Thorough and detailed guidance for UK companies reporting to International Finance Reporting Standards (IFRS) in the face of complex and frequently changing standards.

This indispensable guide provides essential and far ranging support across a range of areas:

• Taking a close up look at the practical aspects of compliance
• Highlighting the requirements of IFRSs and how they differ from UK GAAP
• Providing clarity and commentary upon IFRSs which are open to interpretation
• Identifying UK-specific requirements that continue to apply

As well as a wealth of illustrative examples, this edition provides in-depth analysis and deals comprehensively with all applicable standards and other pronouncements from the IASB. This includes those that are not yet mandatory together with a clear distinction between those that have yet to be endorsed by the European Commission.

Deloitte has earned a reputation for their comprehensive understanding of the latest developments in financial reporting – both within the UK and on a global scale. The result is this definitive reference to reporting under IFRS which has been compiled by drawing on the global expertise of Deloitte – yet retaining a distinctly UK perspective by taking into consideration UK company law and the Companies Act 2006.

In short, this is an invaluable resource for companies reporting under IFRSs and also those companies considering whether to move from UK GAAP to IFRS in the near future.

Contents

1. UK regulatory background
2. Framework for the preparation and presentation of financial statements
3. Presentation of financial statements
4. Accounting policies, changes in accounting estimates and errors
5. First – time adoption of IFRSs
6. Property, plant and equipment
7. Investment Property
8. Intangible assets
9. Impairment of assets
10. Inventories
11. Provisions, contingent liabilities and contingent assets
12. Income Taxes
13. Financial instruments: scope
14. Financial instruments: financial assets
15. Financial instruments: financial liabilities and equity
16. Financial instruments: derivatives
17. Financial instruments: embedded derivatives
18. Financial instruments: measurement
19. Financial instruments: recognition and derecognition
20. Financial instruments: hedge accounting
21. Financial instruments: disclosure
22. Financial instruments: first time adoption of IFRSs
23. Revenue
24. Employee benefits
25. Share-based payment
26. Leases
27. Borrowing costs
28. Foreign exchange
29. Non-current assets held for sale and discontinued operations
30. Cash flow statements
31. Events after the balance sheet date
32. Related party disclosures
33. Consolidated and separate financial statements
34. Business combinations
35. Investments in associates
36. Interests in joint ventures
37. Operating segments (IFRS 8)
38. Earnings per share
39. Interim financial reporting
40. Construction contracts
41. Government Grants
42. Financial reporting hyperinflationary economies
43. Agriculture
44. Insurance contracts
45. Preparation, filing and publishing of financial statements
46. Documents accompanying UK financial statements
47. Corporate governance disclosures
48. Directors' remuneration
49. Dividends, share purchases and capital maintenance
50. Summary financial statements
51. Preliminary announcements
52. Revised financial statements