Consolidation and IFRS: an introduction
Academic year 2010/2011
Patrice Schumesch Sebastian Harushimana

Table of contents (1/4)
 Introduction
- Why IFRS ? - General principles

 Measurement of assets and liabilities
- Formation expenses - Intangible assets - Property, plant & equipment - Leases - Impairment of assets

Slide 2

Consolidation and IFRS: an introduction

Table of contents (2/4)
 Measurement of assets and liabilities (cont’d)
- Government grants - Inventories and contracts in progress - Revenue recognition - Provisions and contingencies - Events after the reporting period - Employee benefits and share-based payments - Deferred taxes - Foreign currency transactions - Financial instruments

Slide 3

Consolidation and IFRS: an introduction

Table of contents (3/4)
 Consolidation
- Consolidation - Business combinations - Translation of financial statements of foreign operations

 Presentation of financial statements
- Structure and contents of financial statements - Statement of financial position - Statement of comprehensive income - Statement of changes in equity - Statement of cash flows - Structure of disclosures

Slide 4

Consolidation and IFRS: an introduction

Table of contents (4/4)
 Presentation of financial statements (cont’d)
- Discontinued operations - Operating segments - Earnings per share - Related party transactions - Interim financial reporting

 Changes in accounting policies and first-time application rules
- Changes in accounting policies, changes in accounting estimates and errors - First-time adoption of IFRS

Slide 5

Consolidation and IFRS: an introduction

Introduction
Why IFRS ?

Why IFRS ?
 IFRS Worldwide
 Globalisation of business and capital markets require that there be one single accounting language  There is also an increasing need for high-quality and transparent financial information (cfr Enron, Worldcom, L&H, Parmalat, etc.)  IASC (International Accounting

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