IFRS @ Examples

This book is a time-saving, focused, inexpensive and straightforward crash -course to the basic principles of IAS/IFRS reporting for industrial businesses used in real practice. The book is aimed on beginners, students, readers of annual reports and non-accountants. But it can also serve as an “IAS/IFRS principle-to-example” reference tool for everyone. It is written in plain English and avoids unnecessary technical details and accounting terminology, whenever possible. Based on concise outlines of IAS/IFRS accounting principles from published annual reports 2012 and 2011, this book primarily uses examples to underpin and explain the subject matter. The style is slightly different to most other accounting literature by following an approach like “What happens in financial statements, if….?“ or “How will basic financial statements be affected by the example?” and consequently depict it using T-accounts. The covered financial statements in this context are: Balance sheet, income statement and statement of other comprehensive income. All examples are thoroughly written from the perspective of the reader as being an owner of a hypothetical entity, called “We”-Corporation. Each chapter (topic) of the book is typically broken down into three parts as follows: Part 1: Each topic starts with concise excerpts of IAS/IFRS outlines from published annual reports as theoretical basis. Part 2: Following the IAS/IFRS principles, outlined and numbered examples in spreadsheet-list-style are included. These examples include references like “a.)”, “b.)”, “c.)” … enabling readers to trace effects and changes to the financial statements of the “We”-Corporation. Sometimes illustrations on the topic, comments or keynotes by the author are also additionally included. Part 3: In this part the numbered examples and their effects are depicted in illustrative balance sheets, income statements and statements of other comprehensive income.