IFRS NOW – In the light of US GAAP and Finnish practices

IFRS NOW – In the light of US GAAP and Finnish practices

Kirja

Pontus Troberg

IFRS reporting is mandatory for EU listed companies but it also affects other than listed companies through conforming national legislation and through IFRS for small and medium-sized enterprises (SMEs).

IFRS Now focuses on the essence of the standards explaining their logic, shortcomings including Finnish practices and possible differences from American standards (US GAAP). The book also portrays the coming development of IFRS and the oversight of the actual practice of IFRS reporting.

The book is intended for accounting students as well as company decision makers who are responsible for the IFRS financial statements, but who do not need to familiarize themselves with all IFRS reporting details (CEO, CFO, audit committee members). The book has an English–Finnish vocabulary.


Englanninkielinen IFRS NOW – In the light of US GAAP and Finnish practices tarjoaa hyvän pohjan ymmärtää IFRS-raportoinnin ja -standardien lähtökohdat, tavoitteet ja perusperiaatteet. Kirja keskittyy IFRS-raportoinnin kokonaisvaltaiseen ymmärtämiseen. Lukuisten yritysesimerkkien avulla IFRS-standardien monimutkaisemmatkin sisällöt avautuvat lukijalle.

IFRS Now tarjoaa hyödyllistä tietoa yritysten päätöksentekijöille, jotka ovat vastuussa IFRS-tilinpäätöksistä. Se soveltuu erinomaisesti esimerkiksi toimitusjohtajille, talousjohtajille ja muille talousasioista yleisellä tasolla vastaaville johtajille. Myös hallituksen tarkastusvaliokunnan jäsenten on hyödyllistä tuntea IFRS-raportoinnin perusteet.

Teos on englanninkielinen, mutta keskeisten termien suomenkieliset vastineet esitetään tekstissä johdonmukaisesti. Kirjan lopusta löytyy kattava englanti–suomi-sanasto, josta on erityistä hyötyä toimittaessa suomenkielisessä liiketoimintaympäristössä.

Sisällysluettelo
  • PREFACE

PART I Context of International Accounting

  • 1 INTRODUCTION
  • 1.1 Philosophy and Structure
  • 1.2 Harmonization of Accounting Standards
    • 1.2.1 Origin of national differences
    • 1.2.2 Major players in international accounting standard-setting
  • 1.3 International Accounting Standards Board
    • 1.3.1 Structure
    • 1.3.2 Objectives
  • 1.4 Concepts and Principles of Financial Reporting
  • 1.5 Summary

PART II Financial Statements and Valuation

  • 2 FINANCIAL STATEMENTS
  • 2.1 Other Comprehensive Income, Statement of Changes in Equity
  • 2.2 Notes
  • 2.3 Management Discussion and Analysis
  • 2.4 Objective of Financial Statements and Users
  • 2.5 Summary
  • 3 BALANCE SHEET
  • 3.1 Valuation Principles
  • 3.2 Assets
    • 3.2.1 Property, plant and equipment
      • 3.2.1.1 Valuation
      • 3.2.1.2 Depreciation and impairment
    • 3.2.2 Intangible assets
      • 3.2.2.1 Valuation
      • 3.2.2.2 Amortization and impairment
    • 3.2.3 Share investments
    • 3.2.4 Investment property
    • 3.2.5 Biological assets (forest)
    • 3.2.6 Inventories
    • 3.2.7 Cash and cash equivalents
    • 3.2.8 Summary
  • 3.3 Liabilities
    • 3.3.1 Provisions and contingent liabilities
    • 3.3.2 Employee benefits
    • 3.3.3 Income taxes
      • 3.3.3.1 Deferred tax liability
      • 3.3.3.2 Deferred tax assets
      • 3.3.3.3 Tax losses (loss carryforward)
      • 3.3.3.4 Influence of Taxation on Financial Reporting
    • 3.3.4 Summary
  • 3.4 Owners’ Equity
    • 3.4.1 Nature and concepts
    • 3.4.2 Treasury shares
    • 3.4.3 ‘Reserves’ or Appropriations
    • 3.4.4 Statement of changes in equity
    • 3.4.5 Classification of financial instruments as liabilities or equity
    • 3.4.6 Summary
  • 4 STATEMENT OF COMPREHENSIVE INCOME
  • 4.1 Composition of the Income Statement
  • 4.2 Percentage-of-Completion Method
  • 4.3 New Revenue Recognition Standard
  • 4.4 Earnings Per Share (EPS)
  • 4.5 Pro Forma
  • 4.6 Summary
  • 5 CASH FLOW STATEMENT
  • 5.1 Role of the Cash Flow Statement
  • 5.2 Operating Activities
  • 5.3 Investing Activities
  • 5.4 Financing Activities
  • 5.5 Interest, Dividends and Income Taxes
  • 5.6 Summary

