The IFRS edition is truly an IFRS book with substantial new materials that relate to the unique features of the IFRS, such that the reader would not have to figure out how to apply the IFRS from a U.S. GAAP position. The text, illustrations, end-of-chapter questions and instructor resources are new materials that provide detailed coverage on the requirements of the IFRS.

1. Changes in text material to reflect the accounting concepts and principles that are based on International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as well as the latest developments in the IFRS. Examples include revisions to the conceptual framework, recognizing revenue on multiple-element arrangements, accounting for transfers of receivables as sales vs. secured borrowings, impairments of debt and equity investments, investment property, financial instruments and defined benefit plans. The latest changes in accounting for retirement benefit plans are featured in this edition.
2. New and challenging end-of-chapter questions on the application of the IFRS are provided to ensure that readers develop strong competencies in the IFRS.
3. Enhanced coverage is provided of IFRS standard setting and the convergence process.
4. Increased coverage of the key differences between IFRS and U.S. GAAP is provided in IFRS versus U.S. GAAP boxes within the flow of each chapter, and discussions of the particular areas in which convergence is taking place, along with enhanced end-of-chapter assignment materials to test students' understanding of those differences.
5. Coverage of the three joint IASB/FASB projects on revenue recognition, financial instruments and leases in Chapters 5, 12, and 15, respectively, based on the current status of these projects as the text went to press. The Chapter 5 Where We’re Headed Supplement provides a thorough treatment of the proposed standard on revenue recognition and is supported by end-of-chapter questions, exercises, and problems to encourage students to gauge and reinforce their understanding of concepts, and new test bank questions to evaluate students’ mastery of the new standard. Chapter 12 provides a full-length appendix on IFRS No. 9 Financial Instruments that takes effect for periods beginning on or after January 1, 2015.  Readers of the text will appreciate the different criteria that apply to the classification of financial assets and financial liabilities in the incumbent standard IAS No. 39 Financial Instruments: Recognition and Measurement and the new standard IFRS No. 9. Given the long lead time to implementation, accounting students need to know both the existing and the forthcoming changes. Hence, the team sought to provide coverage of new standards in addition to retaining extensive coverage of existing IFRS. Even after the new standards are issued, previous IFRS will be relevant until the new standards become effective.  However, prior to the effective date of the new standards, it is useful for soon-to-be graduates to have an understanding of the new guidance on the horizon.
6. Use of accounting terminology that is consistent with the language of the IFRS.
7. Featuring real-world examples from international companies that report under the IFRS. Examples include extracts from the management review, directors’ report, auditors’ report, financial statements, and disclosure notes of these companies to familiarize students with financial reporting under the IFRS.
8. Incorporating new real-world cases on Singapore Airlines and other international companies in most of the chapters’ end-of-chapter questions. These real-world cases allow students to relate and apply the accounting concepts and principles that they have learned to real-world situations.

• Bayer Group
• BHP Billiton Group
• Bilfinger Berger S.E
• CapitaLand Limited
• Cheung Kong (Holdings) Ltd
• CSR plc
• Emirates Telecommunications Corporation Group (Etisalat)
• GlaxoSmithKline plc
• Hewlett-Packard Company
• J Sainsbury plc
• Jardine Cycle and Carriage Limited
• Orascom Telecom Holding S.A.E
• Premier Foods plc
• Procter & Gamble Company
• Royal Bank of Scotland Group plc
• Royal Dutch Shell plc
• Siemens AG
• Singapore Airlines
• Singapore Technologies Engineering Ltd
• Starhub Ltd
• UBS