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International GAAP 2021

Release Date: 2021/03/01
ISBN: 9781119772439
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International GAAP 2021

International GAAP 2021 is a detailed guide to interpreting and implementing International Financial Reporting Standards (IFRS). By setting IFRS in a relevant business context, it provides insights on how complex practical issues should be resolved in the real world of global financial reporting. This book is an essential tool for anyone applying, auditing, interpreting, regulating, studying or teaching IFRS.

Written by EY financial reporting professionals from around the world, this three-volume guide to reporting under IFRS provides a global perspective on the application of IFRS. The book explains complex technical accounting issues clearly by setting IFRS in a practical context with numerous worked examples and hundreds of illustrations from the published financial reports of major listed companies from around the world.

Volume 1 contains the following chapters and sections:

  1. International GAAP
  2. The IASB's Conceptual Framework
  3. Presentation of financial statements and accounting policies
  4. Non-current assets held for sale and discontinued operations
  5. First-time adoption
  6. Consolidated financial statements
  7. Consolidation procedures and non-controlling interests
  8. Separate and individual financial statements
  9. Business combinations
  10. Business combinations under common control
  11. Investments in associates and joint ventures
  12. Joint arrangements
  13. Disclosure of interests in other entities
  14. Fair value measurement
  15. Foreign exchange
  16. Hyperinflation
  17. Intangible assets
  18. Property, plant and equipment
  19. Investment property
  20. Impairment of fixed assets and goodwill
  21. Capitalisation of borrowing costs
  22. Inventories

Index of extracts from financial statements for all three volumes
Index of standards for all three volumes
Index for all three volumes

This book is printed on acid-free paper, responsibly manufactured from well-managed FSC-certified forests and other controlled sources.

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice.

ey.com/igaap

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. About this book
  5. Preface
    1. NOTES
  6. Abbreviations
  7. Authoritative literature
  8. Volume 1
    1. Chapter 1: International GAAP
    2. 1 WHY INTERNATIONAL FINANCIAL REPORTING STANDARDS MATTER
    3. 2 THE IFRS FOUNDATION AND THE IASB
    4. 3 THE IASB'S TECHNICAL AGENDA AND CONVERGENCE WITH USGAAP
    5. 4 THE ADOPTION OF IFRS AROUND THE WORLD
    6. 5 CONSISTENCY IN APPLICATION OF IFRS
    7. 6 SUMMARY
    8. REFERENCES
    9. Chapter 2: The IASB's Conceptual Framework
    10. 1 INTRODUCTION
    11. 2 DEVELOPMENT OF THE IASB'S CONCEPTUAL FRAMEWORK AND EFFECTIVE DATE
    12. 3 CONTENTS, PURPOSE AND SCOPE OF THE IASB'S CONCEPTUAL FRAMEWORK
    13. 4 CHAPTER 1: THE OBJECTIVE OF GENERAL PURPOSE FINANCIAL REPORTING
    14. 5 CHAPTER 2: QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION
    15. 6 CHAPTER 3: FINANCIAL STATEMENTS AND THE REPORTING ENTITY
    16. 7 CHAPTER 4: THE ELEMENTS OF FINANCIAL STATEMENTS
    17. 8 CHAPTER 5: RECOGNITION AND DERECOGNITION
    18. 9 CHAPTER 6: MEASUREMENT
    19. 10 CHAPTER 7: PRESENTATION AND DISCLOSURE
    20. 11 CHAPTER 8: CONCEPTS OF CAPITAL AND CAPITAL MAINTENANCE
    21. 12 MANAGEMENT COMMENTARY
    22. REFERENCES
    23. Chapter 3: Presentation of financial statements and accounting policies
    24. 1 INTRODUCTION
    25. 2 THE PURPOSE AND COMPOSITION OF FINANCIAL STATEMENTS
    26. 3 THE STRUCTURE OF FINANCIAL STATEMENTS
    27. 4 ACCOUNTING POLICIES
    28. 5 DISCLOSURE REQUIREMENTS
    29. 6 FUTURE DEVELOPMENTS
    30. REFERENCES
    31. Chapter 4: Non-current assets held for sale and discontinued operations
    32. 1 OBJECTIVE AND SCOPE OF IFRS 5
    33. 2 NON-CURRENT ASSETS (AND DISPOSAL GROUPS) HELD FOR SALE OR HELD FOR DISTRIBUTION TO OWNERS
    34. 3 DISCONTINUED OPERATIONS
    35. 4 COMPARATIVE INFORMATION
    36. 5 DISCLOSURE REQUIREMENTS
    37. 6 POSSIBLE FUTURE DEVELOPMENTS
    38. REFERENCES
    39. Chapter 5: First-time adoption
    40. 1 INTRODUCTION
    41. 2 WHO IS A FIRST-TIME ADOPTER?
