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TypeCommercial Circular
Topicreservation
CurrencyCurrency not verified

Summary

jectively determined Financial assets not measured at fair value and financial

Text of the circular

HENNIE vAN GREUNING
international
financial
reporting standards
A practical guide
fourth edition
Public Disclosure Authorized
Public Disclosure Authorized
Public Disclosure Authorized
Public Disclosure Authorized

International Financial 
Reporting Standards
A Practical Guide

International Financial 
Reporting Standards
A Practical Guide
Fourth Edition
Hennie van Greuning
THE WORLD BANK
Washington, D.C.

© 2006 The International Bank for Reconstruction and Development / The World Bank
1818 H Street, NW
Washington, DC 20433
Telephone 202-473-1000
Internet www.worldbank.org
E-mail feedback@worldbank.org
All rights reserved.
1 2 3 4 09 08 07 06
The findings, interpretations, and conclusions expressed herein are those of the author(s) and
do not necessarily reflect the views of the Board of Executive Directors of the World Bank or
the governments they represent.
The World Bank does not guarantee the accuracy of the data included in this work. The
boundaries, colors, denominations, and other information shown on any map in this work
do not imply any judgment on the part of the World Bank concerning the legal status of any
territory or the endorsement or acceptance of such boundaries.
ISBN-10: 0-8213-6768-4  
ISBN-13: 978-0-8213-6768-1
eISBN: 0-8213-6769-2
DOI: 10-1596/978-0-8213-6768-1  
Rights and Permissions
The material in this work is copyrighted. Copying and/or transmitting portions or all of this
work without permission may be a violation of applicable law. The World Bank encourages
dissemination of its work and will normally grant permission promptly.
For permission to photocopy or reprint any part of this work, please send a request with
complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers,
MA 01923, USA, telephone 978-750-8400, fax 978-750-4470, www.copyright.com.
All other queries on rights and licenses, including subsidiary rights, should be addressed to
the Office of the Publisher, World Bank, 1818 H Street NW, Washington, DC 20433, USA, fax
202-522-2422, e-mail pubrights@worldbank.org.
Library of Congress Cataloging-in-Publication Data has been requested.

Foreword
vii
Acknowledgments
viii
Introduction
ix
PART I
PRESENTATION
1
Chapter 1
Framework
Framework for the Preparation and Presentation of Financial Statements
3
2
IFRS 1
First-Time Adoption of IFRS
11
3
IAS 1
Presentation of Financial Statements
15
4
IAS 7
Cash Flow Statements
31
5
IAS 8 
Accounting Policies, Changes in Accounting Estimates, and Errors
41
PART II
GROUP STATEMENTS
47
Chapter 6
IFRS 3
Business Combinations
49
7
IAS 27
Consolidated and Separate Financial Statements
60
8
IAS 28
Investments in Associates
68
9
IAS 31
Interests in Joint Ventures
74
PART III
BALANCE SHEET AND INCOME STATEMENT
81
Chapter 10
IFRS 2
Share-Based Payment
83
11
IFRS 4
Insurance Contracts
91
12
IAS 2
Inventories
96
13
IAS 11
Construction Contracts
105
14
IAS 12 
Income Taxes
114
15
IAS 16
Property, Plant, and Equipment
124
16
IAS 17
Leases
136
17
IAS 18
Revenue
149
18
IAS 19
Employee Benefits
157
19
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
166
20
IAS 21
The Effects of Changes in Foreign Exchange Rates
171
21
IAS 23
Borrowing Costs
178
22
IAS 36
Impairment of Assets
185
v
Contents

Chapter 23
IAS 37
Provisions, Contingent Liabilities, and Contingent Assets
192
24
IAS 38
Intangible Assets
198
25
IAS 39
Financial Instruments: Recognition and Measurement
203
26
IAS 40
Investment Property
218
27
IAS 41
Agriculture
224
PART IV
DISCLOSURE
233
Chapter 28
IFRS 5
Noncurrent Assets Held for Sale and Discontinued Operations
235
29
IAS 10
Events After the Balance Sheet Date
240
30
IAS 14 
Segment Reporting
243
31
IAS 24
Related-Party Disclosures
248
32
IAS 26
Accounting and Reporting by Retirement Benefit Plans
252
33
IAS 29
Financial Reporting in Hyperinflationary Economies
256
34
IAS 32
Financial Instruments: Presentation
261
35
IAS 33
Earnings per Share
264
36
IAS 34
Interim Financial Reporting
273
37
IFRS 6
Expl

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