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IFRS INTRODUCTION
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2013
[Type text]
IFRS WORKBOOKS
(1 million downloaded)
Welcome to the EU Tacis IFRS Workbooks sixth (2013) edition!
This is the tenth anniversary of the first edition in 2003. The
changes from the 2012 edition are minimal, with no new
standard issued in the past year. Major changes are anticipated
to IFRS 9, IFRS 4, IAS 17 and IAS 18. Exposure drafts
(proposals) have been issued, but have not yet been
incorporated into the standards. To the books, we have added
an article: IFRS- grabbing the tiger by the tail which has been
published by bankir.ru in Russian. This article covers IFRS
teaching issues for each standard and a number of opinions
and discussion points.
The set of books provides a book for every standard, plus three
books on consolidation. Financial instrument bookkeeping is
covered in IAS 32/39 (book 3) and in IFRS 9. IFRS 7 is
complemented by FINREP, which illustrates practical use and
presentation formats. An introduction to IFRS and
transformation models from Russian accounting to IFRS
complete the set.
Each workbook is a combination of Information, Examples,
Self-Test Questions and Answers.
Thanks are due to those who made these publications possible
and to you, our readers, for your continued support. I would like
to express my gratitude to: Igor Sykharev and Tatiana
Trifonova of the Ministry of Finance who provided a link from
the Ministrys site. Gulnara Makhmutova and Adel Valeev
provided the updated Russian texts and editing. Marina Korf
and Yulia Ykhanova of bankir.ru provided help, advice and
space on its website. Sergey Dorozhkov and Elina Buzina of
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CONTENTS
An Introduction to IFRS.................................................................3
1.1 Scope.....................................................................................3
Grouping of IFRS..........................................................................4
1.2 Introductory Standards...........................................................4
1.3 Foundation Standards............................................................4
1.4 Property, Plant and Equipment Standards.............................5
1.5 Special Case 1 Standards......................................................5
1.6 Remuneration Standards.......................................................5
1.7 Listed Company Standards....................................................5
1.8 Special Case 2 Standards......................................................5
1.9 Disclosure Standards.............................................................5
1.10
Banking Standards.............................................................5
1.11
1.12
Consolidation Standards....................................................5
Remuneration Group............................................................11
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Disclosure Group..................................................................14
Banks Group.........................................................................14
10 Consolidation Standards......................................................16
11 Additional Publications.........................................................17
11.1
Transformation..................................................................17
The themes chosen recognise that some standards, such as
Impairment interact with a range of other standards.
An Introduction to IFRS
1.1
Scope
-disclosure
-timing of profit
All standards identify the disclosure of information required
according to those aims. IAS 24 Related Parties, IAS 32
Financial Instruments and IFRS 8 Operating Segments are only
about disclosure.
Most other standards prescribe the timing of recognition of
revenue, costs or both, and therefore the timing of the
recognition of profit. They may prescribe that revenue, costs or
both (and therefore, profit) are recognised in a single specific
period, or are spread over more than one period.
Note: IFRS 9-13 have an effective date of 2013. The standards
they replace are listed here and supported by our books as the
older standards can be used until 2013.
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Introductory Group
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calculation error;
incorrect application of accounting policies;
oversights or misinterpretations; and
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(iv)
fraud.
(ii)
Foundation Group
IAS 2: Inventories
Inventories are:
(i)
(i)
(ii)
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land, or
a building, or
part of a building, or
both land and building.
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future benefits of
the asset will flow to the
undertaking; and
the cost of the asset can be measured.
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4. Investment properties.
5. Intangible assets
(ii)
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(iii)
(iv)
termination benefits;
(v)
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(ii)
The focus of IAS 33 is on determining the number of shares
used in the EPS calculation, which may not be immediately
clear (for example where options exist).
6
(iii)
(iv)
IFRS 1 sets out the requirements for first time adopters of IFRS.
The standard allows companies to avoid some of the need for
reconstructing old records by providing exemptions from other
standards.
7
(ii)
if the company can no longer be considered a goingconcern during this period, the financial statements
should not be prepared on a going-concern basis.
Disclosure Group
party
relationships
and
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(iii)
(iv)
Banks Group
IFRS 7, IFRS 9,, IFRS 13, IAS 32 and IAS 39 must be applied
to financial instruments in any company reporting under IFRS.
Financial instruments are used extensively in banking but only
to a limited extent in enterprises.
IFRS 7: Disclosure in the Financial Statements of Banks
and Similar Financial Institutions
Instruments:
Recognition
and
Hedge Accounting.
(i)
(ii)
(iii)
biological assets;
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(ii)
(iii)
livestock,
forestry,
cropping,
cultivation, and
aquaculture (including fish farming).
(i)
(ii)
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Negative goodwill
Recognition
If there is an existing restructuring liability per IAS 37, it is
included in the goodwill calculation.
If fair values can be measured reliably, the acquirer must record
separately the acquirees contingent liabilities, at the acquisition
date, as part of allocating the cost of a business combination.
If the contingent liabilities cannot be measured, they are not
included in the allocation of cost.
Measurement
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Having written the first three editions, we continue to update them and
provide them to you free to download. Please tell your friends and
colleagues. Relating to the first three editions and updated texts, the
copyright of the material contained in each workbook belongs to the
European Union and according to its policy may be used free of charge for
any non-commercial purpose. The copyright and responsibility of later
books and the updates are ours. Our copyright policy is the same as that of
the European Union.
We wish to especially thank Elizabeth Appraxine (European Union) who
administered these TACIS projects, Richard J. Gregson (Partner,
PricewaterhouseCoopers) who led the projects and all friends at bankir.ru
for hosting the books.
TACIS project partners included Rosexpertiza (Russia), ACCA (UK),
Agriconsulting (Italy), FBK (Russia), and European Savings Bank Group
(Brussels).
The workbooks cover all standards of IFRS based accounting. They are
intended to be practical self-instruction aids that professional accountants
can use to upgrade their knowledge, understanding and skills.
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