International Financial Reporting & Analysis, 8th Edition
- Length: 930 pages
- Edition: 8
- Language: English
- Publisher: Cengage Learning EMEA
- Publication Date: 2020
- ISBN-10: 1473766850
- ISBN-13: 9781473766853
- Sales Rank: #5946167 (See Top 100 Books)
The eighth edition of International Financial Reporting and Analysis has been thoroughly updated in line with changes to International Financial Reporting Standards. Chapters throughout have been rewritten with an increased focus on ethics, sustainability and corporate governance. In addition, all the real-world illustrations and company reports have been reviewed and replaced with up-to-date examples. The international expertise of the stellar author team is woven throughout the text. MindTap, an online learning solution encompassing many different content types, is available with this title. MindTap can be customized to suit your course and contains supporting applications and analytics to help learners make the most of the range of content.
Cover Brief Contents Contents Preface Acknowledgements Part 1: Framework, Theory and Regulation Chapter 1: A Brief Introduction to International Financial Reporting Objectives 1.1 Introduction 1.2 International Financial Reporting before and since IFRS Standards 1.3 Financial Accounting and Reporting in Different Types of Business Entity 1.4 The Objectives of Corporate Financial Reporting Standards and Regulation 1.5 IFRS Standards Adopted to Facilitate Integrated Capital Markets 1.6 The Main Functions of General Purpose Financial Reporting 1.7 Users of Financial Reporting Information and their Different Information Needs 1.8 Challenges for the Board 1.9 Terminology and the English Language Use Summary Exercises References Chapter 2: International Accounting Differences: Past and Present Objectives 2.1 Introduction 2.2 Differences in Institutions 2.3 Differences in Accounting Standards and Practices 2.4 Country Clusters over Time 2.5 A Closer Look at Some Cluster Variables 2.6 National Differences at the End of the Twentieth Century 2.7 How International Differences Impact on the Application of IFRS Standards Summary Exercises References Chapter 3: From Harmonization to IFRS Standards as Globally Accepted Standards Objectives 3.1 Introduction 3.2 International Accounting Harmonization 3.3 International Accounting Convergence 3.4 IFRS Standards 3.5 IFRS Standards as Global Standards? 3.6 The IFRS Foundation, the Board and Related Institutions 3.7 Due Process 3.8 Theories of Regulation 3.9 Challenges for IFRS Standards and the Board Summary Exercises References Chapter 4: The IASB Conceptual Framework and Accounting Theory Objectives 4.1 Introduction 4.2 The Role of Accounting Conceptual Frameworks 4.3 The Development of the IASB Conceptual Framework 4.4 The 2018 IASB Conceptual Framework for Financial Reporting 4.5 Financial Accounting and Reporting Theories 4.6 Approaches to the Formulation of Accounting Theory Summary Exercises References Chapter 5: Accounting and Economic Perspectives on Income and Capital Objectives 5.1 Introduction 5.2 The Allocation Problem in Financial Accounting 5.3 The Transactions Approach and the Valuation Approach to the Determination of Profit or Loss in Accounting 5.4 Ideal Economic Income and Wealth 5.5 Return of Capital and Return on Capital 5.6 Income Ex Ante and Income Ex Post 5.7 The Residual Income Valuation Model 5.8 Information, Measurement and Efficient Contracting Perspectives Summary Exercises References Chapter 6: Current Values, Mixed Values Measurement and CPPP Accounting Objectives 6.1 Introduction 6.2 History of Current Value Accounting Models 6.3 Current Entry Values 6.4 Current Exit Values 6.5 Comparing Current Entry Values and Current Exit Values 6.6 Mixed Measurement Models 6.7 CPPP Accounting 6.8 Combination of Methods 6.9 Some International Practices and Traditions 6.10 EU Accounting Directive 6.11 IAS GAAP 6.12 IAS 29 on Hyperinflationary Economies Summary Exercises References Chapter 7: Fair Values, Value in Use and Fulfilment Value Objectives 7.1 Introduction 7.2 What are FV, Value in Use and Fulfilment Value? 