    42. 3 OPENING IFRS STATEMENT OF FINANCIAL POSITION
    43. 4 EXCEPTIONS TO THE RETROSPECTIVE APPLICATION OF OTHER IFRSS
    44. 5 OPTIONAL EXEMPTIONS FROM THE REQUIREMENTS OF CERTAIN IFRSS
    45. 6 PRESENTATION AND DISCLOSURE
    46. 7 ACCOUNTING POLICIES AND PRACTICAL APPLICATION ISSUES
    47. 8 REGULATORY ISSUES
    48. REFERENCES
    49. Chapter 6: Consolidatedfinancial statements
    50. 1 INTRODUCTION
    51. 2 OBJECTIVE AND SCOPE OF IFRS 10
    52. 3 CONTROL
    53. 4 POWER OVER AN INVESTEE
    54. 5 EXPOSURE TO VARIABLE RETURNS
    55. 6 LINK BETWEEN POWER AND RETURNS: PRINCIPAL-AGENCY SITUATIONS
    56. 7 RELATED PARTIES AND DE FACTO AGENTS
    57. 8 CONTROL OF SPECIFIED ASSETS
    58. 9 CONTINUOUS ASSESSMENT
    59. 10 INVESTMENT ENTITIES
    60. 11 FUTURE DEVELOPMENTS
    61. REFERENCES
    62. Chapter 7: Consolidation procedures and non-controlling interests
    63. 1 INTRODUCTION
    64. 2 CONSOLIDATION PROCEDURES
    65. 3 CHANGES IN CONTROL
    66. 4 CHANGES IN OWNERSHIP INTEREST WITHOUT A LOSS OF CONTROL
    67. 5 NON-CONTROLLING INTERESTS
    68. 6 CALL AND PUT OPTIONS OVER NON-CONTROLLING INTERESTS
    69. 7 FUTURE DEVELOPMENTS
    70. REFERENCES
    71. Chapter 8: Separate and individual financial statements
    72. 1 SEPARATE AND INDIVIDUAL FINANCIAL STATEMENTS
    73. 2 REQUIREMENTS OF SEPARATE FINANCIAL STATEMENTS
    74. 3 DISCLOSURE
    75. 4 COMMON CONTROL OR GROUP TRANSACTIONS IN INDIVIDUAL OR SEPARATE FINANCIAL STATEMENTS
    76. REFERENCES
    77. Chapter 9: Business combinations
    78. 1 INTRODUCTION
    79. 2 SCOPE OF IFRS 3
    80. 3 IDENTIFYING A BUSINESS COMBINATION
    81. 4 ACQUISITION METHOD OF ACCOUNTING
    82. 5 RECOGNITION AND MEASUREMENT OF ASSETS ACQUIRED, LIABILITIES ASSUMED AND NON-CONTROLLING INTERESTS
    83. 6 RECOGNISING AND MEASURING GOODWILL OR A GAIN IN A BARGAIN PURCHASE
    84. 7 CONSIDERATION TRANSFERRED
    85. 8 RECOGNISING AND MEASURING NON-CONTROLLING INTERESTS
    86. 9 BUSINESS COMBINATIONS ACHIEVED IN STAGES (‘STEP ACQUISITIONS’)
    87. 10 BARGAIN PURCHASE TRANSACTIONS
    88. 11 ASSESSING WHAT IS PART OF THE EXCHANGE FOR THE ACQUIREE
    89. 12 MEASUREMENT PERIOD
    90. 13 SUBSEQUENT MEASUREMENT AND ACCOUNTING
    91. 14 REVERSE ACQUISITIONS
    92. 15 PUSH DOWN ACCOUNTING
    93. 16 DISCLOSURES
    94. REFERENCES
    95. Chapter 10: Business combinations under common control
    96. 1 INTRODUCTION
    97. 2 THE IFRS 3 SCOPE EXCLUSION
    98. 3 ACCOUNTING FOR BUSINESS COMBINATIONS INVOLVING ENTITIES OR BUSINESSES UNDER COMMON CONTROL
    99. 4 ACCOUNTING FOR TRANSACTIONS UNDER COMMON CONTROL (OR OWNERSHIP) INVOLVING A NEWCO
    100. 5 ACCOUNTING FOR TRANSFERS OF ASSOCIATES OR JOINT VENTURES UNDER COMMON CONTROL
    101. 6 FUTURE DEVELOPMENTS
    102. REFERENCES
    103. Chapter 11: Investments in associates and joint ventures
    104. 1 INTRODUCTION
    105. 2 OBJECTIVE AND SCOPE OF IAS 28
    106. 3 DEFINITIONS
    107. 4 SIGNIFICANT INFLUENCE
    108. 5 EXEMPTIONS FROM APPLYING THE EQUITY METHOD
    109. 6 CLASSIFICATION AS HELD FOR SALE (IFRS 5)
    110. 7 APPLICATION OF THE EQUITY METHOD
    111. 8 IMPAIRMENT LOSSES
    112. 9 SEPARATE FINANCIAL STATEMENTS
    113. 10 PRESENTATION AND DISCLOSURES
    114. 11 FUTURE DEVELOPMENTS
    115. REFERENCES
    116. Chapter 12: Joint arrangements
    117. 1 INTRODUCTION
    118. 2 OBJECTIVE AND SCOPE OF IFRS 11
    119. 3 JOINT ARRANGEMENT
    120. 4 JOINT CONTROL
    121. 5 CLASSIFICATION OF A JOINT ARRANGEMENT: JOINT OPERATIONS AND JOINT VENTURES
    122. 6 ACCOUNTING FOR JOINT OPERATIONS
    123. 7 ACCOUNTING FOR JOINT VENTURES
    124. 8 CONTINUOUS ASSESSMENT
    125. 9 DISCLOSURES
