A Guide to Preparing Accounts

CONTENTS11
FOREWORD12
CHAPTER1INTRODUCTION14
1.1Purpose14
1.2Howtousethebook14
1.3Contentsofthisedition15
1.4Referencesandabbreviationsused16
1.5ItemstonoteaboutInternationalAccountingStandards18
1.5.1Standardparagraphs18
1.5.2Useofthewordenterprise18
1.5.3Benchmarkandallowedalternativetreatments19
1.5.4Reformatting19
1.5.5Materiality20
1.5.6Furtheradvice20
1.6ListofIASsSICsanddraftSICsat31July200121
CHAPTER2THEINTERNATIONALACCOUNTINGSTANDARDSBOARD27
2.1Briefhistory27
2.1.1Restructuring27
2.2CurrentstatusofInternationalAccountingStandards29
2.2.1Companies30
2.2.2Governments31
2.2.3EuropeanUnion31
2.2.4Accountancybodies34
2.2.5StockExchangesandsecuritiesregulators36
2.3Organisation39
2.3.1Trustees39
2.3.2IASB39
2.3.3StandingInterpretationsCommittee42
2.3.4StandardsAdvisoryCouncil45
2.3.5IASBstaff46
2.4Dueprocess46
2.5IASBAgenda48
2.5.1AccountingforInsuranceContracts50
2.5.2Businesscombinations51
2.5.3Performancereporting53
2.5.4Accountingforshare-basedpayments54
2.5.5Guidanceonfirst-timeapplicationofInternationalFinancialReportingStandards55
2.5.6Activitiesoffinancialinstitutions:disclosureandpresentation57
2.5.7PrefacetoInternationalFinancialReportingStandards58
2.5.8ImprovementstoexistingInternationalAccountingStandards59
2.5.9AmendmentstoIAS39FinancialInstruments:RecognitionandMeasurement60
2.6CommunicationwiththeIASB60
CHAPTER3THEFRAMEWORK61
3.1Sources61
3.2EvolutionoftheFramework62
3.3Purpose63
3.4Status63
3.5Scope64
3.5.1ComparisonwithUKGAAP65
3.5.2ComparisonwithUSGAAP66
3.6Usersoffinancialstatements66
3.7Topicscovered67
3.8Objectiveoffinancialstatements67
3.8.1ComparisonwithUKGAAP67
3.8.2ComparisonwithUSGAAP68
3.9Underlyingassumptions68
3.9.1ComparisonwithUKGAAPandUSGAAP69
3.10Qualitativecharacteristicsoffinancialstatements69
3.10.1ComparisonwithUKGAAP70
3.10.2ComparisonwithUSGAAP70
3.11Elementsoffinancialstatements71
3.11.1ComparisonwithUKGAAP72
3.11.2ComparisonwithUSGAAP72
3.12Recognitionoftheelementsoffinancialstatements73
3.12.1ComparisonwithUKGAAP74
3.12.2ComparisonwithUSGAAP74
3.13Measurementoftheelementsoffinancialstatements75
3.13.1ComparisonwithUKGAAPandUSGAAP75
3.14Conceptsofcapitalandcapitalmaintenance76
CHAPTER4GENERALREQUIREMENTSFORFINANCIALSTATEMENTS77
4.1Source77
4.2Briefsummaryofrequirements77
4.3Developmentofrequirements78
4.4Scope80
4.5Responsibilityforfinancialstatements81
4.6Componentsoffinancialstatements82
4.7Overallconsiderations82
4.7.1FairpresentationandcompliancewithInternationalAccountingStandards83
4.7.2Accountingpolicies86
4.7.3Goingconcern88
4.7.4Accrualsbasisofaccounting90
4.7.5Materialityandaggregation90
4.7.6Offsetting92
4.7.7Comparativeinformationandconsistencyofpresentation94
4.7.8Consistencyofapplicationofaccountingpolicies96
4.7.9First-timeapplicationofIASs97
