IFRS Literacy: Understanding the New Financial Statements
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1 ,CCH a Wolters Kluwer business CCH Canadian Limited Sheppard Avenue East Toronto Ontario M2N 6X IFRS Literacy: Understanding the New Financial Statements John Hughes, CA
2 IFRS Literacy: Understanding the New Financial Statements Introduction Financial Reporting: What financial statements are, what they mean, and where they come from 1 The Basics 1 2 Materiality 3 3 Other Terms and Concepts 7 Recognition Versus Measurement Versus Presentation 7 Comparative Information 7 Going Concern Uncertainties 9 4 Ratio Analysis 13 5 Management's Discussion and Analysis (MD&A) 15 Certification and Internal Controls International Financial Reporting Standards 23 Principles vs. Rules. 25 A Single Set of Global Standards 27 But What's In It for Us? 27 iii Financial Statements: First steps to financial literacy the different statements and their various forms 7 Balance Sheet (Statement of Financial Position) 31 Overall Presentation 32 Distinction Between Current and Non-Current Income Statement (Statement of Profit or Loss) 39 Format of the Income Statement Comprehensive Income 45 47
3 Statement of Cash Flows How It Works Problem-Spotting Direct Versus Indirect Method of Presenting Operating Cash Flows Cash and Cash Equivalents Limitations Equity Retained Earnings Statement of Changes in Equity Dividends Interim Financial Statements Accounting Policies and Changes Changes in Accounting Estimates Consolidated Financial Statements What is Control? Key Disclosures: Second steps to financial statement analysis Goodwill and Business Combinations Goodwill Impairment Goodwill Write-Downs Do They Matter? Reverse Acquisitions Revenue Sales of Goods Rendering Services Deferred Revenue and Accounts Receivable Issues and Challenges >
4 17 Inventory Cost Formulas Measuring Inventory Inventory Ratios 18 Long-Lived Assets (Fixed Assets/Property, Plant and Equipment) Borrowing Costs Borrowing Costs and the Interest Coverage Ratio 19 Intangible Assets Disclosure 20 Impairment of Assets Goodwill 21 Provisions and Contingent Liabilities Onerous Contracts Restructuring Asset Retirement'Obligations Disclosure Contingent Liabilities 22 Earnings Per Share Cash Flow Per Share 23 Segment Information 24 "Non-GAAP" Financial Measures
5 Specialized Disclosures: Digging deeper into financial statement analysis 25 Income Taxes 181 What It Means 182 Impact on Decision-Making Foreign Currency 189 How it Works 189 Hedging Financial Instruments 199 Overview 199 Fair Value Accounting For the Greater Good? 203 Disclosures Securitizations 213 Hedging 218 Disclosure Requirements Leases 227 How It Works 227 Problem-Spotting Investments in Associates Interests in Joint Ventures Assets Held for Sale and Discontinued Operations 243 Discontinued Operations Employee Benefits
6 XIU Table of Contents Actuarial Gains and Losses Past Service Costs Presenting the Income Statement Expense Defined Benefit Assets Measurement Date Fair Value of Plan Assets Other Differences Initial Adoption of IFRS Disclosures Government Assistance Related Party Transactions Share^Based Payments How It Works Cash-Settled Options and Negative Amounts Interplay with Compensation Disclosures Options Backdating Biological Assets Exploration Costs Adopting IFRS for the first time 38 Adopting IFRS for the First Time Some Special Challenges Business Combinations Foreign Currency Translation Share-Based Payments Employee Benefits Borrowing Costs Restrictions on First-Time Adopters, How It Looks So What Does It All Mean? Index
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