    126. 10 FUTURE DEVELOPMENTS
    127. REFERENCES
    128. Chapter 13: Disclosure of interestsin other entities
    129. 1 INTRODUCTION
    130. 2 OBJECTIVE AND SCOPE OF IFRS 12
    131. 3 DISCLOSURE OF SIGNIFICANT ESTIMATES AND JUDGEMENTS
    132. 4 DISCLOSURE OF INTERESTS IN SUBSIDIARIES
    133. 5 DISCLOSURE OF INTERESTS IN JOINT ARRANGEMENTS AND ASSOCIATES
    134. 6 DISCLOSURE OF INTERESTS IN UNCONSOLIDATED STRUCTURED ENTITIES
    135. 7 FUTURE DEVELOPMENTS
    136. REFERENCES
    137. Chapter 14: Fair value measurement
    138. 1 INTRODUCTION AND BACKGROUND
    139. 2 SCOPE
    140. 3 DEFINITIONS
    141. 4 THE FAIR VALUE FRAMEWORK
    142. 5 THE ASSET OR LIABILITY
    143. 6 THE PRINCIPAL (OR MOST ADVANTAGEOUS) MARKET
    144. 7 MARKET PARTICIPANTS
    145. 8 THE TRANSACTION
    146. 9 THE PRICE
    147. 10 APPLICATION TO NON-FINANCIAL ASSETS
    148. 11 APPLICATION TO LIABILITIES AND AN ENTITY'S OWN EQUITY
    149. 12 FINANCIAL ASSETS AND LIABILITIES WITH OFFSETTING POSITIONS
    150. 13 FAIR VALUE AT INITIAL RECOGNITION
    151. 14 VALUATION TECHNIQUES
    152. 15 INPUTS TO VALUATION TECHNIQUES
    153. 16 THE FAIR VALUE HIERARCHY
    154. 17 LEVEL 1 INPUTS
    155. 18 LEVEL 2 INPUTS
    156. 19 LEVEL 3 INPUTS
    157. 20 DISCLOSURES
    158. 21 APPLICATION GUIDANCE – PRESENT VALUE TECHNIQUES
    159. 22 CONVERGENCE WITH US GAAP
    160. REFERENCES
    161. Chapter 15: Foreign exchange
    162. 1 INTRODUCTION
    163. 2 IAS 21: OBJECTIVE, SCOPE AND DEFINITIONS
    164. 3 SUMMARY OF THE APPROACH REQUIRED BY IAS 21
    165. 4 DETERMINATION OF AN ENTITY'S FUNCTIONAL CURRENCY
    166. 5 REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY OF AN ENTITY
    167. 6 USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY
    168. 7 CHANGE OF PRESENTATION CURRENCY
    169. 8 INTRODUCTION OF THE EURO
    170. 9 TAX EFFECTS OF ALL EXCHANGE DIFFERENCES
    171. 10 DISCLOSURE REQUIREMENTS
    172. 11 FUTURE DEVELOPMENTS
    173. REFERENCES
    174. Chapter 16: Hyperinflation
    175. 1 INTRODUCTION
    176. 2 THE REQUIREMENTS OF IAS 29
    177. 3 SELECTION OF A GENERAL PRICE INDEX
    178. 4 ANALYSIS AND RESTATEMENT OF THE STATEMENT OF FINANCIAL POSITION
    179. 5 RESTATEMENT OF THE STATEMENT OF CHANGES IN EQUITY
    180. 6 RESTATEMENT OF THE STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
    181. 7 RESTATEMENT OF THE STATEMENT OF CASH FLOWS
    182. 8 RESTATEMENT OF COMPARATIVE FIGURES
    183. 9 INTERIM REPORTING
    184. 10 TRANSITION
    185. 11 TRANSLATION TO A DIFFERENT PRESENTATION CURRENCY
    186. 12 DISCLOSURES
    187. REFERENCES
    188. Chapter 17: Intangible assets
    189. 1 INTRODUCTION
    190. 2 OBJECTIVE AND SCOPE OF IAS 38
    191. 3 RECOGNITION AND MEASUREMENT
    192. 4 SEPARATE ACQUISITION
    193. 5 ACQUISITION AS PART OF A BUSINESS COMBINATION
    194. 6 INTERNALLY GENERATED INTANGIBLE ASSETS
    195. 7 RECOGNITION OF AN EXPENSE
    196. 8 MEASUREMENT AFTER INITIAL RECOGNITION
    197. 9 AMORTISATION OF INTANGIBLE ASSETS
    198. 10 DISCLOSURE
    199. 11 SPECIFIC ISSUES REGARDING INTANGIBLE ASSETS
    200. REFERENCES
    201. Chapter 18: Property, plant and equipment
    202. 1 INTRODUCTION
    203. 2 THE REQUIREMENTS OF IAS 16
    204. 3 RECOGNITION
    205. 4 MEASUREMENT AT RECOGNITION
    206. 5 MEASUREMENT AFTER RECOGNITION: COST MODEL
    207. 6 MEASUREMENT AFTER RECOGNITION: REVALUATION MODEL
    208. 7 DERECOGNITION AND DISPOSAL
    209. 8 IAS 16 DISCLOSURE REQUIREMENTS
    210. REFERENCES
    211. Chapter 19: Investment property
    212. 1 INTRODUCTION
    213. 2 DEFINITIONS AND SCOPE
    214. 3 RECOGNITION
    215. 4 INITIAL MEASUREMENT
    216. 5 MEASUREMENT AFTER INITIAL RECOGNITION
