Ernst & Young unravels complex requirements of IFRS - in International GAAP® 2008

Published by Wiley, February 08

International GAAP® 2008, written by financial reporting experts from Ernst & Young, is the first and only book to provide a truly comprehensive, globally consistent interpretation of International Financial Reporting Standards (IFRS). The book – which is now published in two volumes – is not constrained by any individual country’s legislation or financial reporting regulations, and it provides an international consistency of approach unavailable elsewhere.

“The world-wide acceptance of IFRS as the leading financial reporting framework for the global capital markets has occurred a lot faster than most people expected,” said Dr Allister Wilson, a Senior Partner from Ernst & Young’s assurance practice and one of the authors of the book. “Perhaps most remarkable is the pace at which the globalisation of accounting standards has moved: from the position only seven years ago where numerous disparate national systems existed, to the position today where IFRS has established itself as the globally accepted passport to capital raising in the world’s capital markets.” He added: “Moreover, the move to IFRS in other major countries such as Brazil, Canada, China, India, Japan will continue to present an immense challenge to preparers, analysts, investors, regulators and auditors.”

“There will certainly be a responsibility on the users of accounts to ensure that they understand the new global financial reporting regime, but the onus will fall on the preparers, who must be equipped to explain their figures to the market,” Dr Wilson commented. “It is essential that preparers and users have a common reference point in making judgements about IFRS financial reporting. International GAAP® 2008 provides this important and unique resource.”

For companies themselves and for the users of accounts, the move to a common global financial reporting platform potentially offers the opportunity to have truly transparent and comparable data on a near global basis, across all sectors of business.  Firms will, over the long-term, be able to compare more clearly their performance with their global competitors, the raising of capital will be made easier, as will the pricing of acquisitions and disposals.

Whilst the international standards themselves set out the requirements of international financial reporting, something rather more is needed to understand their practical application in the real world of financial reporting. That “something more” is the detailed guidance and interpretation found only in International GAAP® 2008, which explains the standards and puts them in a practical context. Preparers, auditors and users of accounts need such a practical guide: one that interprets the standards on a consistent global basis, puts them in context, gives insights into how difficult issues should be resolved and provides a unique level of practical explanation.

Key facts about the new edition:
• Written by financial reporting experts from the International Financial Reporting Group of Ernst & Young
• Completely revised, updated and expanded, with more than 800 pages added since the 2007 edition
• Deals with all new and amended IASB pronouncements, including the new revised standards on Business Combinations and Consolidated Financial Statements
• Provides insight and guidance in greater detail than ever before on the interpretation and practical application of IFRS from a truly global perspective, based on the experience of the book’s authors in dealing with recent day-to-day practical issues
• Includes an entirely new chapter on accounting for the Extractive Industries (mining, oil & gas), the biggest industry sector in the world
• Published in two volumes over 3,456 pages, comprising 39 Chapters, three indexes, and 90 pages of detailed contents.

Read an extract here

About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. The UK firm employs 10,000 people, with 6,000 staff and Partners in the London office – making it the largest Ernst & Young office globally. For the financial year ending 30 June 2007 revenues were £1.23bn.
Worldwide, our 130,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve potential. Worldwide revenues for year to 30 June 2007 were US$21.1 billion.

ISBN: 978-0-470-99614-0;  £115/€161

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