Financial accounting Books

Book SynopsisTable of ContentsIntroduction 1 Part 1: Getting Started with Everything Grants 5 Chapter 1: Grantwriting Basics for Beginners 7 Chapter 2: Preparing for Successful Grantseeking 23 Chapter 3: Understanding Grantmaking Entities Expectations 41 Part 2: Researching Grantfunding Opportunities 55 Chapter 4: Venturing into Public-Sector Grants 57 Chapter 5: Navigating the Federal Grant Submission Portals 71 Chapter 6: Researching Potential Private-Sector Funders 83 Chapter 7: Finding Legitimate Grants for Individuals and Businesses 97 Chapter 8: Finding Grants for Academia and Fellowships 107 Chapter 9: Identifying Funds for Nongovernmental Organizations (NGOs) 115 Part 3: Maximizing Your Chances of Winning a Grant Award 121 Chapter 10: Finding Federal Grant Opportunities That Fit Your Needs 123 Chapter 11: Winning with Peer Review Scoring Factors 139 Chapter 12: Resuscitating Your Writing 155 Part 4: Following the Funder’s Guidelines 167 Chapter 13: Preparing Preliminary Documents 169 Chapter 14: Developing the Organizational History and Capability Boilerplate Narrative 183 Chapter 15: Validating Your Needs with a Compelling Narrative 197 Chapter 16: Incorporating Best Practices to Build the Program Design Narrative 209 Chapter 17: Preparing Project Management Plans and Sustainability Narratives 231 Chapter 18: Creating a Budget That Includes All the Funding You Need 247 Part 5: Triple-Checking Your Application, Submitting, and Following Up 269 Chapter 19: Checking Off the Mandatory Requirements for Compliance 271 Chapter 20: Knowing What to Do after Submitting Your Application 287 Chapter 21: Winning or Losing: What’s Next? 297 Chapter 22: Requesting Matching Funds and Other Goodies from Corporate Grantmakers 307 Part 6: The Part of Tens 317 Chapter 23: Ten e-Grant Tips 319 Chapter 24: Ten Steps to Making Grant Writing Your Career 325 Chapter 25: Ten Ways to Continue Being Viewed as a Grant Professional 331 Index 335

