IFRS
Content
IFRS Learning Resources Prepared by Paul Pacter Former Board Member, IASB: [email protected] Updated March 2013
This is a list of some English language IFRS resources available to accounting academicians, students, and others. Most of the Internet resources are available without charge (purchased access is indicated). This list is not copyrighted and may be freely reproduced and distributed (without alteration). The latest version may be downloaded here: http://www.ifrs.org/Use-around-the-world/Education/Pages/Learning-Resources.aspx
Important: This information in this list is provided for your convenience only. Neither the IASB nor the IFRS Foundation has reviewed or approved the contents of any of the information sources cited. It is the responsibility of the user to evaluate the content and usefulness of information.
BDO
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http://www.bdointernational.com/Services/Audit/IFRS/Pages/default.aspx Includes links to a range of downloadable IFRS publications including: • • • • • IFRS at a Glance Need to Know IFRS in Practice IFR Bulletins Illustrative financial statements
DELOITTE TOUCHE TOHMATSU
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Comprehensive IFRS publications iGAAP 2012 – International Set Published by Lexis-Nexis, 3 volumes: Volume A is A Guide to IFRS. Volume B is IFRS 9 and related financial instruments standards. Volume C is IAS 39 and related financial instruments standards. ISBN 9780754544531. “This practical book provides guidance and worked examples in a principles-based approach.” Purchase from www.lexisnexis.co.uk/deloitte. Also available is a set tailored for the UK financial reporting environment. Deloitte IFRS website http://www.iasplus.com • Free
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Examples of content: ─ Daily news about IFRSs ─ Summaries of Standards and Interpretations ─ Summaries of IASB and IFRIC Agenda Projects ─ Download Deloitte IFRS publications. ─ Information about IASB history and structure ─ IASB meeting information ─ IFRS model financial statements and presentation and disclosure checklists ─ Use of IFRSs by jurisdiction ─ Comparisons of IFRSs and national GAAPs
IFRS eLearning http://www.deloitteifrslearning.com/ • • • • Each module is a 4mb to 8mb download. Can install on single PC or network. Each module takes 23 hours to complete. Case approach. Quiz at end. Completely free of charge. Must register before first download. Available also in Spanish: www.deloitteifrslearning.com/spanish/registration_es.asp Available also in Chinese: http://www.casplus.com/ifrs/default.asp Available also in Russian: http://www.deloitteifrslearning.com/russian/registration.asp
Deloitte’s IFRS University Consortium http://www.deloitte.com/us/ifrs/consortium • • • • • Resources for bringing IFRSs into the classroom Webcasts Course materials Case studies Resource library
ERNST & YOUNG
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Comprehensive IFRS publication Ernst & Young, International GAAP 2013: Generally Accepted Accounting Practice under International Financial Reporting Standards Published by John Wiley & Sons, January 2013, over 4,000 pages, 3 volumes, ISBN 978-1-1184-8401-2. “International GAAP 2013 is the only globally focused work on IFRSs. It is not constrained by any individual country’s legislation or financial reporting regulations, and it ensures an international consistency of approach unavailable elsewhere. It shows how difficult practical issues should be approached in the complex, global world of international financial reporting, where IFRSs have become the accepted financial reporting system in more than 100 countries. This integrated approach provides a unique level of authoritative material for anyone involved in preparing, interpreting or auditing company accounts, for regulators, academic researchers and for all students of accountancy. Each chapter deals with a key area of IFRS and has a common structure for ease of use”, including an explanation of relevant principles, worked examples, and extracts from real company accounts. Web page:
http://eu.wiley.com/WileyCDA/WileyTitle/productCd-1118484010.html
Ernst & Young IFRS website http://www.ey.com/GL/en/Issues/IFRS Includes:
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IFRS Outlook Monthly Newsletter (formerly called Global EYe on IFRSs) IFRS Library Online: Model IFRS financial statements: Tools and resources
http://www.ey.com/GL/en/Issues/IFRS/IFRS-outlook-current-issue
GRANT THORNTON
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Grant Thornton International IFRS Website: http://www.gti.org/Services/Assurance-services/IFRS.asp Grant Thornton International IFRS Publications:
http://www.gti.org/Publications/ifrs-publications/index.asp
Includes a range of publications such as: • Example consolidated IFRS financial statements • Example interim financial statements • Example financial statements of a first-time IFRS adopter • Comparison between U.S. GAAP and International Financial Reporting Standards
KPMG
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KPMG IFRS Institute http://www.kpmgifrsinstitute.com/ Includes links to (among other things): • IFRS Webcasts • IFRS Disclosure Checklists • IFRS-National GAAP Comparisons • IFRS Illustrative Financial Statements • IFRS Industry Publications KPMG University Connection http://www.kpmguniversityconnection.com • Webcasts and other resources to support IFRS teaching (as well as US GAAP)
KPMG’s Global IFRS Institute
http://www.kpmg.com/global/en/topics/global-ifrs-institute/pages/default.aspx
Includes links to a wide range of downloadable IFRS publications such as. • • • • • • Insights into IFRS New on the Horizon First Impressions Line of business IFRS Handbooks IFRS Practice Issues
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• • • • • • •
The IFRS for SMEs IFRS illustrative financial statements IFRS GAAP comparisons IFRS disclosure checklists IFRG comment letters IFRS in Brief / Briefing Sheets IFRS newsletters
PRICEWATERHOUSECOOPERS
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PWC IFRS reporting website
http://www.pwc.com/gx/en/ifrs-reporting/index.jhtml
PWC IFRS publications:
http://www.pwc.com/gx/en/ifrs-reporting/publications/index.jhtml
PWC IFRS Manual of Accounting 2013
http://www.pwc.com/gx/en/ifrs-reporting/manual-of-accounting/index.jhtml PwC's Manual of accounting – IFRS 2013 provides practical guidance on the IFRSs issued by the International Accounting Standards Board (IASB). The Manual contains:
• • Explanations on how to prepare financial statements in accordance with IFRS. Insights based on PwC's IFRS experience around the world, with input from over 100 members of the Global Accounting Consulting Services authoring team. Updated practical worked examples and extracts from company reports as well as model IFRS financial statements, which help to illustrate the explanations.
