Jamie Elliott, Barry Elliott

Financial Accounting and Reporting

• Broschiertes Buch

Produktbeschreibung

Introduce your students to the challenges of financial accounting. Financial Accounting and Reporting, 20th edition is an essential resource offering an academic and practical understanding of the subject. With a thorough discussion on financial statements, this market-leading text will help your students build their skills for a career in the field.

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Produktdetails

• Verlag: Pearson Education Limited
• 20 ed
• Seitenzahl: 832
• Erscheinungstermin: 8. März 2022
• Englisch
• Abmessung: 245mm x 187mm x 31mm
• Gewicht: 1372g
• ISBN-13: 9781292399805
• ISBN-10: 1292399805
• Artikelnr.: 62666705

Autorenporträt

Jamie Elliott is a director who has worked for Deloitte, Huawei, Panasonic, and Mott MacDonald. Prior to his corporate career, he lectured in undergraduate degree programmes and was Assistant Professor in MBA and Executive Education programmes at the London Business School. Barry Elliott has extensive teaching experience in undergraduate, postgraduate, and professional programmes in England, New Zealand, China, Hong Kong, and Singapore. He has worked for Coopers & Lybrand as a Training Manager in London and National Training Manager in Australia. He has extensive experience as an external examiner in higher education at all levels of professional education.

