IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking
Author(s): Kurt Ramin (Author), Cornelis Reiman (Author)
Publisher: Wiley
Publication Date: 15 Feb. 2013
Edition: 1st
Language: English
Print length: 752 pages
ISBN-10: 9781118369739
ISBN-13: 9781118369739
Book Description
International Financial Reporting Standards are increasingly adopted worldwide, and it is critical to understand their place within the global business environment as well as the most up-to-date methods of applying them. In IFRS and XBRL Kurt Ramin and Cornelis Reiman, world authorities on IFRS, have condensed the overwhelming flood of available material to present a comprehensive guide to the key components of IFRS, helping to explain why they are a priority for private enterprises and governments alike. The book:
provides valuable commentary on key components of IFRS which are crucial to local, national and international business decision making
demonstrates the importance of disclosure checklists
offers illustrative financial statements arising from IFRS
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
explores how business reporting can be improved, for example through the addition of non-financial reporting
examines the key issue of emerging technology in reporting under IFRS, especially the use of XBRL and the obvious push for a new paradigm whereby object definitions, tracking and valuation offer considerable benefits to the people who produce and rely upon business reports
To complete the picture, the authors examines other standards, and cover important issues such as US GAAP convergence with IFRS, and the important of International Valuation Standards, IFRS and XBRL is the complete guide to the background, current state, and future of International Financial Reporting Standards.
Editorial Reviews
Review
This book covers key components of the IFRS regime and shows how standards are linked to financial decision making for business and government agencies, (The CA, May 2013)
From the Inside Flap
Relevant. trustworthy, comparable, timely and understandable financial and business information is the lifeblood of effective capital markets and of efficient allocation of capital across companies, industries, countries and the global financial system. It is also critical to sound decision making and operational management within individual companies and enterprises within both the private and public sectors. Thus, the quest to improve the quality, timeliness and overall usefulness of such information is an important ingredient in promoting strong and vibrant companies, sound financial systems, and to achieving economic growth and rising living standards at both the national and international levels.
In that regard, this book explains important aspects of that quest. Building upon the foundations of recent achievements relating to the growing use of IFRS and of technology in financial reporting, the authors provide insights and ideas on potential avenues for further significant advancements and the actions and resources needed to achieve them. As suggested by the title, the book provides a blueprint of changes that the authors believe are both possible and necessary to transforming corporate reporting.
As one who has devoted a significant part of my career and life to such efforts, I applaud the authors for their constructive and valuable contributions to the quest and hope that readers of this book will find it both interesting and thought provoking.–Robert H. Herz, CPA, FCA,Former Chairman, Financial Accounting Standards Board (FASB)
From the Back Cover
International Financial Reporting Standards are increasingly adopted worldwide, and it is critical to understand their place within the global business environment as well as the most up-to-date methods of applying them. In IFRS and XBRL Kurt Ramin and Cornelis Reiman, world authorities on IFRS, have condensed the overwhelming flood of available material to present a comprehensive guide to the key components of IFRS, helping to explain why they are a priority for private enterprises and governments alike. The book:
provides valuable commentary on key components of IFRS which are crucial to local, national and international business decision making
demonstrates the importance of disclosure checklists
offers illustrative financial statements arising from IFRS
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
explores how business reporting can be improved, for example through the addition of non-financial reporting
examines the key issue of emerging technology in reporting under IFRS, especially the use of XBRL and the obvious push for a new paradigm whereby object definitions, tracking and valuation offer considerable benefits to the people who produce and rely upon business reports
To complete the picture, the authors examines other standards, and cover important issues such as US GAAP convergence with IFRS, and the important of International Valuation Standards, IFRS and XBRL is the complete guide to the background, current state, and future of International Financial Reporting Standards.
About the Author
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.
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