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PWC ’IFRS Ready’ toolkit for educators http://www.pwc.com/us/en/faculty-resource/ifrs-ready.jhtml • IFRS educational videos • Slides, speaker notes, and questions an educator can use in intro or intermediate PWC IFRS Blog http://pwc.blogs.com/ifrs/ Interactive IFRS Financial Statements http://www.knowledgelaunch.com/interactive_ifrs/
RSM INTERNATIONAL
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Main IFRS Page: http://www.rsmi.com/en/global-services/ifrs/default.aspx IFRS News in Brief: Monthly summary of key news about IASB and IFRS.
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http://www.rsmi.com/en/global-services/ifrs/ifrs-news-in-brief-current-issue.aspx RSM Reporting: A quarterly newsletter that includes opinions and insights from RSM experts around the world on topics relevant to a wide variety of readers with interest in the global accounting profession. http://www.rsmi.com/en/publications/newsletters/rsm-reporting/default.aspx IFRS technical publications, including model IFRS and IFRS for SMEs financial statements and IFRS Frequently Asked Questions http://www.rsmi.com/en/publications/service-literature/ifrs/default.aspx
US SECURITIES AND EXCHANGE COMMISSION
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SEC Workplan for Global Accounting Standards http://www.sec.gov/spotlight/globalaccountingstandards.shtml SEC Archived Information: Global Accounting Standards http://www.sec.gov/spotlight/ifrsroadmap.htm Roadmap, speeches, proposed and final rulemaking and releases, concept releases, staff review of IFRS financial statements
AMERICAN ACCOUNTING ASSOCIATION
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Issues in Accounting Education. Special Issue: Cases in International Accounting http://aaapubs.aip.org/dbt/dbt.jsp?KEY=IAEXXX&Volume=22&Issue=4 This joint initiative of the American Accounting Association and its International Accounting Section includes 17 cases spanning a variety of topics and placement in the curriculum. Most can be utilized in more than one course, and several of the cases have a common theme. See Volume 22, Number 4 (November 2007) of Issues (available by subscription) AAA International Accounting Section http://www.aaaiasection.org/
AMERICAN INSTITUTE OF CPAs
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AICPA IFRS resources website http://www.ifrs.com Free monthly IFRS newsletter called IFRS Report http://www.smartbrief.com/ifrs/?campaign=1008Trial AICPA IFRS blog http://blog.ifrs.com/ Information about IFRSs on the US CPA Exam http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/IFRS_FAQs.aspx
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CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS
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IFRS page http://www.cica.ca/ifrs//index.aspx 2013 Financial Reporting in Canada Under IFRS 2013 Financial Reporting in Canada Under IFRS looks at the application of IFRS from a Canadian perspective by examining and explaining IFRS requirements and illustrating their application using realworld extracts of financial statements from companies that have already adopted IFRS. Available in book, DVD, and subscription format. English and French. http://www.castore.ca/product/financial-reporting-in-canada-under-ifrs/751?newLang=en
INTERNATIONAL ACCOUNTING STANDARDS BOARD AND IFRS FOUNDATION
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Website http://www.ifrs.org Free download of PDF standards (but not guidance or basis for conclusions): http://www.ifrs.org/IFRSs/Pages/IFRS.aspx IFRS summaries (English, Spanish, Portuguese, Japanese): http://www.ifrs.org/IFRSs/Pages/IFRS.aspx Subscriptions and Publications http://shop.ifrs.org Comprehensive annual subscription to all IASB publications in printed form plus electronic access Comprehensive annual subscription to all IASB publications electronic access only Important: Academicians and students can join IAAER (see below) and get eIFRS for US$25 (students $20). Bound Volumes of IFRSs (the “red book” and the “blue book”) • • • • Published annually. The “red book” includes all Standards and Interpretations (including those not yet effective), guidance, bases for conclusions, constitution, etc. Roughly 3,600 pages. Also on-line. IASB also publishes a second type of annual bound volume (the “blue book”) containing only those pronouncements that are mandatory for the current financial reporting year.
A Guide through IFRSs (“the green book”) printed and CD • IFRS Foundation publishes annually a “green book” called A Guide through IFRSs. It has the complete consolidated text of IFRSs with extensive cross-references and other annotations. £90+shipping. A note to educators: You may want to consider using the Guide (“green book”) plus the Conceptual Framework CD to support Framework-based teaching. The cross-references to Basis for Conclusions in the Guide help IFRS teachers and students develop a more cohesive understanding of IFRSs and that better prepares accountants to make the judgments that are necessary to apply IFRSs and to continuously update their IFRS knowledge and skills. To listen to a webcast on Framework-based teaching:
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http://media.ifrs.org/FrameWork101210/files/lobby.html
IFRS A Briefing for Chief Executives Framework-based IFRS teaching material. • • Free download here: http://www.ifrs.org/Use-around-the-world/Education/Pages/Frameworkbased-teaching-material.aspx This material is designed to assist IFRS teachers to educate IFRS learners more effectively. In particular, the material is designed to support those teaching IFRSs, so that they can progressively develop in their students the ability to make the estimates and judgements that are necessary to apply IFRSs and the IFRS for SMEs. The Framework-based teaching approach should also better prepare students to update their IFRS knowledge and competencies continuously in the context of life-long learning.
