ASCA Releases the Vest Pocket Guide to International Financial Reporting Standards (IFRS)
The guide provides solutions to the problems of the accountants, auditors, and accounting heads. In addition, it covers all international financial reporting standards by using the question and answer method, as well as concise clarifications and hundreds of supporting examples on all IFRS issues
AMMAN------ July 4, 2012 ------ The Arab Society for Certified Accountants (ASCA), a non-profit professional association which aims to advance the profession of accounting, management and related disciplines in the Arab countries, released the first of its kind the Vest Pocket Guide to the International Financial Reporting Standards (IFRS).
New Jersey-based Wiley Company entrusted ASCA with the translation of this guide into Arabic.
The guide provides solutions to the problems of the accountants, auditors, and accounting heads. In addition, it covers all international financial reporting standards by using the question and answer method, as well as concise clarifications and hundreds of supporting examples on all IFRS issues.
The simplified guide is broken down into the following four main categories:
(1) Financial Statements: The first part is divided into separated chapters tackling the main form of the financial statements, the method of their consolidation, and how to prepare reports on certain cases.
(2) Assets and Liabilities: It tackles the international standards on the accounting issues related to the accounting of investment real estates, shares in the joint projects, investment in affiliates, inventory, and intangible properties and assets. A separated chapter addresses the main issue of the assets impairment. In concludes Part 2 with a discussion about the Provisions and Contingent Liabilities.
(3) Revenues and Expenses: It tackles the revenues and expenses issues, including recognition of revenue and employee benefits, share-based payment and income tax.
(4) Special Transactions: It tackles big number of accounting transactions such as business combinations, changes in accounting estimates, discontinued operations, effects of changes in foreign exchange rates, financial instruments (derivatives), proper treatment of the government grants, insurance contracts, lease contracts, mineral exploitation activities, and retirement benefit plans.
In general, the Vest Pocket Guide to IFRS which fits easily in pockets aims to give concise answers on questions related to the international Financial Reporting Standards facing the accountant during the course of his work, to help quickly understand the questions.