PART III Group Accounting

  • 6 BUSINESS COMBINATIONS
  • 6.1 Control
  • 6.2 Acquisition Method and ‘Goodwill’
    • 6.2.1 ‘Goodwill’ concept
    • 6.2.2 Identifying and measuring intangible assets
    • 6.2.3 Non-controlling interest and goodwill
    • 6.2.4 Amortization and impairment of intangible assets
    • 6.2.5 Impairment test of goodwill
    • 6.2.6 Criticism
  • 6.3 Exchange Rates and Foreign Operations (Subsidiaries)
  • 6.4 Associated Companies
  • 6.5 Joint Arrangements
  • 6.6 Summary
  • 7 SEGMENT REPORTING
  • 7.1 Background of Latest Reforms – Management Approach
  • 7.2 Operating Segments
  • 7.3 Enterprise-Wide Disclosures
  • 7.4 Summary

PART IV R&D, Leasing, Financial Instruments & Share-Based Payments

  • 8 RESEARCH AND DEVELOPMENT COSTS
  • 8.1 IFRS and US GAAP
  • 8.2 Disclosing Additional Information
  • 8.3 National GAAP
  • 8.4 Summary
  • 9 LEASING
  • 9.1 Operating Leases and Finance Leases
    • 9.1.1 Operating leases
    • 9.1.2 Finance (capital) lease
  • 9.2 Taxation and Leasing
  • 9.3 Expected Development
  • 9.4 Summary
  • 10 FINANCIAL INSTRUMENTS
  • 10.1 Primary Instruments and Derivatives
  • 10.2 Classification and Recording of Financial Instruments
  • 10.3 Hedge Accounting
  • 10.4 Fair Value
  • 10.5 Summary
  • 11 SHARE-BASED PAYMENTS
  • 11.1 History and Controversy of Share-Based Payments
  • 11.2 Accounting for Share-Based Payments
  • 11.3 Summary

PART V Governance and Auditing

  • 12 MANAGEMENT COMMENTARY (MD&A)
  • 12.1 Role of Management Commentary
  • 12.2 Content of Management Commentary
  • 12.3 Risk
  • 12.4 Summary
  • 13 CORPORATE GOVERNANCE
  • 13.1 Need for Corporate Governance
  • 13.2 American Regulation
    • 13.2.1 New York Stock Exchange
    • 13.2.2 Sarbanes-Oxley Act
  • 13.3 EU
  • 13.4 Finland
  • 13.5 GRI
  • 13.6 Ethics, Institutional Investors
  • 13.7 Related Party Disclosures
  • 13.8 Summary
  • 14 SUSTAINABILITY REPORTING
  • 14.1 Environmental and Social Reporting
  • 14.2 GRI
  • 14.3 Summary
  • 15 AUDITING AND OVERSIGHT
  • 15.1 International Auditing Standards
  • 15.2 The Objective of Auditing
  • 15.3 The Content and Classification of Audit Reports
  • 15.4 Going Concern and Fraud
  • 15.5 Regulatory Oversight
  • 15.6 Summary
  • 16 IFRS DIVERSITY, QUESTIONABLE REPORTING AND FUTURE DEVELOPMENT
  • 16.1 Diversity in IFRS Practices
  • 16.2 Questionable Reporting Practices
  • 16.3 Future Development
  • 16.4 Summary
  • REFERENCES
  • APPENDIX
  • GLOSSARY OF ABBREVIATIONS
  • ENGLISH – FINNISH VOCABULARY
  • INDEX
Kirjoittajat

Pontus Troberg on laskentatoimen professori ja laskentatoimen aineen johtaja Hankenin ruotsinkielisessä kauppakorkeakoulussa. Hänellä on laaja kansainvälinen kokemus, ja hän on toiminut mm. yliopiston professorina ja tutkijana Yhdysvalloissa ja Euroopassa. Troberg on kouluttanut yli 30 vuoden ajan kansainvälisten yritysten johtoa sekä Suomessa että ulkomailla (mm. Apple, Fortum, OP Pohjola, UPM, Wärtsilä). Hän on julkaissut useita kansainvälisiä artikkeleita, tutkimusraportteja ja kirjoja IFRS-raportoinnin ja tilintarkastuksen aihealueilta. Pontus Troberg toimii myös Keskuskauppakamarin Tilintarkastuslautakunnan jäsenenä.

Esipuhe

IFRS reporting is mandatory for EU listed companies but it also affects other than listed companies through conforming national legislation and through IFRS for SMEs, that is, IFRS for small and medium-sized enterprises. Accounting majors need to know the most important IFRS reporting standards. IFRS Now focuses on the essence of the standards explaining their logic, shortcomings (e.g. in form of real life examples) and possible differences from American standards (US GAAP). The reporting standards are not static but they change. Consequently, it is essential for students to understand the economic substance of business transactions in order for them to understand both now and in the future the meaning of the requirement true and fair view set by the capital markets. The book does not focus on details but above all on understanding financial (economic) logic and reporting. The book also portrays the coming development of IFRS and the oversight of the actual practice of IFRS reporting.

The book is useful for company decision makers, who are responsible for the IFRS financial statements, but who do not need to familiarize themselves with all IFRS reporting details. These include the CEO, CFO and other managers and directors responsible for financial matters at a general level, and especially the members of the audit committee. The book also covers corporate governance, sustainability reporting, and auditing, that is, corporate conduct and reporting issues that an international enterprise of today should take into account in its operations and information dissemination. The book has an English–Finnish vocabulary.

Helsinki, July 2013

Pontus Troberg

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Ilmestynyt 9/2013
228 sivua
ISBN 978-952-218-179-4
YKL 69.2

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