IFRS for Small and Medium-sized Entities
• • • IFRS for SMEs page: http://www.ifrs.org/IFRS-for-SMEs/Pages/IFRS-for-SMEs.aspx Free download IFRS for SMEs in 23 languages: http://go.ifrs.org/IFRSforSMEs SME Training material: http://go.ifrs.org/smetraining ─ Completely free of charge. ─ Includes (i) the full text of the IFRS for SMEs; (ii) notes and worked examples designed to clarify and illustrate the requirements; (iii) a discussion of significant estimates and other judgements necessary to apply the requirements; (iv) comparison with full IFRSs; (v) a collection of multiplechoice questions (with answers); and (vi) a collection of case studies (with solutions) ─ One module for each of the 35 sections of the IFRS for SMEs ─ Available in Arabic, English, Russian, Spanish, Turkish. • • • • Information about the SME Implementation Group: http://go.ifrs.org/smeig Questions and Answers developed by the SME Implementation Group: http://www.ifrs.org/IFRS-for-SMEs/Pages/QAsSMEs.aspx PowerPoint presentations about IFRS for SMEs: http://go.ifrs.org/presentations PowerPoint presentations for a typical 3-day IFRS for SMEs training workshop (24 classroom contact hours, includes quizzes): http://go.ifrs.org/trainingppts. ─ Completely free of charge. ─ Available in English, Arabic, Portuguese, Russian, Spanish, Turkish • IFRS for SMEs Update Newsletter: http://go.ifrs.org/smeupdate ─ Monthly, free subscription ─ Over 15,000 subscribers • Guidance for micro-sized entities: http://www.ifrs.org/IFRS-for-SMEs/Pages/Guidancemicrosizedentities.aspx
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INTERNATIONAL ASSOCIATION FOR ACCOUNTING EDUCATION AND RESEARCH (IAAER)
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IAAER website http://www.iaaer.org/ • • Very low-cost subscription to eIFRS (from IASB) for educators and students Includes all IFRSs and other educational materials of the IASB $25 (academician) and $20 (student) – normal price from IASB $400
Teaching resources page http://www.iaaer.org/resources/ • Includes links to a number of IFRS resources
EUROPEAN COMMISSION
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• • • • • • • • • • Accounting – general http://ec.europa.eu/internal_market/accounting/index_en.htm Accounting News http://ec.europa.eu/internal_market/accounting/news/index_en.htm Use of IFRSs in the European Union http://ec.europa.eu/internal_market/accounting/ias/index_en.htm EU Directives relating to accounting http://ec.europa.eu/internal_market/accounting/officialdocs_en.htm The European Financial Reporting Advisory Group (EFRAG) EFRAG advises the European Commission about adoption of IFRSs for use in the European Union. As part of its work, EFRAG develops and publishes discussion papers on international financial reporting issues even before the issues are on the IASB’s agenda. Examples of topics on which EFRAG has published discussion papers include conceptual framework; equity/liability; pensions; performance reporting; revenue recognition; and stewardship. Projects in progress include definition of an asset; impairment of financial assets; business combinations under common control; disclosure framework; income taxes; and the role of the business model in financial reporting. Discussion papers and other EFRAG publications (including EFRAG’s advice to the Commission) may be downloaded from EFRAG’s website. http://www.efrag.org/
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EU PROGRAM FOR TECHNICAL ASSISTANCE TO THE COMMONWEALTH OF INDEPENDENT STATES (TACIS)
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From 2003 to 2009 the EU TACIS project published a comprehensive series of self-study workbooks on IFRSs, developed with the assistance of PricewaterhouseCoopers. The workbooks have subsequently been kept up to date and new workbooks for recent IFRSs have been developed. Each workbook is a self-standing short course designed for approximately of three hours of study. Although the workbooks are part of a series, each one is independent of the others. Each workbook is a combination of
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Information, Examples, Self-Test Questions and Answers. A basic knowledge of accounting is assumed, but if any additional knowledge is required this is mentioned at the beginning of the section. The Workbooks are free to download and available in English and Russian: • • English workbooks, 2012 edition: http://bankir.ru/technology/vestnik/uchebnye-posobiya-po-msfoeng/ Russian workbooks, 2012 edition: http://bankir.ru/technology/vestnik/uchebnye-posobiya-po-msfo/
RECENT IFRS TEXTBOOKS
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An Executive Guide to IFRS: Content, Costs and Benefits to Business By Peter Walton. Published by Wiley, April 2011. 288 pages, ISBN: 978-0-470-66490-2. “In a concise, accessible style, this book explains the movement towards a worldwide standard of financial reporting for listed companies as an aid to efficient investment. It presents the main technical features of IFRS including their content, and chapters on business combinations, consolidation, pensions and share-based payment, financial instruments, provisions and impairment, and it discuss how international standards are formulated. As a whole, the book gives invaluable guidance to the manager on the role of financial reporting, and an understanding of why IFRS are useful. It clearly demonstrates what a company and a country gains from using them, what the costs will be, what the main technical features of IFRS are, how IFRS are formulated, how to participate in the standard-setting process and how to lobby effectively.” Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470664908.html Intermediate Accounting: IFRS Edition By Donald E Kieso, Jerry J Weygandt, and Terry D Warfield. Published by John Wiley & Sons, 2011, two volumes, 1,383 pages, ISBN 13-978-0470-61631-4. “Intermediate Accounting: IFRS Edition incorporates International Financial Reporting Standards (IFRS) into the existing textbook framework. On almost every page, the book addresses every accounting topic from the perspective of IFRS while still highlighting key differences between IFRS and US GAAP. Following the reputation for accuracy, comprehensiveness, and currency, the authors have painstakingly created a book dedicated to assisting students learning intermediate accounting topics under the rules of IFRS.Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-EHEP001504.html Wiley IFRS: Practical Implementation Guide and Workbook 3rd edition. By Abbas A. Mirza, Graham Holt, Liesel Knorr. Published by John Wiley & Sons, April 2011, 584 pages, ISBN: 978-0-470-64791-2. “This reference guide includes easy-to-understand explanations of IFRS/IAS standards, case studies with solutions, and illustrations with multiple choice questions and solutions. The book facilitates understanding of the practical implementation issues involved in applying these complex ‘principles-based’ standards.” Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd0470647914.html International Accounting 7th edition. By Frederick D. Choi and Gary K. Meek. Published by Pearson, July 2010, 496 pages, ISBN-13: 9780136111474 “For upper division undergraduate, and graduate students. Focus on the essentials of international accounting. International Accounting was written with the express purpose of introducing students to the international dimensions of accounting, financial reporting and financial control.” Web page: http://www.pearsonhighered.com/educator/product/International-Accounting-7E/9780136111474.page
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Understanding IFRS Fundamentals: International Financial Reporting Standards By Nandakumar Ankarath, Kalpesh J. Mehta, T. P. Ghosh, Yass A. Alkafaji. Published by John Wiley & Sons, June 2010, 432 pages, ISBN: 978-0-470-39914-9. “Filled with easy-to-follow examples and case studies.” Web page http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470399147,descCd-buy.html Comparative International Accounting 12th edition. By Christopher Nobes and Robert Parker. Published by Pearson, February 2012, 624 pages, ISBN13 9780273763796. “This text uncovers the conceptual and contextual foundations of International Financial Reporting Standards (IFRSs) and contrasts them with US generally accepted accounting principles (US GAAP). It also examines international differences that remain between countries such as China, France, Germany and Japan, and pays particular attention to the key issues of harmonization, political lobbying and the special accounting problems of multinational companies.” Web page: http://catalogue.pearsoned.co.uk/educator/product/Comparative-InternationalAccounting/0273763792.page Wiley IFRS 2012: By Bruce Mackenzie, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko, Blaise Colyvas, Brandon Hanekom. Published by John Wiley & Sons, February 2012, 1080 pages, ISBN: 978-0-470-92399-3. “Wiley IFRS 2012 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them.... Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world situations.” Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470923997.html Applying the IFRS For SMEs By Bruce Mackenzie, Allan Lombard, Danie Coetsee, Tapiwa Njikizana, and Raymond Chamboko. Published by John Wiley & Sons, December 2010, 484 pages, ISBN 978-0-470-60337-6. Applying the IFRS for SMEs provides expert insights and explanations of the IFRS for small and medium enterprises (SMEs). Includes comprehensive coverage for application of IFRS for SMEs, commentary on the theory in the standard, illustrative disclosures, comprehensive illustrative financial statements, and comparisons to full IFRS. Also includes relevant real life worked out examples aimed at SMEs. Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470603372.html Intermediate Accounting, Volumes 1 & 2, Second Canadian Edition By Kin Lo and George Fisher. Published by Pearson Canada, January and February 2013. ISBN Vol 1: 0133098648. ISBN Vol 2: 0133255654. “This is the first Canadian text written with International Financial Reporting Standards (IFRS) in mind throughout the development process, rather than as an afterthought.” www.pearsoncanada.ca International Corporate Reporting: A Comparative Approach 4th edition. By Clare Roberts, Pauline Weetman and Paul Gordon. Published by Pearson, April 2008, 496 pages, ISBN13: 9780273714736. “Enables students to analyze the similarities and differences in accounting, reporting and regulation around the world, and to familiarize them with the growing body of research into international accounting practices”. Web page: http://www.pearsoned.co.uk/Bookshop/detail.asp?item=100000000259868 Financial Accounting: GAAP Principles 3e 3rd edition. ByIlse Lubbe, Goolam Modack, and Alex Watson. Published by Oxford University Press Southern Africa, July 2011. 768 pages, ISBN: 9780195998115. South Africa-focused textbook on IFRSs. Web page: http://www.oxford.co.za/page/higher-education/business/accounting/1153381-Accounting
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NEWSLETTER
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IFRS Monitor (formerly called IStar) IFRS Monitor is an electronic reporting service that provides subscribers with a detailed analysis of the proceedings of each meeting of the International Accounting Standards Board (IASB). This is distributed by e-mail for the Monday morning following the monthly IASB meeting. Paid subscription required. Web page: http://www.ifrsmonitor.com/
HISTORIES
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Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, 1973-2000 By Kees Camfferman and Stephen A. Zeff. Published by Oxford University Press, March 2007, 676 pages, ISBN-13: 978-0-19-929629-3. “Examines the history of the IASC from 1973 to 2000, including its foundation, operation, changing membership and leadership, achievements and setbacks, the development of its standards, and its restructuring leading up to the creation of the IASB in 2001.” Telephone orders: +44 (0) 1536 741 727. Web page: http://www.oup.com/uk/catalogue/?ci=9780199296293 The International Accounting Standards Committee: A Political History By Robert J. Kirsch. Published by Wolters Kluwer (UK) Ltd., 2006, 463 pages, ISBN 978 1 84140 608 4. order by email: [email protected]
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This is a list of some English language IFRS resources available to accounting academicians, students, and others. Most of the Internet resources are available without charge (purchased access is indicated). This list is not copyrighted and may be freely reproduced and distributed (without alteration). The latest version may be downloaded here: http://www.ifrs.org/Use-around-the-world/Education/Pages/Learning-Resources.aspx
Important: This information in this list is provided for your convenience only. Neither the IASB nor the IFRS Foundation has reviewed or approved the contents of any of the information sources cited. It is the responsibility of the user to evaluate the content and usefulness of information.