    217. 6 THE FAIR VALUE MODEL
    218. 7 THE COST MODEL
    219. 8 IFRS 5 AND INVESTMENT PROPERTY
    220. 9 TRANSFER OF ASSETS TO OR FROM INVESTMENT PROPERTY
    221. 10 DISPOSAL OF INVESTMENT PROPERTY
    222. 11 INTERIM REPORTING AND IAS 40
    223. 12 THE DISCLOSURE REQUIREMENTS OF IAS 40
    224. REFERENCES
    225. Chapter 20: Impairment of fixed assets and goodwill
    226. 1 INTRODUCTION
    227. 2 WHEN AN IMPAIRMENT TEST IS REQUIRED
    228. 3 DIVIDING THE ENTITY INTO CASH-GENERATING UNITS (CGUS)
    229. 4 IDENTIFYING THE CARRYING AMOUNT OF CGU ASSETS
    230. 5 RECOVERABLE AMOUNT
    231. 6 FAIR VALUE LESS COSTS OF DISPOSAL
    232. 7 DETERMINING VALUE IN USE (VIU)
    233. 8 IMPAIRMENT OF GOODWILL
    234. 9 NON-CONTROLLING INTERESTS – THE IMPACT ON GOODWILL IMPAIRMENT TESTING
    235. 10 IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE
    236. 11 RECOGNISING AND REVERSING IMPAIRMENT LOSSES
    237. 12 GROUP AND SEPARATE FINANCIAL STATEMENT ISSUES
    238. 13 DISCLOSURES REQUIRED BY IAS 36
    239. 14 DEVELOPMENTS
    240. REFERENCES
    241. Chapter 21: Capitalisation of borrowing costs
    242. 1 INTRODUCTION
    243. 2 THE REQUIREMENTS OF IAS 23
    244. 3 QUALIFYING ASSETS
    245. 4 DEFINITION OF BORROWING COSTS
    246. 5 BORROWING COSTS ELIGIBLE FOR CAPITALISATION
    247. 6 COMMENCEMENT, SUSPENSION AND CESSATION OF CAPITALISATION
    248. 7 DISCLOSURE REQUIREMENTS
    249. REFERENCES
    250. Chapter 22: Inventories
    251. 1 INTRODUCTION
    252. 2 OBJECTIVE, SCOPE AND DEFINITIONS
    253. 3 MEASUREMENT
    254. 4 REAL ESTATE INVENTORY
    255. 5 RECOGNITION IN PROFIT OR LOSS
    256. 6 DISCLOSURE REQUIREMENTS OF IAS 2
    257. REFERENCES
  9. Volume 2
    1. Chapter 23: Leases
    2. 1 INTRODUCTION
    3. 2 OBJECTIVE AND SCOPE OF IFRS 16
    4. 3 WHAT IS A LEASE?
    5. 4 KEY CONCEPTS
    6. 5 LESSEE ACCOUNTING
    7. 6 LESSOR ACCOUNTING
    8. 7 SUBLEASES
    9. 8 SALE AND LEASEBACK TRANSACTIONS
    10. 9 BUSINESS COMBINATIONS
    11. 10 EFFECTIVE DATE AND TRANSITION
    12. REFERENCES
    13. Chapter 24: Government grants
    14. 1 INTRODUCTION
    15. 2 SCOPE OF IAS 20
    16. 3 RECOGNITION AND MEASUREMENT
    17. 4 PRESENTATION OF GRANTS
    18. 5 GOVERNMENT GRANTS RELATED TO BIOLOGICAL ASSETS IN THE SCOPE OF IAS 41
    19. 6 DISCLOSURES
    20. REFERENCES
    21. Chapter 25: Service concession arrangements
    22. 1 INTRODUCTION
    23. 2 SCOPE OF IFRIC 12
    24. 3 THE CONTROL MODEL
    25. 4 ACCOUNTING BY THE CONCESSION OPERATOR: THE FINANCIAL ASSET AND INTANGIBLE ASSET MODELS
    26. 5 REVENUE AND EXPENDITURE DURING THE OPERATIONS PHASE OF THE CONCESSION AGREEMENT
    27. 6 FURTHER EXAMPLES ILLUSTRATING THE APPLICATION OF IFRIC 12 AND INTERACTIONS WITH IFRS 15 AND IFRS 9
    28. 7 DISCLOSURE REQUIREMENTS: SIC-29
    29. REFERENCES
    30. Chapter 26: Provisions, contingent liabilities and contingent assets
    31. 1 INTRODUCTION
    32. 2 OBJECTIVE AND SCOPE OF IAS 37
    33. 3 RECOGNITION
    34. 4 MEASUREMENT
    35. 5 CASES IN WHICH NO PROVISION SHOULD BE RECOGNISED
    36. 6 SPECIFIC EXAMPLES OF PROVISIONS AND CONTINGENCIES
    37. 7 DISCLOSURE REQUIREMENTS
    38. REFERENCES
    39. Chapter 27: Revenue: introduction and scope
    40. 1 INTRODUCTION
    41. 2 IFRS 15 – OBJECTIVE AND OVERVIEW
    42. 3 IFRS 15 – SCOPE
    43. 4 OTHER INCOME AND OTHER REVENUE
    44. REFERENCES
    45. Chapter 28: Revenue: identify the contract and performance obligations
    46. 1 INTRODUCTION
    47. 2 IDENTIFY THE CONTRACT WITH THE CUSTOMER
    48. 3 IDENTIFY THE PERFORMANCE OBLIGATIONS IN THE CONTRACT
    49. REFERENCES
    50. Chapter 29: Revenue: determine and allocate the transaction price
