Financial Accounting and Reporting

This market-leading text provides a comprehensive overview of financial accounting and reporting. It offers a balance of theoretical and conceptual coverage with up-to-date practical application of current international standards. There is an emphasis on both being able to prepare and also to critically discuss IFRS compliant financial statements. With both theoretical and practical coverage, including worked examples throughout the text, the authors provide essential knowledge for advancing in your studies and career. Key features: * Fully updated coverage of IFRS and IAS with coverage of revenue recognition, financial instruments, employment benefits, leases and construction contracts * Initial chapters explain cash and accrual accounting for anyone new to accounting or can act as a refresher * Exercises of varying difficulty including questions from past examination papers of professional accounting bodies * Detailed solutions to selected questions are available on the text's website * Illustrations taken from real world international company reports and accounts * Extensive references included at the end of chapters * Covers the interpretation of accounts for management purposes with an emphasis on preparing a report and for investment purposes with an overview of a variety of the ratios used MyAccountingLab Join over 10 million students benefiting from Pearson MyLabs. This title can be supported by MyAccountingLab, an online homework and tutorial system designed to test and build your understanding. You need both an access card and a course ID to access MyAccountingLab: Is your lecturer using MyAccountingLab? Ask your lecturer for your CourseID. Has an access card been included with the book? Check the inside back cover of the book. If you have a course ID but no access card, go to www.myaccountinglab.com to buy access to this interactive study programme. MyAccountingLab provides a personalised approach, with instant feedback and numerous additional resources to support your learning. Key features: * A study plan designed just for you * Worked solutions showing how to solve difficult problems * Limitless opportunities to practise * An eText for quick reference Barry Elliott is a training consultant. He has extensive teaching experience at undergraduate, postgraduate and professional levels in China, Hong Kong, New Zealand and Singapore. He has wide experience as an external examiner in higher education and at all levels of professional education. Jamie Elliott is a director with Deloitte. Prior to this, he lectured on undergraduate degree programmes and as Assistant Professor on MBA and Executive programmes at the London Business School.Preface Guided tour of MyAccountingLab Part 1 PREPARATION OF FINANCIAL STATEMENTS 1 Accounting and reporting on a cash flow basis 2 Accounting and reporting on an accrual accounting basis 3 Preparation of financial statements of comprehensive income, changes in equity and financial position 4 Annual Report: additional financial disclosures 5 Statements of cash flows Part 2 INCOME AND ASSET VALUE MEASUREMENT SYSTEMS 6 Income and asset value measurement: an economist's approach 7 Accounting for price-level changes 8 Revenue recognition Part 3 REGULATORY FRAMEWORK - AN ATTEMPT TO ACHIEVE UNIFORMITY 9 Financial reporting - evolution of global standards 10 Concepts - evolution of an international conceptual framework 11 Ethical behaviour and implications for accountants Part 4 STATEMENT OF FINANCIAL POSITION - EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE 12 Share capital, distributable profits and reduction of capital 13 Liabilities 14 Financial instruments 15 Employee benefits 16 Taxation in company accounts 17 Property, plant and equipment (PPE) 18 Leasing 19 Intangible assets 20 Inventories 21 Construction contracts Part 5 CONSOLIDATED ACCOUNTS 22 Accounting for groups at the date of acquisition 23 Preparation of consolidated statements of financial position after the date of acquisition 24 Preparation of consolidated statements of income, changes in equity and cash flows 25 Accounting for associates and joint arrangements 26 Introduction to accounting for exchange differences Part 6 INTERPRETATION 27 Earnings per share 28 Review of financial statements for management purposes 29 Analysis of published financial statements 30 An introduction to financial reporting on the Internet Part 7 ACCOUNTABILITY 31 Corporate governance 32 Sustainability - environmental and social reporting Index