BDO
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http://www.bdointernational.com/Services/Audit/IFRS/Pages/default.aspx Includes links to a range of downloadable IFRS publications including: • • • • • IFRS at a Glance Need to Know IFRS in Practice IFR Bulletins Illustrative financial statements
DELOITTE TOUCHE TOHMATSU
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Comprehensive IFRS publications iGAAP 2012 – International Set Published by Lexis-Nexis, 3 volumes: Volume A is A Guide to IFRS. Volume B is IFRS 9 and related financial instruments standards. Volume C is IAS 39 and related financial instruments standards. ISBN 9780754544531. “This practical book provides guidance and worked examples in a principles-based approach.” Purchase from www.lexisnexis.co.uk/deloitte. Also available is a set tailored for the UK financial reporting environment. Deloitte IFRS website http://www.iasplus.com • Free
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Examples of content: ─ Daily news about IFRSs ─ Summaries of Standards and Interpretations ─ Summaries of IASB and IFRIC Agenda Projects ─ Download Deloitte IFRS publications. ─ Information about IASB history and structure ─ IASB meeting information ─ IFRS model financial statements and presentation and disclosure checklists ─ Use of IFRSs by jurisdiction ─ Comparisons of IFRSs and national GAAPs
IFRS eLearning http://www.deloitteifrslearning.com/ • • • • Each module is a 4mb to 8mb download. Can install on single PC or network. Each module takes 23 hours to complete. Case approach. Quiz at end. Completely free of charge. Must register before first download. Available also in Spanish: www.deloitteifrslearning.com/spanish/registration_es.asp Available also in Chinese: http://www.casplus.com/ifrs/default.asp Available also in Russian: http://www.deloitteifrslearning.com/russian/registration.asp
Deloitte’s IFRS University Consortium http://www.deloitte.com/us/ifrs/consortium • • • • • Resources for bringing IFRSs into the classroom Webcasts Course materials Case studies Resource library
ERNST & YOUNG
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Comprehensive IFRS publication Ernst & Young, International GAAP 2013: Generally Accepted Accounting Practice under International Financial Reporting Standards Published by John Wiley & Sons, January 2013, over 4,000 pages, 3 volumes, ISBN 978-1-1184-8401-2. “International GAAP 2013 is the only globally focused work on IFRSs. It is not constrained by any individual country’s legislation or financial reporting regulations, and it ensures an international consistency of approach unavailable elsewhere. It shows how difficult practical issues should be approached in the complex, global world of international financial reporting, where IFRSs have become the accepted financial reporting system in more than 100 countries. This integrated approach provides a unique level of authoritative material for anyone involved in preparing, interpreting or auditing company accounts, for regulators, academic researchers and for all students of accountancy. Each chapter deals with a key area of IFRS and has a common structure for ease of use”, including an explanation of relevant principles, worked examples, and extracts from real company accounts. Web page:
http://eu.wiley.com/WileyCDA/WileyTitle/productCd-1118484010.html
Ernst & Young IFRS website http://www.ey.com/GL/en/Issues/IFRS Includes:
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IFRS Outlook Monthly Newsletter (formerly called Global EYe on IFRSs) IFRS Library Online: Model IFRS financial statements: Tools and resources
http://www.ey.com/GL/en/Issues/IFRS/IFRS-outlook-current-issue
GRANT THORNTON
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Grant Thornton International IFRS Website: http://www.gti.org/Services/Assurance-services/IFRS.asp Grant Thornton International IFRS Publications:
http://www.gti.org/Publications/ifrs-publications/index.asp
Includes a range of publications such as: • Example consolidated IFRS financial statements • Example interim financial statements • Example financial statements of a first-time IFRS adopter • Comparison between U.S. GAAP and International Financial Reporting Standards
KPMG
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KPMG IFRS Institute http://www.kpmgifrsinstitute.com/ Includes links to (among other things): • IFRS Webcasts • IFRS Disclosure Checklists • IFRS-National GAAP Comparisons • IFRS Illustrative Financial Statements • IFRS Industry Publications KPMG University Connection http://www.kpmguniversityconnection.com • Webcasts and other resources to support IFRS teaching (as well as US GAAP)
KPMG’s Global IFRS Institute
http://www.kpmg.com/global/en/topics/global-ifrs-institute/pages/default.aspx
Includes links to a wide range of downloadable IFRS publications such as. • • • • • • Insights into IFRS New on the Horizon First Impressions Line of business IFRS Handbooks IFRS Practice Issues
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The IFRS for SMEs IFRS illustrative financial statements IFRS GAAP comparisons IFRS disclosure checklists IFRG comment letters IFRS in Brief / Briefing Sheets IFRS newsletters
PRICEWATERHOUSECOOPERS
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PWC IFRS reporting website
http://www.pwc.com/gx/en/ifrs-reporting/index.jhtml
PWC IFRS publications:
http://www.pwc.com/gx/en/ifrs-reporting/publications/index.jhtml
PWC IFRS Manual of Accounting 2013
http://www.pwc.com/gx/en/ifrs-reporting/manual-of-accounting/index.jhtml PwC's Manual of accounting – IFRS 2013 provides practical guidance on the IFRSs issued by the International Accounting Standards Board (IASB). The Manual contains:
• • Explanations on how to prepare financial statements in accordance with IFRS. Insights based on PwC's IFRS experience around the world, with input from over 100 members of the Global Accounting Consulting Services authoring team. Updated practical worked examples and extracts from company reports as well as model IFRS financial statements, which help to illustrate the explanations.
