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Financial Accounting and Reporting with MyAccountingLab access card by Barry Elliott

This package includes a physical copy of Financial Accounting and Reporting by Elliott as well as access to the eText and MyAccountingLab.

This market-leading text offers a comprehensive overview of financial accounting and reporting. You will find worked examples and useful illustrations throughout the text to support your learning. With both theoretical and practical coverage, the authors provide essential knowledge that you need to advance in your studies and career.

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Table of Contents


Part 1

PREPARATION OF FINANCIAL STATEMENTS

1 Accounting and reporting on a cash flow basis

2 Accounting and reporting on an accrual accounting basis

3 Preparation of Financial Statements of comprehensive income, Changes in equity and Financial Position

4 Annual Report: additional financial statements

5 Statements of cash flows

Part 2

INCOME AND ASSET VALUE MEASUREMENT SYSTEMS

6 Income and asset value measurement: an economist's approach

7 Accounting for price-level changes

8 Revenue recognition

Part 3

REGULATORY FRAMEWORK - AN ATTEMPT TO ACHIEVE UNIFORMITY

9 Financial reporting - evolution of global standards

10 Concepts - evolution of a international conceptual framework

11 Ethical behaviour and implications for accountants

Part 4

STATEMENT OF FINANCIAL POSITION - EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE

12 Share capital, distributable profits and reduction of capital

13 Liabilities

14 Financial instruments

15 Employee benefits

16 Taxation in company accounts

17 Property, plant and equipment (PPE)

18 Leasing

19 R&D; goodwill; intangible assets and brands

20 Inventories

21 Construction contracts

Part 5

CONSOLIDATED ACCOUNTS

22 Accounting for groups at the date of acquisition

23 Preparation of consolidated statements of financial position after the date of acquisition

24 Preparation of consolidated statements of comprehensive income, changes in equity and cash flows

25 Accounting for associates and joint ventures

26 Accounting for the effects of changes in foreign exchange rates under IAS 21

Part 6

INTERPRETATION

27 Earnings per share

28 Analysing statements for management purposes

29 Analytical analysis - selective use of ratios

30 An introduction to financial reporting on the Internet

Part 7

ACCOUNTABILITY

31 Corporate governance

32 Sustainability - environmental and social reporting

Index

Full contents

Preface and acknowledgements

Guided tour of MyAccountingLab

Part 1

PREPARATION OF FINANCIAL STATEMENTS

1 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

Summary

Review questions

Exercises

References

2 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 Subjective judgements required in accrual accounting - adjusting cash payments in accordance with the matching principle

2.6 Mechanics of accrual accounting - the statement of financial position

2.7 Reformatting the statement of financial position

2.8 Accounting for the sacrifice of non-current assets

2.9 Reconciliation of cash flow and accrual accounting data

Summary

Review questions

Exercises

References

3 Preparation of Financial Statements of comprehensive income, Changes in equity and Financial Position

3.1 Introduction

3.2 Preparing an internal statement of income from a trial balance

3.3 Reorganise 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 comprehensive income

3.7 How non-recurring or exceptional items can affect operating income

3.8 How decision useful is the Statement of comprehensive income?

3.9 Statement of Changes in Equity

3.10 The statement of financial position

3.11 The explanatory notes that are part of the financial statements

3.12 Has prescribing the formats meant that identical transactions are reported identically?

3.13 Fair presentation

3.14 What does an investor need in addition to the primary financial statements to make decisions?

Summary

Review questions

Exercises

References

4 Annual Report: additional financial statements

4.1 Introduction

4.2 IAS 10 Events after the reporting period 1

4.3 Retrospective changes to financial statements

4.4 What do segment reports provide?

4.5 IRFS 8 - Operating Segments

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 Related party disclosures -IAS 24 Related Party Disclosures

