Download IFRS, Fair Value and Corporate Governance: The Impact on by Dimitris N. Chorafas PDF

By Dimitris N. Chorafas

Written for managers and pros in company and undefined, this publication is helping the reader in:

* knowing what's and isn't IFRS
* studying the complexities of IFRS implementation
* Appreciating the contribution of IFRS to company governance

The changeover from the mosaic of alternative heterogeneous nationwide accounting criteria to the foreign monetary Reporting criteria has no longer been effortless. for lots of businesses IFRS, and such a lot rather the concept that of reasonable price in IAS 39, has amounted to a part shift - that's prerequisite to reaching compliant monetary reporting.

The study performed by means of Dr. Chorafas for this ebook, documented that the method of assembly IFRS standards offers possibilities and demanding situations to all companies. As many businesses have discovered, leaving behind the classical accruals accounting for marking-to-market their transactions and portfolio positions, has no longer been effortless. The conversion procedure has affected numerous features in the association together with stability sheets, P&L statements, auditing, threat keep watch over, details platforms, and administration accounting.

This booklet is in made from 4 elements:

* half One makes a speciality of company pageant, criteria forums, company accounting, and IAS 39

* The subject matter of half , is the implementation of IFRS, exemplified via case reports on activity forces and sensible functions

* half 3 brings jointly IFRS and administration accounting necessities, with emphasis on reasonable price.

* half 4 addresses itself to the contribution IFRS could make to higher company governance, and to rebuilding the stability sheet

The e-book has many case experiences in line with real reports. those diversity from the implementation of IFRS directives corresponding to hedge accounting, to constructing practices of real-time stability sheets; the assistance supplied through refined accounting strategies assist in rigidity trying out; and a accomplished definition of the function of the audit committee.

* a transparent and useful view of the complexities of IFRS implementation
* comprises functional case reviews from real-life businesses dealing with the process
* can pay specific realization to IAS 39 on reasonable worth

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Additional info for IFRS, Fair Value and Corporate Governance: The Impact on Budgets, Balance Sheets and Management Accounts

Sample text

In contrast to the accounting norms based on commercial law, financial statements drawn up according to IFRS are geared mainly towards providing information considered relevant for investors. As such, like US GAAP, they are designed to give a true and fair view of the entity’s: ● ● ● ● Assets Liabilities Profitability, and Overall financial situation. While this is indeed serving investor interests and provides for creditor protection, those accountants of Bank Alpha who were not exposed to US GAAP found it to be an alien culture to them.

For comparative purposes, Bank Alpha’s financial figures have been restated for the past two years, to conform to the presentation to be used in the near future. This made evident changes in method of presentation, including the reclassification of: ● ● Money market paper issued as debt, and Money market paper held as trading portfolio assets. A particularly important test was that of a merger which intervened in the preceding years, recorded under the pooling of interests method of accounting.

1 Delivery vs payment means that we do the operation simultaneously on four books which are databased In the journal, the operations described in the memorial are entered in separate credit and debit accounts with indication of foreign currency operations. The cities Paciolo had visited in his research on accounting had different currencies in which they traded with one another. In the old master’s tradition, which continued till the end of the 17th century, neither balances nor reports were made in the journal.

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