Financial accounting : an international introduction
Author(s)
Bibliographic Information
Financial accounting : an international introduction
Pearson, 2016
6th ed
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Note
Includes bibliographical references and index
Description and Table of Contents
Description
'This book will be welcomed by students and academics alike. The text is easy to read and well laid out, the case studies are very helpful, and it is supplemented by a good range of quality supporting material' Christopher Coles, Department of Accounting and Finance, University of Glasgow
'A hugely enjoyable and informative book with an international focus'
Eleimon Gonis, University of the West of England, Bristol
Financial Accounting is the ideal book for anyone with little prior knowledge or who is new to this subject area. The book retains the clear writing style and unique international focus which led to the success of previous editions. This approach enables the teaching of financial accounting in a way that is not country-specific. This fully updated text uses the International Financial Reporting Standards (IFRS) as its framework to explain key concepts and practices while linking them with contemporary real-life examples from around the world.
What's new!
Fully updated to reflect the extensive changes that have occurred in the three years since writing the fifth edition;
Expanded discussion of accounting by SMEs and partnerships (Chapter 4);
New discussion on capital maintenance (Chapter 8);
Added material on integrated reporting and sustainability (Chapter 6);
Expanded discussion of revenue recognition, including reference to IFRS 15 (Chapter 8).
The text is ideal for undergraduates and MBA students worldwide taking a first course in financial accounting.
Visit www.pearsoned.co.uk/alexander to find valuable online resources for both students and lecturers, including an instructor's manual and full set of power point slides.
David Alexander is Professor Emeritus of Accounting at the University of Birmingham Business School, England.
Christopher Nobes is Professor of Accounting at Royal Holloway, University of London, England. He is also Professor at the University of Sydney, and Adjunct Professor at the Norwegian Business School. From 1993 to 2001 he was a member of the board of the International Accounting Standards Committee.
Table of Contents
Foreword to the first edition xi
Preface xiii
Acknowledgements xv
Abbreviations xvi
Part 1 The Context of Accounting 1
1 Introduction 3
Objectives 3
1.1 Purposes and users of accounting 4
1.2 Entities 7
1.3 Accounting regulation and the accountancy profession 10
1.4 Language 12
1.5 Excitement in accounting 13
1.6 The path ahead 14
Summary 14
Multiple choice questions 15
Exercises 16
2 Some fundamentals 17
Objectives 17
2.1 Introduction 18
2.2 The balance sheet 18
2.3 The income statement 25
2.4 Two simple equations 31
2.5 How cash flows fit in 32
Summary 34
Multiple choice questions 34
Exercises 35
3 Frameworks and concepts 39
Objectives 39
3.1 Introduction 40
3.2 Underlying concepts 42
3.3 The IASB's list of qualitative characteristics 45
3.4 A hierarchy of concepts and some inconsistencies 47
3.5 The reporting entity 49
Summary 50
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References and research 50
Multiple choice questions 51
Exercises 51
4 The regulation of accounting 53
Objectives 53
4.1 Introduction: various ways to regulate accounting 54
4.2 Legal systems 55
4.3 Examples of regulation 56
4.4 The regulation of International Standards 62
4.5 SMEs and partnerships 62
Summary 63
References and research 64
Multiple choice questions 64
Exercises 65
5 International differences and harmonization 66
Objectives 66
5.1 Introduction: the international nature of the
development of accounting 67
5.2 Classification 68
5.3 Influences on differences 75
5.4 Harmonization of financial reporting 85
5.5 The International Accounting Standards Board 91
Summary 94
References and research 95
Multiple choice questions 96
Exercises 97
6 The contents of financial statements 99
Objectives 99
6.1 Introduction 100
6.2 Balance sheets (statements of financial position) 101
6.3 Comprehensive income 107
6.4 The 2013 Directive's formats 114
6.5 Statements of changes in equity 116
6.6 Cash flow statements 116
6.7 Notes to the financial statements 119
6.8 Other general disclosure requirements 119
6.9 Wider disclosure considerations: corporate social reporting,
Corporate governance and ethics 122
Summary 124
References and research 125
Multiple choice questions 125
Exercises 126
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7 Financial statement analysis 127
Objectives 127
7.1 Introduction 128
7.2 Ratios and percentages 128
7.3 Profit ratios 129
7.4 Profitability ratios 135
7.5 Liquidity ratios 142
7.6 Interest cover 143
7.7 Funds management ratios 143
7.8 Introduction to investment ratios 145
7.9 Some general issues about ratios 146
Summary 149
Multiple choice questions 150
Exercises 152
Part 2 Financial Reporting Issues 159
8 Recognition and measurement of the elements of financial statements 161
Objectives 161
8.1 Introduction 162
8.2 Primacy of definitions 162
8.3 Hierarchy of decisions about assets and liabilities 164
8.4 Income (including revenue) and expenses 174
Summary 180
References and research 181
Multiple choice questions 18
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