Customer Reviews

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

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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.

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).