Dual Reporting for Equity and Other Comprehensive Income under IFRSs and U.S. GAAP

Wiley Regulatory Reporting

Book 10
Sold by John Wiley & Sons
Free sample

Under IFRS, U.S. GAAP, and the SEC rules and regulations,business enterprises must recognise measure and discloseinformation regarding equity items on the face of the statement offinancial position, other specific statements, or in the notes tothe financial statements. However, under both IFRS and U.S. GAAPthere is no all-inclusive general standard on stockholders’equity. 

This book clarifies the process of reporting stockholders’equity in a manner which can be reconciled under all the relevantstandards.

“Not only has the author addressed the informationalneeds of the players in the accounting industry, he has also drawn,based on his vast experience, practical implications of reportingunder both standards.” —Noraini Mohd Nasir,Journal of Financial Reporting and Accounting

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About the author

Francesco Bellandi holds a Degree in Economics (summa cumlaude), LUISS University; M.B.A., SDA Bocconi School of Business,Bocconi University; Diploma in International Financial Reportingfrom the ACCA (The Association Of Chartered Certified Accountants,UK); and the Diploma in Private Equity from the A.I.F.I.(Italy’s private equity association).

Francesco Bellandi, U.S. CPA (Certified Public Accountant) andDottore Commercialista (Italian Chartered Accountant), is apractitioner in U.S. GAAP/IFRSs dual reporting. He is a member ofthe AICPA, the NYSSCPA (New York State Society of Certified PublicAccountants), and the NYSSCPA’s International Accounting& Auditing Committee.

He has served as a Board Director and Chief Financial Officer inCobalt Waterline Group (2007–2008); Director Finance &Administration in Alitalia Maintenance Systems (Alitalia –Lufthansa Technik) (2003–2005); Chief Financial Officer inAlitalia North America & Mexico, NewYork (2001–2003);Director Business Planning&Finance Performance SEMEA SouthernEurope, Middle East, and Africa in Société Internationalede Télécommunications A´eronautiques(1999–2001); Manager Finance & Administration/SharedServices, Reengineering & Restructuring in Ernst & Young(1997–1998); Financial Controller and Logistics Manager inEricsson (1993–1997); Financial Analyst in IRI (Istituto perla Ricostruzione Industriale) (1988–1992).

Francesco Bellandi also holds executive seminars for CFOs onU.S. GAAP/IFRSs dual reporting. He can be reached atfrancesco_bellandi@yahoo.com or dualgaap.com, the website dedicatedto U.S. GAAP/IFRSs Dual Reporting.

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Additional Information

Publisher
John Wiley & Sons
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Published on
May 3, 2012
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Pages
160
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ISBN
9781118314302
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Language
English
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Genres
Business & Economics / Accounting / Financial
Business & Economics / General
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Content Protection
This content is DRM protected.
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— Explanations of IFRS® and IFRIC interpretations

— Practical insights into implementation issues

— Worked-out illustrations and examples

— Case studies with solutions

— Multiple-choice questions with answers

— Extracts from published financial statements

A one-stop resource for understanding and applying current International Financial Reporting Standards

As the International Accounting Standards Board (IASB) makes rapid progress towards widespread acceptance and use of IFRS® (formerly named International Accounting Standards) worldwide, the need to understand these new standards increases. Now fully revised and updated, IFRS® Practical Implementation Guide and Workbook, Third Edition is the straightforward handbook for understanding and adapting the IFRS® standards.

This quick reference guide includes easy-to-understand IAS/IFRS®outlines, explanations, and practical insights that greatly facilitate understanding of the practical implementation issues involved in applying these complex standards.

Clearly explaining the IASB standards so that even first-time adopters of IFRS® will understand the complicated requirements, the Third Edition presents:Ten recently issued and revised IFRS® standards including business combinations, financial instruments and newly issued IFRS® for SMEsNew International Financial Reporting Interpretations Committee (IFRIC) projectsMultiple-choice questions with solutions and explanations to ensure thorough understanding of the complex IFRS®/IAS standardsCase studies or "problems" with solutions illustrating the practical application of IFRS®/IASExcerpts from published financial statements around the world

Designed with the needs of the user in mind, IFRS® Practical Implementation Guide and Workbook, Third Edition is an essential desktop reference for accountants and finance professionals, as well as a thorough review guide for the IFRS®/IAS certification exam.

Written by Steven Collings, winner of Accounting Technician of theYear at the British Accountancy Awards 2011, this book dealswith the significant changes auditing has undergone in recentyears, due in large part to well-publicised corporate disasterssuch as Enron and Parmalat, which have shaken the profession. Inresponse, many countries have replaced pre-existing domesticstandards with International Standards on Auditing (ISAs) in anattempt to ensure that auditors throughout the world apply the samelevel of standards during all audit assignments, and that auditquality remains consistent on a global basis.

International Standards on Auditing are frequently updated toimprove and clarify their application throughout the audit andaccounting profession. They can be extremely complex and difficultto apply in real life situations. It is essential to apply thestandards with sufficient rigor to enable an efficient audit totake place, to satisfy the regulators and ensure that the clientreceives and audit which is beneficial, cost effective, and whichconforms to the prescribed framework; however, auditors are oftencriticised for failing to do so.

