Wiley IFRS 2008: Interpretation and Application of International Accounting and Financial Reporting Standards 2008 (Wiley Ifrs: Interpretation & ... International Financial Reporting Standards) [Paperback]

Barry J. Epstein (Author), Eva K. Jermakowicz (Author)

Book Description

Publication Date: March 28, 2008 | ISBN-10: 0470135166 | ISBN-13: 978-0470135167 | Edition: 5

Wiley IFRS 2008 is your comprehensive source for guidance in applying IFRS to complex, real-world situations, and is equally valuable for preparers, auditors, and users of financial reports. To facilitate the reader's understanding, examples created to explain particular IFRS requirements and selections from actual published financial statements are copiously provided throughout the book, illustrating all key concepts.

Editorial Reviews

From the Back Cover

Your one indispensable guide to IFRS compliance

International Financial Reporting Standards (IFRS), originally known as International Accounting Standards (IAS), have existed since the mid-1970s but have received significant attention from standard-setters, preparers, and users of financial statements in recent years. The IASB's restructuring in 2001 introduced due process procedures that conveyed added credibility upon the standards it promulgated, while other events, such as the epidemic of financial reporting frauds in the late 1990s and early 2000s, helped foster the perception that the diversity of national financial reporting standards needed to be addressed and resolved to ease the burden of investors and facilitate the international flow of capital. Seminal events included the qualified acceptance of IFRS by the International Organization of Securities Commissions (IOSCO); the mandate for all European Union–chartered publicly held companies to report consolidated financial statements under IFRS beginning in 2005; and the US Securities and Exchange Commission (SEC) decision to excuse foreign private issuers using IFRS from the requirement to reconcile financial statements to US GAAP basis, and possible granting of permission to domestic filers to drop US GAAP in favor of IFRS. As other major nations either formally adopt IFRS (e.g., China) or heavily incorporate them into nominally national GAAP (e.g., Australia), and as several major private sector standard-setters (in the US and UK, most notably) have committed to "converge" to IFRS, the importance of IFRS to the future of financial reporting is assured.

Wiley IFRS 2008 is the comprehensive source for guidance in applying IFRS to complex, real-world situations, and is equally valuable for preparers, auditors, and users of financial reports. To facilitate the reader's understanding, examples created to explain particular IFRS requirements and selections from actual published financial statements are copiously provided throughout the book, illustrating all key concepts. Also included in this edition are a revised, comprehensive disclosure checklist; an updated, detailed comparison between US GAAP and IFRS, keyed to chapter topics; and discussions of major ongoing IASB projects that may have significant impact on readers' responsibilities over the coming year, including IASB's controversial attempt to define IFRS for smaller companies.

The revised 2008 edition addresses important and complex requirements such as those pertaining to the accounting for:

• Financial instruments

• Loss contingencies

• Business combinations

• Employee benefits

• Foreign currency–based transactions

The 2008 edition continues detailed coverage of all previously issued IAS and IFRS standards and SIC and IFRIC interpretations, including the complex but important financial instruments guidance of IAS 32, IAS 39, and IFRS 7. New examples have been added to every chapter. Other complex areas of financial reporting receiving expansive coverage include:

• Leases

• Revenue recognition

• Employee benefits

• Revised requirements for form and content of financial statements

• Impairment of assets

• Agriculture

• Insurance

• Extraction of minerals

About the Author

Barry J. Epstein, PhD, CPA, a partner in the firm Russell Novak & Company, has almost forty years’ experience in the public accounting profession, as auditor, technical director/partner for several national and local firms, and as a consulting and testifying accounting and auditing expert on over seventy litigation matters to date. His current practice is concentrated on providing technical consultations to CPA firms and corporations on US GAAP and IFRS accounting and financial reporting matters; on US and international auditing standards; matters involving financial analysis; forensic accounting investigations; and on corporate governance matters. He regularly serves as an expert on litigation matters, including assignments for both the private sector and governmental agencies.
Dr. Epstein is a widely published authority on accounting and auditing. His current publications include Wiley GAAP, now in its 2nd edition, for which he is the lead coauthor. He has also appeared on over a dozen national radio and television programs discussing the crisis in corporate financial reporting and corporate governance, and has presented over a hundred educational programs to professional and corporate groups in the US and internationally. He previously chaired the Audit Committee of the AICPA’s Board of Examiners, responsible for the Uniform CPA Examination, and has served on other professional panels at state and national levels.
Dr Epstein holds degrees from DePaul University (Chicago—BSC, accounting and finance, 1967) University of Chicago (MBA, economics and industrial relations, 1969), and University of Pittsburgh (PhD, information systems and finance, 1979).
Dr. Epstein wishes to acknowledge the contributions of coauthor Abbas Ali Mirza, particularly in the original conception of this book in 1996.

Abbas Ali Mirza, CPA, ACA, AICWA, has brought his expertise in auditing, finance, and taxation to a variety of positions with major international firms in the US, India, and the Middle East. He is currently a partner with Deloitte & Touche, based in the United Arab Emirates, where he is responsible for audit clients and is a member of the firm’s regional Assurance and Advisory Committee, responsible for technical and learning support throughout the region. He is a frequent speaker and workshop leader at global conferences on international financial reporting, has coauthored regular newspaper columns and written features for the media in the Middle East and India, and has been widely quoted as a commentator on business issues.
Mr. Mirza is also a member of the Accounting Standards Committee of the Securities & Exchange Board of India, and is involved in professional and regulatory affairs in India and Dubai, UAE. He has spoken at several United Nations conferences on financial reporting and corporate governance matters, and is associated with a number of other professional initiatives germane to worldwide adoption of IFRS. --This text refers to an out of print or unavailable edition of this title.

Product Details

• Paperback: 1166 pages
• Publisher: Wiley; 5 edition (March 28, 2008)
• Language: English
• ISBN-10: 0470135166
• ISBN-13: 978-0470135167
• Product Dimensions: 9.1 x 7.5 x 1.9 inches
• Shipping Weight: 3.8 pounds
• Average Customer Review: 4.0 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #1,230,611 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

5.0 out of 5 stars Great practical guide for IFRS, June 30, 2008

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Philip Hancock - See all my reviews
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This review is from: Wiley IFRS 2008: Interpretation and Application of International Accounting and Financial Reporting Standards 2008 (Wiley Ifrs: Interpretation & ... International Financial Reporting Standards) (Paperback)

Purchased this for work to help me learn rules of IFRS. Good guide and manual, use it as a reference as well as a learning tool.

5.0 out of 5 stars Excellent Reference Tool, January 3, 2007

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J. Cristina Teresa Norman (Chicago, IL USA) - See all my reviews

This review is from: WILEY IFRS 2006: Interpretation and Application of International Financial Reporting Standards 2006 (Paperback)

I buy this book for my office every year. It is an excellent source of information and we refer to it often.

4 of 12 people found the following review helpful:

5.0 out of 5 stars Fast, hassle free, May 12, 2007

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Kivanc Tevfik Gezgin "KivancGezgin" (Poland) - See all my reviews
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This review is from: Wiley IFRS 2007: Interpretation and Application of International Financial Reporting Standards (Paperback)

The book has arrived on time, in good condition and hassle-free. IFRS 2007 is a nice tool for International Financial Reporting Standards. I recommend this book to anyone who is interested.

Thanks.