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Book SynopsisTable of Contents1 Accounting in Action 1-1 Knowing the Numbers: Columbia Sportswear 1-1 1.1 Accounting Activities and Users 1-3 Three Activities 1-3 Data Analytics 1-4 Who Uses Accounting Data 1-5 1.2 The Building Blocks of Accounting 1-7 Ethics in Financial Reporting 1-8 Generally Accepted Accounting Principles 1-9 Measurement Principles 1-10 Assumptions 1-10 1.3 The Accounting Equation 1-13 Assets 1-13 Liabilities 1-13 Stockholders’ Equity 1-14 1.4 Analyzing Business Transactions 1-15 Accounting Transactions 1-16 Transaction Analysis 1-17 Summary of Transactions 1-21 1.5 The Four Financial Statements 1-22 Income Statement 1-23 Retained Earnings Statement 1-25 Balance Sheet 1-25 Statement of Cash Flows 1-25 Financial Statements: Order of Preparation 1-26 ESG Reporting: Beyond the Four Financial Statements 1-27 Appendix 1A: Career Opportunities in Accounting 1-28 Public Accounting 1-29 Private Accounting 1-29 Governmental Accounting 1-29 Forensic Accounting 1-30 “Show Me the Money” 1-30 2 The Recording Process 2-1 Accidents Happen: MF Global Holdings 2-1 2.1 Accounts, Debits, and Credits 2-3 Debits and Credits 2-3 Debit and Credit Procedures 2-4 Stockholders’ Equity Relationships 2-7 Summary of Debit/Credit Rules 2-8 2.2 The Journal 2-9 The Recording Process 2-9 The Journal 2-10 2.3 The Ledger and Posting 2-12 The Ledger 2-12 Posting 2-14 Chart of Accounts 2-15 The Recording Process Illustrated 2-16 Summary Illustration of Journalizing and Posting 2-22 2.4 The Trial Balance 2-24 Limitations of a Trial Balance 2-25 Locating Errors 2-25 Dollar Signs and Underlining 2-25 3 Adjusting the Accounts 3-1 Keeping Track of Groupons: Groupon 3-1 3.1 Accrual-Basis Accounting and Adjusting Entries 3-2 Fiscal and Calendar Years 3-3 Accrual- versus Cash-Basis Accounting 3-4 Recognizing Revenues and Expenses 3-4 The Need for Adjusting Entries 3-6 Types of Adjusting Entries 3-7 3.2 Adjusting Entries for Deferrals 3-8 Prepaid Expenses 3-8 Unearned Revenues 3-13 3.3 Adjusting Entries for Accruals 3-16 Accrued Revenues 3-17 Accrued Expenses 3-18 Summary of Basic Relationships 3-22 3.4 Adjusted Trial Balance and Financial Statements 3-24 Preparing the Adjusted Trial Balance 3-25 Preparing Financial Statements 3-25 Appendix 3A: Adjusting Entries for the Alternative Treatment of Deferrals 3-28 Prepaid Expenses 3-29 Unearned Revenues 3-30 Summary of Additional Adjustment Relationships 3-31 Appendix 3B: Financial Reporting Concepts 3-31 Qualities of Useful Information 3-32 Assumptions in Financial Reporting 3-33 Principles in Financial Reporting 3-33 Cost Constraint 3-34 4 Completing the Accounting Cycle 4-1 Everyone Likes to Win: Rhino Foods 4-1 4.1 The Worksheet 4-3 Steps in Preparing a Worksheet 4-4 Preparing Financial Statements from a Worksheet 4-6 Preparing Adjusting Entries from a Worksheet 4-8 4.2 Closing the Books 4-8 Preparing Closing Entries 4-9 Posting Closing Entries 4-11 Preparing a Post-Closing Trial Balance 4-12 4.3 The Accounting Cycle and Correcting Entries 4-15 Summary of the Accounting Cycle 4-15 Reversing Entries—An Optional Step 4-15 Correcting Entries—An Avoidable Step 4-15 4.4 The Classified Balance Sheet 4-19 Current Assets 4-19 Long-Term Investments 4-21 Property, Plant, and Equipment 4-21 Intangible Assets 4-22 Current Liabilities 4-23 Long-Term Liabilities 4-24 Stockholders’ (Owners’) Equity 4-24 Appendix 4A: Reversing Entries 4-25 Reversing Entries Example 4-26 5 Accounting for Merchandising Operations 5-1 Buy Now, Vote Later: REI 5-1 5.1 Merchandising Operations and Inventory Systems 5-3 Operating Cycles 5-3 Flow of Costs 5-4 5.2 Recording Purchases Under a Perpetual System 5-7 Freight Costs 5-8 Purchase Returns and Allowances 5-9 Purchase Discounts 5-10 Summary of Purchasing Transactions 5-11 5.3 Recording Sales Under a Perpetual System 5-11 Sales Returns and Allowances 5-13 Sales Discounts 5-14 Data Analytics and Credit Sales 5-15 5.4 The Accounting Cycle for a Merchandising Company 5-16 Adjusting Entries 5-16 Closing Entries 5-17 Summary of Merchandising Entries 5-17 5.5 Preparing the Multiple-Step Income Statement 5-19 Multiple-Step Income Statement 5-19 Single-Step Income Statement 5-22 Classified Balance Sheet 5-22 Appendix 5A: Merchandising Company Worksheet 5-24 Using a Worksheet 5-24 Appendix 5B: Periodic Inventory System 5-25 Determining Cost of Goods Sold Under a Periodic System 5-26 Recording Merchandise Transactions 5-27 Recording Purchases of Merchandise 5-27 Recording Sales of Merchandise 5-28 Journalizing and Posting Closing Entries 5-29 Using a Worksheet 5-30 Data Analytics in Action 5-54 6 Inventories 6-1 “Where Is That Spare Bulldozer Blade?”: Caterpillar 6-1 6.1 Classifying and Determining Inventory 6-2 Classifying Inventory 6-3 Determining Inventory Quantities 6-4 6.2 Inventory Methods and Financial Effects 6-7 Specific Identification 6-7 Cost Flow Assumptions 6-8 Financial Statement and Tax Effects of Cost Flow Methods 6-13 Using Inventory Cost Flow Methods Consistently 6-15 6.3 Effects of Inventory Errors 6-17 Income Statement Effects 6-17 Balance Sheet Effects 6-18 6.4 Inventory Presentation and Analysis 6-19 Presentation 6-19 Lower-of-Cost-or-Net Realizable Value 6-19 Financial Analysis and Data Analytics 6-20 Appendix 6A: Inventory Cost Flow Methods in Perpetual Inventory Systems 6-24 First-In, First-Out (FIFO) 6-24 Last-In, First-Out (LIFO) 6-25 Average-Cost 6-25 Appendix 6B: Estimating Inventories 6-26 Gross Profit Method 6-27 Retail Inventory Method 6-27 Data Analytics in Action 6-50 7 Fraud, Internal Control, and Cash 7-1 Minding the Money in Madison: Barriques 7-2 7.1 Fraud and Internal Control 7-3 Fraud 7-3 The Sarbanes-Oxley Act 7-3 Internal Control 7-4 Principles of Internal Control Activities 7-5 Data Analytics and Internal Controls 7-10 Limitations of Internal Control 7-11 7.2 Cash Controls 7-12 Cash Receipts Controls 7-12 Cash Disbursements Controls 7-15 Petty Cash Fund 7-16 7.3 Control Features of a Bank Account 7-19 Making Bank Deposits 7-20 Writing Checks 7-20 Electronic Banking 7-21 Bank Statements 7-22 Reconciling the Bank Account 7-23 7.4 Reporting Cash 7-28 Cash Equivalents 7-29 Restricted Cash 7-29 Data Analytics in Action 7-49 8 Accounting for Receivables 8-1 What’s Cooking?: Nike 8-1 8.1 Recognition of Accounts Receivable 8-3 Types of Receivables 8-3 Recognizing Accounts Receivable 8-3 8.2 Valuation and Disposition of Accounts Receivable 8-5 Valuing Accounts Receivable 8-5 Disposing of Accounts Receivable 8-13 8.3 Notes Receivable 8-15 Determining the Maturity Date 8-16 Computing Interest 8-16 Recognizing Notes Receivable 8-17 Valuing Notes Receivable 8-17 Disposing of Notes Receivable 8-17 8.4 Presentation and Analysis of Receivables 8-20 Presentation 8-20 Analysis 8-21 Data Analytics and Receivables Management 8-22 Data Analytics in Action 8-42 9 Plant Assets, Natural Resources, and Intangible Assets 9-1 A Tale of Two Airlines: American Airlines 9-1 9.1 Plant Asset Expenditures 9-3 Determining the Cost of Plant Assets 9-3 Expenditures During Useful Life 9-6 9.2 Depreciation Methods 9-8 Factors in Computing Depreciation 9-9 Depreciation Methods 9-9 Depreciation and Income Taxes 9-16 Revising Periodic Depreciation 9-16 Impairments 9-17 9.3 Plant Asset Disposals 9-18 Sale of Plant Assets 9-18 Retirement of Plant Assets 9-20 9.4 Natural Resources and Intangible Assets 9-21 Natural Resources 9-21 Depletion 9-21 Intangible Assets 9-22 Accounting for Intangible Assets 9-23 Types of Intangible Assets 9-23 Research and Development Costs 9-26 9.5 Statement Presentation and Analysis 9-27 Presentation 9-27 Analysis 9-28 Appendix 9A: Exchange of Plant Assets 9-29 Loss Treatment 9-29 Gain Treatment 9-30 Data Analytics in Action 9-51 10 Liabilities 10-1 And Then There Were Two: Maxwell Car Company 10-1 10.1 Accounting for Current Liabilities 10-3 What Is a Current Liability? 10-3 Notes Payable 10-3 Sales Taxes Payable 10-4 Unearned Revenues 10-5 Current Maturities of Long-Term Debt 10-6 Payroll and Payroll Taxes Payable 10-6 10.2 Characteristics of Bonds 10-9 Types of Bonds 10-9 Issuing Procedures 10-10 Bond Trading 10-10 Determining the Market Price of a Bond 10-11 10.3 Accounting for Bond Transactions 10-14 Issuing Bonds at Face Value 10-14 Discount or Premium on Bonds 10-14 Issuing Bonds at a Discount 10-15 Issuing Bonds at a Premium 10-17 Redeeming Bonds at Maturity 10-19 Redeeming Bonds Before Maturity 10-19 10.4 Accounting for Long-Term Notes Payable 10-20 Mortgage Notes Payable 10-20 Lease Liabilities 10-21 10.5 Presentation and Analysis 10-23 Presentation 10-23 Analysis 10-23 Debt and Equity Financing 10-26 Appendix 10A: Straight-Line Amortization 10-28 Amortizing Bond Discount 10-28 Amortizing Bond Premium 10-29 Appendix 10B: Effective-Interest Amortization 10-30 Amortizing Bond Discount 10-31 Amortizing Bond Premium 10-32 11 Corporations: Organization, Stock Transactions, and Stockholders’ Equity 11-1 Oh Well, I Guess I’ll Get Rich: Meta 11-1 11.1 Corporate Form of Organization 11-3 Characteristics of a Corporation 11-3 Forming a Corporation 11-6 Stockholder Rights 11-7 Stock Issue Considerations 11-8 Corporate Capital 11-10 11.2 Accounting for Common, Preferred, and Treasury Stock 11-12 Accounting for Common Stock 11-12 Accounting for Preferred Stock 11-14 Accounting for Treasury Stock 11-15 11.3 Accounting for Dividends and Stock Splits 11-19 Cash Dividends 11-19 Dividend Preferences 11-21 Stock Dividends 11-24 Stock Splits 11-26 11.4 Reporting and Analyzing Stockholders’ Equity 11-28 Retained Earnings 11-28 Retained Earnings Restrictions 11-29 Balance Sheet Presentation of Stockholders’ Equity 11-30 Analysis of Stockholders’ Equity 11-31 Appendix 11A: Stockholders’ Equity Statement 11-33 Appendix 11B: Book Value per Share 11-34 Book Value per Share Example 11-35 Book Value versus Market Price 11-35 Data Analytics in Action 11-58 12 Statement of Cash Flows 12-1 Got Cash?: Microsoft 12-2 12.1 Usefulness and Format of the Statement of Cash Flows 12-3 Usefulness of the Statement of Cash Flows 12-3 Classification of Cash Flows 12-3 Significant Noncash Activities 12-4 Format of the Statement of Cash Flows 12-5 12.2 Preparing the Statement of Cash Flows— Indirect Method 12-6 Indirect and Direct Methods 12-7 Indirect Method—Computer Services Company 12-7 Step 1: Operating Activities 12-9 Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 12-12 Step 2: Investing and Financing Activities 12-13 Step 3: Net Change in Cash 12-15 12.3 Analyzing the Statement of Cash Flows 12-17 Free Cash Flow 12-17 Appendix 12A: Statement of Cash Flows—Direct Method 12-19 Step 1: Operating Activities 12-21 Step 2: Investing and Financing Activities 12-25 Step 3: Net Change in Cash 12-27 Appendix 12B: Worksheet for the Indirect Method 12-27 Preparing the Worksheet 12-28 Appendix 12C: Statement of Cash Flows—T-Account Approach 12-32 Data Analytics in Action 12-58 13 Financial Analysis: The Big Picture 13-1 It Pays to Be Patient: Warren Buffett 13-2 13.1 Sustainable Income and Quality of Earnings 13-3 Sustainable Income 13-3 Quality of Earnings 13-7 13.2 Horizontal Analysis and Vertical Analysis 13-9 Horizontal Analysis 13-10 Vertical Analysis 13-12 13.3 Ratio Analysis 13-15 Liquidity Ratios 13-16 Solvency Ratios 13-17 Profitability Ratios 13-17 Financial Analysis and Data Analytics 13-18 Comprehensive Example of Ratio Analysis 13-18 Appendix a Specimen Financial Statements: Apple Inc. A- 1 Appendix B Specimen Financial Statements: PepsiCo, Inc. B- 1 Appendix c Specimen Financial Statements: The Coca-Cola Company C- 1 Appendix d Specimen Financial Statements: Amazon.com, Inc. D- 1 Appendix E Specimen Financial Statements: Walmart Inc. E- 1 Appendix F Time Value of Money F- 1 F.1 Interest and Future Values F- 2 Nature of Interest F- 2 Future Value of a Single Amount F- 3 Future Value of an Annuity F- 5 F.2 Present Values F- 8 Present Value Variables F- 8 Present Value of a Single Amount F- 9 Present Value of an Annuity F- 11 Time Periods and Discounting F- 13 Present Value of a Long-Term Note or Bond F- 13 F.3 Capital Budgeting Situations F- 16 F.4 Using Technological Tools F- 18 Present Value of a Single Sum F- 19 Present Value of an Annuity F- 20 Future Value of a Single Sum F- 21 Future Value of an Annuity F- 22 Internal Rate of Return F- 22 Useful Applications F- 23 Appendix G Reporting and Analyzing Investments G- 1 G.1 Accounting for Debt Investments G- 2 Why Corporations Invest G- 2 Accounting for Debt Investments G- 2 G.2 Accounting for Stock Investments G- 4 Holdings of Less Than 20% G- 5 Holdings Between 20% and 50% G- 6 Holdings of More Than 50% G- 7 G.3 Reporting Investments in Financial Statements G- 9 Debt Securities G- 9 Equity Securities G- 12 Balance Sheet Presentation G- 13 Presentation of Realized and Unrealized Gain or Loss G- 14 Company Index I- 1 Subject Index I- 3 Rapid Review: Chapter Content Appendix H Payroll Accounting H- 1 H.1 Recording the Payroll H- 1 Determining the Payroll H- 2 Recording the Payroll H- 5 H.2 Employer Payroll Taxes H- 8 FICA Taxes H- 8 Federal Unemployment Taxes H- 8 State Unemployment Taxes H- 9 Recording Employer Payroll Taxes H- 10 Filing and Remitting Payroll Taxes H- 10 Appendix I Subsidiary Ledgers and Special Journals I- 1 I.1 Subsidiary Ledgers I- 1 Subsidiary Ledger Example I- 2 Advantages of Subsidiary Ledgers I- 3 I.2 Special Journals I- 4 Sales Journal I- 4 Cash Receipts Journal I- 7 Purchases Journal I- 10 Cash Payments Journal I- 12 Effects of Special Journals on the General Journal I- 15 Cybersecurity: A Final Comment I- 16 Appendix J Accounting for Partnerships J- 1 J.1 Forming a Partnership J- 1 Characteristics of Partnerships J- 1 Organizations with Partnership Characteristics J- 3 Advantages and Disadvantages of Partnerships J- 4 The Partnership Agreement J- 5 Accounting for a Partnership Formation J- 5 J.2 Accounting for Partnership Net Income or Net Loss J- 6 Dividing Net Income or Net Loss J- 6 Partnership Financial Statements J- 10 J.3 Accounting for Partnership Liquidation J- 11 No Capital Deficiency J- 11 Capital Deficiency J- 13 J.4 Admission and Withdrawal of Partners J- 15 Admission of a Partner J- 15 Withdrawal of a Partner J- 19 Appendix K Other Significant Liabilities K- 1 K.1 Contingent Liabilities K- 1 Reporting a Contingent Liability K- 2 Disclosure of Contingent Liabilities K- 3 K.2 Additional Employee Compensation Benefits K- 3 Paid Absences K- 3 Postretirement Benefits K- 4

