IFRS, Fair Value and Corporate Governance - 1st Edition - ISBN: 9780750668958, 9780080461663

IFRS, Fair Value and Corporate Governance

1st Edition

The Impact on Budgets, Balance Sheets and Management Accounts

Authors: Dimitris Chorafas
Paperback ISBN: 9780750668958
eBook ISBN: 9780080461663
Imprint: Butterworth-Heinemann
Published Date: 24th February 2006
Page Count: 412
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Description

Written for managers and professionals in business and industry, this book helps the reader in:

  • Understanding what is and is not IFRS
  • Learning the complexities of IFRS implementation
  • Appreciating the contribution of IFRS to corporate governance

The changeover from the mosaic of different heterogeneous national accounting standards to the International Financial Reporting Standards has not been easy. For many companies IFRS, and most particularly the concept of fair value in IAS 39, has amounted to a phase shift – which is prerequisite to achieving compliant financial reporting.

The research conducted by Dr. Chorafas for this book, documented that the process of meeting IFRS requirements presents opportunities and challenges to all enterprises. As many companies have found out, abandoning the classical accruals accounting for marking-to-market their transactions and portfolio positions, has not been easy. The conversion process has affected several functions within the organization including balance sheets, P&L statements, auditing, risk control, information systems, and management accounting.

This book is in made up of four parts:

  • Part One focuses on business competition, standards boards, corporate accounting, and IAS 39

  • The theme of Part Two, is the implementation of IFRS, exemplified through case studies on task forces and practical applications

  • Part Three brings together IFRS and management accounting requirements, with emphasis on fair value.

  • Part Four addresses itself to the contribution IFRS can make to better corporate governance, and to rebuilding the balance sheet

The book has many case studies based on actual experiences. These range from the implementation of IFRS di

Key Features

  • A clear and practical view of the complexities of IFRS implementation
  • Includes practical case studies from real-life companies going through the process
  • Pays particular attention to IAS 39 on Fair Value

Readership

Management Accountants; Chief Executive Officers; Chief Operating Officers; Chief Financial Officers; Financial Directors; Budget Directors; Auditors (internal and external); Operations Managers; Information technology officers and their staff

Table of Contents

PART ONE BUSINESS COMPETITION, STANDARDS BOARDS, AND CORPORATE ACCOUNTING: Chapter 1 NEW RULES OF COMPETITION AND ACCOUNTING STANDARDS; Chapter 2 INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND CORPORATE GOVERNANCE; Chapter 3 DYNAMICS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS); Chapter 4 THE CONTROVERSY OVER IAS 39; Chapter 5 IAS 39 AND THE RECOGNITION OF DERIVATIVES RISK. PART TWO IMPLEMENTING IFRS: Chapter 6 PROJECT MANAGEMENT FOR IMPLEMENTATION OF IFRS; Chapter 7 AN IFRS TASK FORCE CASE STUDY. TOP MANAGEMENT'S RESPONSIBILITY FOR FAIR VALUE ACCOUNTING. PART THREE MANAGEMENT ACCOUNTING AND THE BUDGET: Chapter 8 MANAGEMENT ACCOUNTING AND CORPORATE GOVERNANCE; Chapter 9 BUDGETING. A CASE STUDY ON FINANCIAL PLANNING; Chapter 10 VALUING ASSETS. THE CHALLENGE OF BEING "RIGHT"; Chapter 11 BUSINESS ETHICS ADD VALUE TO FINANCIAL DISCLOSURES; Chapter 12 FORWARD LOOKING STATEMENTS, MODELS, EARNINGS, AND GOODWILL. PART FOUR CORPORATE GOVERNANCE AND THE BALANCE SHEET: Chapter 13 BALANCE SHEETS AND INCOME STATEMENTS AS MANAGEMENT TOOLS; Chapter 14 ECONOMIC CAPITAL IS AT BOTH SIDES OF THE BALANCE SHEET; Chapter 15 THE REAL-TIME MANAGEMENT REPORT; Chapter 16 INTERNAL CONTROL, STRESS TESTING, AND EFFECTIVE RISK MANAGEMENT; Chapter 17 ROLE OF THE AUDIT COMMITTEE.

The book divides into four parts.

Part One: addresses the fundamentals of management accounting as contrasted to regulatory accounting procedures and financial reporting by public companies.

This text is the product of personal experience, and much experimentation at major companies, in efforts to determine how their managers can best understand the firms vital accounting figures, and how company goals can be met in a cost/effective manner.

The text explains the function of management accounting and of internal management accounting information sy

Details

No. of pages:
412
Language:
English
Copyright:
© Butterworth-Heinemann 2006
Published:
Imprint:
Butterworth-Heinemann
eBook ISBN:
9780080461663
Paperback ISBN:
9780750668958

About the Author

Dimitris Chorafas

Since 1961, Dr Dimitris N. Chorafas has advised financial institutions and industrial corporations in strategic planning, risk management, computers and communications systems, and internal controls. A graduate of the University of California, Los Angeles, the University of Paris, and the Technical University of Athens, Dr Chorafas has been a Fulbright scholar. Financial institutions which have sought his assistance include the Union Bank of Switzerland, Bank Vontobel, CEDEL, the Bank of Scotland, Credit Agricole, Österreichische Länderbank (Bank Austria), First Austrian Bank, Commerzbank, Dresdner Bank, Mid-Med Bank, Demir Bank, Banca Nazionale dell'Agricoltura, Istituto Bancario Italiano, Credito Commerciale and Banca Provinciale Lombarda. Among multinational corporations Dr Chorafas has worked as consultant to top management, are: General Electric-Bull, Univac, Honeywell, Digital Equipment Corp, Olivetti, Nestlé, Omega, Italcementi, Italmobiliare, AEG-Telefunken, Olympia, Osram, Antar, Pechiney, the American Management Association and host of other client firms in Europe and the United States. Dr Chorafas has served on the faculty of the Catholic University of America and as visiting professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology. Also, the University of Alberta, Ecole d'Etudes Industrielles de l'Université de Genève, and Technical University of Karlsruhe. More than 6,000 banking, industrial and government executives have participated in his seminars in the United States, England, Germany, other European countries, Asia and Latin America.

Affiliations and Expertise

CORPORATE CONSULTANT IN ENGINEERING AND MANAGEMENT, PARIS VISITING PROFESSOR, INFORMATION SCIENCE AND BUSINESS ADMINISTRATION, WASHINGTON STATE UNIVERSITY