7.3 IFRS 13 Fair Value Measurement 7.4 Applying IFRS 13 7.5 The Measurement Process 7.6 Disclosure 7.7 Towards an Appraisal of FV, Value in Use and Fulfilment Value 7.8 Valuation and Income Measurement: Some Overall Considerations Summary Exercises References Chapter 8: Presentation and Disclosure in Published Financial Statements Objectives 8.1 Introduction 8.2 IAS 1 Presentation of Financial Statements 8.3 Financial Statements under IAS 1 8.4 IAS 8 Accounting Policies, Changes to Accounting Estimates and Errors 8.5 IFRS 1 First-Time Adoption of International Financial Reporting Standards 8.6 EU Directive 2013/34/EU (The 2013 Accounting Directive) 8.7 Financial Reporting in the UK (written as at 31 March 2019) Summary Exercises References Chapter 9: Corporate Governance Objectives 9.1 Introduction 9.2 Definitions of and Perspectives on Corporate Governance 9.3 Corporate Governance Issues 9.4 Theories of Corporate Governance 9.5 Taxonomies of Corporate Governance Systems 9.6 A Brief History of Corporations and Corporate Governance Mechanisms 9.7 Principles and Codes of Corporate Governance Summary Exercises References Chapter 10: Business Ethics, CSR, Sustainability Reporting and SRI Objectives 10.1 Introduction 10.2 Ethics, Business Ethics and the Morality of the Markets 10.3 Perspectives on CSR 10.4 CSR Principles 10.5 Sustainability Reporting 10.6 Socially Responsible Investment Summary Exercises References Chapter 11: The Ethics of the Accounting Profession Objectives 11.1 Introduction 11.2 Professions 11.3 The Accounting Profession 11.4 Ethical Challenges for Accountants 11.5 The 2018 IESBA Code of Ethics 11.6 Applying the Code of Ethics Summary Exercises References Part 2: Annual Financial Statements Chapter 12: Fixed (Non-Current) Tangible Assets Objectives 12.1 Introduction 12.2 Measurement of Fixed (Non- Current) Tangible Assets 12.3 Principles of Accounting for Depreciation 12.4 The Revaluation Model 12.5 Derecognition 12.6 Disclosure 12.7 Determining the Cost of a Fixed Asset: Additional Elements 12.8 Government Grants and Assistance 12.9 Borrowing Costs 12.10 Accounting for Investment Properties 12.11 Measurement of Investment Property 12.12 Accounting for Agriculture and Biological Assets Summary Exercises Chapter 13: Intangible Assets Objectives 13.1 Introduction 13.2 Intangible Assets 13.3 Recognition of Intangible Assets 13.4 Measurement Subsequent to Initial Recognition 13.5 Useful Life of an Intangible Asset 13.6 Derecognition 13.7 Disclosure Summary Exercises References Chapter 14: Impairment and Disposal of Assets Objectives 14.1 Introduction 14.2 Impairment of Assets 14.3 Recognition and Measurement of Impairment Losses 14.4 Non-Current Assets Held for Sale and Discontinued Operations 14.5 Non-Current Assets Held for Sale: Definition 14.6 Measurement of Non-Current Assets and Disposal Groups Held for Sale 14.7 Discontinued Operations Summary Exercises Chapter 15: Leases Objectives 15.1 Introduction 15.2 Lease Accounting by the Lessee 15.3 Lease Accounting by Lessors 15.4 Accounting and Reporting by Lessors: Finance Leases 15.5 Accounting and Reporting by Lessors: Operating Leases 15.6 Sale and Leaseback Transactions Summary Exercises Chapter 16: Inventories Objectives 16.1 Introduction 16.2 Inventories 16.3 Inventory Systems 16.4 Reporting Inventory under the Scope of IAS 2 16.5 Cost of Inventory 16.6 Requirements for Inventories under the Scope of IAS 41 Summary Exercises Chapter 17: Accounting for Financial Instruments Objectives 17.1 Introduction 17.2 Short History of Accounting for Financial Instruments 17.3 Problems Identified 17.4 What Is a Financial Instrument? 17.5 Distinction between Financial Liability and Equity 17.6 Recognition and Derecognition of Financial Instruments 17.7 Classification and Measurement 17.8 Compound Financial Instrument Measurement 17.9 Impairment 17.10 Hedge Accounting 17.11 Disclosure Summary Exercises Chapter 18: Revenue Objectives 18.1 Introduction 18.2 What Is Revenue? 