Recognising that auditing is not always an exact science, andthat in many cases the auditor is called upon to make a judgementin situations open to differing opinions, this book takes apractical and pragmatic approach to following InternationalStandards on Auditing. Steve Collings looks at the full ISAs intheir final form, as reissued following the IAASB 'ClarityProject', and give auditors guidance on how to interpret and applythem in real life situations. Each redrafted or rewritten ISA isdealt with in a separate chapter, containing case studies andillustrative examples. The book also covers the regulatoryframework of auditing and gives a summary of the five ethicalstandards applicable to auditors, as mapped by the IAASB. Detailedappendices provide an overview of IFRS and IAS, illustrative audittests and illustrative financial statements.





An indispensable guide to making the transition to dualIFRS/GAAP financial reporting

U.S. financial reporting will undergo an unprecedented level ofchange within the next several years. U.S. companies face aconvergence between U.S. GAAP and IFRS, affecting several majoraccounting standards—most notably in the areas of leasing,revenue recognition, and financial instruments. It is imperativethat U.S. companies understand these major changes and theirbusiness and operational implications. The IFRS U.S. GAAP DualReporting Handbook to First-Time Adoption offers acomprehensive treatment of both the principles and techniques ofdual reporting under IFRS/U.S. GAAP, while exploring the practicalimplications for accounting professionals of reporting under bothsets of standards.

Takes an operating approach to the implementation andapplication of the dual standardsDraws upon the author's extensive firsthand experience todispel uncertainty and offer decision makers expert technicalassistanceDefines systemic changes businesses will need to make toaccommodate IFRS standardsCompares the two bodies of standards item-by-item andidentifies solutions under one set of standards to issues arisingunder the otherExplores the strategic impact of structuring a company for IFRStransition

In addition to covering the full range of critical issuessurrounding adopting IFRS, this indispensable handbook is a richresource of dual reporting tools, including financial statementformats, charts of accounts, accounting check-lists, reconciliationschedules, and operating manuals.


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— Explanations of IFRS® and IFRIC interpretations

— Practical insights into implementation issues

— Worked-out illustrations and examples

— Case studies with solutions

— Multiple-choice questions with answers

— Extracts from published financial statements

A one-stop resource for understanding and applying current International Financial Reporting Standards

As the International Accounting Standards Board (IASB) makes rapid progress towards widespread acceptance and use of IFRS® (formerly named International Accounting Standards) worldwide, the need to understand these new standards increases. Now fully revised and updated, IFRS® Practical Implementation Guide and Workbook, Third Edition is the straightforward handbook for understanding and adapting the IFRS® standards.

This quick reference guide includes easy-to-understand IAS/IFRS®outlines, explanations, and practical insights that greatly facilitate understanding of the practical implementation issues involved in applying these complex standards.

Clearly explaining the IASB standards so that even first-time adopters of IFRS® will understand the complicated requirements, the Third Edition presents:Ten recently issued and revised IFRS® standards including business combinations, financial instruments and newly issued IFRS® for SMEsNew International Financial Reporting Interpretations Committee (IFRIC) projectsMultiple-choice questions with solutions and explanations to ensure thorough understanding of the complex IFRS®/IAS standardsCase studies or "problems" with solutions illustrating the practical application of IFRS®/IASExcerpts from published financial statements around the world

Designed with the needs of the user in mind, IFRS® Practical Implementation Guide and Workbook, Third Edition is an essential desktop reference for accountants and finance professionals, as well as a thorough review guide for the IFRS®/IAS certification exam.

Written by Steven Collings, winner of Accounting Technician of theYear at the British Accountancy Awards 2011, this book dealswith the significant changes auditing has undergone in recentyears, due in large part to well-publicised corporate disasterssuch as Enron and Parmalat, which have shaken the profession. Inresponse, many countries have replaced pre-existing domesticstandards with International Standards on Auditing (ISAs) in anattempt to ensure that auditors throughout the world apply the samelevel of standards during all audit assignments, and that auditquality remains consistent on a global basis.

International Standards on Auditing are frequently updated toimprove and clarify their application throughout the audit andaccounting profession. They can be extremely complex and difficultto apply in real life situations. It is essential to apply thestandards with sufficient rigor to enable an efficient audit totake place, to satisfy the regulators and ensure that the clientreceives and audit which is beneficial, cost effective, and whichconforms to the prescribed framework; however, auditors are oftencriticised for failing to do so.

Recognising that auditing is not always an exact science, andthat in many cases the auditor is called upon to make a judgementin situations open to differing opinions, this book takes apractical and pragmatic approach to following InternationalStandards on Auditing. Steve Collings looks at the full ISAs intheir final form, as reissued following the IAASB 'ClarityProject', and give auditors guidance on how to interpret and applythem in real life situations. Each redrafted or rewritten ISA isdealt with in a separate chapter, containing case studies andillustrative examples. The book also covers the regulatoryframework of auditing and gives a summary of the five ethicalstandards applicable to auditors, as mapped by the IAASB. Detailedappendices provide an overview of IFRS and IAS, illustrative audittests and illustrative financial statements.





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