Investor routinely scour the business landscape looking for investment opportunities. At the same time they seek new and profitable opportunities, as such, the economies in which they directly invest will benefit from greater access to fundings that can be used for development and growth, and from a lower and competitive cost of capital. Because of the benefits to cross-border investors and such economies, the increasing globalisation of securities markets and capital is likely to be a defining hallmark of the twenty-first century. Although globalisation has been gradually increasing, for many years the most critical challenge has been the development of a common financial reporting standard, a real universal language applicable and understandable worldwide, as such, the importance of a single, high-quality set of accounting standards cannot be over-stated. The effective operation of capital markets and related economic benefits depend largely on the investors' features who participate in these markets. They are investors who interpret financial information, who evaluate the potential risks and rewards of investments, and who finally make investment decisions. International convergence in reporting standards under the leadership of the International Accounting Standard Boards (IASB) has now progressed to the point where more than 100 countries currently adopted International Financial Reporting Standards (IFRS). The rush toward worldwide convergence continues to produce a steady stream of accounting standards' revisions by the IASB. For students, accountants, financial analysts, and other specialists, there is already a burgeoning technical literature explaining in detail the background and intended application of these revisions. This volume provides a managerial overview of the underlying and related materials. Each chapter briefly summarises and explain a IAS/IFRS, the issues the standard addresses, the underlying key concepts, the appropriate accounting entries, and the associated requirements for presentation and disclosure.
FINANCIAL ACCOUNTING IAS/IFRS
BIANCONE, Paolo
2010-01-01
Abstract
Investor routinely scour the business landscape looking for investment opportunities. At the same time they seek new and profitable opportunities, as such, the economies in which they directly invest will benefit from greater access to fundings that can be used for development and growth, and from a lower and competitive cost of capital. Because of the benefits to cross-border investors and such economies, the increasing globalisation of securities markets and capital is likely to be a defining hallmark of the twenty-first century. Although globalisation has been gradually increasing, for many years the most critical challenge has been the development of a common financial reporting standard, a real universal language applicable and understandable worldwide, as such, the importance of a single, high-quality set of accounting standards cannot be over-stated. The effective operation of capital markets and related economic benefits depend largely on the investors' features who participate in these markets. They are investors who interpret financial information, who evaluate the potential risks and rewards of investments, and who finally make investment decisions. International convergence in reporting standards under the leadership of the International Accounting Standard Boards (IASB) has now progressed to the point where more than 100 countries currently adopted International Financial Reporting Standards (IFRS). The rush toward worldwide convergence continues to produce a steady stream of accounting standards' revisions by the IASB. For students, accountants, financial analysts, and other specialists, there is already a burgeoning technical literature explaining in detail the background and intended application of these revisions. This volume provides a managerial overview of the underlying and related materials. Each chapter briefly summarises and explain a IAS/IFRS, the issues the standard addresses, the underlying key concepts, the appropriate accounting entries, and the associated requirements for presentation and disclosure.
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