) and the IASB have committed to work together to develop future standards jointly (FASB, 2011). Nonetheless, the key differences will have to be resolved and many believe the FASB will ultimately adopt international standards completely. This report seeks to discuss the US situation on the adoption of IFRS (International Financial Reporting Standards, as prescribed by IASB) and the possible effect of adoption on non-public businesses and the public?…

    • 1356 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Acc/100 Week 2

    • 3549 Words
    • 15 Pages

    Advertisement expenseWages and salaries expenseMotor vehicle expensePrepaid insuranceSundry operating expensesDiscount allowedDelivery chargesAccounts receivableCash at bankDrawingsMotor vehicles, at costLandBuildingInterest expenseAccomodation expenseOffice EquipmentElectricity and Telephone expensesPremises rental revenueDiscount receivedAccounts payableConsultationD2 ACC 100…

    • 3549 Words
    • 15 Pages
    Satisfactory Essays
  • Good Essays

    Companies prepare four primary financial statements. What are those financial statements and what information is typically conveyed in each?…

    • 761 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    10. Street, D. L., Linthicum, C. L., 2007. IFRS in the U.S.: It may come sooner than you think: A commentary. Journal of International Accounting Research 6, xi-xvii.…

    • 2057 Words
    • 9 Pages
    Powerful Essays
  • Powerful Essays

    Financial Statements Balance Sheet Income Statement Cash Flow Statement Stockholders’ Equity Financial Ratios Accounting Principles Bookkeeping, Debits and Credits Accounting Equation Adjusting Entries Bank Reconciliation Petty Cash Accounts Receivable and Bad Debts Expense Inventory and Cost of Goods Sold Depreciation Accounts Payable Cost Behavior and Break-even Point Payroll Accounting Standard Costing Accounting Pronouncements Organizations…

    • 5433 Words
    • 22 Pages
    Powerful Essays
  • Good Essays

    Financial statements play a significant role in each and every type of business. The financial statements provide a wealth of information to auditors, creditors, investors, suppliers and other important venues that need access to this type of information. This paper will discuss four different types of financial statements and how they are utilized by vendors, creditors and others. The four financial statements that will be reviewed are the income statement, balance sheet, cash flow statements and statement of retained earnings.…

    • 688 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Case Study

    • 2650 Words
    • 11 Pages

    | Current Liabilities: Accounts Payable Accrued Expenses Customer Deposits Current Maturities of Long-term DebtLong-term Liabilities: Bank Loan Deferred Tax LiabilityOwner 's (or Shareholder 's) Equity…

    • 2650 Words
    • 11 Pages
    Good Essays
  • Good Essays

    Bessrawl Memo

    • 929 Words
    • 4 Pages

    Another benefit of implementing the use of IFRS is that it will reduce the financial reporting costs in the long run. IFRS is already used in many countries around the world. The U.S.-based multinational companies need to prepare their consolidated financial statements in U.S. GAAP, where most of the foreign financial statements are prepared in accordance with IFRS or local GAAP. The process of consolidation of financial statements could be costly and time consuming. By switching to…

    • 929 Words
    • 4 Pages
    Good Essays
  • Good Essays

    On February 24, the SEC unanimously agreed to publish a statement of continued support for a single set of high-quality global accounting standards. The SEC acknowledged that IFRS is best positioned to be the global standard. Even without a set conversion timeline from the SEC, IFRS has been affecting U.S. companies for some time through business dealings with non-U.S. customers and vendors, along with the use of IFRS for statutory purposes by some non-U.S. subsidiaries (Baker, 2008). Now, U.S. companies will experience an unprecedented change in accounting standards as key aspects of U.S. GAAP and IFRS converge.…

    • 1795 Words
    • 8 Pages
    Good Essays
  • Satisfactory Essays

    After Tax Operating Income + Depreciation – Capital Expenditures – Change in Working Capital + Proceeds from Asset Sale…

    • 875 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Finance/Accounting = Leverage, cost of capital, working capital, receivables, payables, financial control, lines of credit…

    • 260 Words
    • 2 Pages
    Satisfactory Essays