Summary

Review questions

Exercises

References

5 Statements of cash flows

5.1 Introduction

5.2 Development of statements of cash flows

5.3 Applying IAS 7 (revised) Statements 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 an exam question

5.8 Critique of cash flow accounting

Summary

Review questions

Exercises

References

Part 2

INCOME AND ASSET VALUE MEASUREMENT SYSTEMS

6 Income and asset value measurement: an economist's approach

6.1 Introduction

6.2 Role and objective of income measurement

6.3 Accountant's view of income, capital and value

6.4 Critical comment on the accountant's measure

6.5 Economist's view of income, capital and value

6.6 Critical comment on the economist's measure

6.7 Income, capital and changing price levels

Summary

Review questions

Exercises

References

Bibliography

7 Accounting for price-level changes

7.1 Introduction

7.2 Review of the problems of historical cost accounting (HCA)

7.3 Inflation accounting

7.4 The concepts in principle

7.5 The four models illustrated for a company with cash purchases and sales

7.6 Critique of each model

7.7 Operating capital maintenance - a comprehensive example

7.8 Critique of CCA statements

7.9 The ASB approach

7.10 The IASC/IASB approach

7.11 Future developments

Summary

Review questions

Exercises

References

Bibliography

8 Revenue recognition

8.1 Introduction

8.2 The issues

8.3 The challenge

8.4 Proposed IFRS Revenue from Contracts with Customers

8.5 Harmonisation

Summary

Review questions

Exercises

References

Part 3

REGULATORY FRAMEWORK - AN ATTEMPT TO ACHIEVE UNIFORMITY

9 Financial reporting - evolution of global standards

9.1 Introduction

9.2 Why do we need financial reporting standards?

9.3 Why do we need standards to be mandatory?

9.4 Arguments in support of standards

9.5 Arguments against standards

9.6 Standard setting and enforcement in the UK under the Financial Reporting Council (FRC)

9.7 The Accounting Standards Board (ASB)

9.8 Standard setting an enforcement in The European Union

9.9 Standard setting and enforcement in the US

9.10 Advantages and disadvantages of global standards for publicly accountable entities

9.11 How do reporting requirements differ for non-publicly accountable entities?

9.12 IFRS for SMEs

9.13 Why have there been differences in financial reporting?

9.14 Move towards a conceptual framework

Summary

Review questions

Exercises

References

10 Concepts - evolution of a international conceptual framework

10.1 Introduction

10.2 Different countries meant different financial statements

10.3 Historical overview of the evolution of financial accounting theory

10.4 IASC Framework for the Presentation and Preparation of Financial Statements

10.5 Conceptual Framework for Financial Reports 2010

10.6 Phase A of the Conceptual Framework

10.7 ASB Statement of Principles 1999

Summary

Review questions

Exercises

References

11 Ethical behaviour and implications for accountants

11.1 Introduction

11.2 The meaning of ethical behaviour

11.3 The accounting standard setting process and ethics

11.4 The IFAC Code of Ethics for Professional Accountants

11.5 Implications of ethical values for the principles versus rules-based approaches to accounting standards

11.6 Ethics in the accountants' work environment research report

11.7 Implications of unethical behaviour for stakeholders using the financial reports

11.8 The increasing role of whistle blowing

11.9 The role of financial reporting authorities

11.10 Why should students learn ethics?

Summary

Review questions

Exercises

References

Part 4

STATEMENT OF FINANCIAL POSITION - EQUITY,

LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE 289

12 Share capital, distributable profits and reduction of capital

12.1 Introduction

12.2 Common themes

12.3 Total owners' equity: an overview

12.4 Total shareholders' funds: more detailed explanation

12.5 Accounting entries on issue of shares

12.6 Creditor protection: capital maintenance concept

12.7 Creditor protection: why capital maintenance rules are necessary

12.8 Creditor protection: how to quantify the amounts available to meet creditors' claim

12.9 Issued share capital: minimum share capital

12.10 Distributable profits: general considerations