    51. 1 INTRODUCTION
    52. 2 DETERMINE THE TRANSACTION PRICE
    53. 3 ALLOCATE THE TRANSACTION PRICE TO THE PERFORMANCE OBLIGATIONS
    54. REFERENCES
    55. Chapter 30: Revenue: recognition
    56. 1 INTRODUCTION
    57. 2 PERFORMANCE OBLIGATIONS SATISFIED OVER TIME
    58. 3 MEASURING PROGRESS OVER TIME
    59. 4 CONTROL TRANSFERRED AT A POINT IN TIME
    60. 5 REPURCHASE AGREEMENTS
    61. 6 CONSIGNMENT ARRANGEMENTS
    62. 7 BILL-AND-HOLD ARRANGEMENTS
    63. 8 RECOGNISING REVENUE FOR LICENCES OF INTELLECTUAL PROPERTY
    64. 9 RECOGNISING REVENUE WHEN A RIGHT OF RETURN EXISTS
    65. 10 RECOGNISING REVENUE FOR CUSTOMER OPTIONS FOR ADDITIONAL GOODS OR SERVICES
    66. 11 BREAKAGE AND PREPAYMENTS FOR FUTURE GOODS OR SERVICES
    67. REFERENCES
    68. Chapter 31: Revenue: licences, warranties and contract costs
    69. 1 INTRODUCTION
    70. 2 LICENCES OF INTELLECTUAL PROPERTY
    71. 3 WARRANTIES
    72. 4 ONEROUS CONTRACTS
    73. 5 CONTRACT COSTS
    74. REFERENCES
    75. Chapter 32: Revenue: presentation and disclosure
    76. 1 INTRODUCTION
    77. 2 PRESENTATION
    78. 3 DISCLOSURES IN ANNUAL FINANCIAL STATEMENTS
    79. 4 DISCLOSURES IN INTERIM FINANCIAL STATEMENTS
    80. REFERENCES
    81. Chapter 33: Income taxes
    82. 1 INTRODUCTION
    83. 2 OBJECTIVE AND SCOPE OF IAS 12
    84. 3 DEFINITIONS
    85. 4 SCOPE
    86. 5 CURRENT TAX
    87. 6 DEFERRED TAX – TAX BASES AND TEMPORARY DIFFERENCES
    88. 7 DEFERRED TAX – RECOGNITION
    89. 8 DEFERRED TAX – MEASUREMENT
    90. 9 UNCERTAIN TAX TREATMENTS
    91. 10 ALLOCATION OF TAX CHARGE OR CREDIT
    92. 11 CONSOLIDATED TAX RETURNS AND OFFSET OF TAXABLE PROFITS AND LOSSES WITHIN GROUPS
    93. 12 BUSINESS COMBINATIONS
    94. 13 PRESENTATION
    95. 14 DISCLOSURE
    96. REFERENCES
    97. Chapter 34: Share-based payment
    98. 1 INTRODUCTION
    99. 2 THE OBJECTIVE AND SCOPE OF IFRS 2
    100. 3 GENERAL RECOGNITION PRINCIPLES
    101. 4 EQUITY-SETTLED TRANSACTIONS – OVERVIEW
    102. 5 EQUITY-SETTLED TRANSACTIONS – COST OF AWARDS
    103. 6 EQUITY-SETTLED TRANSACTIONS – ALLOCATION OF EXPENSE
    104. 7 EQUITY-SETTLED TRANSACTIONS – MODIFICATION, CANCELLATION AND SETTLEMENT
    105. 8 EQUITY-SETTLED TRANSACTIONS – VALUATION
    106. 9 CASH-SETTLED TRANSACTIONS
    107. 10 TRANSACTIONS WITH EQUITY AND CASH ALTERNATIVES
    108. 11 REPLACEMENT SHARE-BASED PAYMENT AWARDS ISSUED IN A BUSINESS COMBINATION
    109. 12 GROUP SHARE SCHEMES
    110. 13 DISCLOSURES
    111. 14 TAXES RELATED TO SHARE-BASED PAYMENT TRANSACTIONS
    112. 15 OTHER PRACTICAL ISSUES
    113. 16 FIRST-TIME ADOPTION AND TRANSITIONAL PROVISIONS
    114. REFERENCES
    115. Chapter 35: Employee benefits
    116. 1 INTRODUCTION
    117. 2 OBJECTIVE AND SCOPE OF IAS 19
    118. 3 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS – DEFINED CONTRIBUTION AND DEFINED BENEFIT PLANS
    119. 4 DEFINED CONTRIBUTION PLANS
    120. 5 DEFINED BENEFIT PLANS – GENERAL
    121. 6 DEFINED BENEFIT PLANS – PLAN ASSETS
    122. 7 DEFINED BENEFIT PLANS – PLAN LIABILITIES
    123. 8 DEFINED BENEFIT PLANS – TREATMENT OF THE PLAN SURPLUS OR DEFICIT IN THE STATEMENT OF FINANCIAL POSITION
    124. 9 DEFINED BENEFIT PLANS – PRESENTATION OF THE NET DEFINED BENEFIT LIABILITY (ASSET)
    125. 10 DEFINED BENEFIT PLANS – TREATMENT IN PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
    126. 11 DEFINED BENEFIT PLANS – COSTS OF ADMINISTERING EMPLOYEE BENEFIT PLANS
    127. 12 SHORT-TERM EMPLOYEE BENEFITS
    128. 13 LONG-TERM EMPLOYEE BENEFITS OTHER THAN POST-EMPLOYMENT BENEFITS
    129. 14 TERMINATION BENEFITS
    130. 15 DISCLOSURE REQUIREMENTS
    131. 16 POSSIBLE FUTURE DEVELOPMENTS
