Comparative International Accounting, 14th Edition
- Length: 640 pages
- Edition: 14
- Language: English
- Publisher: Pearson
- Publication Date: 2020-09-15
- ISBN-10: 1292296461
- ISBN-13: 9781292296463
- Sales Rank: #10019506 (See Top 100 Books)
For undergraduate and postgraduate students taking courses in comparative and international aspects of financial reporting.
Learn the foundational concepts of international financial reporting
Comparative International Accounting, 14th Edition, by Nobes and Parker explores the conceptual and contextual foundations of International Financial Reporting Standards (IFRS), contrasting them with US generally accepted accounting principles (US GAAP). It also examines international differences in IFRS practices and the accounting differences that remain between countries such as China, France, Germany and Japan. Particular attention is paid to the key issues of political lobbying, harmonisation, and the special accounting problems of multinational companies. This book is thoroughly updated for the many changes in accounting and the relevant research published since the 13th edition.
Front Cover Half Title Page Title Page Copyright Page Brief contents Contents Contributors Preface Part I SETTING THE SCENE 1 Introduction Contents Objectives 1.1 Differences in financial reporting 1.2 The global environment of accounting 1.3 The nature and growth of MNEs 1.4 Comparative and international aspects of accounting 1.5 Structure of this book Summary References Useful websites Questions 2 Causes and examples of international differences Contents Objectives 2.1 Introduction 2.2 Culture 2.3 Legal systems 2.4 Providers of finance 2.5 Taxation 2.6 Other external influences 2.7 The profession 2.8 Conclusion on the causes of international differences 2.9 Two examples of international differences Summary References Questions 3 International classification of financial reporting Contents Objectives 3.1 Introduction 3.2 The nature of classification 3.3 Classifications by social scientists 3.4 Classifications in accounting 3.5 Extrinsic classifications 3.6 Intrinsic classifications: 1970s and 1980s 3.7 Developments related to the Nobes classification 3.8 Further intrinsic classification 3.9 Is there an Anglo-Saxon group? 3.10 Classification in an IFRS world 3.11 A synthesis of accounting classifications Summary References Questions 4 International harmonisation Contents Objectives 4.1 Introduction 4.2 Reasons for, obstacles to and measurement of harmonisation 4.3 The International Accounting Standards Committee 4.4 Other international bodies 4.5 The International Accounting Standards Board 4.6 International harmonisation of public sector reporting Summary References Useful websites Questions Part II FINANCIAL REPORTING BY LISTED GROUPS USING IFRS OR US GAAP 5 The background to financial reporting by listed groups Contents Objectives 5.1 Introduction 5.2 The legal and political context of international standards 5.3 Adoption of, and convergence with, IFRS 5.4 IFRS in the EU 5.5 IFRS/US differences 5.6 Convergence of IFRS and US GAAP 5.7 International financial analysis Summary References Useful websites Questions 6 IFRS in context: concepts, presentation and revenue Contents Objectives 6.1 Introduction 6.2 The conceptual framework 6.3 IFRS requirements on presentation and accounting policies 6.4 Revenue and foreign currency transactions 6.5 Disclosures, and management commentary Summary References Further reading Useful websites Questions 7 IFRS in context: assets and liabilities Contents Objectives 7.1 Introduction 7.2 Overview of accounting for tangible non-current assets 7.3 Lease accounting 7.4 Recognition of intangible assets 7.5 Measurement of non-current assets 7.6 Inventories 7.7 Financial instruments 7.8 Provisions 7.9 Employee benefits 7.10 Deferred tax 7.11 Synthesis on measurement of liabilities Summary References Questions 8 IFRS in context: group accounting Contents Objectives 8.1 Introduction 8.2 Rate of adoption of consolidation 8.3 International harmonisation from the 1970s onwards 8.4 Definitions of entities in which the group invests 8.5 Techniques of consolidation 8.6 Publication requirements and practices Summary References Questions 9 Different versions of IFRS practice Contents Objectives 9.1 Introduction 9.2 Three aspects of the varied regulatory context of IFRS practice 9.3 Six types of scope for varied application of IFRS 9.4 Motivations for varied