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Book SynopsisFinancialAccounting provides a very accessible and easy-to-follow introduction to the subject. It is intended as a core textbook for students studyingfinancial accounting for the first time: either those following an undergraduate degree in a business school, or non-business studies students studying afinancial accounting course. This includes students on both accounting and non-accounting degrees and also MBA students. It provides a self-contained, introductory, one semester course covering the major aspects offinancial accounting. The book is also designed so that students can progress to more advanced follow-up coursesso iswell suited as an introduction for mainstream accounting graduates or MBA students as a basic text. It should be particularly useful in reinforcing the fundamental theory and practice of introductory financial accounting.Table of ContentsAbout the Author xiii About the Book xv Acknowledgements xxi 1 INTRODUCTION TO ACCOUNTING 1 Introduction 2 Nature of Accounting 2 Importance of Accounting 4 Financial Accounting and Management Accounting 5 Users of Accounts 6 Accounting Context 8 Types of Accountancy 12 Types of Accountant 15 Limitations of Accounting 18 Conclusion 18 Discussion Questions 20 SECTION A: FINANCIAL ACCOUNTING: THE TECHNIQUES 21 2 THE ACCOUNTING BACKGROUND 23 Introduction 24 Financial Accounting 24 Language of Accounting 26 Student Example 34 Why Is Financial Accounting Important? 38 Accounting Principles 38 Accounting Conventions 39 Conclusion 41 Discussion Questions 42 Numerical Questions 43 Appendix 2.1: Illustration of a Consolidated Income Statement for Marks & Spencer plc 2010 44 Appendix 2.2: Illustration of a Consolidated Statement of Financial Position for Marks and Spencer plc 2010 46 Appendix 2.3: Illustration of a Consolidated Statement of Cash Flows for Marks and Spencer plc 2010 48 Appendix 2.4: Illustration of a Consolidated Income Statement for Volkswagen 2009 50 Appendix 2.5: Illustration of a Consolidated Balance Sheet (Statement of Financial Position) for Volkswagen 2009 51 Appendix 2.6: Illustration of a Consolidated Cash Flow Statement (Statement of Cash Flows) for Volkswagen 2009 53 3 RECORDING: DOUBLE-ENTRY BOOKKEEPING 55 Introduction 56 The Accounting Equation 57 Worked Example 62 Day Books and Ledgers 74 Computers 78 Conclusion 79 Discussion Questions 79 Numerical Questions 80 Appendix 3.1: Complete Worked Example for Gavin Stevens 86 4 MAIN FINANCIAL STATEMENTS: THE INCOME STATEMENT (PROFIT AND LOSS ACCOUNT) 89 Introduction 90 Context 90 Definitions 92 Layout 93 Main Components 94 Profit 103 Listed Companies 106 Capital and Revenue Expenditure 106 Limitations 107 Interpretation 107 Conclusion 107 Discussion Questions 108 Numerical Questions 108 5 MAIN FINANCIAL STATEMENTS: THE STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) 110 Introduction 111 Context 112 Definitions 113 Layout 114 Main Components 116 Limitations 129 Interpretation 131 Listed Companies 131 Conclusion 132 Discussion Questions 132 Numerical Questions 133 Appendix 5.1: Horizontal Format of Statement of Financial Position 134 6 PREPARING THE FINANCIAL STATEMENTS 135 Introduction 136 Main Financial Statements 136 Trial Balance to the Income Statement (Profi t and Loss Account) and the Statement of Financial Position (Balance Sheet) 138 Adjustments to Trial Balance 142 Comprehensive Example 154 Conclusion 158 Discussion Questions 158 Numerical Questions 159 7 PARTNERSHIPS AND LIMITED COMPANIES 172 Introduction 173 Context 174 Partnerships 175 Limited Companies 181 Distinctive Accounting Features of Limited Companies 185 Accounting Treatment For Limited Companies 194 Limited Company Example: Stevens, Turner Ltd 196 Limited Companies: Published Accounts 201 Conclusion 206 Discussion Questions 207 Numerical Questions 208 Appendix 7.1: Example of an Income Statement (Profit and Loss Account) using UK GAAP (Manchester United Ltd) 218 Appendix 7.2: Example of a Statement of Financial Position (Balance Sheet) using UK GAAP (Manchester United Ltd) 219 8 MAIN FINANCIAL STATEMENT: THE STATEMENT OF CASH FLOWS 221 Introduction 222 Importance of Cash 223 Context 225 Cash and the Bank Account 225 Relationship between Cash and Profit 229 Preparation of Statement of Cash Flows 231 Bank Reconciliation Statements 245 Conclusion 246 Discussion Questions 247 Numerical Questions 248 Appendix 8.1: Main Headings for the Cash Flow Statement (Statement of Cash Flows) for Sole Traders, Partnerships and some Non-Listed Companies under UK GAAP 255 Appendix 8.2: Preparation of a Sole Trader’s Cash Flow Statement Using the Direct Method Using UK Format 256 Appendix 8.3: Preparation of the Cash Flow Statement of Any Company Ltd using the Indirect Method Using UK GAAP 257 Appendix 8.4: Example of Statement of Cash Flows (Cash Flow Statement) Using UK GAAP (Manchester United Ltd) 260 9 INTERPRETATION OF ACCOUNTS 262 Introduction 263 Context 263 Overview 264 Importance of Ratios 266 Closer Look at Main Ratios 267 Worked Example 279 Report Format 287 Holistic View of Ratios 289 Performance Indicators 290 Limitations 291 Conclusion 292 Discussion Questions 293 Numerical Questions 294 Appendix 9.1: John Brown Plc 303 Appendix 9.2: The Cash Flow Ratio using UK GAAP 305 SECTION B: FINANCIAL ACCOUNTING: THE CONTEXT 307 10 REGULATORY AND CONCEPTUAL FRAMEWORKS 309 Introduction 310 Traditional Corporate Model: Directors, Auditors and Shareholders 311 Regulatory Framework 316 Regulatory Framework in the UK 318 Corporate Governance 323 Conceptual Framework 328 Conclusion 335 Selected Reading 336 Discussion Questions 337 11 MEASUREMENT SYSTEMS 338 Introduction 339 Overview 339 Measurement Systems 342 Deficiencies of Historical Cost Accounting 344 Illustrative Example of Different Measurement Systems 344 Real Life 347 Conclusion 348 Selected Reading 348 Discussion Questions 349 12 THE ANNUAL REPORT 350 Introduction 351 Definition 351 Context 352 Multiple Roles 353 Main Contents of the Annual Report 358 Presentation 375 Group Accounts 377 Impression Management 381 Conclusion 384 Selected Reading 385 Discussion Questions 386 13 CREATIVE ACCOUNTING 387 Introduction 388 Definition 390 Managerial Motivation 392 Methods of Creative Accounting 394 Example 401 Real Life 401 Case Studies 404 Creative Presentation 408 Controlling Creative Accounting 410 Conclusion 410 Selected Reading 411 Discussion Questions 412 Numerical Questions 413 14 INTERNATIONAL ACCOUNTING 414 Introduction 415 Context 415 Divergent Forces 417 Classification 423 Country Snapshots 423 Convergent Forces 430 Conclusion 437 Selected Reading 437 Discussion Questions 438 Appendix 14.1: List of International Standards 439 Glossary of Key Accounting Terms 441 Appendix: Answers 465 Index 511