Inhaltsangabe

Brief contents: PART 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND
ACCRUAL ACCOUNTING BASIS
1. Accounting and reporting on a cash flow basis
2. Accounting and reporting on an accrual accounting basis
PART 2 PREPARATION OF INTERNAL AND PUBLISHED FINANCIAL STATEMENTS
1. Preparation of financial statements of profit or loss and other
comprehensive income, changes in equity and financial position
2. Annual report: additional financial disclosures
3. Statements of cash flows
4. Accounting for price-level changes
PART 3 REGULATORY FRAMEWORK – AN ATTEMPT TO ACHIEVE UNIFORMITY
5. Financial reporting – evolution of global standards
6. Concepts – evolution of an international conceptual framework
7. Revenue recognition
PART 4 STATEMENT OF FINANCIAL POSITION – EQUITY, LIABILITY AND ASSET
MEASUREMENT AND DISCLOSURE
8. Share capital, distributable profits and reduction of capital
9. Liabilities
10. Financial instruments
11. Employee benefits
12. Taxation in company accounts
13. Property, plant and equipment (PPE)
14. Leasing
15. Intangible assets
16. Inventories
17. Construction contracts
PART 5 CONSOLIDATED ACCOUNTS
18. Accounting for groups at the date of acquisition
19. Preparation of consolidated statements of financial position after the date
of acquisition
20. Preparation of consolidated statements of profit or loss, changes in equity
and cash flows
21. Accounting for associates and joint arrangements
22. Introduction to accounting for exchange differences
PART 6 INTERPRETATION
23. Earnings per share
24. Review of financial ratio analysis
25. Analysis of published financial statements
PART 7 ACCOUNTABILITY
26. Corporate governance
27. Ethical behaviour and implications for accountants
28. Integrated reporting: sustainability, environmental and social
Index
Full contents: PART 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL
ACCOUNTING BASIS
1. Accounting and reporting on a cash flow basis
o 1.1 Introduction
o 1.2 Shareholders
o 1.3 What skills does an accountant require in respect of
external reports?
o 1.4 Managers
o 1.5 What skills does an accountant require in respect of
internal reports?
o 1.6 Procedural steps when reporting to internal users
o 1.7 Agency costs
o 1.8 Illustration of periodic financial statements prepared
under the cash flow concept to disclose realised operating cash
flows
o 1.9 Illustration of preparation of statement of financial
position
o 1.10 Treatment of non-current assets in the cash flow model
o 1.11 What are the characteristics of these data that make them
reliable?
o 1.12 Reports to external users
o 1.13 Micro businesses
Summary Review questions Exercises Notes
2. Accounting and reporting on an accrual accounting basis
o 2.1 Introduction
o 2.2 Historical cost convention
o 2.3 Accrual basis of accounting
o 2.4 Mechanics of accrual accounting – adjusting cash receipts
and payments
o 2.5 Reformatting the statement of financial position
o 2.6 Accounting for the sacrifice of non-current assets
o 2.7 Published statement of cash flows
Summary Review questions Exercises Notes
PART 2 PREPARATION OF INTERNAL AND PUBLISHED FINANCIAL STATEMENTS
29. Preparation of financial statements of profit or loss and other
comprehensive income, changes in equity and financial position
* 3.1 Introduction
* 3.2 Preparing an internal statement of profit or loss from a trial
balance
* 3.3 Reorganising the income and expenses into one of the formats
required for publication
* 3.4 Format 1: classification of operating expenses and other income
by function
* 3.5 Format 2: classification of operating expenses according to their
nature
* 3.6 Other information to be presented in the profit or loss section
* 3.7 Other comprehensive income
* 3.8 Presentation of non-recurring items and their effect on operating
income
* 3.9 How decision-useful is the statement of profit or loss and other
comprehensive income?
* 3.10 Statement of changes in equity
* 3.11 The statement of financial position
* 3.12 The explanatory notes that are part of the financial statements
* 3.13 Has prescribing the formats meant that identical transactions
are reported identically?
* 3.14 Fair presentation
* 3.15 What does an investor need in addition to the primary financial
statements to make decisions?
* 3.16 IAS 1 ED General Presentation and Disclosures
Summary Review questions Exercises Notes
30. Annual report: additional financial disclosures
* 4.1 Introduction
* 4.2 IAS 10 Events after the Reporting Period
* 4.3 IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors
* 4.4 What do segment reports provide?
* 4.5 IFRS 8 Operating Segments 80
* 4.6 Benefits and continuing concerns following the issue of IFRS 8
* 4.7 Discontinued operations — IFRS 5 Non-current Assets Held for Sale
and Discontinued Operations
* 4.8 Held for sale — IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations
* 4.9 IAS 24 Related Party Disclosures
Summary Review questions Exercises Notes
31. Statements of cash flows
* 5.1 Introduction
* 5.2 Development of statements of cash flows
* 5.3 Applying IAS 7 (revised) Statement of Cash Flows
* 5.4 Step approach to preparation of a statement of cash flows —
indirect method
* 5.5 Additional notes required by IAS 7
* 5.6 Analysing statements of cash flows