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PWC ’IFRS Ready’ toolkit for educators http://www.pwc.com/us/en/faculty-resource/ifrs-ready.jhtml • IFRS educational videos • Slides, speaker notes, and questions an educator can use in intro or intermediate PWC IFRS Blog http://pwc.blogs.com/ifrs/ Interactive IFRS Financial Statements http://www.knowledgelaunch.com/interactive_ifrs/
RSM INTERNATIONAL
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Main IFRS Page: http://www.rsmi.com/en/global-services/ifrs/default.aspx IFRS News in Brief: Monthly summary of key news about IASB and IFRS.
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http://www.rsmi.com/en/global-services/ifrs/ifrs-news-in-brief-current-issue.aspx RSM Reporting: A quarterly newsletter that includes opinions and insights from RSM experts around the world on topics relevant to a wide variety of readers with interest in the global accounting profession. http://www.rsmi.com/en/publications/newsletters/rsm-reporting/default.aspx IFRS technical publications, including model IFRS and IFRS for SMEs financial statements and IFRS Frequently Asked Questions http://www.rsmi.com/en/publications/service-literature/ifrs/default.aspx
US SECURITIES AND EXCHANGE COMMISSION
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SEC Workplan for Global Accounting Standards http://www.sec.gov/spotlight/globalaccountingstandards.shtml SEC Archived Information: Global Accounting Standards http://www.sec.gov/spotlight/ifrsroadmap.htm Roadmap, speeches, proposed and final rulemaking and releases, concept releases, staff review of IFRS financial statements
AMERICAN ACCOUNTING ASSOCIATION
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Issues in Accounting Education. Special Issue: Cases in International Accounting http://aaapubs.aip.org/dbt/dbt.jsp?KEY=IAEXXX&Volume=22&Issue=4 This joint initiative of the American Accounting Association and its International Accounting Section includes 17 cases spanning a variety of topics and placement in the curriculum. Most can be utilized in more than one course, and several of the cases have a common theme. See Volume 22, Number 4 (November 2007) of Issues (available by subscription) AAA International Accounting Section http://www.aaaiasection.org/
AMERICAN INSTITUTE OF CPAs
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AICPA IFRS resources website http://www.ifrs.com Free monthly IFRS newsletter called IFRS Report http://www.smartbrief.com/ifrs/?campaign=1008Trial AICPA IFRS blog http://blog.ifrs.com/ Information about IFRSs on the US CPA Exam http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/IFRS_FAQs.aspx
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CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS
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IFRS page http://www.cica.ca/ifrs//index.aspx 2013 Financial Reporting in Canada Under IFRS 2013 Financial Reporting in Canada Under IFRS looks at the application of IFRS from a Canadian perspective by examining and explaining IFRS requirements and illustrating their application using realworld extracts of financial statements from companies that have already adopted IFRS. Available in book, DVD, and subscription format. English and French. http://www.castore.ca/product/financial-reporting-in-canada-under-ifrs/751?newLang=en
INTERNATIONAL ACCOUNTING STANDARDS BOARD AND IFRS FOUNDATION
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Website http://www.ifrs.org Free download of PDF standards (but not guidance or basis for conclusions): http://www.ifrs.org/IFRSs/Pages/IFRS.aspx IFRS summaries (English, Spanish, Portuguese, Japanese): http://www.ifrs.org/IFRSs/Pages/IFRS.aspx Subscriptions and Publications http://shop.ifrs.org Comprehensive annual subscription to all IASB publications in printed form plus electronic access Comprehensive annual subscription to all IASB publications electronic access only Important: Academicians and students can join IAAER (see below) and get eIFRS for US$25 (students $20). Bound Volumes of IFRSs (the “red book” and the “blue book”) • • • • Published annually. The “red book” includes all Standards and Interpretations (including those not yet effective), guidance, bases for conclusions, constitution, etc. Roughly 3,600 pages. Also on-line. IASB also publishes a second type of annual bound volume (the “blue book”) containing only those pronouncements that are mandatory for the current financial reporting year.
A Guide through IFRSs (“the green book”) printed and CD • IFRS Foundation publishes annually a “green book” called A Guide through IFRSs. It has the complete consolidated text of IFRSs with extensive cross-references and other annotations. £90+shipping. A note to educators: You may want to consider using the Guide (“green book”) plus the Conceptual Framework CD to support Framework-based teaching. The cross-references to Basis for Conclusions in the Guide help IFRS teachers and students develop a more cohesive understanding of IFRSs and that better prepares accountants to make the judgments that are necessary to apply IFRSs and to continuously update their IFRS knowledge and skills. To listen to a webcast on Framework-based teaching:
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http://media.ifrs.org/FrameWork101210/files/lobby.html
IFRS A Briefing for Chief Executives Framework-based IFRS teaching material. • • Free download here: http://www.ifrs.org/Use-around-the-world/Education/Pages/Frameworkbased-teaching-material.aspx This material is designed to assist IFRS teachers to educate IFRS learners more effectively. In particular, the material is designed to support those teaching IFRSs, so that they can progressively develop in their students the ability to make the estimates and judgements that are necessary to apply IFRSs and the IFRS for SMEs. The Framework-based teaching approach should also better prepare students to update their IFRS knowledge and competencies continuously in the context of life-long learning.