    132. REFERENCES
    133. Chapter 36: Operating segments
    134. 1 INTRODUCTION
    135. 2 OBJECTIVE AND SCOPE OF IFRS 8
    136. 3 IDENTIFYING A SINGLE SET OF OPERATING SEGMENTS
    137. 4 MEASUREMENT
    138. 5 INFORMATION TO BE DISCLOSED ABOUT REPORTABLE SEGMENTS
    139. 6 ENTITY-WIDE DISCLOSURES FOR ALL ENTITIES
    140. REFERENCES
    141. Chapter 37: Earnings per share
    142. 1 INTRODUCTION
    143. 2 OBJECTIVE AND SCOPE OF IAS 33
    144. 3 THE BASIC EPS
    145. 4 CHANGES IN OUTSTANDING ORDINARY SHARES
    146. 5 MATTERS AFFECTING THE NUMERATOR
    147. 6 DILUTED EARNINGS PER SHARE
    148. 7 PRESENTATION, RESTATEMENT AND DISCLOSURE
    149. 8 APPENDIX
    150. REFERENCES
    151. Chapter 38: Events after the reporting period
    152. 1 INTRODUCTION
    153. 2 REQUIREMENTS OF IAS 10
    154. 3 PRACTICAL ISSUES
    155. REFERENCES
    156. Chapter 39: Related party disclosures
    157. 1 INTRODUCTION
    158. 2 REQUIREMENTS OF IAS 24
    159. REFERENCES
    160. Chapter 40: Statement of cash flows
    161. 1 INTRODUCTION
    162. 2 OBJECTIVE AND SCOPE OF IAS 7
    163. 3 CASH AND CASH EQUIVALENTS
    164. 4 CLASSIFICATION IN THE STATEMENT OF CASH FLOWS
    165. 5. OTHER CASH FLOW PRESENTATION ISSUES
    166. 6 ADDITIONAL IAS 7 CONSIDERATIONS FOR GROUPS
    167. 7 ADDITIONAL IAS 7 CONSIDERATIONS FOR FINANCIAL INSTITUTIONS
    168. 8 REQUIREMENTS OF OTHER STANDARDS
    169. REFERENCES
    170. Chapter 41: Interim financial reporting
    171. 1 INTRODUCTION
    172. 2 OBJECTIVE AND SCOPE OF IAS 34
    173. 3 COMPONENTS, FORM AND CONTENT OF AN INTERIM FINANCIAL REPORT UNDER IAS 34
    174. 4 DISCLOSURES IN CONDENSED FINANCIAL STATEMENTS
    175. 5 PERIODS FOR WHICH INTERIM FINANCIAL STATEMENTS ARE REQUIRED TO BE PRESENTED
    176. 6 MATERIALITY
    177. 7 DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS
    178. 8 RECOGNITION AND MEASUREMENT
    179. 9 EXAMPLES OF THE RECOGNITION AND MEASUREMENT PRINCIPLES
    180. 10 USE OF ESTIMATES
    181. 11 EFFECTIVE DATES AND TRANSITIONAL RULES
    182. REFERENCES
    183. Chapter 42: Agriculture
    184. 1 INTRODUCTION
    185. 2 OBJECTIVE, DEFINITIONS AND SCOPE
    186. 3 RECOGNITION AND MEASUREMENT PRINCIPLES
    187. 4 MEASURING FAIR VALUE LESS COSTS TO SELL
    188. 5 DISCLOSURE
    189. REFERENCES
    190. Chapter 43: Extractive industries
    191. 1 INTRODUCTION AND BACKGROUND
    192. 2 MINERAL RESERVES AND RESOURCES
    193. 3 IFRS 6 – EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES
    194. 4 UNIT OF ACCOUNT
    195. 5 LEGAL RIGHTS TO EXPLORE FOR, DEVELOP AND PRODUCE MINERAL PROPERTIES
    196. 6 RISK-SHARING ARRANGEMENTS
    197. 7 INVESTMENTS IN THE EXTRACTIVE INDUSTRIES
    198. 8 ACQUISITIONS
    199. 9 FUNCTIONAL CURRENCY
    200. 10 DECOMMISSIONING AND RESTORATION/REHABILITATION
    201. 11 IMPAIRMENT OF ASSETS
    202. 12 REVENUE RECOGNITION
    203. 13 FINANCIAL INSTRUMENTS
    204. 14 INVENTORIES
    205. 15 PROPERTY, PLANT AND EQUIPMENT
    206. 16 DEPRECIATION, DEPLETION AND AMORTISATION (DD&A)
    207. 17 IFRS 16 – LEASES
    208. 18 INTERACTION OF IFRS 16 AND IFRS 11
    209. 19 LONG-TERM CONTRACTS AND LEASES
    210. 20 TOLLING ARRANGEMENTS
    211. 21 TAXATION
    212. 22 EVENTS AFTER THE REPORTING PERIOD
    213. 23 GLOSSARY
    214. REFERENCES
  10. Volume 3
    1. Chapter 44: Financial instruments: Introduction
    2. 1 STANDARDS APPLYING TO FINANCIAL INSTRUMENTS
    3. 2 IAS 32
    4. 3 IAS 39
    5. 4 IFRS 7
    6. 5 IFRS 9
    7. 6 STRUCTURE AND OBJECTIVES OF THE STANDARDS
    8. REFERENCES
    9. Chapter 45: Financial instruments: Definitions and scope
    10. 1 INTRODUCTION
    11. 2 WHAT IS A FINANCIAL INSTRUMENT?