* 5.7 Approach to answering questions with time constraints
* 5.8 Preparing a statement of cash flows when no statement of income
is available
* 5.9 Critique of cash flow accounting
Summary Review questions Exercises Notes
32. Accounting for price-level changes
* 6.1 Introduction
* 6.2 Review of the problems of historical cost accounting (HCA)
* 6.3 Inflation accounting
* 6.4 The concepts in principle
* 6.5 The four models illustrated for a company with cash purchases and
sales
* 6.6 Critique of each model
* 6.7 Operating capital maintenance – a comprehensive example
* 6.8 Critique of CCA statements
* 6.9 Measurement bases
* 6.10 The IASB position where there is hyperinflation
* 6.11 Future developments
Summary Review questions Exercises Bibliography Notes PART 3 REGULATORY
FRAMEWORK – AN ATTEMPT TO ACHIEVE UNIFORMITY
33. Financial reporting — evolution of global standards
* 7.1 Introduction
* 7.2 Why do we need financial reporting standards?
* 7.3 Why do we need standards to be mandatory?
* 7.4 Arguments in support of standards
* 7.5 Arguments against standards
* 7.6 The Financial Reporting Council (FRC) as a regulatory body
* 7.7 The International Accounting Standards Board
* 7.8 Standard setting and enforcement in the European Union (EU)
* 7.9 Standard setting and enforcement in the US
* 7.10 Advantages and disadvantages of global standards for publicly
accountable entities
* 7.11 How do reporting requirements differ for non-publicly
accountable entities?
* 7.12 IFRS for SMEs
* 7.13 Why have there been differences in financial reporting?
* 7.14 Move towards a conceptual framework
Summary Review questions Exercises Notes
34. Concepts — evolution of an international conceptual framework
* 8.1 Introduction
* 8.2 Different countries meant different financial statements
* 8.3 Historical overview of the evolution of financial accounting
theory
* 8.4 Developing the Framework for the Preparation and Presentation of
Financial Statements
* 8.5 Conceptual Framework for Financial Reporting 2018
* 8.6 Current developments – concept of materiality
Summary and evaluation of position to date Review questions Exercises
35. Revenue recognition
* 9.1 Introduction
* 9.2 The issues involved in developing the new standard
* 9.3 IFRS 15 Revenue from Contracts with Customers
* 9.4 Five-step process to identify the amount and timing of revenue
* 9.5 Disclosures
Summary Review questions Exercises Notes PART 4 STATEMENT OF FINANCIAL
POSITION — EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE
36. Share capital, distributable profits and reduction of capital
* 10.1 Introduction
* 10.2 Common themes
* 10.3 Total owners' equity: an overview
* 10.4 Total shareholders' funds: more detailed explanation
* 10.5 Accounting entries on issue of shares
* 10.6 Creditor protection: capital maintenance concept
* 10.7 Creditor protection: why capital maintenance rules are necessary
* 10.8 Creditor protection: how to quantify the amounts available to
meet creditors’ claims
* 10.9 Issued share capital: minimum share capital
* 10.10 Distributable profits: general considerations
* 10.11 Distributable profits: how to arrive at the amount using
relevant accounts
* 10.12 When may capital be reduced?
* 10.13 Writing off part of capital which has already been lost and is
not represented by assets
* 10.14 Repayment of part of paid-in capital to shareholders or
cancellation of unpaid share capital
* 10.15 Purchase of own shares
Summary Review questions Exercises Notes
37. Liabilities
* 11.1 Introduction
* 11.2 Provisions — a decision tree approach to their impact on the
statement of financial position
* 11.3 Treatment of provisions
* 11.4 The general principles that IAS 37 applies to the recognition of
a provision
* 11.5 Management approach to measuring the amount of a provision
* 11.6 Application of criteria illustrated
* 11.7 Provisions for specific purposes
* 11.8 Contingent liabilities
* 11.9 Contingent assets
* 11.10 Criticisms of IAS 37
* 11.11 Future progress
Summary Review questions Exercises Notes
38. Financial instruments
* 12.1 Introduction
* 12.2 Financial instruments – the IASB’s problem child
* 12.3 IAS 32 Financial Instruments: Disclosure and Presentation
* 12.4 IFRS 9 Financial Instruments
* 12.5 IFRS 7 Financial Instruments: Disclosure
Summary Review questions Exercises Notes
39. Employee benefits
* 13.1 Introduction
* 13.2 Greater employee interest in pensions
* 13.3 Financial reporting implications
* 13.4 Types of scheme
* 13.5 Accounting for defined contribution pension schemes
* 13.6 Accounting for defined benefit pension schemes
* 13.7 IAS 19 Employee Benefits
* 13.8 The asset or liability for pension and other post-retirement
costs
* 13.9 Changes in the pension asset or liability position
* 13.10 Comprehensive illustration
* 13.11 Multi-employer plans
* 13.12 Disclosures
* 13.13 Other long-service benefits
* 13.14 Short-term benefits
* 13.15 Termination benefits
* 13.16 IFRS 2 Share-based Payment
* 13.17 Scope of IFRS 2
* 13.18 Recognition and measurement
* 13.19 Equity-settled share-based payments
* 13.20 Cash-settled share-based payments
* 13.21 Transactions which may be settled in cash or shares
* 13.22 IAS 26 Accounting and Reporting by Retirement Benefit Plans
Summary Review questions Exercises Notes