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Book SynopsisThe Routledge Companion to Intellectual Capital offers a comprehensive overview of an important field that has seen a diverse range of developments in research in recent years. Edited by leading scholars and with contributions from top academics and practitioners from around the world, this volume will provide not just theoretical analysis but also evaluate practice through case studies. Combining theoretical and practice perspectives, this comprehensive Companion addresses the role of IC inside and between organisations and institutions and how these contribute to the IC of nations, regions and clusters.Drawing on an extensive range of leading contributors,The Routledge Companion to Intellectual Capital will be of interest to scholars who want to understand IC from a variety of perspectives, as well as students who are seeking an authoritative and comprehensive source on IC and knowledge management. Trade ReviewExtended reporting frameworks that encompass intellectual capital have been demonstrated to return the investment made in them many times over. They also evince corporate social, environmental and good corporate governance. An efficient response by companies seeking an optimal market result would be to increase the disclosure and transparency of intellectual capital. Readers of this book will better understand this and discover how to add value in a way that benefits all stakeholders.Professor Richard Petty, Professor and Executive Director International, Macquarie Graduate School of Management; Macquarie University, Australia.Routledge Companions are marvellous assemblies of scholarship in specialised fields. I welcome intellectual capital now featuring in this series. Intellectual capital is highly interdisciplinary. This book contains a smörgåsbord of coverage, addressing cross-cutting intellectual capital issues by topic (Business model mapping, customer performance measurement, digital communication, disclosure, firm performance, integrated reporting, investors, value creation), by geography (Australia, China, Japan, New Zealand, Russia, Sweden, US) and by sector (banking, healthcare, universities). Some of the earliest writers feature as authors (who the editors call "grandfathers" of intellectual capital), as do some of the most prolific intellectual capital scholars, together with some active intellectual capital practitioners. The thirty chapters represent a mix of theory and practice, including case studies. This text will quickly become one of the leading resources for intellectual capital researchers.Niamh Brennan, Michael MacCormac Professor of Management, University College Dublin, Ireland.Table of ContentsTable of Contents The past, present and future for intellectual capital research: An overview John Dumay, James Guthrie, Federica Ricceri, and Christian Nielsen Part 1 – Stage 5: Critical IC The critical path of intellectual capital John Dumay, James Guthrie, and Jim Rooney Accounting for people Robin Roslender and Lissa Monk Part 2 – Stage 4: IC Ecosystems Seven Dimensions to Address for Intellectual Capital and Intangible Assets Navigation Leif Edvinsson Understanding and exploiting intellectual capital grounding regional development: Framework and metrics Giovanni Schiuma and Antonio Lerro Past, present, and future: Intellectual capital and the New Zealand public sector Grant Samkin and Annika Schneider Intellectual capital in the context of healthcare organizations: Does it matter? Emidia Vagnoni Part 3 – Stage 3: IC in Practice Rethinking models of banks and financial institutions using empirical research and ideas about intellectual capital John Holland Mobilizing intellectual capital in practice – A story of an Australian financial institution Vijaya Murthy and James Guthrie Intellectual capital management in public universities Jan Michalak, Joanna Krasodomska, Gunnar Rimmel, Jesper Sort, and Dariusz Trzmielak IC – A (re)turn to practice Hannu Ritvanen and Karl-Erik Sveiby Intellectual capital and innovation Jim Rooney and John Dumay Intellectual capital disclosure in digital communication Maurizio Massaro and John Dumay Enabling relational capital through customer performance measurement practices: A study of not-for-profit organizations Suresh Cuganesan Sustained competitive advantage and strategic intellectual capital management – Evidence from Japanese high performance small to medium sized enterprises Jun Yao and Chitoshi Koga Towards an integrated intellectual capital management framework Ulf Johanson Enabling intellectual capital measurement through business model mapping: The Nexus case Marco Montemari and Maria Serena Chiucchi Intellectual capital disclosure: What benefits, what costs, is it voluntary? Sarah Jane Smith Wissensbilanz Made in Germany – 12 years of experience confirm a powerful instrument Manfred Bornemann A management control system for environmental and social initiatives: An intellectual capital approach Paola Demartini and Cristiana Bernardi Levers and barriers to the implementation of intellectual capital reports: A field study Maria Serena Chiucchi, Marco Giuliani, and Stefano Marasca Revival of the fittest? Intellectual capital in Swedish companies Gunnar Rimmel, Diogenis Baboukardos, and Kristina Jonäll Emerging integrated reporting practices in the United States Mary Adams Capital reporting in Sweden: Insights about inclusiveness and integrativeness Peter Beusch and Axel Nilsson Part 4 – Stage 2: IC Guidelines Key contributions to the intellectual capital field of study Göran Roos Value creation in business models is based in intellectual Capital – And only intellectual capital! Henrik Dane-Nielsen and Christian Nielsen Making intellectual capital matter to the investment community Morten Lund and Christian Nielsen Intellectual Capital Profiles and Financial Performance of the Firm Henri Inkinen, Paavo Ritala, Mika Vanhala, and Aino Kianto Does intellectual capital matter for organizational performance in emerging markets? Evidence from Chinese and Russian contexts Aino Kianto, Tatiana Garanina, and Tatiana Andreeva Part 5 – Stage 1: IC Importance Integrated reporting and the connections between integrated reporting and intellectual capital Charl de Villiers and Pei-Chi Kelly Hsiao The Relevance of IC Indicators Bino Catasús