    12. 3 SCOPE
    13. 4 CONTRACTS TO BUY OR SELL COMMODITIES AND OTHER NON-FINANCIAL ITEMS
    14. REFERENCES
    15. Chapter 46: Financial instruments: Derivatives and embedded derivatives
    16. 1 INTRODUCTION
    17. 2 DEFINITION OF A DERIVATIVE
    18. 3 EXAMPLES OF DERIVATIVES
    19. 4 EMBEDDED DERIVATIVES
    20. 5 EMBEDDED DERIVATIVES: THE MEANING OF ‘CLOSELY RELATED’
    21. 6 IDENTIFYING THE TERMS OF EMBEDDED DERIVATIVES AND HOST CONTRACTS
    22. 7 REASSESSMENT OF EMBEDDED DERIVATIVES
    23. 8 LINKED AND SEPARATE TRANSACTIONS AND ‘SYNTHETIC’ INSTRUMENTS
    24. REFERENCES
    25. Chapter 47: Financial instruments: Financial liabilities and equity
    26. 1 INTRODUCTION
    27. 2 OBJECTIVE AND SCOPE
    28. 3 DEFINITIONS
    29. 4 CLASSIFICATION OF INSTRUMENTS
    30. 5 CONTRACTS SETTLED BY DELIVERY OF THE ENTITY'S OWN EQUITY INSTRUMENTS
    31. 6 COMPOUND FINANCIAL INSTRUMENTS
    32. 7 SETTLEMENT OF FINANCIAL LIABILITY WITH EQUITY INSTRUMENT
    33. 8 INTEREST, DIVIDENDS, GAINS AND LOSSES
    34. 9 TREASURY SHARES
    35. 10 ‘HEDGING’ OF INSTRUMENTS CLASSIFIED AS EQUITY
    36. 11 DERIVATIVES OVER OWN EQUITY INSTRUMENTS
    37. 12 POSSIBLE FUTURE DEVELOPMENTS
    38. REFERENCES
    39. Chapter 48: Financial instruments: Classification
    40. 1 INTRODUCTION
    41. 2 CLASSIFYING FINANCIAL ASSETS: AN OVERVIEW
    42. 3 CLASSIFYING FINANCIAL LIABILITIES
    43. 4 FINANCIAL ASSETS AND FINANCIAL LIABILITIES HELD FOR TRADING
    44. 5 FINANCIAL ASSETS: THE ‘BUSINESS MODEL’ ASSESSMENT
    45. 6 CHARACTERISTICS OF THE CONTRACTUAL CASH FLOWS OF THE INSTRUMENT
    46. 7 DESIGNATION AT FAIR VALUE THROUGH PROFIT OR LOSS
    47. 8 DESIGNATION OF NON-DERIVATIVE EQUITY INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
    48. 9 RECLASSIFICATION OF FINANCIAL ASSETS
    49. 10 CONTRACTS WITH INSURANCE RISK – INTERACTION BETWEEN IFRS 17 AND IFRS 9
    50. REFERENCES
    51. Chapter 49: Financial instruments: Recognition and initial measurement
    52. 1 INTRODUCTION
    53. 2 RECOGNITION
    54. 3 INITIAL MEASUREMENT
    55. REFERENCES
    56. Chapter 50: Financial instruments: Subsequent measurement
    57. 1 INTRODUCTION
    58. 2 SUBSEQUENT MEASUREMENT AND RECOGNITION OF GAINS AND LOSSES
    59. 3 AMORTISED COST AND THE EFFECTIVE INTEREST METHOD
    60. 4 FOREIGN CURRENCIES
    61. REFERENCES
    62. Chapter 51: Financial instruments: Impairment
    63. 1 INTRODUCTION
    64. 2 SCOPE
    65. 3 APPROACHES
    66. 4 IMPAIRMENT FOR CORPORATES
    67. 5 MEASUREMENT OF EXPECTED CREDIT LOSSES
    68. 6 GENERAL APPROACH: DETERMINING SIGNIFICANT INCREASES IN CREDIT RISK
    69. 7 OTHER MATTERS AND ISSUES IN RELATION TO THE EXPECTED CREDIT LOSS CALCULATIONS
    70. 8 MODIFIED FINANCIAL ASSETS
    71. 9 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
    72. 10 TRADE RECEIVABLES, CONTRACT ASSETS AND LEASE RECEIVABLES
    73. 11 LOAN COMMITMENTS AND FINANCIAL GUARANTEE CONTRACTS
    74. 12 REVOLVING CREDIT FACILITIES
    75. 13 INTERCOMPANY LOANS
    76. 14 PRESENTATION OF EXPECTED CREDIT LOSSES IN THE STATEMENT OF FINANCIAL POSITION
    77. 15 DISCLOSURES
    78. REFERENCES
    79. Chapter 52: Financial instruments: Derecognition
