IFRS PRACTICAL IMPLEMENTATION GUIDE AND WORKBOOK

467

Index

assets and liabilities of subsidiaries, associates, and joint ventures, 369 busine ss combinations, 368 compound financial instruments, 369 cumulative translation differences, 369 deemed exceptions to "first- time adopter" rule, 364 definitions, 363-364 emp loyee benefits, 369 exceptions to retro spective application of other IFRS, 369-370 extract s from published financi al statements, 373-380 fair value or revaluation as deemed cost, 368 openi ng IFRS balance sheet, 364-365 presentation and disclosure, 370-373 proposed amendment to, 7 rationale behind "current version of IFRS," 367 reporting period, 366 scope of standard, 363 targeted exempti ons from other IFRS, 367-368 transitio nal provi sions in othe r IFRS, 367 First-Time Application ofl AS as the Primary Basis of Accounti ng (SIC 8), 363 Fixed cost contracts , 70 Fixed price contracts, 67 Foreign currency: cas h flows with, 42 reco rding transactions using, 160 Foreign exchange rates, see The Effects of Changes in Foreign Ex change Rates (lAS 21) Foreign operations: defined, 159 disposa l of, 164 hedge of a net investment in, 7, 277 translation of, 163 Forgivable loans, 151 Forward contracts, on cash flow sta tement, 42 Fram ework for the Preparation and Presentation of Finan cial Stateme nts (lASB), 8-11 France, IFRS adoption by, 1 Full recognition approach (actua ri al gainsllosses), 144 Functional currency, 159-160 define d, 159

and hyperinflation , 210-2 11 reco rding foreign currency transactions using , 160 translation to presentation curre ncy from , 161-1 63 Fund flow sta tement, 35 Funding, 187 Futures, on cash flow statement, 42 Future activity costs , for construction, 71 Future cash flows, 306-307 Future economic benefits, 331 Future op erating losses, 320 FVTPL (fina ncial assets at fair va lue through profit or loss), 239 FVTPL (fina ncial liabilities at fair value throu gh profit or loss),241 G Gains: act uaria l, 137, 143-1 44 , 146, 369 for agricultural activity, 354- 355 extinguishme nt, 250 prese ntation of, 231-232 revenue vs., 129 Genera l purpose financial statements, 13 Geog ra phica l segments , 100– 101. See also Segment Reporting (l AS 14) defined, 94 identifying, 94-95 Georgia, IFRS adoption by, 1 Germany, IFRS adoption by, 1 Ghana, IFRS adoption by, 1 Going concern basis , 9 and events after balance sheet date, 64 preparing statements on, 15- 16 Goodwill: alloca ted to cash-genera ting units, 309 , 3 10 for business combinations, 406 for foreign ope rations, 163 as intangible asse t, 333 with investment in assoc iates, 204,205 negative, 406 related to minority interests, 310 tax liability for, 81 Government, defined, 151 Government assistance, 156 defined, 151

Fin ancial sta teme nts: balance sheet, 17-1 8 cash flow statement, 20 components of, 14 consolidated, see Consolidated financi al statements elements of, 10--11 for first-time adopt ion of IFRS, 363 Framework f or the Preparati on and Presentation of Financial Statements, 8- 11 "general purpose," 13 for hyperinfl ationary economies, 2 11- 212 lAS I, Presentation of, 13-25 lAS 27, Consolidated and Separate Financial Statements, 193- 199 identification of, 16 income statement, 18- 19 of investor in a joi nt venture, 217-2 18 leases in, 119-123 notes to, 20-2 1 objective of, 8 of parent entities, 195 presentation currency for, 16 1- 163 purpo se of, 14 qualitative characteristics of, 9-10 for related-party transactions, 176-1 77 reportin g period for, 16 restatement of, 211-2 13 statemen t of changes in equity, 19 underlying assump tions for, 8– 9 Fina ncing ac tiv ities: on cash flow statement, 37-39 defined, 35 Finland, IFRS adoption by, 1 First IFRS fin ancial statemen ts, 363,364 Firs t-in, first out method, see FIFO (firs t-in, first-out) method First-time adopter (of IFRS), 364 "First-time adopter" rule, deemed exceptions to, 364 First-time Adoption of International Financial Reporting Standards (IFRS 1), 5,362-380 accounting policies, 366 adjustments required in openi ng IFRS balance sheet, 365-366