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ISBN: 9781292103013
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Financial Accounting: An International Introduction, 6e (e-Book VS 12m)


By David Alexander

Descripción:

Contenido:

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 181

Exercises 183

 

9 Tangible and intangible non-current assets 185

Objectives 185

 

9.1 Preamble: a tale of two companies 186

9.2 Introduction 187

9.3 The recognition of assets 188

9.4 Should leased assets be recognized 190

9.5 Depreciation of cost 193

9.6 Impairment 205

9.7 Measurement based on fair value 207

9.8 Investment properties 211

9.9 A mix of values 211

Summary 212

References and research 213

Multiple choice questions 213

Exercises 215

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10 Inventories 217

Objectives 217

 

10.1 Introduction 218

10.2 Counting inventory 220

10.3 Valuation of inventory at historical cost 221

10.4 Inventory flow 222

10.5 Other cost methods 226

10.6 Valuation of inventory using exit values 227

10.7 Practice 228

Summary 229

References and research 231

Multiple choice questions 231

Exercises 232

 

11 Financial assets, liabilities and equity 234

Objectives 234

 

11.1 Introduction 235

11.2 Cash and receivables 236

11.3 Investments 238

11.4 Liabilities 241

11.5 Equity 246

11.6 Reserves and provisions 250

11.7 Comparisons of debt and equity 253

Summary 254

References and research 255

Multiple choice questions 256

Exercises 256

 

12 Accounting and taxation 257

Objectives 257

 

12.1 Introduction 258

12.2 International differences in the determination of taxable income 260

12.3 Tax rates and tax expense 262

12.4 Deferred tax 263

Summary 267

References and research 267

Multiple choice questions 267

Exercises 268

 

13 Cash flow statements 270

Objectives 270

 

13.1 Introduction 271

13.2 An outline of the IAS 7 approach 272

13.3 Reporting cash flows from operating activities 274

13.4 The preparation of cash flow statements 275

13.5 A real example 280

Summary 283

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Contents

References and research 283

Multiple choice questions 283

Exercises 284

 

14 Group accounting 286

Objectives 286

 

14.1 Introduction: the group 287

14.2 Investments related to the group 290

14.3 Accounting for the group 293

14.4 Uniting/pooling of interests 302

14.5 The equity method 303

14.6 Conclusion on group relationships 305

Summary 306

References and research 306

Multiple choice questions 307

Exercises 308

15 Foreign currency translation 311

Objectives 311

15.1 Introduction 312

15.2 Transactions 312

15.3 Translation of financial statements 315

15.4 A numerical illustration 316

Summary 318

References and research 319

Multiple choice questions 319

Exercises 320

 

Part 3 Analysis 323

 

16 Financial appraisal 325

Objectives 325

 

16.1 Introduction 326

16.2 More on investment ratios 326

16.3 Interpreting the balance sheet 333

16.4 Valuation through expectations 335

16.5 Valuation through market values 335

16.6 Accounting policies and financial appraisal 336

16.7 Creative accounting 344

Summary 345

References and research 345

Multiple choice questions 346

Exercises 347

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17 International analysis 351

Objectives 351

 

17.1 Introduction 352

17.2 Language 352

17.3 Differences in financial culture 356

17.4 Accounting differences 356

17.5 Help by multinationals 357

17.6 Increasing international harmonization 358

Summary 362

References and research 362

Exercises 363

Annex: GlaxoSmithKline plc: notes on reconciliation from IFRS to US GAAP 364

 

Appendices 369

A Double-entry bookkeeping 371

B An outline of the content of International Financial

Reporting Standards 416

C An outline of the content of the EU’s Fourth Directive on Company

Law (as amended in 2001, 2003, etc.), and a note on the 2013 replacement Directive 427

D Answers to multiple choice questions 430

E Feedback on exercises 432

Glossary of terms 450

Index 469