WILEY IAS 2004: Interpretation and Application of International Accounting and Financial Reporting Standards (Wiley Ifrs: Interpretation & Application of International Financial Reporting Standards) [Paperback]

Barry J. Epstein (Author), Abbas A. Mirza (Author)

Book Description

ISBN-10: 0471473022 | ISBN-13: 978-0471473022 | Publication Date: April 8, 2004 | Edition: Revised

Interpretation and Application of International Accounting Standards 2004
A tool for understanding, implementing, and using the new standards
Uniform accounting practices reduce the costs of preparing financial statements and facilitate assessors of business results. This volume clearly explains the latest updates of International Accounting Standards (IAS) and their practical application. Chapters integrate relevant interpretations from the IASC's Standing Interpretations Committee, and include discussion of recent worldwide developments. Accounting and investment professionals operating globally will find this book to be a vital resource.
Barry J. Epstein, PhD, CPA (Chicago, IL), is a Partner at Gleeson, Sklar, Sawyers & Cumpata LLP. Abbas Ali Mirza, ACA, AICWA, CPA (Dubai, United Arab Emirates), is a Partner at Deloitte & Touche.

Editorial Reviews

From the Back Cover

Your one indispensable guide to IAS/IFRS compliance

International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as they will be referred to henceforth, are receiving more attention than ever, having now been endorsed by the International Organization of Securities Commissions (IOSCO) and the European Union (EU). The EU will require that listed companies throughout the European Union apply IAS, instead of previously employed national accounting standards, by 2005, for consolidated financial reporting purposes. This, along with the growing list of nations (such as Australia, Russia, and Tanzania) either formally adopting IAS or basing national standards on them, and the ever-expanding group of major international companies choosing to report using that basis of accounting, will likely provide the impetus necessary to catapult IAS into truly global use and acceptance. Furthermore, the recent U.S. SEC’s call for a fundamental shift in the philosophy underlying the U.S. accounting standard-setting process from the "rules-based" approach to the "principles-based" system (which has always been the hallmark of the International Accounting Standards) is generating a great deal of interest in these standards even in the U.S., thus paving the way for faster-than-expected global "convergence."

Wiley IAS 2004 is the compact yet truly comprehensive quick-reference guide that accountants can depend on to assist in the understanding and preparing of financial statements presented in accordance with IAS/IFRS. This new edition includes complete coverage of all the standards and interpretations issued or revised by the International Accounting Standards Committee (IASC), as well as the International Accounting Standards Board (IASB). In addition, excerpts taken from published financial statements of companies around the globe reporting under IAS illustrate practical applications of the standards and provide comprehensive examples of footnote disclosures. Furthermore, appendices to the book incorporating illustrative financial statements presented under IAS/IFRS, an IAS/IFRS checklist, and a table outlining comparisons of the salient provisions of IAS/IFRS to both U.S. GAAP and UK GAAP requirements enhance the practical utility of this book. EU companies required to switch to IFRS in 2005 will find practical "how-to" advice and implementation guidance on IFRS 1, First-Time Adoption of International Financial Reporting Standards. In addition, the book offers in-depth coverage of the latest changes made to extant standards by the IASB’s "Improvements Project," which will become effective in 2005.

This up-to-date 2004 edition covers important, complex requirements addressed by recent IAS/IFRS, including:

• IFRS 1, First-Time Adoption of international Financial Reporting Standards
• IAS 10, Events After the Balance Sheet Date
• IAS 32, Financial Instruments: Disclosure and Presentation
• IAS 33, Earnings Per Share
• IAS 34, Interim Financial Reporting
• IAS 35, Discontinuing Operations
• IAS 36, Impairment of Assets
• IAS 37, Provisions, Contingent Liabilities, and Contingent Assets
• IAS 38, Intangible Assets
• IAS 39, Financial Instruments: Recognition and Measurement
• IAS 39 Implementation Guidance: Questions and Answers
• IAS 40, Investment Property
• IAS 41, Agriculture

New for 2004: Analysis and interpretation of other expected changes (Exposure Drafts) to IFRS:

• ED 2, Share-Based payments
• ED 3, Business Combinations
• ED 4, Disposal of Non-Current Assets and Reporting of Discontinued Operations
• ED 5, Insurance Contracts

Plus: Other IAS, including the revised standards on Presentation of Financial Statements (IAS 1), Cash Flow Statements (IAS 7), Construction Contracts (IAS 11), Income Taxes (IAS 12), Segment Reporting (IAS 14), Property, Plant and Equipment (IAS 16), Leases (IAS 17), Revenue (IAS 18), Employee Benefits (IAS 19), Government Grants (IAS 20), Business Combinations (IAS 22), and the often contentious topic of Related-Party Disclosures (IAS 24), as well as coverage of specialized industry accounting rules–including Disclosures in Financial Statements of Banks (IAS 30). All currently effective Standing Interpretations Committee (SIC)/ International Financial Reporting Interpretations Committee (IFRIC) interpretations are fully discussed and integrated into the coverage of the related IAS.

