Cover -- Title Page -- Copyright -- Contents -- Preface -- About the Authors -- Chapter 1 Introduction to International Financial Reporting Standards -- Introduction -- Origins and Early History of the IASB -- The Current Structure -- Process of IFRS Standard Setting -- Convergence: The IASB and Financial Reporting in the US -- The IASB and Europe -- IFRS for SMEs -- Appendix A: Current International Financial Reporting Standards (IAS/IFRS) and Interpretations (SIC/IFRIC) -- Appendix B: Projects Completed the Previous Year -- Appendix C: IFRS for SMEs -- Chapter 2 Conceptual Framework -- Introduction -- Conceptual Framework for Financial Reporting 2010 -- Purpose and Status -- The Accounting Model -- The Objective of General-Purpose Financial Statements -- Qualitative Characteristics of Useful Financial Information -- The 1989 Framework: The Remaining Text -- Conceptual Framework Project -- Hierarchy of Standards -- IFRS Practice Statement Management Commentary -- Nature and Scope -- Principles -- Qualitative Characteristics -- Presentation -- Elements -- US GAAP Comparison -- Chapter 3 Presentation of Financial Statements -- Introduction -- Scope -- Definitions of Terms -- Financial Statements -- Objective -- Purpose of Financial Statements -- General Features -- Fair Presentation and Compliance with IFRS -- Structure and Content -- Complete Set of Financial Statements -- Future Developments -- Illustrative Financial Statements -- US GAAP Comparison -- Chapter 4 Statement of Financial Position -- Introduction -- Scope -- Definitions of Terms -- General Concepts, Structure and Content -- General Concepts -- Structure and Content -- Classification of Assets -- Classification of Liabilities -- Classification of Shareholders' Equity -- US GAAP Comparison -- Chapter 5 Statements of Profit or Loss and Other Comprehensive Income, and Changes in Equity.

Introduction -- Amendments Effective during 2011 -- Scope -- Definitions of Terms -- Elements of Financial Statements -- Other Terminology -- Concepts of Income -- Recognition and Measurement -- Statement of Profit or Loss and Other Comprehensive Income -- Presentation in the Profit or Loss Section -- Other Comprehensive Income -- Reclassification Adjustments: An Example -- Statement of Changes in Equity -- US GAAP Comparison -- Chapter 6 Statement of Cash Flows -- Introduction -- Scope -- Definitions of Terms -- Background -- Benefits of Statement of Cash Flows -- Exclusion of Noncash Transactions -- Components of Cash and Cash Equivalents -- Presentation -- Classifications in the Statement of Cash Flows -- Reporting Cash Flows from Operating Activities -- Other Requirements -- Disclosures and Examples -- Other Disclosures Required or Recommended by IAS 7 -- Consolidated Statement of Cash Flows -- US GAAP Comparison -- Chapter 7 Accounting Policies, Changes in Accounting Estimates, and Errors -- Introduction -- Scope -- Definitions of Terms -- Importance of Comparability and Consistency in Financial Reporting -- Accounting Policy -- Selecting Accounting Policies -- Changes in Accounting Policies -- Changes in Accounting Estimates -- Correction of Errors -- US GAAP Comparison -- Chapter 8 Inventory -- Introduction -- Definitions of Terms -- Recognition and Measurement -- Basic Concept of Inventory Costing -- Ownership of Goods -- Accounting for Inventories -- Valuation of Inventories -- Methods of Inventory Costing under IAS 2 -- Specific Identification -- First-In, First-Out (FIFO) -- Weighted-Average Cost -- Net Realizable Value -- Other Valuation Methods -- Other Cost Topics -- Disclosure Requirements -- Examples of Financial Statement Disclosures -- US GAAP Comparison -- Chapter 9 Property, Plant and Equipment -- Introduction.