4.7.10Reportingcurrency100
4.8Structureandcontent102
4.8.1Identificationoffinancialstatements102
4.8.2Reportingperiod103
4.8.3Timeliness104
5.1SOURCES106
5.2BRIEFSUMMARYOFTHEREQUIREMENTS107
5.3DEVELOPMENTOFTHEREQUIREMENTS107
5.4ITEMSREQUIREDTOBEPRESENTEDONTHEFACEOFTHEINCOMESTATEMENT109
5.5REVENUEANDTHERESULTSOFOPERATINGACTIVITIES111
5.5.1ProformaIASincomestatementsandUKprofitandlossaccount113
5.5.2Natureofexpendituremethod124
5.5.3Functionofexpendituremethod(costofsalesmethod)124
5.6FINANCECOSTS127
5.6.1Examplesfrompublishedfinancialstatements128
5.6.2ComparisonwithUKGAAP131
5.6.3ComparisonwithUSGAAP131
5.7SHAREOFPROFITSOFASSOCIATESANDJOINTVENTURESACCOUNTEDFORBYTHEEQUITYMETHOD132
5.8TAXEXPENSE132
5.9MINORITYINTEREST133
5.10PROFITORLOSSFROMORDINARYACTIVITIES133
5.10.1ComparisonwithUKGAAP135
5.10.2ComparisonwithUSGAAP136
5.10.3Examplesofdisclosureofitemswhichareofsuchsizenatureorincidencethattheirdisclosureisrelevanttoexplaintheperformanceoftheenterprisefortheperiod.137
5.11EXTRAORDINARYITEMS145
5.11.1ComparisonwithUKGAAP146
5.11.2ComparisonwithUSGAAP146
5.12NETPROFITORLOSSFORTHEPERIOD147
5.13EARNINGSPERSHAREANDOTHERPERSHAREAMOUNTS149
5.14DISCONTINUINGOPERATIONS149
5.14.1Definition150
5.14.2Recognitionandmeasurement154
5.14.3Disclosure157
5.14.4Presentation160
5.14.5ComparisonwithUKGAAP162
5.14.6ComparisonwithUSGAAP165
5.14.7Examplesfrompublishedfinancialstatements167
5.15CHANGESINACCOUNTINGESTIMATES174
5.15.1ComparisonwithUKGAAPandUSGAAP177
5.16FUNDAMENTALERRORS178
5.16.1Benchmarktreatment179
5.16.2Allowedalternativetreatment183
5.16.3ComparisonwithUKGAAPandUSGAAP187
5.17CHANGESINACCOUNTINGPOLICIES187
5.17.1Benchmarktreatment189
5.17.2Allowedalternativetreatment194
5.17.3ComparisonwithUKGAAP199
5.17.4ComparisonwithUSGAAP199
5.17.5Examplesfrompublishedfinancialstatements199
5.18DIVIDENDSPERSHARE205
5.18.1ComparisonwithUKandUSGAAP206
CHAPTER6INCOMESTATEMENT-REVENUERECOGNITION206
6.1Sources206
6.2Briefsummaryoftherequirements206
6.3Developmentoftherequirements207
6.4Scope207
6.5Definitionofrevenue208
6.5.1ComparisonwithUKGAAP208
6.5.2ComparisonwithUSGAAP208
6.6Measurementofrevenue209
6.6.1Calculationofthefairvalueoftheconsiderationreceivedorreceivable209
6.6.2ComparisonwithUKGAAP215
6.6.3ComparisonwithUSGAAP215
6.6.4Exchanges216
6.7Identificationofthetransaction217
6.8Recognitioncriteria218
6.8.1ComparisonwithUKGAAP218
6.8.2ComparisonwithUSGAAP220
6.9Saleofgoods220
6.9.1Risksandrewardsofownership221
6.9.2Continuingmanagerialinvolvementandeffectivecontrol225
6.9.3Reliablemeasurementofrevenue226
6.9.4Probabilityofreceiptofeconomicbenefits227
6.9.5Measurementofcostsincurredrelatedtothetransaction227
6.10Renderingofservices228
6.11Interestrevenue231
6.12Royaltyrevenue232
6.13Dividendrevenue233
6.14Disclosure235
6.15Examplesfrompublishedfinancialstatements235
