ABBAS ALI MIRZA is a Partner in Deloitte & Touche, Dubai, UAE, and a member of the firm's regional Assurance and Advisory Committee. He is Chairman of the Auditors Group of the Dubai Chamber of Commerce and Industry and was the Chairman of the Intra Governmental Working Group of Experts on International Standards on Accounting and Reporting (ISAR) at the United Nations. GRAHAM J. HOLT is an Examiner with the Association of Chartered Certified Accountants (ACCA), and Executive Head of the Division of Accounting and Finance, Manchester Metropolitan University Business School in the UK. He is an IFRS® author and contributor to both academic publications and professional journals. LIESEL KNORR is President of the German Accounting Standards Board and former technical director with the International Accounting Standards Board (IASB) responsible for preparing the core set of standards endorsed by the International Organization of Securities and Exchange Commission. She is the author of many technical papers.

• Forewords to First Edition viiPreface xiAcknowledgements xiiiAbout the Authors xv1 Introduction to International Financial Reporting Standards 12 IASB Framework 113 Presentation of Financial Statements (IAS 1) 174 Inventories (IAS 2) 315 Statement of Cash Flows (IAS 7) 416 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) 597 Events After the Reporting Period (IAS 10) 738 Construction Contracts (IAS 11) 819 Income Taxes (IAS 12) 9310 Property, Plant, and Equipment (IAS 16) 11311 Leases (IAS 17) 12312 Revenue (IAS 18) 13913 Employee Benefits (IAS 19) 15514 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 17115 The Effects of Changes in Foreign Exchange Rates (IAS 21) 17916 Borrowing Costs (IAS 23) 19117 Related-Party Disclosures (IAS 24) 19918 Accounting and Reporting by Retirement Benefit Plans (IAS 26) 21319 Consolidated and Separate Financial Statements (IAS 27) 22120 Investments in Associates (IAS 28) 23321 Financial Reporting in Hyperinflationary Economies (IAS 29) 24522 Interests in Joint Ventures (IAS 31) 25123 Financial Instruments: Presentation (IAS 32) 26324 Financial Instruments: Recognition and Measurement (IAS 39) 28725 Earnings Per Share (IAS 33) 33926 Interim Financial Reporting (IAS 34) 35527 Impairment of Assets (IAS 36) 36328 Provisions, Contingent Liabilities, and Contingent Assets (IAS 37) 37929 Intangible Assets (IAS 38) 39330 Investment Property (IAS 40) 40731 Agriculture (IAS 41) 41532 First-Time Adoption of International Financial Reporting Standards (IFRS 1) 42533 Share-Based Payments (IFRS 2) 44534 Business Combinations (IFRS 3) 46335 Insurance Contracts (IFRS 4) 48336 Noncurrent Assets Held for Sale and Discontinued Operations (IFRS 5) 49137 Exploration for and Evaluation of Mineral Resources (IFRS 6) 50338 Financial Instruments: Disclosures (IFRS 7) 51139 Operating Segments (IFRS 8) 53140 Financial Instruments (IFRS 9) 53741 IFRS for SMEs 551Answers for Multiple-Choice Questions 567Index 571

"... easy-to-understand explanations of IFRS/IAS standards... indispensable guide for finance professionals, auditors, financial analysts and candidates preparing for the IFRS/IAS certification." (Finance & Management Faculty, March 2011)

ABBAS ALI MIRZA is a Partner in Deloitte & Touche, Dubai, UAE, and a member of the firm's regional Assurance and Advisory Committee. He is Chairman of the Auditors Group of the Dubai Chamber of Commerce and Industry and was the Chairman of the Intra Governmental Working Group of Experts on International Standards on Accounting and Reporting (ISAR) at the United Nations. GRAHAM J. HOLT is an Examiner with the Association of Chartered Certified Accountants (ACCA), and Executive Head of the Division of Accounting and Finance, Manchester Metropolitan University Business School in the UK. He is an IFRS® author and contributor to both academic publications and professional journals. LIESEL KNORR is President of the German Accounting Standards Board and former technical director with the International Accounting Standards Board (IASB) responsible for preparing the core set of standards endorsed by the International Organization of Securities and Exchange Commission. She is the author of many technical papers.