IFRS for Small and Medium-sized Entities
• • • IFRS for SMEs page: http://www.ifrs.org/IFRS-for-SMEs/Pages/IFRS-for-SMEs.aspx Free download IFRS for SMEs in 23 languages: http://go.ifrs.org/IFRSforSMEs SME Training material: http://go.ifrs.org/smetraining ─ Completely free of charge. ─ Includes (i) the full text of the IFRS for SMEs; (ii) notes and worked examples designed to clarify and illustrate the requirements; (iii) a discussion of significant estimates and other judgements necessary to apply the requirements; (iv) comparison with full IFRSs; (v) a collection of multiplechoice questions (with answers); and (vi) a collection of case studies (with solutions) ─ One module for each of the 35 sections of the IFRS for SMEs ─ Available in Arabic, English, Russian, Spanish, Turkish. • • • • Information about the SME Implementation Group: http://go.ifrs.org/smeig Questions and Answers developed by the SME Implementation Group: http://www.ifrs.org/IFRS-for-SMEs/Pages/QAsSMEs.aspx PowerPoint presentations about IFRS for SMEs: http://go.ifrs.org/presentations PowerPoint presentations for a typical 3-day IFRS for SMEs training workshop (24 classroom contact hours, includes quizzes): http://go.ifrs.org/trainingppts. ─ Completely free of charge. ─ Available in English, Arabic, Portuguese, Russian, Spanish, Turkish • IFRS for SMEs Update Newsletter: http://go.ifrs.org/smeupdate ─ Monthly, free subscription ─ Over 15,000 subscribers • Guidance for micro-sized entities: http://www.ifrs.org/IFRS-for-SMEs/Pages/Guidancemicrosizedentities.aspx
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INTERNATIONAL ASSOCIATION FOR ACCOUNTING EDUCATION AND RESEARCH (IAAER)
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IAAER website http://www.iaaer.org/ • • Very low-cost subscription to eIFRS (from IASB) for educators and students Includes all IFRSs and other educational materials of the IASB $25 (academician) and $20 (student) – normal price from IASB $400
Teaching resources page http://www.iaaer.org/resources/ • Includes links to a number of IFRS resources
EUROPEAN COMMISSION
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• • • • • • • • • • Accounting – general http://ec.europa.eu/internal_market/accounting/index_en.htm Accounting News http://ec.europa.eu/internal_market/accounting/news/index_en.htm Use of IFRSs in the European Union http://ec.europa.eu/internal_market/accounting/ias/index_en.htm EU Directives relating to accounting http://ec.europa.eu/internal_market/accounting/officialdocs_en.htm The European Financial Reporting Advisory Group (EFRAG) EFRAG advises the European Commission about adoption of IFRSs for use in the European Union. As part of its work, EFRAG develops and publishes discussion papers on international financial reporting issues even before the issues are on the IASB’s agenda. Examples of topics on which EFRAG has published discussion papers include conceptual framework; equity/liability; pensions; performance reporting; revenue recognition; and stewardship. Projects in progress include definition of an asset; impairment of financial assets; business combinations under common control; disclosure framework; income taxes; and the role of the business model in financial reporting. Discussion papers and other EFRAG publications (including EFRAG’s advice to the Commission) may be downloaded from EFRAG’s website. http://www.efrag.org/
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EU PROGRAM FOR TECHNICAL ASSISTANCE TO THE COMMONWEALTH OF INDEPENDENT STATES (TACIS)
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From 2003 to 2009 the EU TACIS project published a comprehensive series of self-study workbooks on IFRSs, developed with the assistance of PricewaterhouseCoopers. The workbooks have subsequently been kept up to date and new workbooks for recent IFRSs have been developed. Each workbook is a self-standing short course designed for approximately of three hours of study. Although the workbooks are part of a series, each one is independent of the others. Each workbook is a combination of
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Information, Examples, Self-Test Questions and Answers. A basic knowledge of accounting is assumed, but if any additional knowledge is required this is mentioned at the beginning of the section. The Workbooks are free to download and available in English and Russian: • • English workbooks, 2012 edition: http://bankir.ru/technology/vestnik/uchebnye-posobiya-po-msfoeng/ Russian workbooks, 2012 edition: http://bankir.ru/technology/vestnik/uchebnye-posobiya-po-msfo/
RECENT IFRS TEXTBOOKS
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An Executive Guide to IFRS: Content, Costs and Benefits to Business By Peter Walton. Published by Wiley, April 2011. 288 pages, ISBN: 978-0-470-66490-2. “In a concise, accessible style, this book explains the movement towards a worldwide standard of financial reporting for listed companies as an aid to efficient investment. It presents the main technical features of IFRS including their content, and chapters on business combinations, consolidation, pensions and share-based payment, financial instruments, provisions and impairment, and it discuss how international standards are formulated. As a whole, the book gives invaluable guidance to the manager on the role of financial reporting, and an understanding of why IFRS are useful. It clearly demonstrates what a company and a country gains from using them, what the costs will be, what the main technical features of IFRS are, how IFRS are formulated, how to participate in the standard-setting process and how to lobby effectively.” Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470664908.html Intermediate Accounting: IFRS Edition By Donald E Kieso, Jerry J Weygandt, and Terry D Warfield. Published by John Wiley & Sons, 2011, two volumes, 1,383 pages, ISBN 13-978-0470-61631-4. “Intermediate Accounting: IFRS Edition incorporates International Financial Reporting Standards (IFRS) into the existing textbook framework. On almost every page, the book addresses every accounting topic from the perspective of IFRS while still highlighting key differences between IFRS and US GAAP. Following the reputation for accuracy, comprehensiveness, and currency, the authors have painstakingly created a book dedicated to assisting students learning intermediate accounting topics under the rules of IFRS.Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-EHEP001504.html Wiley IFRS: Practical Implementation Guide and Workbook 3rd edition. By Abbas A. Mirza, Graham Holt, Liesel Knorr. Published by John Wiley & Sons, April 2011, 584 pages, ISBN: 978-0-470-64791-2. “This reference guide includes easy-to-understand explanations of IFRS/IAS standards, case studies with solutions, and illustrations with multiple choice questions and solutions. The book facilitates understanding of the practical implementation issues involved in applying these complex ‘principles-based’ standards.” Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd0470647914.html International Accounting 7th edition. By Frederick D. Choi and Gary K. Meek. Published by Pearson, July 2010, 496 pages, ISBN-13: 9780136111474 “For upper division undergraduate, and graduate students. Focus on the essentials of international accounting. International Accounting was written with the express purpose of introducing students to the international dimensions of accounting, financial reporting and financial control.” Web page: http://www.pearsonhighered.com/educator/product/International-Accounting-7E/9780136111474.page
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Understanding IFRS Fundamentals: International Financial Reporting Standards By Nandakumar Ankarath, Kalpesh J. Mehta, T. P. Ghosh, Yass A. Alkafaji. Published by John Wiley & Sons, June 2010, 432 pages, ISBN: 978-0-470-39914-9. “Filled with easy-to-follow examples and case studies.” Web page http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470399147,descCd-buy.html Comparative International Accounting 12th edition. By Christopher Nobes and Robert Parker. Published by Pearson, February 2012, 624 pages, ISBN13 9780273763796. “This text uncovers the conceptual and contextual foundations of International Financial Reporting Standards (IFRSs) and contrasts them with US generally accepted accounting principles (US GAAP). It also examines international differences that remain between countries such as China, France, Germany and Japan, and pays particular attention to the key issues of harmonization, political lobbying and the special accounting problems of multinational companies.” Web page: http://catalogue.pearsoned.co.uk/educator/product/Comparative-InternationalAccounting/0273763792.page Wiley IFRS 2012: By Bruce Mackenzie, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko, Blaise Colyvas, Brandon Hanekom. Published by John Wiley & Sons, February 2012, 1080 pages, ISBN: 978-0-470-92399-3. “Wiley IFRS 2012 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them.... Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world situations.” Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470923997.html Applying the IFRS For SMEs By Bruce Mackenzie, Allan Lombard, Danie Coetsee, Tapiwa Njikizana, and Raymond Chamboko. Published by John Wiley & Sons, December 2010, 484 pages, ISBN 978-0-470-60337-6. Applying the IFRS for SMEs provides expert insights and explanations of the IFRS for small and medium enterprises (SMEs). Includes comprehensive coverage for application of IFRS for SMEs, commentary on the theory in the standard, illustrative disclosures, comprehensive illustrative financial statements, and comparisons to full IFRS. Also includes relevant real life worked out examples aimed at SMEs. Web page: http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470603372.html Intermediate Accounting, Volumes 1 & 2, Second Canadian Edition By Kin Lo and George Fisher. Published by Pearson Canada, January and February 2013. ISBN Vol 1: 0133098648. ISBN Vol 2: 0133255654. “This is the first Canadian text written with International Financial Reporting Standards (IFRS) in mind throughout the development process, rather than as an afterthought.” www.pearsoncanada.ca International Corporate Reporting: A Comparative Approach 4th edition. By Clare Roberts, Pauline Weetman and Paul Gordon. Published by Pearson, April 2008, 496 pages, ISBN13: 9780273714736. “Enables students to analyze the similarities and differences in accounting, reporting and regulation around the world, and to familiarize them with the growing body of research into international accounting practices”. Web page: http://www.pearsoned.co.uk/Bookshop/detail.asp?item=100000000259868 Financial Accounting: GAAP Principles 3e 3rd edition. ByIlse Lubbe, Goolam Modack, and Alex Watson. Published by Oxford University Press Southern Africa, July 2011. 768 pages, ISBN: 9780195998115. South Africa-focused textbook on IFRSs. Web page: http://www.oxford.co.za/page/higher-education/business/accounting/1153381-Accounting
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NEWSLETTER
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IFRS Monitor (formerly called IStar) IFRS Monitor is an electronic reporting service that provides subscribers with a detailed analysis of the proceedings of each meeting of the International Accounting Standards Board (IASB). This is distributed by e-mail for the Monday morning following the monthly IASB meeting. Paid subscription required. Web page: http://www.ifrsmonitor.com/
HISTORIES
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Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, 1973-2000 By Kees Camfferman and Stephen A. Zeff. Published by Oxford University Press, March 2007, 676 pages, ISBN-13: 978-0-19-929629-3. “Examines the history of the IASC from 1973 to 2000, including its foundation, operation, changing membership and leadership, achievements and setbacks, the development of its standards, and its restructuring leading up to the creation of the IASB in 2001.” Telephone orders: +44 (0) 1536 741 727. Web page: http://www.oup.com/uk/catalogue/?ci=9780199296293 The International Accounting Standards Committee: A Political History By Robert J. Kirsch. Published by Wolters Kluwer (UK) Ltd., 2006, 463 pages, ISBN 978 1 84140 608 4. order by email: [email protected]
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