40. Taxation in company accounts
* 14.1 Introduction
* 14.2 Corporation tax
* 14.3 Corporation tax systems — the theoretical background
* 14.4 Dividends pre- and post-2016
* 14.5 Corporation tax systems – avoidance and evasion
* 14.6 IAS 12 — accounting for current taxation
* 14.7 Deferred tax
* 14.8 A critique of deferred taxation
* 14.9 Value added tax (VAT)
Summary Review questions Exercises Notes
41. Property, plant and equipment (PPE)
* 15.1 Introduction
* 15.2 PPE — concepts and the relevant IASs and IFRSs
* 15.3 What is PPE?
* 15.4 How is the cost of PPE determined?
* 15.5 What is depreciation?
* 15.6 What are the constituents in the depreciation formula?
* 15.7 Calculation of depreciation
* 15.8 Measurement subsequent to initial recognition
* 15.9 IAS 36 Impairment of Assets
* 15.10 IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations
* 15.11 Disclosure requirements
* 15.12 Government grants towards the cost of PPE
* 15.13 Investment properties
* 15.14 Effect of accounting policy for PPE on the interpretation of
the financial statements
Summary Review questions Exercises Notes
42. Leasing
* 16.1 Introduction
* 16.2 Need for an accounting standard on leasing
* 16.3 Terms and conditions of a lease
* 16.4 Leases in the financial statements of lessees under IFRS 16
* 16.5 Leases in the financial statements of lessors
* 16.6 Sale and leaseback transactions
Summary Review questions Exercises Notes
43. Intangible assets
* 17.1 Introduction
* 17.2 Intangible assets defined
* 17.3 Accounting treatment for research and development
* 17.4 Why is research expenditure not capitalised?
* 17.5 Capitalising development costs
* 17.6 Disclosure of R&D
* 17.7 IFRS for SMEs' treatment of intangible assets
* 17.8 Internally generated and purchased goodwill
* 17.9 The accounting treatment of goodwill
* 17.10 Critical comment on the various methods that have been used to
account for goodwill
* 17.11 Negative goodwill/badwill
* 17.12 Brands
* 17.13 Accounting for acquired brands
* 17.14 Intellectual capital disclosures (ICDs) in the annual report
* 17.15 Review of implementation of IFRS 3
* 17.16 Review of the implementation of identified intangibles under
IAS 38
Summary Review questions Exercises Notes
44. Inventories
* 18.1 Introduction
* 18.2 Inventory defined
* 18.3 The impact of inventory valuation on profits
* 18.4 IAS 2 Inventories
* 18.5 Inventory valuation
* 18.6 Work in progress
* 18.7 Inventory control
* 18.8 Creative accounting
* 18.9 Audit of the year-end physical inventory count
* 18.10 Published accounts
* 18.11 Agricultural activity
Summary Review questions Exercises Notes
45. Construction contracts
* 19.1 Introduction
* 19.2 Construction contracts
* 19.3 IFRS 15 treatment of construction contracts
* 19.4 Accounting for a contract – an example
* 19.5 Illustration — loss-making contract using the step approach
* 19.6 Public & private partnerships
* 19.7 Requirements of IFRIC 12 Service Concession Arrangements
* 19.8 Worked example of service concession accounting
Summary Review questions Exercises Notes PART 5 CONSOLIDATED ACCOUNTS
46. Accounting for groups at the date of acquisition
* 20.1 Introduction
* 20.2 Preparing consolidated accounts for a wholly owned subsidiary
* 20.3 IFRS 10 Consolidated Financial Statements
* 20.4 Fair values
* 20.5 Illustration where there is a wholly owned subsidiary
* 20.6 Preparing consolidated accounts when there is a partly owned
subsidiary
* 20.7 The treatment of differences between a subsidiary's fair value
and book value
* 20.8 The parent issues shares to acquire shares in a subsidiary
* 20.9 IFRS 3 Business Combinations treatment of goodwill at the date
of acquisition
* 20.10 When may a parent company not be required to prepare
consolidated accounts?
* 20.11 When may a parent company exclude or not exclude a subsidiary
from a consolidation?
* 20.12 IFRS 13 Fair Value Measurement
* 20.13 What advantages are there for stakeholders from requiring
groups to prepare consolidated accounts?
Summary Review questions Exercises Notes
47. Preparation of consolidated statements of financial position after the date
of acquisition
* 21.1 Introduction
* 21.2 Uniform accounting policies and reporting dates
* 21.3 Pre- and post-acquisition profits/losses
* 21.4 The Bend Group — assuming there have been no inter-group
transactions
* 21.5 Inter-company transactions
* 21.6 The Prose Group — assuming there have been inter-group
transactions
Summary Review questions Exercises Notes
48. Preparation of consolidated statements of profit or loss, changes in equity
and cash flows
* 22.1 Introduction
* 22.2 Eliminate inter-company transactions
* 22.3 Preparation of a consolidated statement of profit or loss – the
Ante Group
* 22.4 The statement of changes in equity (SOCE)
* 22.5 Other consolidation adjustments
* 22.6 A subsidiary acquired part-way through the year
* 22.7 Published format statement of profit or loss
* 22.8 Consolidated statements of cash flows
Summary Review questions Exercises Notes
49. Accounting for associates and joint arrangements
* 23.1 Introduction
* 23.2 Definitions of associates and of significant influence
* 23.3 The treatment of associated companies in the financial
statements of the investor
* 23.4 The Brill Group — group accounts with a profit-making associate