IFRS practice 9.5 Examples of varied IFRS practice 9.6 Changes in IFRS practice over time 9.7 Implications of the different versions of IFRS practice Summary References Questions 10 Financial reporting in the United States Contents Objectives 10.1 Introduction 10.2 Regulatory framework 10.3 Accounting standard-setters 10.4 The conceptual framework 10.5 Contents of annual reports 10.6 Accounting principles 10.7 Consolidation 10.8 Synthesis of differences from IFRS Summary References Further reading Useful websites Questions 11 Political lobbying on accounting standards: US, UK and international experience Contents Objectives 11.1 Introduction 11.2 Motivations for political lobbying 11.3 Political lobbying up to 1990 11.4 US political lobbying from 1990 11.5 Political lobbying of the IASC/IASB 11.6 Preparer attempts to control the accounting standard-setter 11.7 Political lobbying of the FASB’s convergence with the IASB 11.8 Some concluding remarks Summary References Useful websites Questions Part III CHINA AND JAPAN 12 Financial reporting in China and Japan Contents Objectives 12.1 Introduction 12.2 Japan: regulatory issues 12.3 Japan: accounting practices 12.4 Japan: differences from IFRS 12.5 China: regulatory issues 12.6 China and IFRS Summary References Useful websites Questions Appendix 12.1 ASBE Standards Part IV FINANCIAL REPORTING BY INDIVIDUAL COMPANIES 13 The context of financial reporting by individual companies Contents Objectives 13.1 Introduction 13.2 Outline of differences between national rules and IFRS 13.3 The survival of national rules 13.4 Financial reporting, tax and dividend distribution 13.5 Special rules for private companies 13.6 Special rules for small companies Summary References Useful websites Questions 14 Harmonisation and transition in Europe Contents Objectives 14.1 Introduction 14.2 Harmonisation within the European Union 14.3 Transition in Central and Eastern Europe Summary References Useful websites Questions 15 Making accounting rules for unlisted business enterprises in Europe Contents Objectives 15.1 Introduction 15.2 Who makes the accounting rules? 15.3 Which business enterprises are subject to accounting rules? Summary References Further reading Useful websites for Chapters 15 and 16 Questions Appendix 15.1 Contents of the Plan Comptable Général (relating to financial accounting and reporting) Appendix 15.2 Financial accounting chart of accounts, Classes 1–7 in the Plan Comptable Général (ANC’s translation of 1999 chart, adjusted for changes in 2014) 16 Accounting rules and practices of individual companies in Europe Contents Objectives 16.1 Introduction 16.2 France 16.3 Germany 16.4 United Kingdom Summary References Further reading Useful websites Questions Appendix 16.1 Formats for French financial statements (2016 Plan Comptable) Appendix 16.2 Formats for German financial statements Appendix 16.3 Formats for British financial statements Part V SPECIAL ISSUES IN REPORTING BY MNEs 17 Foreign currency translation Contents Objectives 17.1 Introduction 17.2 Translation of transactions 17.3 Introduction to the translation of financial statements 17.4 The US initiative in the 1970s 17.5 The temporal method versus the current rate method 17.6 Current US GAAP 17.7 Current IFRS 17.8 Translation of income and expenses 17.9 Accounting for translation gains and losses 17.10 Research findings 17.11 An alternative to exchange rates? Summary References Further reading Questions 18 Segment reporting Contents Objectives 18.1 What is segment reporting? 18.2 Segment reporting regulations 18.3 Constraints on the benefits of segment reporting 18.4 Assessing the benefits of segment reporting Summary References Questions Part VI MONITORING AND ENFORCEMENT 19 International auditing Contents Objectives 19.1 Introduction 19.2 Reasons for the internationalisation of auditing 19.3 Promulgating international standards 19.4 The international audit process Summary References Further reading Useful websites Questions 20 Enforcement of financial reporting standards Contents Objectives 20.1 Introduction 20.2 Modes of enforcement 20.3 United States 20.4 Europe 20.5 West Pacific rim Summary References Useful websites Questions APPENDICES A. Synoptic table of accounting differences in eight GAAPs, 2020 B. Glossary of abbreviations C. Suggested outline answers to some of the end-of-chapter questions Author index Subject index Back Cover
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