International Financial Reporting Standards IFRSs are increasingly adopted worldwide, and it is critical to understand their place within the global business environment. Kurt Ramin and Cornelis Reiman, world authorities on IFRS, provide a guide to key components of IFRSs, and outline how each standard is important in a business context; they show what elements of IFRSs are crucial to local, national and international business decision making. The book covers such key issues as emerging technology in reporting under IFRS including the use of XBRL. It demonstrates the importance of disclosure checklists and offers illustrative financial statements arising from IFRSs. The book also looks at recent developments in IFRS in particular how the standards should be reflected in the narrative report, and what implications they have for sustainability reporting. As well as purely covering IFRS, the authors look at other standards and cover issues such as US GAAP convergence with IFRS, and the importance of International Valuation Standards.
Book Details:
- Author: Kurt Ramin
- ISBN: 9781118369739
- Year Published: 2013
- Pages: 752
- BISAC: BUS001050, BUSINESS & ECONOMICS/Accounting / Standards (GAAP, IFRS, etc.)
About the Book and Topic:
International Financial Reporting Standards IFRSs are increasingly adopted worldwide, and it is critical to understand their place within the global business environment. Kurt Ramin and Cornelis Reiman, world authorities on IFRS, provide a guide to key components of IFRSs, and outline how each standard is important in a business context; they show what elements of IFRSs are crucial to local, national and international business decision making. The book covers such key issues as emerging technology in reporting under IFRS including the use of XBRL. It demonstrates the importance of disclosure checklists and offers illustrative financial statements arising from IFRSs. The book also looks at recent developments in IFRS in particular how the standards should be reflected in the narrative report, and what implications they have for sustainability reporting. As well as purely covering IFRS, the authors look at other standards and cover issues such as US GAAP convergence with IFRS, and the importance of International Valuation Standards.
IFRS became mandatory in European Union in 2005, and many other countries followed or are going to follow the European example including Brazil, India, Canada, Mexico and Japan. IFRS are quite different from other sets of accounting standards. They are principals based, and not based on detailed rules. Under IFRS, users must understand the economic substance of operations, and they must be able to make assumptions, hypothesizes, and estimations leading them to an accounting treatment consistent with the general objective of financial statements under IFRS.
AUTHOR PLATFORM: from a highly respected and high-profile figure in the IFRS world, a former IASB Director and prolific conference speaker and chair TIMELY COVERAGE: covers hot topics in the field including sustainability reporting, integrated reporting and XBRL, and includes a section on implementation tools BUSINESS PERSPECTIVE: unlike other IFRS titles, this book highlights the business considerations to be taken into account when implementing IFRS
About the Author
Kurt Ramin (Dubai, UAE) is Director and Head of Standards at AccountAbility, and former Commercial Director, IASB, London. He serves as Consultant for the International Accounting Standards Committee Foundation and is Global Chairman (Emeritus) of the XBRL International Steering Committee. He is a member of the Financial Executives International (FEI) and Globalization Oversight Committee (GOC). A former Partner at PwC, New York, Kurt Ramin also is former Chairman at CIPAEN Inc. He has authored numerous articles on international financial reporting, XBRL and capital markets, and has chaired global business conferences and summits in over 70 countries. Cornelis Reiman is an academic with extensive international lecturing experience. He is a member of the advisory board of the Journal of Management, a Director on the Board of the Australian Institute of Management (SA) Graduate School of Business.