* 23.5 The Brill Group — group accounts with a loss-making associate
* 23.6 The acquisition of an associate part-way through the year
* 23.7 Joint arrangements
* 23.8 Disclosure in the financial statements
Summary Review questions Exercises Notes
50. Introduction to accounting for exchange differences
* 24.1 Introduction
* 24.2 How to record foreign currency transactions in a company's own
books
* 24.3 Boil plc — a more detailed illustration
* 24.4 IAS 21 Concept of Functional and Presentation Currencies
* 24.5 Translating the functional currency into the presentation
currency
* 24.6 Preparation of consolidated accounts
* 24.7 How to reduce the risk of translation differences
* 24.8 Critique of the use of presentational currency
* 24.9 IAS 29 Financial Reporting in Hyperinflationary Economies
Summary Review questions Exercises Notes PART 6 INTERPRETATION
51. Earnings per share
* 25.1 Introduction
* 25.2 Why is the earnings per share figure important?
* 25.3 How is the EPS figure calculated?
* 25.4 The use to shareholders of the EPS
* 25.5 Illustration of the basic EPS calculation
* 25.6 Adjusting the number of shares used in the basic EPS calculation
* 25.7 Rights issues
* 25.8 Adjusting the earnings and number of shares used in the diluted
EPS calculation
* 25.9 Procedure where there are several potential dilutions
* 25.10 Exercise of conversion rights during the financial year
* 25.11 Disclosure requirements of IAS 33
* 25.12 Enhanced disclosures
Summary Review questions Exercises Notes
52. Review of financial ratio analysis
* 26.1 Introduction
* 26.2 Overview of techniques for the analysis of financial data
* 26.3 Ratio analysis — a case study
* 26.4 Introductory review
* 26.5 Financial statement analysis, part 1 — financial performance
* 26.6 Financial statement analysis, part 2 — liquidity
* 26.7 Financial statement analysis, part 3 — financing
* 26.8 Peer comparison
* 26.9 Report based on the analysis
* 26.10 Caution when using ratios for prediction
Summary Review questions Exercises
53. Analysis of published financial statements
* 27.1 Introduction
* 27.2 Alternative performance measures
* 27.3 EBITDA
* 27.4 EBITDAR
* 27.5 EBITDARM
* 27.6 Regulators' reaction to use of an alternative management
performance measure (APM)
* 27.7 Use of ratios as thresholds
* 27.8 Predicting corporate failure
* 27.9 Investor-specific ratios
* 27.10 Published financial statements — their limitations for
interpretation purposes
* 27.11 Improvement of information for shareholders
* 27.12 Valuing shares of an unquoted company — quantitative process
* 27.13 Valuing shares of an unquoted company — qualitative process
* 27.14 Possible effects of a pandemic (Covid-19)
* 27.15 Possible effects of Brexit
Summary Review questions Exercises Notes PART 7 ACCOUNTABILITY
54. Corporate governance
* 28.1 Introduction
* 28.2 A systems perspective
* 28.3 Different jurisdictions have different governance priorities
* 28.4 The effect on capital markets of good corporate governance
* 28.5 Risk management
* 28.6 The role of internal control, internal audit and audit
committees in corporate governance
* 28.7 External audits in corporate governance
* 28.8 Detection of fraud
* 28.9 The Regulator’s approach to promoting improved disclosures
* 28.10 International perspective (IFIAR)
* 28.11 The future of audit
* 28.12 Executive remuneration in the UK
* 28.13 Corporate governance — ways to make directors accountable
Summary Review questions Exercises Notes
55. Ethical behaviour and implications for accountants
* 29.1 Introduction
* 29.2 The meaning of ethical behaviour
* 29.3 The accounting standard-setting process and ethics
* 29.4 The International Code of Ethics for Professional Accountants
2018
* 29.5 Implications of ethical values for the principles — versus
rules-based approaches to accounting standards
* 29.6 Ethics in the accountant's work environment — a research report
* 29.7 Implications of unethical behaviour for stakeholders using the
financial reports
* 29.8 The increasing role of whistle-blowing
* 29.9 Legal requirement to report — national and international
regulation
* 29.10 Why should students learn ethics?
Summary Review questions Exercises Notes
56. Integrated reporting: sustainability, environmental and social
* 30.1 Introduction
* 30.2 Environmental and social disasters, the adverse consequences
that can follow and the lessons to be learnt
* 30.3 Management accountability for environmental and social
responsibility
* 30.4 Integrated reporting concepts
* 30.5 The historical context of the evolution of integrated reporting
including the drivers of this movement
* 30.6 The seriousness of current threats: sustainability — climate
change and pollution
* 30.7 The efforts on which integrated reporting builds
* 30.8 The contribution of accountants
* 30.9 Integrated reporting — its impact on the future development of
financial reporting and accounting
* 30.10 Reporting to stakeholders to account for stewardship
* 30.11 Reporting to stakeholders to assist decision making
* 30.12 Real-time reporting
* 30.13 Other means of communication with stakeholders
* 30.14 The way forward for improved sustainability disclosure
Summary Review questions Exercises Notes Publisher's acknowledgements Index