Definitions of Terms -- Recognition and Measurement -- Property, Plant and Equipment -- Derecognition -- Noncurrent Assets Held for Sale -- Disclosures -- Nonmonetary (Exchange) Transactions -- Transfers of Assets from Customers -- Examples of Financial Statement Disclosures -- Future Developments -- US GAAP Comparison -- Chapter 10 Borrowing Costs -- Introduction -- Definitions of Terms -- Recognition and Measurement -- Capitalization of Borrowing Costs -- US GAAP Comparison -- Chapter 11 Intangible Assets -- Introduction -- Scope -- Definitions of Terms -- Recognition and Measurement -- Background -- Nature of Intangible Assets -- Recognition Criteria -- Measurement of the Cost of Intangibles -- Internally Generated Intangibles other than Goodwill -- Costs Not Satisfying the IAS 38 Recognition Criteria -- Subsequently Incurred Costs -- Measurement Subsequent to Initial Recognition -- Amortization Period -- Residual Value -- Impairment Losses -- Derecognition of Intangible Assets -- Website Development and Operating Costs -- Disclosures -- Examples of Financial Statement Disclosures -- Future Developments -- US GAAP Comparison -- Chapter 12 Investment Property -- Introduction -- Definitions of Terms -- Identification -- Recognition and Measurement -- Disclosures -- Examples of Financial Statement Disclosures -- US GAAP Comparison -- Chapter 13 Impairment and Noncurrent Assets Held for Sale -- Introduction -- Definitions of Terms -- Impairment -- Impairment of Property, Plant and Equipment -- Noncurrent Assets Held for Sale -- Discontinued Operations -- US GAAP Comparison -- Chapter 14 Consolidations, Joint Arrangements, Associates, and Separate Financial Statements -- Introduction -- Definitions of Terms -- Consolidated Financial Statements -- Scope -- Consolidation Procedures -- Investment Entities -- Joint Arrangements -- Scope.

Joint Arrangements -- Types of Joint Arrangements -- Accounting for Joint Operations -- Accounting for Joint Ventures -- Separate Financial Statements -- Associates -- Identification of an Associate -- Accounting for an Associate -- Equity Method of Accounting -- Scope and Application -- The Equity Method -- Accounting for Changes in Ownership Interest -- Impairment of the Value of Equity Method Investments -- Other Requirements of IAS 28 -- Separate Financial Statements -- Disclosure Requirements -- Transition Guidance -- Future Developments -- US GAAP Comparison -- Chapter 15 Business Combinations -- Introduction -- Background and Historical Perspective -- Definitions of Terms -- Business Combinations and Consolidations -- IFRS 3(R) and IAS 27(R) and International Accounting Convergence -- Effective Date and Transition Provisions -- Objectives -- Scope -- Business Combinations -- Determining Fair Values -- Transactions and Events Accounted for as Business Combinations -- Qualifying as a Business -- Techniques for Structuring Business Combinations -- Accounting for Business Combinations under the Acquisition Method -- Disclosure Requirements -- Goodwill and Gain from a Bargain Purchase -- Footnote Disclosure: Acquisitions -- US GAAP Comparison -- Chapter 16 Shareholders' Equity -- Introduction -- Definitions of Terms -- Recognition and Measurement -- Presentation and Disclosure -- Disclosures relating to share capital -- Disclosures relating to other equity -- Classification between Liabilities and Equity -- Share Issuances and Related Matters -- Additional Guidance Relative to Share Issuances and Related Matters -- Compound and Convertible Equity Instruments -- Retained Earnings -- Dividends and Distributions -- Accounting for Treasury Share Transactions -- Members' Shares in Cooperative Entities -- Examples of Financial Statement Disclosures.

Comparison with US GAAP -- Chapter 17 Share-Based Payment -- Introduction -- Scope -- Definitions of Terms -- Overview -- Recognition and Measurement -- Recognition When There Are Vesting Conditions -- Equity-Settled Share-Based Payments -- Goods and Services -- Employees -- Service Conditions -- Market and Nonmarket Performance Conditions -- Measurement of Fair Value -- Modifications and Cancellations to the Terms and Conditions -- If the Modification Increases the Fair Value -- If the Modification Decreases the Fair Value -- Cancellations and Settlements -- Cash-Settled Share-Based Payments -- Share-Based Payment Transactions with Cash Alternatives -- Share-Based Transactions Among Group Entities -- Disclosure -- Financial Statement Presentation under IFRS -- Examples of Financial Statement Disclosures -- US GAAP Comparison -- Appendix: Employee Share Options Valuation Example -- Chapter 18 Current Liabilities, Provisions, Contingencies, and Events After the Reporting Period -- Introduction -- Definitions of Terms -- Recognition and Measurement -- Current Liabilities -- Amount and Payee Known -- Payee Known but Amount May Need to Be Estimated -- Disclosures -- Practical Examples -- Payee Unknown and the Amount May Have to Be Estimated -- Contingent Liabilities -- Financial Guarantee Contracts -- Contingent Assets -- Disclosures Prescribed by IAS 37 for Contingent Liabilities and Contingent Assets -- Reporting Events Occurring after the Reporting Period -- Future Developments -- US GAAP Comparison -- Chapter 19 Employee Benefits -- Introduction -- Definitions of Terms -- Background -- Importance of Pension and Other Benefit Plan Accounting -- Basic Objectives of Accounting for Pension and Other Benefit Plan Costs -- Basic Principles of IAS 19 -- Postemployment Benefit Plans -- Employer's Liability and Assets -- Minimum Funding Requirement.

Other Pension Considerations.