In addition: A comprehensive, updated IAS/IFRS disclosure checklist.

About the Author

BARRY J. EPSTEIN, PhD, CPA, is a Partner at Russell Novak & Company, LLP, Chicago, Illinois.
ABBAS ALI MIRZA, ACA, AICWA, CPA, is a Partner at Deloitte, Dubai, United Arab Emirates (UAE).
Technically reviewed by LIESEL KNORR, Secretary General of the German Accounting Standards Board and former technical director of the International Accounting Standards Committee.

Product Details

• Paperback: 1094 pages
• Publisher: Wiley; Revised edition (April 8, 2004)
• Language: English
• ISBN-10: 0471473022
• ISBN-13: 978-0471473022
• Product Dimensions: 9.2 x 7.5 x 1.9 inches
• Shipping Weight: 4 pounds
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #2,958,629 in Books (See Top 100 in Books)

More About the Author

Barry J. Epstein, PhD, CPA, is a partner with Chicago-based Russell Novak & Company, LLP, where he specializes in technical consultation on accounting and auditing matters and corporate governance, and maintains a national practice as a consulting and testifying expert for commercial and other litigation matters, including accountants' malpractice, contractual dispute resolution, damages modeling, and white-collar criminal defense. He has previously served in senior technical and litigation consulting positions with several regional and national CPA firms, and as a corporate finance executive and college professor. Dr. Epstein has authored or coauthored six books (including Wiley IFRS Interpretation and Application), hundreds of professional education courses, several articles in business or professional journals, and a weekly business column for an international newspaper. He has served on several state and national technical committees, including the AICPA's Board of Examiners, served as chair of the Illinois CPA Society's senior accounting technical committee, and held teaching positions at several universities. Dr. Epstein received his doctorate from the University of Pittsburgh, and also holds degrees from DePaul University and the University of Chicago,. he is a member of the Illinois CPA Society, the AICPA, and the American Accounting Association.

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

5.0 out of 5 stars American approach to IAS..., February 14, 2003

By 

Vladimir Tikhomirov "Upsss" (London, UK) - See all my reviews
(REAL NAME)   

This review is from: WILEY IAS 2003: Interpretation and Application of International Accounting Standards (Paperback)

This book gives the full coverage of current IASs (at the end of 2002) and extensively discusses ongoing IASB projects which are expected to come in force in 2003.

The book gives somewhat different from the European/UK approach to IASs... for example, benchmark treatment is assumed by authors as "preferred". The other major source of IAS guidance - Butterworths Tolley's UK and International GAAP - specifically states that "although the terms 'benchmark' and 'allowed alternative' were retained, the IASC Board has made it clear that both treatments enjoy equal status. The fact that one approach is labelled 'benchmark' does not mean that it is the Board's preferred approach.".

All in all Wiley IAS 2003 is a must buy for all dealing with IASs. Due to lack of current US textbook in international accounting this book becomes more that a reference for a professional. It may also be useful source for accounting students and teachers wishing to better understand differences between US GAAP/IAS differences in treatments and approaches.

2 of 2 people found the following review helpful:

4.0 out of 5 stars Useful introduction, but not for accounting professionals, January 21, 2005

By 

Pieter (London, UK) - See all my reviews

This review is from: WILEY IAS 2004: Interpretation and Application of International Accounting and Financial Reporting Standards (Wiley Ifrs: Interpretation & Application of International Financial Reporting Standards) (Paperback)

As an IFRS auditor I use several IFRS publications (mainly from Big 4 audit firms). After browsing Wiley IAS 2004 at my local bookstore, I decided not to buy it because it is just not detailed enough in areas such as financial instruments, first-time adoption of IFRS and employee benefits. I prefer using more detailed, and more authoritative, IFRS publications such as International GAAP 2005 (available on amazon.co.uk).