International Financial Reporting Standards Pocket guide – 2009

International Financial Reporting Standards Pocket guide – 2009

This pocket guide provides a summary of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) issued up to March 2009, including IAS 1 (revised), ‘Presentation of financial statements’. There is a choice within IAS 1 (revised) of presenting income and expense as a single statement or as two statements. The sections below assume the adoption of the two-statement approach for the presentation of income and expense (that is, an ‘income statement’ and a ‘statement of comprehensive income’), with the exception of section 4, ‘Presentation of financial statements under IAS 1 (revised)’. This assumes the adoption of the singlestatement approach (that is, a ‘statement of comprehensive income’). This guide does not address in detail the disclosure requirements; these can be found in the PwC publication IFRS disclosure checklist. The information in this guide is arranged in six sections: • Accounting rules and principles. • Income statement and related notes. • Balance sheet and related notes. • Consolidated and separate financial statements. • Other subjects. • Industry-specific topics. More detailed guidance and information on these topics can be found in the IFRS Manual of Accounting 2009 and other publications from PricewaterhouseCoopers. A list of all IFRS publications is provided on the inside front and back covers.

Contents
Accounting rules and principles 1. 2. 3. 4. 5. 6. 7. 8. Introduction Accounting principles and applicability of IFRS First-time adoption Presentation of financial statements Accounting policies, accounting estimates and errors Financial instruments Foreign currencies Insurance contracts 1 2 3 5 9 11 20 22

Income statement and related notes 9. 10. 11. 12. 13. 14. Revenue Segment reporting Employee benefits Share-based payment Taxation Earnings per share 23 26 27 30