IFRS PRACTICAL IMPLEMENTATION GUIDE AND WORKBOOK

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Index

Interim fin ancial reports: defined, 299 IFRS I for, 363 Interim period, 299 Internally gene rated intangible assets, 333-335 Internation al Acc ounting Sta ndar ds (l AS), 1. See also specific standards in force for 2007, 3-4 lASB adoption of, 5 transitional provisions in, 367 International Acc ounti ng Sta ndards Board (IASB), 2, 4– 7 differences between lASe Board and, 4 FASB enhanced framewor k project with, II Framework fo r the Preparat ion and Presentation of Financial Stat ements , 8- 11 ixsc Foundation, 5 structure and governance, 5- 6 watershed year for, 362 International Accounting Sta nda r ds Committee (IASC) , 2-5 International Accounting Standards Committee Foundation (lASC Fo undation), 5 International Federation of Rep orting Interpretations Committee (IFRIC) , 4, 6 International Fina ncia l Reporting Standa rds (I FRS), 1-2 defined, 13, 364 differences between US GAAP and, 105 first-time adoption of, 5, 362- 380 global acce ptance of, 362 as lAS and IFRS, 5 and Intern ational Accounting Standards Board, 4-7 and International Accou nting Standards Committee, 2-5 outstanding draft interpretations, 7 outstanding expos ure drafts of, 6-7 remai ning exce ptions to recog nition of, 2 worldwi de adoption of, 1-2 Accounta nts (l FAC), 2 International Fina ncia l

recognition of expenses, 335- 336 retirements and disposals, 338 scope of standar d, 330 useful life, 337-338 Web site development costs, 336 Intan gible Asse ts- Web Site Costs (SIC 32), 4, 336 Interest, presentation of, 231– 232 Interest cost : borrowing cost vs., 171 defined, 137 Interest income, on impaired fin ancial assets, 264 Interests ill Joint Ventures (lAS 31),4,215-219 definitions, 215 different forms of joint venture, 2 15- 2 16 disclosure, 2 18 equity method, 2 17 exception to use of equity method and proportionate consolidation, 2 17 extracts from published financial statemen ts, 2 19 financial statements of investors, 2 17- 2 18 jointly cont rolled assets, 2 16 jointly controlled entities, 2 16– 217 joi ntly controlled operations, 216 proportionate consolidation, 2 17 scope of standa rd, 2 15 Interest rate, effective, 255 Interest re venue, recognition of, 134 Int erim Financial Reporting (lAS 34),4, 299-304 acco unting policies for, 30 I changes of amounts in, 30 I definitions, 299 disclosure of IFRS compliance , 300 explanatory notes, 299-300 extracts from publi shed financial statements, 30 1-3 02 form and content of interim reports, 299 IFRS interim financial reporting and impa irment, 30 I materiality of items in, 300 measurement, 300 objec tive of, 299 periods presented by, 300 Int erim Financial Reporting and lmpairment (IFRIC 10),6

consolidated financial statements, 80-8 1 curren t and deferred tax recog nition, 83-84 current tax liabilities and assets, 79 deferred tax assets, 82-83 definit ions, 77-79 disclosure: key elements, 84- 88 discount ing, 83 dividend s, 84 extracts from published financial statements, 88-92 SICs, 88 tax rates, 83 temporary diffe rences not recognized for deferred tax, 81- 82 lncome Taxes-s-Changes ill the Tax Status ofall Entity or Its Shareholders (SIC 25),4, 88 Income Taxes-Recovery of Revalued Nondepreciable Assets (SIC 21),4,88 India, IFRS adoption by, 1 Indirect method, for cash flow stateme nt, 39-41 Industry-specific sta nda rds , 52. See also specific standards Insubstance defea sance, 250 Insu rance contracts, 421 Insurance COlitracts (lFRS 4), 5, 421-426 accounti ng under, 422-423 changes in acco unting policies, 422 concess ions in, 422 definitions, 421 disclosures, 423-424 extracts from published financial statements, 425-426 first phase, 421-422 Intangibl e assets, 223 classes of, 336 defined, 330 identifiability of, 33 1 for service concessions, 72 Intan gible Assets (lAS 38), 4, 330-343 amortization, 338 defi nitions, 330-33 1 disclosures, 338-339 extracts from publ ished financial statements, 339- 343 impairment, 338 internally generated, 333-335 measurement, 332-333 measurement after recognition, 336-337 recognit ion criteri a, 33 1