• Forewords to First Edition viiPreface xiAcknowledgements xiiiAbout the Authors xv1 Introduction to International Financial Reporting Standards 12 IASB Framework 113 Presentation of Financial Statements (IAS 1) 174 Inventories (IAS 2) 315 Statement of Cash Flows (IAS 7) 416 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) 597 Events After the Reporting Period (IAS 10) 738 Construction Contracts (IAS 11) 819 Income Taxes (IAS 12) 9310 Property, Plant, and Equipment (IAS 16) 11311 Leases (IAS 17) 12312 Revenue (IAS 18) 13913 Employee Benefits (IAS 19) 15514 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 17115 The Effects of Changes in Foreign Exchange Rates (IAS 21) 17916 Borrowing Costs (IAS 23) 19117 Related-Party Disclosures (IAS 24) 19918 Accounting and Reporting by Retirement Benefit Plans (IAS 26) 21319 Consolidated and Separate Financial Statements (IAS 27) 22120 Investments in Associates (IAS 28) 23321 Financial Reporting in Hyperinflationary Economies (IAS 29) 24522 Interests in Joint Ventures (IAS 31) 25123 Financial Instruments: Presentation (IAS 32) 26324 Financial Instruments: Recognition and Measurement (IAS 39) 28725 Earnings Per Share (IAS 33) 33926 Interim Financial Reporting (IAS 34) 35527 Impairment of Assets (IAS 36) 36328 Provisions, Contingent Liabilities, and Contingent Assets (IAS 37) 37929 Intangible Assets (IAS 38) 39330 Investment Property (IAS 40) 40731 Agriculture (IAS 41) 41532 First-Time Adoption of International Financial Reporting Standards (IFRS 1) 42533 Share-Based Payments (IFRS 2) 44534 Business Combinations (IFRS 3) 46335 Insurance Contracts (IFRS 4) 48336 Noncurrent Assets Held for Sale and Discontinued Operations (IFRS 5) 49137 Exploration for and Evaluation of Mineral Resources (IFRS 6) 50338 Financial Instruments: Disclosures (IFRS 7) 51139 Operating Segments (IFRS 8) 53140 Financial Instruments (IFRS 9) 53741 IFRS for SMEs 551Answers for Multiple-Choice Questions 567Index 571

"... easy-to-understand explanations of IFRS/IAS standards... indispensable guide for finance professionals, auditors, financial analysts and candidates preparing for the IFRS/IAS certification." (Finance & Management Faculty, March 2011)

ABBAS ALI MIRZA is a Partner in Deloitte & Touche, Dubai, UAE, and a member of the firm's regional Assurance and Advisory Committee. He is Chairman of the Auditors Group of the Dubai Chamber of Commerce and Industry and was the Chairman of the Intra Governmental Working Group of Experts on International Standards on Accounting and Reporting (ISAR) at the United Nations. GRAHAM J. HOLT is an Examiner with the Association of Chartered Certified Accountants (ACCA), and Executive Head of the Division of Accounting and Finance, Manchester Metropolitan University Business School in the UK. He is an IFRS® author and contributor to both academic publications and professional journals. LIESEL KNORR is President of the German Accounting Standards Board and former technical director with the International Accounting Standards Board (IASB) responsible for preparing the core set of standards endorsed by the International Organization of Securities and Exchange Commission. She is the author of many technical papers.

• Forewords to First Edition viiPreface xiAcknowledgements xiiiAbout the Authors xv1 Introduction to International Financial Reporting Standards 12 IASB Framework 113 Presentation of Financial Statements (IAS 1) 174 Inventories (IAS 2) 315 Statement of Cash Flows (IAS 7) 416 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) 597 Events After the Reporting Period (IAS 10) 738 Construction Contracts (IAS 11) 819 Income Taxes (IAS 12) 9310 Property, Plant, and Equipment (IAS 16) 11311 Leases (IAS 17) 12312 Revenue (IAS 18) 13913 Employee Benefits (IAS 19) 15514 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 17115 The Effects of Changes in Foreign Exchange Rates (IAS 21) 17916 Borrowing Costs (IAS 23) 19117 Related-Party Disclosures (IAS 24) 19918 Accounting and Reporting by Retirement Benefit Plans (IAS 26) 21319 Consolidated and Separate Financial Statements (IAS 27) 22120 Investments in Associates (IAS 28) 23321 Financial Reporting in Hyperinflationary Economies (IAS 29) 24522 Interests in Joint Ventures (IAS 31) 25123 Financial Instruments: Presentation (IAS 32) 26324 Financial Instruments: Recognition and Measurement (IAS 39) 28725 Earnings Per Share (IAS 33) 33926 Interim Financial Reporting (IAS 34) 35527 Impairment of Assets (IAS 36) 36328 Provisions, Contingent Liabilities, and Contingent Assets (IAS 37) 37929 Intangible Assets (IAS 38) 39330 Investment Property (IAS 40) 40731 Agriculture (IAS 41) 41532 First-Time Adoption of International Financial Reporting Standards (IFRS 1) 42533 Share-Based Payments (IFRS 2) 44534 Business Combinations (IFRS 3) 46335 Insurance Contracts (IFRS 4) 48336 Noncurrent Assets Held for Sale and Discontinued Operations (IFRS 5) 49137 Exploration for and Evaluation of Mineral Resources (IFRS 6) 50338 Financial Instruments: Disclosures (IFRS 7) 51139 Operating Segments (IFRS 8) 53140 Financial Instruments (IFRS 9) 53741 IFRS for SMEs 551Answers for Multiple-Choice Questions 567Index 571

"... easy-to-understand explanations of IFRS/IAS standards... indispensable guide for finance professionals, auditors, financial analysts and candidates preparing for the IFRS/IAS certification." (Finance & Management Faculty, March 2011)