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Book SynopsisCalled to Account traces the evolution of the global public accounting profession through a series of scandals leading to voluntary or mandated reforms. Ever entertaining and educational, the book describes 16 of the most audacious accounting frauds of the last 80 years, and identifies the accounting standards and legislation adopted as a direct consequence of each scandal.This third edition offers expanded coverage of the Global Financial Crisis and international auditing. While retaining favorite chapters exposing the schemes of Crazy Eddie Antar, Chainsaw Al Dunlap, and Barry the Boy Wonder Minkow, new chapters describe the accounting problems at Lehman Brothers, Colonial Bank, and Olympus. Students will learn that financial fraud is a global problem, and that accounting reform is heavily influenced by politics. With discussion questions and a chart mapping each chapter to topics covered in popular auditing textbooks, Called to Account Trade Review"Paul Clikeman is a wonderful storyteller who brings the characters in these fraud cases to life and describes the cycles of fraud and reform that have driven the development of accounting. My students and I love this book!" — Dana R. Hermanson, Dinos Eminent Scholar Chair, Kennesaw State University, GA"Called to Account is my favorite accounting book. The clear and concise chapters are the perfect mix of accounting detail, colorful characters and intrigue. It’s a must read for those who want to understand where standards come from and where they might be headed next." — Brian W. Mayhew, Associate Dean of Undergraduate Program, Arthur Andersen Alumni, Professor, University of Wisconsin–Madison, WI"Called to Account provides an outstanding, historical perspective on how financial frauds and other important events have shaped the U.S. accounting profession. And the individual case studies covering most of the largest frauds in recent history are both informative and enjoyable to read. As a supplement for an auditing textbook to bring more realism to particular issues, or simply as a great read on how the accounting profession has evolved to its present state, I highly recommend this excellent book." — Dennis Beresford, Executive in Residence, University of Georgia, and Former Chairman of FASB"I have used prior editions of Called to Account for several years as an integral part of my undergraduate auditing course with outstanding results. The book is very engaging and serves as a starting point for a more in-depth research assignment on the individual cases. In addition to gaining an understanding of the accounting frauds, students develop a much deeper appreciation for the evolution of accounting and auditing standards and the many factors influencing that evolution. I will continue to use Called to Account and highly recommend it to others." — Gary J. Witosky, David M. Miller Endowed Chair of Accounting, Thiel College, Greenville, PATable of ContentsIntroduction1 Scandal and reformPART I Birth of a profession2 Out of darkness3 Ivar Kreuger4 McKesson & Robbins5 Into the spotlightPART II The profession’s principle problem6 Generally accepted accounting principles7 National Student Marketing8 Equity Funding9 Déjà vuPART III The Savings & Loan crisis10 It’s a wonderful life?11 ESM Government Securities12 Lincoln Savings & Loan13 Bank robbersPART IV The expectation gap14 Auditors and fraud15 ZZZZ Best16 Crazy Eddie17 Closing the gapPART V Beginning of the end18 Auditor independence19 Waste Management20 Sunbeam21 End of the millenniumPART VI From profession to regulated industry22 Professionalism23 Enron24 WorldCom25 The perfect stormPART VII There’s no place like home26 Open house27 Taylor, Bean & Whitaker28 Lehman Brothers29 The Great RecessionPART VIII The world is flat30 It’s a small world31 Parmalat32 Olympus33 As the world turns34 ConclusionAppendix A: Discussion questionsAppendix B: Suggestions for integrating Called to Account with popular auditing texts

