International Accounting Standards: From Uk Standards To Ias, An Accelerated Route To Understanding The Key Principles Of International Accounting Rules

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This handbook is aquick reference to International Accounting Standards and is designed for all those who interact with financial information, and need an accelerated route to understanding the key principles of international accounting rules.It is essential reading for all members of the management team. Members of any finance and accounting team will find it a practical summary of all the big concerns allowing relevant questions to be raised with auditors and other professionals interested in the governance of the business.Tables, diagrams and flow charts are used extensively throughout in order to make the information presented user friendly and quickly assimilated. The consequences for the non-accounting functions of a business are clearly highlighted, to give further insights into how International Accounting standards impinge on abusiness. * Provides an accelerated route to understanding the key principles of the new International Accounting rules and the key skills to ease the transition to IAS* Shows the impact both on preparation and presentation of financial information and the consequences for analysis and interpretation. * Identifies the major differences between the two standards and reflects changes expected in the future.

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International Accounting Standards From UK standards to IAS – an accelerated route to understanding the key principles Paul Rodgers AMSTERDAM • BOSTON • HEIDELBERG • LONDON NEW YORK • OXFORD • PARIS • SAN DIEGO SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO CIMA Publishing is an imprint of Elsevier CIMA Publishing is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP, UK 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA First edition 2007 Copyright © 2007 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone (+44) (0) 1865 843830; fax (+44) (0) 1865 853333; e-mail: [email protected] Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/permissions, and selecting Obtaining permission to use Elsevier material Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library 978 0 7506 8203 9 For information on all CIMA publications visit our website at books.elsevier.com Typeset by Integra Software Services Pvt. Ltd, Pondicherry, India www.integra-india.com Printed and bound in Great Britain 07 08 09 10 10 9 8 7 6 5 4 3 2 1 Working together to grow libraries in developing countries www.elsevier.com | www.bookaid.org | www.sabre.org Nothing is to be feared. It is only to be understood. Marie Curie (1867–1934) This page intentionally left blank Contents Introduction xi 1 Harmonization – The Story So Far 1 A long winding road 2005 – The year when the accounting world would change forever The EU was not alone Convergence with US GAAP Finance directors beware Let us not lose sight of the benef
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