2013 Interpretation and Application of International Financial Reporting Standards

Article excerpt

2013 Interpretation and Application of International Financial Reporting Standards

Bruce Mackenzie, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko, Blaise Colyvas, Brandon Hanekom, and Edwin Selbst

Published by John Wiley & Sons, February 4, 2013

ISBN-10: 1118277279 | ISBN-13: 978-1118277270

The comedian Jackie Mason used to ask his audiences, "Did you ever hear of a kid playing accountant, even if he wanted to be one?"

Well, Jackie obviously didn't grow up around this group of accountants who are behind 2013 Interpretation and Application of International Financial Reporting Standards. With this reference book, the authors have clearly demonstrated their desire to be members of the accounting profession.

Their book updates what's going on with International Financial Reporting Standards (IFRS) and offers a comparison to U.S. generally accepted accounting principles (GAAP). Just as some of us enjoy The Economist because of the British viewpoint of American and world news, the same is evident in this review of accounting by a group of international accountants. So what are they reviewing?

The preface tells us that this reference work:

"... Provides detailed, analytical explanations and illustrations of all current accounting principles promulgated by the IASB [International Accounting Standards Board] that are applicable to the 2013 financial reporting period of reporting entities. The focus of the book is to provide sufficient guidelines for entities that prepare their 2013 financial statements.... These materials have been synthesized into a user-oriented topical format.... The primary objective of this book is to assist the practitioner, user, or preparer in navigating the myriad practical problems faced in applying IFRS."

Much of the world has adopted IFRS, so the U.S. accounting-standards setter, FASB, has been working with the IASB to lessen differences between IFRS and GAAP. American bankers are likely to encounter IFRS as they lend to foreign borrowers or to domestic borrowers owned by foreign entities. So if you are one of those bankers, this reference text will help you understand how IFRS financials differ from GAAP.

The lengthy table of contents describes the subjects covered in this 1,057-page text (indexed at the end, thankfully).

Written by a world-class team of authors who are active in IFRS consulting and training--and who work with multinational listed companies, public-sector entities, and small and medium-sized enterprises--this reference book really is an indispensable guide to IFRS compliance. …