Download International Accounting Standards: from UK standards to by Paul Rodgers PDF

By Paul Rodgers

This guide is aquick connection with foreign Accounting criteria and is designed for all those that have interaction with monetary info, and want an speeded up path to realizing the major rules of foreign accounting ideas. it truly is crucial interpreting for all individuals of the administration workforce. individuals of any finance and accounting crew will locate it a pragmatic precis of the entire colossal matters permitting correct inquiries to be raised with auditors and different pros drawn to the governance of the enterprise. Tables, diagrams and move charts are used commonly all through with the intention to make the data awarded person pleasant and speedy assimilated. the implications for the non-accounting capabilities of a enterprise are in actual fact highlighted, to provide additional insights into how foreign Accounting criteria impinge on abusiness. * presents an speeded up path to realizing the foremost rules of the recent foreign Accounting ideas and the foremost talents to ease the transition to IAS * exhibits the effect either on instruction and presentation of monetary info and the implications for research and interpretation. * Identifies the most important transformations among the 2 criteria and displays alterations anticipated sooner or later.

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Extra resources for International Accounting Standards: from UK standards to IAS, an accelerated route to understanding the key principles of international accounting rules

Sample text

4 � The sale or termination has a material effect on the focus and nature of the reporting entity’s operations. � The assets, liabilities, results of operations and activities are clearly distinguishable. Consider the following example. 1 International Accounting Standards Determining discontinued status � 50 ABC plc has historically been involved in the retail of consumer goods, provision of financial services and manufacture on behalf of third parties. The latter had been the primary business of the company when originally incorporated, but now represents only 12% of revenues.

2 was allowed only under restricted circumstances where it could be shown that it was too difficult, resulting in an adverse cost–benefit or leading to the use of hindsight. IFRS 1 identified a small number of mandatory and optional exemptions and these will be considered later in the text after we have seen the impact of the consequences of mainstream transition. � [IFRS 1 para 1] The Mechanics of Transition The IASB recognized that the transition from national GAAP to IFRS required specific guidance to be provided to businesses, and towards this end they issued a standard uniquely focussed on this sub­ ject.

Terminology It will also be apparent that certain terminology varies between the different systems. International GAAP Fixed assets = Non-current assets Tangible assets = Property, plant and equipment Stocks = Inventories Debtors = Receivables Creditors = Payables Creditors falling due within 1 year = Current liabilities Creditors falling due after 1 year = Non-current liabilities What is ‘current’? Under UK GAAP the term ‘current assets’ has always implied those items that will be realized in the next 12-month period.

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