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Book SynopsisThe concept of fair value marked a major departure from traditional cost accounting. In theory, under this approach a balance sheet that better reflects the current value of assets and liabilities. Critics of fair value argue that it is less useful over longer time frames and prone to distortion by market inefficiencies resulting in procyclicality in the financial system by exacerbating market swings.Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by internationally recognized experts, this book, on a controversial and intensely debated topic, is a comprehensive reference source which: examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement, setting out the case for and against looks at fair value from a number of different theoretical and practical perspectives, including a critical review of the merits and arguTrade Review'Fair value is a central notion in accounting practice, research and standard setting. This book, whose chapters are authored by top-notch accountants and academics, rolls over each of these dimensions to provide an authoritative and comprehensive analysis of the state-of-art and future developments in this area. I think it is a ‘must’ for those interested in fair value accounting.' — Salvador Carmona, Rector, IE University, Spain. Past President of the European Accounting Association and past editor of the European Accounting Review. 'Perhaps no issue in accounting has been as controversial as fair value. Written from the unique perspectives of leading scholars around the world, this collection explores its far reaching implications for managers, regulators, and the stability of financial markets. An engaging and accessible foray into the complex world of fair value accounting.' — Karen Nelson, Texas Christian University, USA Table of Contents1. Does the usage of fair values increase systemic risks? 2. Fair Value and the Conceptual Framework 3. Fair Value Accounting: A Standard Setting Perspective 4. Have the standard setters gone too far, or not far enough, with fair value accounting? 5. Shareholder value, financialization and accounting regulation: making sense of fair value adoption in the European union 6. Measuring Fair Value when Markets Malfunction: Evidence from the Financial Crisis 7. Fair Value Accounting in Financial Institutions 8. Bank Risk Management – and Fair Value Accounting 9. The Use of Fair Value Accounting in Risk Management in Non-Financial Firms 10. The History of the Fair Value Term and its Measurements 11. The "fairness" of fair value accounting: marking-to-market, marking-to-model, and financial reporting management 12. Let the Fox Guard the Henhouse: How Relaxing the Three-Level Fair Value Hierarchy Increases the Reliability of Fair Value Estimates 13. Fair Value Accounting -A Manager’s Perspective 14. Tax Related Implications of Fair Value Accounting 15. Fair Value Accounting and Executive Compensation 16. Fair value and the formation of financial market prices through ignorance and hazard 17. Fair Value Accounting: China Experience 18. Fair Values and Family Firms

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Book SynopsisFinancial accounting is the branch of accounting thought and practice concerned with preparing and providing information for external users of financial statements. This textbook helps students to understand the concepts that underpin the application of accounting theory to solve accounting problems. This international edition includes extracts from financial statements, definitions of key terms and exam examples. Unlike other textbooks, the author provides analysis of why accountants do what they do, and not just how. With such a wealth of accounting models and diagrams intertwined with this analysis, this book guides the reader through all the practicalities and concepts of financial accounting. Additional online questions, exercises and problems provide an opportunity to put this new-found knowledge into practice along the way.This book is an essential guide for students new to accountancy, and an equally useful tool for more eTrade Review'A very convenient and easy way into the complex material of accounting ... with its useful features, examples, and structure, [the book offers] a very diverse learning package. This book is a positive contribution to the literature.' - Christiane Pott, International Journal of Accounting'Written in a very friendly, easy-to-read style, this excellent financial accounting text will suit beginners as well as more experienced learners. Comprehensive and up-to-date, it enables readers to explore different angles of financial reporting. It makes good use of a number of relevant contemporary examples, which helps with maintaining student motivation.' - Dr Petros Vourvachis, Lecturer in Financial Accounting, Loughborough University, UKTable of ContentsPart 1: A Conceptual Overview 1. The Accounting Environment 2. Fundamental Accounting Concepts 3. The Accounting Equation and the Analysis of Transactions Part 2: The Accounting Process 4. Recording External Transactions 5. Recording Internal Transactions 6. Preparation and Presentation of Financial Statements 7. Closing Entries Part 3: The Accounting Process Explained 8. Purchase and Sale Transactions 9. Analysis Journals Part 4: Recognition and Measurement of the Elements of the Financial Statements 10. Property, Plant and Equipment 11. Inventory and Cost of Sales 12. Accounts Receivable 13. Cash and Bank 14. Accounts Payable 15. Owner's Equity and Non-Current Liabilities Part 5: Entity Forms 16. Partnerships 17. Companies Part 6: Sundry Topics 18. Statement of Cash Flows 19. Analysis of Financial Statements 20. Non-Business Entities 21. Incomplete Records

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Book SynopsisWhile many texts characterize themselves as having either a user approach or a preparer approach, Williams, Financial Accounting is written for faculty who want to strike a balance between these approaches. Business majors will find relevance in the Ethics, Fraud & Corporate Governance, Your Turn and Case in Point boxes throughout the chapters while accounting majors will receive a firm grounding in accounting basics that will prepare them for future accounting courses. The authors made data driven revisions focusing?on where students were struggling and updated content accordingly. Updates have also been made to the high-quality end?of chapter problems and real-world examples.Table of ContentsCh. 1 Accounting: Information for Decision MakingCh. 2 Basic Financial StatementsCh. 3 The Accounting Cycle: Capturing Economic EventsCh. 4 The Accounting Cycle: Accruals and DeferralsCh. 5 The Accounting Cycle: Reporting Financial ResultsCOMPREHENSIVE PROBLEM 1: Susquehanna Equipment RentalsCh. 6 Merchandising ActivitiesCh. 7 Financial AssetsCh. 8 Inventories and the Cost of Goods SoldCOMPREHENSIVE PROBLEM 2: Music-Is-Us, Inc.Ch. 9 Plant and Intangible AssetsCh. 10 LiabilitiesCh. 11 Stockholders' Equity: Paid-In CapitalCOMPREHENSIVE PROBLEM 3: Mountain Sports, Inc.Ch. 12 Revenue Recognition and Reporting Results of OperationsCh. 13 Statement of Cash FlowsCh. 14 Financial Statement AnalysisCOMPREHENSIVE PROBLEM 4: Home Depot, Inc.Ch. 15 Global Business and AccountingAPPENDIX A: Home Depot 2018 Financial StatementsAPPENDIX B: The Time Value of Money

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Book SynopsisTable of ContentsPART 1 INTRODUCTION TO PRINCIPLES OF ACCOUNTING 1: Introduction to accounting principles 2: The accounting system 3: The accounting equation and statement of financial position 4: The double entry system for assets, liabilities and capital 5: The double entry system for inventory 6: The double entry system for expenses and revenues 7: Balancing off accounts 8: The trial balance 9: Capital and revenue expenditures PART 2 THE FINANCIAL STATEMENTS OF SOLE TRADERS 10: Introduction to statements of profit or loss 11: Statements of financial position 12: Statements of profit or loss and statements of financial position: further considerations 13: Accounting standards, rules and concepts PART 3 BOOKS OF ORIGINAL ENTRY 14: Value added tax (VAT) 15: Business documentation 16: Division of the ledger: sales day book and sales ledger including VAT 17: Purchases day book and purchases returns day book 19: Analytical day books 20: Business banking 21: Cash books 22: Petty cash and the imprest system 23: Bank reconciliation statements 24: The journal 25: Control accounts PART 4 ADJUSTMENTS TO FINANCIAL STATEMENTS 26: Depreciation of non-current assets 27: Double entry records for depreciation and the disposal of assets 28: Bad debts and allowances for doubtful debts 29: Accruals, prepayments and other adjustments for financial statements 30: Extended trial balance 31: Inventory valuation 32: Errors not affecting trial balance agreement 33: Suspense accounts and errors PART 5 FINANCIAL STATEMENTS OF OTHER ORGANISATIONS 34: Single entry and incomplete reocrds 35: Accounting for non-profit-making organisations 36: Partnership accounts 37: Limited company accounts 38: Manufacturing accounts 39: Analysis and interpretation of financial statements PART 6 ASSOCIATED ACCOUNTING TOPICS 40: Computers and accounting systems 41: Ethics: getting it right as a professional APPENDICES A TO E

