Titel: IFRS, Fair Value and Corporate Governance
Autor/en: Dimitris Chorafas
The Impact on Budgets, Balance Sheets and Management Accounts.
Illustrated; Illustrations, unspecified.
Elsevier Science & Technology
24. Februar 2006 - kartoniert - 412 Seiten
Written for managers and professionals in business and industry, this book helps the reader in:
Understanding what is and is not IFRS
Learning the complexities of IFRS implementation
Appreciating the contribution of IFRS to corporate governance
The changeover from the mosaic of different heterogeneous national accounting standards to the International Financial Reporting Standards has not been easy. For many companies IFRS, and most particularly the concept of fair value in IAS 39, has amounted to a phase shift - which is prerequisite to achieving compliant financial reporting.
The research conducted by Dr. Chorafas for this book, documented that the process of meeting IFRS requirements presents opportunities and challenges to all enterprises. As many companies have found out, abandoning the classical accruals accounting for marking-to-market their transactions and portfolio positions, has not been easy. The conversion process has affected several functions within the organization including balance sheets, P&L statements, auditing, risk control, information systems, and management accounting.
This book is in made up of four parts:
Part One focuses on business competition, standards boards, corporate accounting, and IAS 39
The theme of Part Two, is the implementation of IFRS, exemplified through case studies on task forces and practical applications
Part Three brings together IFRS and management accounting requirements, with emphasis on fair value.
Part Four addresses itself to the contribution IFRS can make to better corporate governance, and to rebuilding the balance sheet
The book has many case studies based on actual experiences. These range from the implementation of IFRS directives such as hedge accounting, to developing practices of real-time balance sheets; the help provided by sophisticated accounting solutions help in stress testing; and a comprehensive definition of the role of the audit committee.
A clear and practical view of the complexities of IFRS implementation
Includes practical case studies from real-life companies going through the process
Pays particular attention to IAS 39 on Fair Value
PART ONE BUSINESS COMPETITION, STANDARDS BOARDS, AND CORPORATE ACCOUNTING: NEW RULES OF COMPETITION AND ACCOUNTING STANDARDS; INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND CORPORATE GOVERNANCE; DYNAMICS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS); THE CONTROVERSY OVER IAS 39;
IAS 39 AND THE RECOGNITION OF DERIVATIVES RISK. PART TWO IMPLEMENTING IFRS: PROJECT MANAGEMENT FOR IMPLEMENTATION OF IFRS; AN IFRS TASK FORCE CASE STUDY. TOP MANAGEMENT'S RESPONSIBILITY FOR FAIR VALUE ACCOUNTING. PART THREE MANAGEMENT ACCOUNTING AND THE BUDGET: MANAGEMENT ACCOUNTING AND CORPORATE GOVERNANCE; BUDGETING. A CASE STUDY ON FINANCIAL PLANNING; VALUING ASSETS. THE CHALLENGE OF BEING "RIGHT"; BUSINESS ETHICS ADD VALUE TO FINANCIAL DISCLOSURES; FORWARD LOOKING STATEMENTS, MODELS, EARNINGS, AND GOODWILL. PART FOUR CORPORATE GOVERNANCE AND THE BALANCE SHEET: BALANCE SHEETS AND INCOME STATEMENTS AS MANAGEMENT TOOLS; ECONOMIC CAPITAL IS AT BOTH SIDES OF THE BALANCE SHEET; THE REAL-TIME MANAGEMENT REPORT;
INTERNAL CONTROL, STRESS TESTING, AND EFFECTIVE RISK MANAGEMENT; ROLE OF THE AUDIT COMMITTEE.