IFRS, Fair Value and Corporate Governance
The Impact on Budgets, Balance Sheets and Management Accounts

Dimitris N. Chorafas (Author)

9780750668958

Paperback, published 24 February 2006

412 pages, Illustrated
23.4 x 16.5 x 2.6 cm, 0.78 kg

Written for managers and professionals in business and industry, this book helps the reader in:

* Understanding what is and is not IFRS
* Learning the complexities of IFRS implementation
* Appreciating the contribution of IFRS to corporate governance

The changeover from the mosaic of different heterogeneous national accounting standards to the International Financial Reporting Standards has not been easy. For many companies IFRS, and most particularly the concept of fair value in IAS 39, has amounted to a phase shift – which is prerequisite to achieving compliant financial reporting.

The research conducted by Dr. Chorafas for this book, documented that the process of meeting IFRS requirements presents opportunities and challenges to all enterprises. As many companies have found out, abandoning the classical accruals accounting for marking-to-market their transactions and portfolio positions, has not been easy. The conversion process has affected several functions within the organization including balance sheets, P&L statements, auditing, risk control, information systems, and management accounting.

This book is in made up of four parts:

* Part One focuses on business competition, standards boards, corporate accounting, and IAS 39

* The theme of Part Two, is the implementation of IFRS, exemplified through case studies on task forces and practical applications

* Part Three brings together IFRS and management accounting requirements, with emphasis on fair value.

* Part Four addresses itself to the contribution IFRS can make to better corporate governance, and to rebuilding the balance sheet

The book has many case studies based on actual experiences. These range from the implementation of IFRS directives such as hedge accounting, to developing practices of real-time balance sheets; the help provided by sophisticated accounting solutions help in stress testing; and a comprehensive definition of the role of the audit committee.

PART ONE BUSINESS COMPETITION, STANDARDS BOARDS, AND CORPORATE ACCOUNTING: NEW RULES OF COMPETITION AND ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND CORPORATE GOVERNANCE
DYNAMICS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
THE CONTROVERSY OVER IAS 39
IAS 39 AND THE RECOGNITION OF DERIVATIVES RISK. PART TWO IMPLEMENTING IFRS: PROJECT MANAGEMENT FOR IMPLEMENTATION OF IFRS
AN IFRS TASK FORCE CASE STUDY. TOP MANAGEMENT'S RESPONSIBILITY FOR FAIR VALUE ACCOUNTING. PART THREE MANAGEMENT ACCOUNTING AND THE BUDGET: MANAGEMENT ACCOUNTING AND CORPORATE GOVERNANCE
BUDGETING. A CASE STUDY ON FINANCIAL PLANNING
VALUING ASSETS. THE CHALLENGE OF BEING "RIGHT"
BUSINESS ETHICS ADD VALUE TO FINANCIAL DISCLOSURES
FORWARD LOOKING STATEMENTS, MODELS, EARNINGS, AND GOODWILL. PART FOUR CORPORATE GOVERNANCE AND THE BALANCE SHEET: BALANCE SHEETS AND INCOME STATEMENTS AS MANAGEMENT TOOLS
ECONOMIC CAPITAL IS AT BOTH SIDES OF THE BALANCE SHEET
THE REAL-TIME MANAGEMENT REPORT
INTERNAL CONTROL, STRESS TESTING, AND EFFECTIVE RISK MANAGEMENT
ROLE OF THE AUDIT COMMITTEE.

Subject Areas: Management accounting & bookkeeping [KFCM], Finance & accounting [KF]