IFRS Resource Center

Related documents

•   Deferred tax- A Chief Financial Officer's guide to avoiding the pitfalls (497 KB)

  This guide is intended for CFOs of businesses that prepare financial statements under IFRS. It illustrates the approach of IAS 12, Income Taxes,  to the calculation of deferred tax balances but is not intended to explain every aspect of the standard in detail. Rather, it summarizes the approach to calculating the deferred tax provision in order to help CFOs prioritize and identify key issues. To assist CFOs with these application issues, the guide also includes interpretational guidance in certain problematic areas of the deferred tax calculation.
  

•   Example Consolidated Financial Statements 2009 (649 KB)

  This document illustrates the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. The publication has been reviewed and updated to reflect changes in IFRSs that are effective for the year ending 31 December 2009.

•   Financial Instruments on Display (September 2009) (537 KB)

  Applying IFRS 7 is challenging. The member firms of Grant Thornton International Ltd have gained extensive insights into the principles for disclosures of financial instruments and we are pleased to share these insights by publishing this guide, Financial Instruments on Display.

•   Comparison between U.S. GAAP and International Financial Reporting Standards (June 2009) (1 MB)

  Although there are many issues that remain to be addressed, many observers believe that the U.S. capital markets will adopt IFRS in as little as three to five years. In the meantime, a number of differences still exist between IFRS and U.S. GAAP and it is incumbent on preparers, auditors, and regulators to be aware of differences between these two sets of standards. We have prepared the Comparison between U.S. GAAP and International Financial Reporting Standards (this document) to help readers identify similarities and differences between IFRS and U.S. GAAP.

•   Liability or equity? A practical guide to the classification of financial instruments under IAS 32 (July 2009) (968 KB)

  When an entity issues a financial instrument, it must determine its classification either as a liability (debt) or as equity. That determination has an immediate and significant effect on the entity's reported results and financial position. Liability classification affects an entity's gearing ratios and typically results in any payments being treated as interest and charged to earnings. Equity classification avoids these impacts but may be perceived negatively by investors if it is seen as diluting their existing equity interests. Understanding the classification process and its effects is therefore a critical issue for management and must be kept in mind when evaluating alternative financing options. IAS 32 Financial Instruments: Presentation (IAS 32) addresses this classification process. This guide to is a publication by the IFRS team at Grant Thornton International Ltd.

•   Operating Segments - Applying IFRS 8 in Practice (June 2009) (915 KB)

  This guide, developed by Grant Thornton International, explains IFRS 8's key implementation issues and includes interpretational guidance in certain problematic areas. The guide also includes several examples illustrating the International Accounting Standard Board's requirements.

•   The road to IFRS - A practical guide to IFRS 1 and first-time adoption (May 2009) (659 KB)

  The guide reflects the collective experience of Grant Thornton International's IFRS team and member firm IFRS experts. It explains IFRS 1's key implementation issues and includes interpretational guidance in the more problematic areas. The guide also includes several examples illustrating the standard's disclosure and presentation requirements.

•   Capitalisation of borrowing costs - from theory to practice (April 2009) (426 KB)

  This guide, developed by Grant Thornton International, is dedicated to the more problematic aspects of IAS 23.

•   Financial Instruments – A Chief Financial Officer's guide to avoiding the traps (April 2009) (464 KB)

  This guide summarises the impact of IAS 39 Financial Instruments: Recognition and Measurement (IAS 39) together with relevant parts of IAS 32 Financial Instruments: Presentation (IAS 32).

•   IFRS and Privately Held Companies (Dec. 2008) (10.5 MB)

  Although privately held companies are not subject to the SEC requirements, they face the choice not only between IFRS and U.S. GAAP, but between full IFRS and IFRS for Private Entities. This white paper, developed in partnership with the Financial Executives Research Foundation, outlines how both sets of standards can affect privately held companies, as well as the benefits and barriers to conversion.

•   Universal language: IFRS and XBRL (CorporateGovernor Winter 2009)

  With estimates that International Financial Reporting Standards (IFRS) could become more pervasive or even required as early as 2011, boards need to know where their organizations stand. Another "universal language," eXtensible Business Reporting Language (XBRL), is supported by the SEC and is gaining greater currency. Boards will need to ensure proper IT controls are operating when their companies transition to XBRL. This issue of CorporateGovernor also includes and article on enterprise risk management.