18.3 The Basic Outline of IFRS 15 18.4 Step 1. Identify the Contract(s) with a Customer 18.5 Step 2. Identify the Performance Obligations in the Contract 18.6 Step 3. Determine the Transaction Price 18.7 Step 4. Allocate the Transaction Price to the Separate Performance Obligations in the Contract 18.8 Step 5. Recognize Revenue when (or as) the Entity Satisfies a Performance Obligation 18.9 Construction Contracts 18.10 Contract Costs 18.11 Presentation and Disclosure Summary Exercises Chapter 19: Provisions, Contingent Liabilities and Contingent Assets Objectives 19.1 Introduction 19.2 Problems Identified 19.3 Provisions, Contingent Liabilities and Contingent Assets 19.4 Accounting for Provisions, Contingent Liabilities and Contingent Assets 19.5 Specific Application of Recognition and Measurement Rules 19.6 Disclosure Requirements Summary Exercises Chapter 20: Income Taxes Objectives 20.1 Introduction 20.2 The Expense Question 20.3 The Deferred Tax Problem 20.4 IAS 12 and Tax 20.5 IFRIC 23 and Tax Uncertainties Summary Exercises Chapter 21: Employee Benefits and Share-Based Payment Objectives 21.1 Introduction 21.2 Accounting for Short-Term Employee Benefits 21.3 Accounting for Profit-Sharing and Bonus Plans 21.4 Accounting for Equity Compensation Benefits or Share-Based Payment 21.5 Accounting for Long-Term Employee Benefits: Pension Benefits 21.6 Termination Benefits 21.7 Accounting by the Pension Fund Summary Exercises References Chapter 22: Insurance Contracts Objectives 22.1 Introduction 22.2 Insurance Contract 22.3 IFRS 4 22.4 IFRS 17 Summary Chapter 23: Statement of Cash Flows Objectives 23.1 Introduction 23.2 Profit versus Cash 23.3 Cash Flow Reporting 23.4 Requirements of IAS 7 23.5 Format of Cash Flow Statement 23.6 Preparation of Statement of Cash Flows Summary Exercises Chapter 24: Disclosure Issues Objectives 24.1 Introduction 24.2 Disclosure of Segment Information 24.3 Events after the Reporting Period 24.4 Earnings per Share 24.5 Interim Financial Reporting Summary Exercises Reference Part 3: Consolidated Accounts and the Multinational Chapter 25: Business Combinations Objectives 25.1 Introduction 25.2 Accounting for the Business Combination: The Basics 25.3 Accounting for Purchased Goodwill 25.4 Specific Issues on Accounting for the Business Combination 25.5 Loss of Control 25.6 Disclosure Requirements of IFRS 3 25.7 Alternative Methods in Accounting for Business Combinations Summary Exercises Chapter 26: Consolidated Financial Statements Objectives 26.1 Introduction 26.2 Control 26.3 The Need for Consolidated Accounts 26.4 Preparation of Consolidated Statements of Financial Position 26.5 Preparation of Consolidated Statement of Comprehensive Income 26.6 Investment Entities 26.7 Alternative Concepts on Consolidation Summary Exercises Chapter 27: Accounting for Associates, Joint Arrangements and Related Party Disclosures Objectives 27.1 Introduction 27.2 Equity Accounting 27.3 IAS 28 Investments in Associates and Joint Ventures 27.4 Equity Accounting in Individual Financial Statements 27.5 IFRS 11 Joint Arrangements 27.6 Accounting for Joint Arrangements 27.7 Overview Activity on Accounting for Associates and Joint Arrangements 27.8 Related Party Disclosures Summary Exercises Chapter 28: Foreign Currency Translation Objectives 28.1 Introduction 28.2 Currency Conversion 28.3 Currency Translation 28.4 IAS 21 Requirements for Entity's Foreign Currency Transactions 28.5 IAS 21 Requirements for Translating Foreign Operations for Consolidation Purposes 28.6 Alternative Translation Methods for Financial Statements of Foreign Operations 28.7 Hedge Accounting 28.8 Some Other Issues Summary Exercises Part 4: Financial Analysis Chapter 29: Introduction to Interpretation of Financial Statements Objectives 29.1 Introduction 29.2 Accounting Information and Users 29.3 Benchmarking 29.4 Technique of Ratio Analysis 29.5 Additional Information Summary Exercises Chapter 30: Interpretation of Financial Statements Objectives 30.1 Introduction 30.2 Industry Analysis 30.3 Accounting Analysis 30.4 Accounting Analysis: The Available Accounting Discretion 30.5 Entity Analysis 30.6 The Reversal Effect 30.7 Quality of Disclosure 30.8 Non-GAAP or Pro-Forma Accounting Measures Summary Exercises References Chapter 31: Techniques of Financial Analysis Objectives 31.1 Introduction 31.2 Elements of Non-Comparability in Financial Statements 31.3 Trend Analysis or Horizontal Analysis 31.4 Common Size Analysis 31.5 Segmental Analysis 31.6 Ratio Analysis 31.7 Ratio Analysis and the IAS/IFRS Accounts 31.8 Cash Flow Statement 31.9 Limitations of Ratio Analysis 31.10 Multivariate Analysis 31.11 Investment Perspective 31.12 Disclosure of Non-Financial Data Summary Appendix I Appendix II Exercises References Index
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