    80. 1 INTRODUCTION
    81. 2 DEVELOPMENT OF IFRS
    82. 3 DERECOGNITION – FINANCIAL ASSETS
    83. 4 PRACTICAL APPLICATION OF THE DERECOGNITION CRITERIA
    84. 5 ACCOUNTING TREATMENT
    85. 6 DERECOGNITION – FINANCIAL LIABILITIES
    86. 7 CUSIP ‘NETTING’
    87. 8 FUTURE DEVELOPMENTS
    88. REFERENCES
    89. Chapter 53: Financial instruments: Hedge accounting
    90. 1 INTRODUCTION
    91. 2 HEDGED ITEMS
    92. 3 HEDGING INSTRUMENTS
    93. 4 INTERNAL HEDGES AND OTHER GROUP ACCOUNTING ISSUES
    94. 5 TYPES OF HEDGING RELATIONSHIPS
    95. 6 QUALIFYING CRITERIA
    96. 7 ACCOUNTING FOR EFFECTIVE HEDGES
    97. 8 SUBSEQUENT ASSESSMENT OF EFFECTIVENESS, REBALANCING AND DISCONTINUATION
    98. 9 INTEREST RATE BENCHMARK REFORM
    99. 10 PRESENTATION
    100. 11 MACRO HEDGING
    101. 12 ALTERNATIVES TO HEDGE ACCOUNTING
    102. 13 EFFECTIVE DATE AND TRANSITION
    103. 14 MAIN DIFFERENCES BETWEEN IFRS 9 AND IAS 39 HEDGE ACCOUNTING REQUIREMENTS
    104. REFERENCES
    105. Chapter 54: Financial instruments: Presentation and disclosure
    106. 1 INTRODUCTION
    107. 2 SCOPE OF IFRS 7
    108. 3 STRUCTURING THE DISCLOSURES
    109. 4 SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR AN ENTITY's FINANCIAL POSITION AND PERFORMANCE
    110. 5 NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
    111. 6 TRANSFERS OF FINANCIAL ASSETS
    112. 7 PRESENTATION ON THE FACE OF THE FINANCIAL STATEMENTS AND RELATED DISCLOSURES
    113. 8 EFFECTIVE DATES AND TRANSITIONAL PROVISIONS
    114. 9 FUTURE DEVELOPMENTS
    115. REFERENCES
    116. Chapter 55: Insurance contracts (IFRS 4)
    117. 1 INTRODUCTION
    118. 2 THE OBJECTIVES AND SCOPE OF IFRS 4
    119. 3 THE DEFINITION OF AN INSURANCE CONTRACT
    120. 4 EMBEDDED DERIVATIVES
    121. 5 UNBUNDLING OF DEPOSIT COMPONENTS
    122. 6 DISCRETIONARY PARTICIPATION FEATURES
    123. 7 SELECTION OF ACCOUNTING POLICIES
    124. 8 CHANGES IN ACCOUNTING POLICIES
    125. 9 INSURANCE CONTRACTS ACQUIRED IN BUSINESS COMBINATIONS AND PORTFOLIO TRANSFERS
    126. 10 APPLYING IFRS 9 WITH IFRS 4
    127. 11 DISCLOSURE
    128. 12. FUTURE DEVELOPMENTS
    129. Chapter 56: Insurance contracts (IFRS 17)
    130. 1 INTRODUCTION
    131. 2 THE OBJECTIVE, DEFINITIONS AND SCOPE OF IFRS 17
    132. 3 THE DEFINITION OF AN INSURANCE CONTRACT
    133. 4 SEPARATING COMPONENTS FROM AN INSURANCE CONTRACT
    134. 5 LEVEL OF AGGREGATION
    135. 6 INITIAL RECOGNITION
    136. 7 MEASUREMENT – OVERVIEW
    137. 8 MEASUREMENT – GENERAL MODEL
    138. 9 MEASUREMENT – PREMIUM ALLOCATION APPROACH
    139. 10 MEASUREMENT – REINSURANCE CONTRACTS HELD
    140. 11 MEASUREMENT – CONTRACTS WITH PARTICIPATION FEATURES
    141. 12 MODIFICATION AND DERECOGNITION
    142. 13 ACQUISITIONS OF INSURANCE CONTRACTS
    143. 14 PRESENTATION IN THE STATEMENT OF FINANCIAL POSITION
    144. 15 PRESENTATION IN THE STATEMENT OF FINANCIAL PERFORMANCE
    145. 16 DISCLOSURE
    146. 17 EFFECTIVE DATE AND TRANSITION
    147. 18 FUTURE DEVELOPMENTS
    148. REFERENCES
  11. Index of extracts from financial statements
  12. Index of standards
  13. Index
  14. End User License Agreement
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