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Book Synopsis David Alexander is Emeritus Professor of Accounting at the University of Birmingham Business School, England. International visiting professorships over the years include those at Bocconi University, Milan (Italy); University of Osnabrück (Germany); Norwegian School of Management (Norway); ESC Clermont-Ferrand (France); CNAM, Paris (France); University of Bergamo (Italy); Università Ca' Foscari, Venice (Italy).    Christopher Nobes is Professor of Accounting at Royal Holloway, University of London, England and at the University of Sydney, Australia. He has also held visiting posts at Pompeo Fabra University, Barcelona (Spain); Norwegian School of Management, Oslo (Norway); Nyenrode University (Netherlands); Padua University (Italy); University of Auckland (New Zealand); and University of San Diego (United States). He was a member of the board of the International Accounting Standards Committee from 1993 to 2001. Table of Contents Part 1 THE CONTEXT OF ACCOUNTING 1 Introduction 2 Some fundamentals 3 Frameworks and concepts 4 Regulation of accounting 5 International differences and harmonisation 6 Company reporting 7 Financial statement analysis Part 2 FINANCIAL REPORTING ISSUES 8 Recognition and measurement of the elements of financial statements 9 Tangible and intangible non-current assets 10 Inventories 11 Financial assets, liabilities and equity 12 Accounting and taxation 13 Cash flow statements 14 Group accounting 15 Foreign currency translation Part 3 ANALYSIS 16 Financial appraisal 17 International analysis Appendices A Double-entry bookkeeping B An outline of the content of International Financial Reporting Standards C An outline of the content of the EU’s Directive on accounting law D Answers to multiple-choice questions E Feedback on exercises Glossary of terms Index

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Book SynopsisJamie 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.Trade Review"Well-structured, informative, and enriched with relevant examples. The coverage of established and contemporary issues within financial accounting and reporting is comprehensive." Dr Chloe Wu, Lecturer and Assistant Professor in Accounting and Finance, University of Leeds "An excellent well-written text, offering students ample examples to apply and learn. The textbook provides a balanced structure for accounting and non-accounting students." Sajid Bashir, Lecturer & Doctorate Associate in Accounting and Financial Management, Sheffield University Management School Table of ContentsBrief contents: PART 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL ACCOUNTING BASIS Accounting and reporting on a cash flow basis Accounting and reporting on an accrual accounting basis PART 2 PREPARATION OF INTERNAL AND PUBLISHED FINANCIAL STATEMENTS Preparation of financial statements of profit or loss and other comprehensive income, changes in equity and financial position Annual report: additional financial disclosures Statements of cash flows Accounting for price-level changes PART 3 REGULATORY FRAMEWORK – AN ATTEMPT TO ACHIEVE UNIFORMITY Financial reporting – evolution of global standards Concepts – evolution of an international conceptual framework Revenue recognition PART 4 STATEMENT OF FINANCIAL POSITION – EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE Share capital, distributable profits and reduction of capital Liabilities Financial instruments Employee benefits Taxation in company accounts Property, plant and equipment (PPE) Leasing Intangible assets Inventories Construction contracts PART 5 CONSOLIDATED ACCOUNTS Accounting for groups at the date of acquisition Preparation of consolidated statements of financial position after the date of acquisition Preparation of consolidated statements of profit or loss, changes in equity and cash flows Accounting for associates and joint arrangements Introduction to accounting for exchange differences PART 6 INTERPRETATION Earnings per share Review of financial ratio analysis Analysis of published financial statements PART 7 ACCOUNTABILITY Corporate governance Ethical behaviour and implications for accountants Integrated reporting: sustainability, environmental and social Index Full contents: PART 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL ACCOUNTING BASIS Accounting and reporting on a cash flow basis 1.1 Introduction 1.2 Shareholders 1.3 What skills does an accountant require in respect of external reports? 1.4 Managers 1.5 What skills does an accountant require in respect of internal reports? 1.6 Procedural steps when reporting to internal users 1.7 Agency costs 1.8 Illustration of periodic financial statements prepared under the cash flow concept to disclose realised operating cash flows 1.9 Illustration of preparation of statement of financial position 1.10 Treatment of non-current assets in the cash flow model 1.11 What are the characteristics of these data that make them reliable? 1.12 Reports to external users 1.13 Micro businesses Summary Review questions Exercises Notes Accounting and reporting on an accrual accounting basis 2.1 Introduction 2.2 Historical cost convention 2.3 Accrual basis of accounting 2.4 Mechanics of accrual accounting – adjusting cash receipts and payments 2.5 Reformatting the statement of financial position 2.6 Accounting for the sacrifice of non-current assets 2.7 Published statement of cash flows Summary Review questions Exercises Notes PART 2 PREPARATION OF INTERNAL AND PUBLISHED FINANCIAL STATEMENTS 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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

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Book SynopsisAbout our authors William (Bill) Thomas is the J. E. Bush Professor of Accounting and a Master Teacher at Baylor University. A Baylor University alumnus, he received both his BBA and MBA there and went on to earn his PhD from The University of Texas at Austin. With primary interests in the areas of financial accounting and auditing, Bill Thomas has served as the J. E. Bush Professor of Accounting since 1995. He has been a member of the faculty of the Accounting and Business Law Department of the Hankamer School of Business since 1971, and served as chair of the department for 12 years. He has been recognized as an Outstanding Faculty Member of Baylor University as well as a Distinguished Professor for the Hankamer School of Business. Dr. Thomas has received many awards for outstanding teaching, including the Outstanding Professor in the Executive MBA Programs as well as designation as Master Teacher. Thomas is the author of textbooks in auditi

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Book SynopsisFinancial Accounting and Reporting, 21st edition, by Jamie Elliott and Barry Elliott provides a complete overview of this demanding subject, equipping you with the knowledge to understand, prepare and critically discuss IFRS-compliant financial statements with reference to the wider context and practice of financial reporting.

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Book SynopsisLearn how to conduct financial statement analysis most effectively as you perform analyses on actual, familiar companies. Wahlen/Baginski/Bradshaw's FINANCIAL REPORTING, FINANCIAL STATEMENT ANALYSIS, AND VALUATION, 9E provides a complete, balanced approach as the authors teach you how to integrate concepts from economics, finance, business strategy, accounting, and other business disciplines through the book's unique six-step process. Quick checks after each section help you ensure you have grasped key insights, while integrative and continuing cases highlight familiar companies, including Starbucks and PepsiCo.Table of Contents1. Overview of Financial Reporting, Financial Statement Analysis, and Valuation. 2. Asset and Liability Valuation and Income Recognition. 3. Income Flows versus Cash Flows: Understanding the Statement of Cash Flows. 4. Profitability Analysis. 5. Risk Analysis. 6. Financing Activities. 7. Investing Activities. 8. Operating Activities. 9. Accounting Quality. 10. Forecasting Financial Statements. 11. Risk-Adjusted Expected Rates of Return and the Dividends Valuation Approach. 12. Valuation: Cash-Flow Based Approaches. 13. Valuation: Earnings-Based Approaches. 14. Valuation: Market-Based Approaches. Appendix A: Financial Statements and Notes for PepsiCo, Inc. and Subsidiaries. Appendix B (online): Management's Discussion and Analysis for PepsiCo, Inc. and Subsidiaries. Appendix C (online): Financial Statement Analysis Package (FSAP). Appendix D (online): Financial Statement Ratios: Descriptive Statistics by Industry and by Year. Index. Appendix 1.1 (online) Preparing a Term Project.

