Synopses & Reviews
The first book covering IFRS 9 implementations for most commonly traded financial instruments as part of the practical implementation of IFRS 9The latest version of IFRS 9 requires an entirely new accounting framework that varies greatly from its predecessor IAS 39 framework. Yet, there are scant few guides focusing on the needs of finance professionals looking to fully comply with IFRS 9 accounting standards. The first book of its kind, this book provides detailed guidance to the implementation of IFRS 9 for finance professionals. The only book combining coverage of most commonly traded derivative and non-derivative financial instruments with IFRS 9 accounting standards it provides practical, in-depth coverage of disclosure requirements and challenges. A handbook for busy practitioners in search of practical solutions, it features a wealth of real world illustrations of typical accounting entries for the full array of financial instruments covered.
- The first handbook for finance professionals versus accountants, it combines comprehensive coverage of both financial instruments and IFRS 9 accounting requirements
- Simplifies IFRS 9 principles, explains implementation, and features real-world illustrations of accounting entries and analyses for nearly ninety commonly traded derivative and non-derivative instruments
- Coauthored by the Director of Ernst & Young's Financial Advisory Services Group, London and a CPA with more than thirty years' auditing and IFRS training experience
Synopsis
There are approximately 100-110 different types of derivative and non-derivative instruments which are commonly traded in the market, and this book covers product descriptions and accounting illustrations of approximately 80-90 of those products. It is the first book of its kind to cover a large number of financial instruments as part of the practical implementation of IFRS 9. There is currently not any book in the market which covers a detailed list of products alongside accounting of IAS 39/IFRS 9.
The book provides detailed guidance on the practical implementation of IFRS 9, covering a large number of financial instruments (both derivative and non-derivative instruments) with real life illustrations, issues, disclosure requirements and suggested accounting entries. Therefore, this is a real handbook on IFRS 9 with in-depth practical implementation guidance which will be handy for a large number of finance professionals.
The authors have written this book with an objective to provide the product and accounting knowledge together within a single publication. Therefore, the book provides in-depth guidance on the practical implementation of the principles of IFRS 9 and at the same time, also provides detailed product guidance (both derivative and non-derivative financial instruments) with illustrative accounting entries and analyses.
Synopsis
Detailed product information alongside relevant IFRS 9 guidelines for more streamlined implementation IFRS 9 - Understanding Financial Instruments and their Accounting is a practical and informative guide to financial instruments and accounting issues in the context of the new global framework for financial reporting. The first handbook of its kind, this book provides detailed information about over eighty products alongside IFRS 9 accounting, merging the knowledge base and skill sets of two distinct functions into a single useful reference. Practical implementation guidance covers both derivative and non-derivative instruments, and real-world illustrations provide deeper insight into the everyday accounting entries and analyses that IFRS 9 entails. Readers will gain both the background knowledge and the application skills to help ease the adoption of IFRS 9 with minimal disruption to daily operations.
With the exception of optional adoption of the hedge accounting requirements, the International Accounting Standards Board mandated complete IFRS 9 adoption no later than January, 2018. The new standard replaces IAS 39, and consists of classification and measurement, impairment, and hedge accounting. Successful implementation requires an in-depth understanding of cash flows and the mechanics of financial instruments. IFRS 9 - Understanding Financial Instruments and their Accounting simplifies IFRS 9 principles and explains the implementation process, helping readers to:
- Understand the handling of derivative and non-derivative financial instruments
- Clarify IFRS disclosure requirements and suggested accounting entries
- Examine the correlation and divergence between IFRS 9 and IAS 39 frameworks
- Understand the impact of transitioning from IAS 39 to IFRS 9
- Develop an effective IFRS implementation strategy with understanding of the requirements and procedures
Existing coverage of IFRS 9 tends to be restrictive, with little attention paid to product guidance, leaving a gap in the knowledge required for successful worldwide adoption. This book fills that gap, providing a complete resource with full explanation and illustrative examples.