479 / 488
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
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
467
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