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Book SynopsisA review of the literature on environmental taxes, focusing on European experiences, and analysing how such taxes can contribute to green causes as well as reducing the tax burden from ordinary taxation. The authors examine the potential ''double dividend'' from tax reform for helping the environment, reducing unemployment and encouraging growth.Table of ContentsPreface; L.Castellucci A. Markandya PART I: GENERAL ISSUES Environmental Taxation: What Have We Learned in the Last Thirty Years? A.Markandya Market-Based Instruments in CEE Countries: Much Ado About Nothing; M. Scasny V. Maca PART II: DISTRIBUTIONAL ISSUES Environmental Fiscal Reform in East and Southern Africa and its Effects on Income Distribution; D. Slunge T. Sterner Environmental Quality and Income Inequality: The Impact of Redistribution on Direct Household Emissions in Italy; L. Castellucci , A. d'Amato M. Zoli PART III: CARBON TAXATION Carbon Pricing as an Effective Instrument of Climate Policy: Searching for an Optimal Policy Instrument; A. Ansuategi I. Galarraga Green Taxes on Aviation: The Case of Italy. The Proposal of the Green Taxation Matrix; A. Markandya E. C. Ricci Is it Time for a Revival of ETR in Italy? Energy Elasticities and Factor Substitutability for Manufacturing Firms; R. Bardazzi , F. Oropallo M.G. Pazienza Financing Public Expenditure via Emissions Taxation under International Emissions Trading: Is there any Scope for Emission Tax Harmonization? A. d'Amato A. Spisto

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Book SynopsisA clear, easy-to-understand explanation of key financial accounting basics.The world of accounting can be intimidating. Whether you''re a manager, business owner, aspiring entrepreneur, or taking a college course in accounting, you''ll find yourself need to know the basics...but baffled by complicated accounting books. What if learning accounting could be as simple and fun as running a child''s lemonade stand? It can.The Accounting Game presents financial information in a format so simple and so unlike a common accounting textbook, you may forget you''re learning skills that will help you get ahead! Using the world of a child''s lemonade stand to teach the basics of managing your finances, this book makes a dry subject fun and understandable. As you run your stand, you''ll begin to understand and apply financial terms and concepts like assets, liabilities, earnings, inventory and notes payable, plus:Interactive format gives you hands-on experienTable of ContentsIntroduction Pre-Test Chapter 1: Cash, Original Investment, Assets, Liabilities, Notes Payable, Owner's Equity, Balance Sheets, Inventory, Earnings, Expenses Chapter 2: Gross Profit, Net Profit, Income Statements, Cash Flow Chapter 3: Retained Earnings, Loans, Credit, Accounts Payable, Notes Payable Chapter 4: Paid Labor, Accounts Receivable, Bad Debt, Interest, Prepaid Expenses, Accrual Method, Cash Method, Creative Accounting Chapter 5: Service Businesses Chapter 6: FIFO, LIFO Chapter 7: Cash Statements, Fixed Assets, Capitalization, Depreciation Chapter 8: Profits vs. Cash Chapter 9: Taxes, Liquidation Chapter 10: Final Analysis – Improving Profits Post-Test Answer Key Glossary Index About the Authors Diploma

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Book SynopsisThe vast majority of international trade is supported by some form of trade financing: a specialized, sometimes complex form of financing that is poorly understood even by bankers and seasoned finance and treasury experts. Financing Trade and International Supply Chains takes the mystery out of trade and supply chain finance, providing a practical, straightforward overview of a discipline that is fundamental to the successful conduct of trade: trade that contributes to the creation of economic value, poverty reduction and international development, while increasing prosperity across the globe. The book suggests that every trade or supply chain finance solution, no matter how elaborate, addresses some combination of four elements: facilitation of secure and timely payment, effective mitigation of risk, provision of financing and liquidity, and facilitation of transactional and financial information flow. The book includes observations on the effective use of traditional mechanisms sucTrade Review’...very informative, full of useful information and a great read for anyone involved in international trade or trade finance, at any level or angle. A remarkable and very contemporary approach to issues that are currently very hot in international commerce.’ Eduardo Klurfan, Chief Representative and Country Head, Cuba, Bank of Nova Scotia, Havana, Cuba ’A very comprehensive description of all relevant aspects all stakeholders in financing trade and international supply chains have certainly waited for.’ Markus Wohlgeschaffen, Managing Director, Global Head of Trade Finance and Services, Global Transaction Banking, Unicredit Bank AG, Munich, Germany ’I wish I had a copy of this publication 29 years ago when I commenced my career as it would have provided both an excellent overview and a more in-depth treatment of the trade finance world...’ Maninder Bhandari, Founder, Partner and Managing Director, The Encore Group and The Derby Group, Dubai, UAE ’Malaket offers an insightful compendium of facts, figures, practices and case studies that show the reader how the world’s trade finance architecture actually works. His portrayal is thematic, and grounded in theory, but he somehow manages to bring that theory to life. He also captures the evolutionary nature of the system - the fact that we are watching a movie, not examining a snapshot, comes through loud and clear. This book will be required reading for beginners and veterans alike.’ Stephen S. Poloz, Governor of the Bank of Canada and past President and CEO of Export Development Canada ’The environment around international trade and trade finance has changed considerably in the years I have known Alexander Malaket. While banks have dedicated departments to meet the many requirements related to trade and supply chain finance, they also need to rely on external specialists, of which Alexander is one of the most knowledgeable representatives. This book is another evidence of his ability to stay onTable of Contents1: International Trade: Where Does Financing Fit In?; 2: The Fundamentals of Trade Finance; 3: Understanding Global Supply Chains; 4: Trade and Supply Chain Finance: The Needs of Buyers and Sellers; 5: Financing Trade: selected Concepts and Traditional Solutions; 6: Financing Trade: Supply Chain Finance; 7: Engaging Effectively with Finance Providers; 8: Financing in Context: Trade Transaction Flow; 9: Export Credit Agencies, International Institutions and Non-Bank Providers; 10: Flexibility of Financing: Small Business, Developing Markets; 11: Financing, Risk and Cost: Realities of International Trade; 12: Trade and Supply Chain Finance: A Case Study; 13: Looking Ahead: Trade and Supply Chain Finance Tomorrow

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Book SynopsisWe've taken our best-selling Cost Accounting guide and enhanced it with fresh, up-to-date information that every company should know! Like the original, our 3-panel edition details the many aspects of accounting within businesses; key definitions and examples of accounting practices are listed for easy reference. New to this edition are helpful charts, diagrams, and tables that further illustrate the subject.

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Book Synopsis

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Book Synopsis

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