CHAPTER7INCOMESTATEMENT:EARNINGSPERSHARE238
7.1Sources238
7.2Briefsummaryoftherequirements238
7.3Developmentoftherequirements239
7.4Scope239
7.5Calculationofbasicearningspershare240
7.5.1Basicearnings240
7.5.2Basicpershare241
7.5.3Changesinsharesissuedwithoutacorrespondingchangeinresources250
7.6Calculationofdilutedearningspershare256
7.6.1Dilutedearnings257
7.6.2Dilutedpershare259
7.6.3Determiningifpotentialordinarysharesaredilutive271
7.7Twoormoreclassesofordinaryshares278
7.8Disclosure280
7.9ComparisonwithUKGAAP284
7.10ComparisonwithUSGAAP285
7.11Examplesfrompublishedfinancialstatements287
CHAPTER8EQUITYSTATEMENT290
8.1Sources290
8.2Briefsummaryoftherequirements291
8.3Developmentoftherequirements292
8.4Disclosure294
8.5Examples296
8.6ComparisonwithUKGAAP301
8.7ComparisonwithUSGAAP301
8.8Examplesfrompublishedfinancialstatements302
CHAPTER9BALANCESHEETFORMAT307
9.1Sources307
9.2Briefsummaryoftherequirements308
9.3Developmentoftherequirements308
9.4Itemspresentedonthefaceofthebalancesheet309
9.5Itemsrequiredeitheronthefaceofthebalancesheetorinthenotes310
9.6Classifiedbalancesheets311
9.6.1Assets312
9.6.2Liabilities313
9.7Equitycapitalandreserves314
9.8ExampleIASUKandUSbalancesheets315
9.9ComparisontoUKGAAP326
9.10ComparisontoUSGAAP327
10.1SOURCES328
10.1SOURCES330
10.2BRIEFSUMMARYOFTHEREQUIREMENTS332
10.3PROPERTYPLANTANDEQUIPMENT333
10.3.1Sources333
10.3.2Briefsummaryoftherequirements334
10.3.3Developmentoftherequirements334
10.3.4Recognition335
10.3.5Initialmeasurement338
10.3.6Subsequentexpenditureonitemsofpropertyplantandequipment347
10.3.7Measurementsubsequenttoinitialrecognition-historicalcost356
10.3.8Measurementsubsequenttoinitialrecognition-revaluation357
10.3.9Depreciation368
10.3.10Retirementsanddisposals375
10.3.11Disclosure379
10.3.12Examplesfrompublishedfinancialstatements381
10.4BORROWINGCOSTS390
10.4.1Sources390
10.4.2Briefsummaryoftherequirements390
10.4.3Developmentoftherequirements390
10.4.4Borrowingcosts391
10.4.5Qualifyingassets392
10.4.6Recognition392
10.4.7Measurementofborrowingcostscapitalised393
10.4.8Capitalisationperiod398
10.4.9Impairment401
10.4.10Disclosure402
10.4.11ComparisonwithUKGAAP402
10.4.12ComparisonwithUSGAAP403
10.4.13Examplesfrompublishedfinancialstatements403
10.5GOODWILL406
10.5.1Source406
10.5.2Briefsummaryoftherequirements406
10.5.3Developmentoftherequirements407
10.5.4Recognitionandmeasurement409
10.5.5Subsequentadjustmentstogoodwill411
10.5.6Amortisation411
10.5.7Impairmentandreversalsofimpairment415
10.5.8Disclosure416
10.5.9Transitionalprovisions417
10.5.10ComparisonwithUKGAAP419
10.5.11ComparisonwithUSGAAP421
10.5.12Examplesfrompublishedfinancialstatements426
10.6NEGATIVEGOODWILL428
10.6.1Sources428
10.6.2Briefsummaryoftherequirements428
10.6.3Developmentoftherequirements429
