Understanding International Financial Reporting Standards A Guide for Students And Practitioners

The International Financial Reporting Standards (IFRS/IAS) set by the International Accounting Standards Board (IASB) provide a reliable and transparent framework for financial reporting to support economic decisions by investors, lenders and other users of general purpose financial statements. By virtue of a new EU regulation, all EU/EEA listed companies will be required to prepare and publish IFRS/IAS consolidated financial statements from 2005, which will have a major impact on companies and accounting firms. In addition, governments, standard setting bodies and other regulators in many other markets - both developed and emerging - are increasingly requiring the use of IFRS/IAS either by listed companies or by all companies.Understanding International Financial Reporting Standardswill be the first book to make IFRS/IAS accessible to students. It will cover the principles and application of the major standards through theme based chapters dealing with, for example, 'Presentation of Financial Statements', 'Consolidated Financial Statements', Asset Recognition and Measurement' and 'Income and Expense Recognition'.Features: summaries (including flowcharts) of the key points of each IFRS/IAS and brief explanations of how IAS principles differ from national principles worked examples showing the application of the principles in each IFRS/IAS extracts from the published financial statements from companies that use IFRS/IAS discussion and examination questionsUnderstanding International Financial Reporting Standards is suitable for both undergraduate and postgraduate students on accounting and business degrees, studying accounting standards and international accounting, as well as for use on courses in financial reporting based on IFRS/IAS . It will also be of interest to those studying for professional examinations based on IFRS/IAS and accountancy and business practitioners who need a general understanding of IFRS/IAS .David Cairns is a senior visiting fellow at the London School of Economics and Political Science, and was the secretary-general of the IASC from 1985 to 1994 having specialised in international financial reporting for over 20 years. He currently acts as a consultant providing advice and training throughout the world on the application of IFRS/IAS . He has written extensively on the use and application of IFRS/IAS.Cairns, David is the author of 'Understanding International Financial Reporting Standards A Guide for Students And Practitioners', published 2007 under ISBN 9780273679004 and ISBN 0273679007.