International Accounting and Financial Reporting
Written from a U.S. perspective, International Accounting and Financial Reporting provides comprehensive discussions and analysis of International Financial Reporting Standards (IFRS) and their application in practice. This single reference source covers all standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Interpretations Committee.
Updated quarterly, International Accounting and Financial Reporting includes:
- Identifies well over 200 significant differences between the two sets of standards.
- Coverage of general standards as well as those applicable to companies operating in specific industries.
- Over 150 computational examples illustrating compliance with IFRS.
- IFRS disclosure requirements.
- Nearly 100 examples of financial statement presentation and footnotes abstracted from actual IFRS annual and interim reports.
- Nearly 100 extracts from previous Form 20F filings that describe and explain variations from U.S. GAAP.
- A quick-reference checklist identifying significant differences between IFRS and U.S. GAAP.
This service includes comprehensive discussions of (1) the status of the IASB/FASB convergence project, (2) SEC financial statement requirements for foreign companies, generally, and specifically for IFRS filers, and (3) exposure drafts of major FASB and IASB standards and SEC proposals affecting foreign registrants.
U.S. GAAP and IFRS: A Comparative Analysis
U.S. GAAP and IFRS: A Comparative Analysis provides, on a topic-by-topic basis, a concise comparative analysis of the principal recognition and measurement requirements of U.S. GAAP and IFRS.
This publication is a quick-reference guide to identifying the main similarities and differences between U.S. GAAP and IFRS, and contains the following:
- Topic-by-topic identification of the principal IFRS and U.S. GAAP pronouncements (including corresponding references to the FASB’s Accounting Standards Codification).
- Summary discussions of the main U.S. GAAP and IFRS recognition and measurement principles covering 37 major topics and sub-topics.
- A discussion of the recently issued IFRS for Small and Medium-Sized Entities (IFRS for SMEs), which is intended to be used by companies without public accountability (including point-by-point principal recognition and measurement differences between the IFRS for SMEs and full IFRS).
- Proposal-stage standards.
WG&L’s Analysis of IFRS for Small and Medium Enterprises
Issued by the International Accounting Standards Board in July 2009, IFRS for Small and Medium Enterprises is a self-contained standard tailored for the needs and capabilities of smaller businesses. Many of the principles in full IFRSs for recognizing and measuring assets, liabilities, income and expenses have been simplified, topics not relevant to SMEs have been omitted, and the number of required disclosures has been significantly reduced.
WG&L’s Analysis of IFRS for Small and Medium Enterprises provides a detailed overview and expert guidance on the key recognition, measurement, and disclosure requirements of IFRS for Small and Medium Enterprises. It also offers time-saving practical features, including a comprehensive disclosure checklist, Interoffice Memoranda, computational examples, and comparisons of IFRS for SMEs with full IFRS and U.S. GAAP plus extensive linking to the full text of the International Financial Reporting Standard for SME’s, also available on Checkpoint.
WG&L’s Analysis of IFRS1, First-Time Adoption
WG&L's Analysis of IFRS 1, First-Time Adoption provides in-depth analysis of the guidance provided by IFRS 1 to first-time adopters of International Financial Reporting Standards (IFRSs). It addresses IFRS 1 as amended in May 2010.
IFRS 1 defines what a first time adoption of IFRSs is and provides transition guidance for companies presenting financial statements under IFRS for the first time. Highlights include:
- A definition of and guidance related to a company’s first IFRS opening balance sheet;
- Provisions related to the choice and application of IFRS accounting policies;
- A discussion of each of the elective exemptions from retrospective application of all standards offered by IFRS 1;
- A discussion of the required exceptions from retrospective application of all standards mandated by IFRS 1;
- A discussion of the disclosure requirements in IFRS 1 meant to help the users of the financial statements understand the consequences of the adoption of IFRS.
WG&L's Analysis of IFRS 1, First-Time Adoption provides expert insights and viewpoints throughout the book. A large number of illustrations were also incorporated in the book, in the form of abstracts from first-time adopters’ disclosures. These illustrations provide useful, practical examples of the choices and disclosures made by other IFRS preparers. They also provide users with an idea of the effects of first time adoption on the financial statements of a number of listed companies.
WG&L's Analysis of IFRS 1, First-Time Adoption includes memos to save users time when providing management or internal or external clients with an overview of issues directly related to the first-time adoption of IFRSs.
WG&L's Analysis of IAS 12, Income Taxes
WG&L's Analysis of IAS 12, Income Taxes provides in-depth analysis of the international standards for accounting for income taxes, and also offers expert insights, viewpoints, and a large number of illustrations. These illustrations provide useful, practical examples of the choices and disclosures made by other IFRS preparers. Time-saving features such as interoffice memoranda, including one outlining the main differences between IFRS and U.S. GAAP, are also provided.
WG&L's Analysis of IAS 12, Income Taxes helps corporate accounting professionals and their advisors to create fully compliant, timely financial disclosures by understanding and implementing optimal interpretations of International Financial Reporting standards related to tax. It includes coverage of the most recent standards updates, including Exposure Draft ED/2010/11, Deferred Tax: Recovery of Underlying Assets, issued on September 10, 2010 by the IASB.
Summary Table of Contents:
- Scope and definitions
- Recognition of current and deferred tax assets and liabilities
- Measurement of tax assets and liabilities
- Accounting for current and deferred taxes
- Presentation and disclosures
- Effective date
- Uncertain Tax Positions
- Interoffice Memoranda
- Primary Source Materials
Suggested Primary Source Add-ons:
International Accounting Standards on Checkpoint (Product Code: WIASB)
Text of Standards and Interpretations from the International Accounting Standards Board (IASB) with Checkpoint’s unique functionality and integration. With International Accounting Standards becoming more important to multinational businesses, and the firms that represent these businesses, the formatted IASB content benefits provides subscribers with the power of the functional advantages of Checkpoint. No other online service can deliver the same level of integration, ease of navigation, and feature rich functionality that Checkpoint can offer.
International Accounting Standards on Checkpoint consists of the basic and most widely needed materials from the IASB as follows:
- International Financial Reporting Standards (IFRS)
- International Accounting Standards (IAS)
- International Financial Reporting Interpretations Committee (IFRIC)
- Standing Interpretations Committee (SIC)
The Checkpoint functionality includes top line links from IASB content to other source materials in the FRM area as well as the WGL treatises and analysis. Search templates make IASB content easy to search and retrieve, with three new search templates added - IASB Standards, IASB Interpretations and IASB Implementation Guide. Also, the citation templates make it very easy to locate specific IASB documents, and the added benefits of top-line links, make it easy to locate the editorial content and source material related to the International Standards.
IASB Standards for Small and Medium Enterprises (Product Code: ISMQ)
IASB Standards for Small and Medium Enterprises (SMEs) contains IFRS for SMEs Primary Source Database. The IFRS for SMEs are a recently issued set of standards that non-public companies can choose to utilize. IASB Standards for SMEs is the first internationally recognized set of accounting standards designed specifically for SMEs. IASB Standards for SMEs is built on IFRS foundations but is a separate, standalone product that sits side-by-side with the full set of IFRS standards.
IASB Standards for SMEs contains the Standard, Basis for Conclusions and Illustrative Financial Statements Presentation and Disclosure Checklist as approved by the IASB.
Having access to the IASB Standards for SMEs primary source database on Checkpoint increases your research efficiency because you will no longer need to go to another source to get this information.
IASB Standards for SMEs is a separate add-on product and not included in the International Accounting Standards on Checkpoint (WIASB) database of IASB standards.