10.6.4Negativegoodwillarisingonacquisition430
10.6.5Presentation433
10.6.6Disclosure435
10.6.7Transitionalprovisions436
10.6.8ComparisonwithUKGAAP437
10.6.9ComparisonwithUSGAAP439
10.6.10Examplefrompublishedfinancialstatements440
10.7INTANGIBLEASSETS441
10.7.1Source441
10.7.2Briefsummaryofrequirements442
10.7.3Developmentoftherequirements443
10.7.4Scope445
10.7.5Definitionofanintangibleasset446
10.7.6Recognition451
10.7.7Measurement452
10.7.8Internallygeneratedintangibleassets458
10.7.9Itemstoberecognisedasanexpense471
10.7.10Subsequentexpenditure473
10.7.11Measurementsubsequenttoinitialrecognition477
10.7.12Amortisation485
10.7.13Impairment491
10.7.14Retirementsanddisposals491
10.7.15Disclosure492
10.8INVESTMENTSANDINVESTMENTPROPERTY495
10.8.1Sources495
10.8.2Briefsummaryoftherequirements496
10.8.3Developmentoftherequirements496
10.8.4Scope498
10.8.5Definition499
10.8.6Recognition502
10.8.7Initialmeasurement502
10.8.8Subsequentexpenditure503
10.8.9Measurementsubsequenttoinitialrecognition504
10.8.10Transfers509
10.8.11Disposals512
10.8.12Disclosure513
10.8.13Transitionalprovisions516
10.8.14ComparisonwithUKGAAP517
10.8.15ComparisonwithUSGAAP517
10.9INVENTORIES518
10.9.1Sources518
10.9.2Briefsummaryoftherequirements518
10.9.3Developmentoftherequirements518
10.9.4Definition519
10.9.5Measurement520
10.9.6Componentsofcost520
10.9.7Costformulas532
10.9.8Subsequentmeasurement539
10.9.9Recognitionasacostofsales541
10.9.10Disclosure542
10.9.11ComparisonwithUKGAAP543
10.9.12ComparisonwithUSGAAP544
10.9.13Examplesfrompublishedfinancialstatements545
10.10TRADEANDOTHERRECEIVABLES549
10.10.1Sources549
10.10.2Recognition549
10.10.3Measurement550
10.10.4Disclosure551
10.10.5ComparisonwithUKGAAP552
10.10.6ComparisonwithUSGAAP552
10.10.7Examplesfrompublishedfinancialstatements553
10.11CASHANDCASHEQUIVALENTS554
10.11.1Sources554
10.11.2Definition554
10.11.3Measurement555
10.11.4Disclosure555
10.11.5ComparisonwithUKGAAP555
10.11.6ComparisonwithUSGAAP556
10.11.7Examplesfrompublishedfinancialstatements556
10.12IMPAIRMENTOFASSETS558
10.12.1Sources558
10.12.2Briefsummaryoftherequirements559
10.12.3Developmentoftherequirements560
10.12.4Scope560
10.12.5Definitions561
10.12.6Whenisanimpairmentreviewrequired?562
10.12.7Howareimpairmentreviewsperformed?566
10.12.8Netsellingprice567
10.12.9Valueinuse569
10.12.10Stage1:Identifycash-generatingunits('CGUs')569
10.12.11Stage2:Estimateexpectedfuturecashflows576
10.12.12Stage3:Determinetheappropriatediscountrate580
10.12.13Stage4Discountexpectedcashflowsandtotaltoarriveatvalueinuse593
10.12.14Recognitionandmeasurementofanimpairmentloss596
10.12.15Reversalsofimpairmentlosses600
10.12.16Disclosure609
10.12.17ComparisonwithUKGAAP611
10.12.18ComparisonwithUSGAAP612



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