481 / 488
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
Index
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
469
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
Accounta nts (l FAC), 2
International Fina ncia l
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