IFRS and XBRL How to improve Business

International Financial Reporting Standards IFRSs are increasingly adopted worldwide, and it is critical to understand their place within the global business environment. Kurt Ramin and Cornelis Reiman, world authorities on IFRS, provide a guide to key components of IFRSs, and outline how each standard is important in a business context; they show what elements of IFRSs are crucial to local, national and international business decision making. The book covers such key issues as emerging technology in reporting under IFRS including the use of XBRL. It demonstrates the importance of disclosure checklists and offers illustrative financial statements arising from IFRSs. The book also looks at recent developments in IFRS in particular how the standards should be reflected in the narrative report, and what implications they have for sustainability reporting. As well as purely covering IFRS, the authors look at other standards and cover issues such as US GAAP convergence with IFRS, and the importance of International Valuation Standards.

Kurt Ramin (Dubai, UAE), until recently served as Director and Advisor at AccountAbility and the IFRS Foundation, both located in London. His work at the IFRS Foundation and the IASB involved introducing IFRS and XBRL to more than 80 countries. During his tenure with the IFRS Foundation he lead XBRL International as Global Chairman and was a member of the European Union Commission's High Level Expert Group on Intangibles. From 2008 to 2012 he was Treasurer for the International Union for Conservation of Nature (IUCN), the world's largest association of nature conservation agencies, headquartered in Switzerland. Prior to joining the IFRS Foundation (and its predecessor, the IASC Foundation) he was a Global Capital Markets Group Partner at PricewaterhouseCoopers in New York and Chief Financial Officer at several international companies.

Cornelis Reiman (Bangkok, Thailand), is an international board advisor. Previously, he was President of an economic development entity promoting International Financial Reporting Standards in developing countries. Before that, he was Dean and Vice President of universities in Thailand and Singapore. Prior to academia, he consulted in the private, public and not-for-profit sectors on corporate management and strategic planning. The global IT provider IBM, and the former accounting services firm of Arthur Andersen & Co., employed him earlier. Cornelis has a Ph.D. in Economics and enjoys exceptional professional qualifications, including FCPA (Australia and Singapore), FCIS, Chartered Accountant, and Senior Member with the Australian Computer Society. Presently, he is an Independent Director on the board of the Chamber of Accountants of the Republic of Kazakhstan. In addition, he advises CPA Russia.

Foreword xi

About the book xiii

About the authors xv

Preface xix

Acknowledgements xxi

Introduction to this book 1

Leading to a new reporting paradigm – concept map 2

PART I: INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Tips for readers 13

Chapter 1: Introduction to and objectives of IFRS 15

Chapter 2: How important are IFRS to business and global acceptance? 19

2.1 IFRS and legal objectives 20

2.2 Convergence of IFRS and US GAAP 21

2.3 Reconciliation to US GAAP 24

2.4 IOSCO, regulators and enforcement 25

Chapter 3: Governance and accountability of the

IFRS Foundation 29 3.1 History, structure and fi nance 29

3.2 The monitoring board and IFRS Foundation trustees 39

3.3 IASB members, due process and IFRS Interpretations Committee 42

3.4 IFRS Advisory Council 48

Chapter 4: Framework, standards and interpretations of IFRS 51

4.1 Framework 52

4.2 International Financial Reporting Standards 58

4.3 IFRS for Small and Medium-sized Enterprises versus Private companies 159

4.4 Interpretations to Standards 162

Chapter 5: IFRS Practice Statement Management Commentary 165

Chapter 6: Future plans 169

Chapter 7: New presentation formats 171

7.1 Model fi nancial statements 171

7.2 New fi nancial statement presentation 174

Chapter 8: Contents of IFRS book 177

Chapter 9: Glossary for IFRS 181

Chapter 10: Index to IFRS book 183

PART II: IFRS DISCLOSURES, OTHER REPORTING STANDARDS AND ASSURANCE

Tips for readers 187

Chapter 1: IFRS disclosure 189

1.1 Summary of disclosures 192

1.2 Disclosure checklists 193

1.3 IFRS disclosure examples 206

Chapter 2: Other reporting standards 223

2.1 International Public Sector Accounting Standards (IPSAS) 224

2.2 Statistics-based standards 311

2.3 International Valuation Standards Council (IVSC) 321

2.4 Valuation Resource Group 328

2.5 IEEE 328

2.6 ISO 330

2.7 AccountAbility 335

2.8 Other standards 346

2.9 OneReport 354

2.10 Taxation 354

PART III: XBRL – USING TECHNOLOGY TO IMPLEMENT STANDARDS

Tips for readers 359

Chapter 1: XBRL 361

1.1 XML – the technical basis of XBRL 364

1.2 Benefi ts of XBRL 367

1.3 Users of XBRL – worldwide 372

Chapter 2: XBRL and IFRS 373

2.1 Overview 375

2.2 The IFRS taxonomy 381

2.3 IFRS Foundation and translation 389

2.4 Support materials 401

2.5 Future steps 437

Chapter 3: Organising and collecting data 443

3.1 FASB codifi cation and XBRL taxonomy 443

3.2 Illustrative fi nancial statements 449

3.3 XBRL for integrated reporting 458

3.4 Content analysis 469

Chapter 4: Using systems to organise and collect data 473

4.1 ERP systems and spreadsheets 473

4.2 SAP, Oracle and Cloud 475

Chapter 5: Opportunities to integrate and track data objects 481

5.1 Growing interest among stakeholders 481

PART IV: TRACKING OBJECTS – A PARADIGM SHIFT IN BUSINESS REPORTING

Tips for readers 489

Chapter 1: Introduction 491

Chapter 2: Developments in new reporting models 495

Chapter 3: Recognition and de-recognition 499

Chapter 4: Discussing measurement 501

Chapter 5: A comprehensive business reporting model 505

Chapter 6: Future reporting: the object and value supply chain 507

Chapter 7: Integrated reporting 525

7.1 Integrated reporting <IR> 526

7.2 Landscape of integrated reporting 535

Chapter 8: Object tracking 541

8.1 Object recognition 541

8.2 Data management 542

8.3 Tagging 542

8.4 Tracking 543

PART V: THE NEED FOR INCREASED ACCEPTANCE OF IFRS

Tips for readers 545

Preamble 546

Chapter 1: The need for increased acceptance of IFRS 549

1.1 National accounting standards versus IFRS 549

1.2 Partial acceptance of IFRS 550

Chapter 2: The need for increased acceptance of XBRL 551

Chapter 3: Additional issues 553

Chapter 4: Conclusion 561

Acronyms 563

References 571

Appendix A: IFRS example – for familiarisation 583

Appendix B: SNA 2008 – Contents 617

Glossary of IFRS terms 665

Index 715

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IFRS and XBRL How to improve Business Reporting through Technology and Object Tracking

Summary

Author Biography

Table of Contents

Supplemental Materials