•   International Financial Reporting Standards: time for conversion? (343 KB)

  Given the SEC’s August 2008 announcement, the transition from US GAAP to IFRS appears certain.While mandatory adoption in 2014 may appear to be a long way off, US companies can realize multiple benefits by taking a proactive approach and starting to transition to IFRS now.

•   SEC issues proposed Roadmap to IFRS (December 5, 2008) (90 KB)

  On November 14, 2008, the SEC issued a release with its long-awaited proposed Roadmap, which could lead to a requirement for U.S. issuers to use International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) as early as 2014. The proposed Roadmap, approved for release in August 2008, includes a rule that would permit domestic issuers meeting certain criteria to use International Financial Reporting Standards as issued by the IASB (hereinafter referred to simply as “IFRS”) beginning with fiscal years ending on or after December 15, 2009.

•   Example Consolidated Financial Statements 2008 (801KB)

  These sample Consolidated Financial Statements for 2008 have been prepared by Grant Thornton International;s IFRS team and member firm IFRS experts. They are meant to illustrate one possible approach to financial reporting by a fictional entity engaging in transactions that are 'typical' across a range of non-specialist sectors. The statements have been updated to reflect changes in IFRS that are effective for the year ending December 31, 2008.

•   The Current State of IFRS (265 KB)

  Gary Illiano, Partner-in-Charge, International and Domestic Accounting, reviews the current state of IFRS including the history and structure, differences and similarities to U.S. GAAP, convergence, global convergence, application, and next steps.

•   SEC proposes Roadmap for mandatory use of IFRS by U.S. issuers by 2014 (August 27, 2008)

  The SEC Commission voted to issue a proposal for public comment that contains a Roadmap for U.S. issuers to use IFRS as issued by the IASB by 2014. The Roadmap lays out seven milestones that must be achieved before the Commission takes action on the proposal in 2011. The proposal also contains an early adopter program for a limited number of U.S. companies that compete internationally with non-U.S. issuers. There will be a 60-day comment period after publication in the Federal Register. The proposal will be posted to the SEC website as soon as possible.

•   Comparison between U.S. GAAP and International Financial Reporting Standards (June 2008) (870KB)

  This document highlights the major areas of similarity and differences between current U.S. GAAP and International Financial Reporting Standards (“IFRS”). It is not intended to be an exhaustive list of similarities and differences or of IFRS requirements. The publication was developed to help identify those areas of differences that are believed to be most commonly encountered in practice and to assist those new to IFRS in gaining an appreciation of their major requirements and how these differ from requirements in the U.S.

•   Intangible Assets in a Business Combination (May 2008) (577 KB)

  The revised version of International Financial Reporting Standard: IFRS 3 Business Combinations, published by the International Accounting Standards Board (IASB) in January 2008, has drawn renewed attention to a complex and developing area of financial reporting. This guide, developed by Grant Thornton International Ltd, is intended to assist companies and auditors in applying IFRS 3. It includes practical guidance on the detection of intangible assets in a business combination and explains how they might be valued. An overview of IFRS 3 summarizes the main aspects of accounting for business combinations and draws out a number of practical points to consider.
  

•   Guide to IFRS 5: Non-current Assets Held for Sale and Discontinued Operations (May 2008) (475 KB)

  Discontinuing a business operation or deciding to sell a major asset are important commercial events. The impact of these events and the way in which they are reported is the subject of a specific International Financial Reporting Standard: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. This guide, issued by Grant Thornton International Ltd, explains IFRS 5's key implementation issues and common approaches to practical application. It also includes several examples illustrating the Standard's disclosure and presentation requirements.

•   IFRS: The Dialogue is Shifting, From ‘Whether to When’ (3879KB)

  With over 100 countries requiring or accepting International Financial Reporting Standards (IFRS), it is increasingly likely that companies around the globe will begin using the same accounting standards. This article appeared in Financial Executives Online.

•   Who's Left? The Process of IFRS/US GAAP Convergence (94.7)

  This GTNews.com article by Gary Illiano, Grant Thornton LLP national partner in charge of accounting & auditing, traces the roots of accounting standards around the world and examines the imminent convergence of international and US standards.