12.11 Distributable profits: how to arrive at the amount using relevant accounts

12.12 When may capital be reduced?

12.13 Writing off part of capital which has already been lost and is not represented by assets

12.14 Repayment of part of paid-in capital to shareholders or cancellation of unpaid share capital

12.15 Purchase of own shares

Summary

Review questions

Exercises

References

13 Liabilities

13.1 Introduction

13.2 Provisions - a decision tree approach to their impact on the statement of financial position

13.3 Provisions

13.4 What are the general principles that IAS 37 applies to the recognition of a provision?

13.5 Management approach to measuring the amount of a provision

13.6 Application of criteria illustrated

13.7 Provisions for specific purposes

13.8 Contingent liabilities

13.9 Contingent assets

13.10 ED IAS 37 Non-financial Liabilities

13.11 ED/2010/1 Measurement of Liabilities in IAS 37

Summary

Review questions

Exercises

References

14 Financial instruments

14.1 Introduction

14.2 Financial instruments - the IASB's problem child

14.3 IAS 32 Financial Instruments: Disclosure and Presentation

14.4 IAS 39 Financial Instruments: Recognition and Measurement

14.5 IFRS 7 Financial Statement Disclosures

14.6 Financial instruments developments

Summary

Review questions

Exercises

References

15 Employee benefits

15.1 Introduction

15.2 Greater employee interest in pensions

15.3 Financial reporting implications

15.4 Types of scheme

15.5 Defined contribution pension schemes

15.6 Defined benefit pension schemes

15.7 IAS 19 (revised) Employee Benefits

15.8 The liability for pension and other post-retirement costs

15.9 The statement of comprehensive income

15.10 Comprehensive illustration

15.11 Plan curtailments and settlements

15.12 Multi-employer plans

15.13 Disclosures

15.14 Other long-service benefits

15.15 Short-term benefits

15.16 Termination benefits

15.17 Exposure draft of amendments to IAS 19

15.18 IFRS 2 Share-Based Payment

15.19 Scope of IFRS 2

15.20 Recognition and measurement

15.21 Equity-settled share-based payments

15.22 Cash-settled share-based payments

15.23 Transactions which may be settled in cash or shares

15.24 IAS 26 Accounting and Reporting by Retirement Benefit Plans

Summary

Review questions

Exercises

References

16 Taxation in company accounts

16.1 Introduction

16.2 Corporation tax

16.3 Corporation tax systems - the theoretical background

16.4 Corporation tax systems - avoidance and evasion

16.5 Corporation tax - the system from 6 April 1999

16.6 IFRS and taxation

16.7 IAS 12 - accounting for current taxation

16.8 Deferred tax

16.9 FRS 19 (the UK standard on deferred taxation)

16.10 A critique of deferred taxation

16.11 Examples of companies following IAS 12

16.12 Value added tax (VAT)

Summary

Review questions

Exercises

References

17 Property, plant and equipment (PPE)

17.1 Introduction

17.2 PPE - concepts and the relevant IASs and IFRSs

17.3 What is PPE? (IAS 16)

17.4 How is the cost of PPE determined?

17.5 What is depreciation?

17.6 What are the constituents in the depreciation formula?

17.7 Calculation of depreciation

17.8 Measurement subsequent to initial recognition

17.9 IAS 36 Impairment of Assets

17.10 IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations

17.11 Disclosure requirements

17.12 Government grants towards the cost of PPE (IAS 20)

17.13 Investment properties

17.14 Effect of accounting policy for PPE on the interpretation of the financial statements

Summary

Review questions

Exercises

References

18 Leasing

18.1 Introduction

18.2 Background to leasing

18.3 Why was the IAS 17 approach so controversial?

18.4 IAS 17 - classification of a lease

18.5 Accounting requirements for operating leases

18.6 Accounting requirements for finance leases

18.7 Example allocating the finance charge using the sum of the digits method

18.8 Accounting for the lease of land and buildings

18.9 Leasing - a form of off balance sheet financing

18.10 Accounting for leases - a new approach

18.11 Classification of leases

18.12 The significance of options to extend the lease

18.13 Implications of the revenue recognition standard

18.11 Accounting for leases by lessors

Summary

Review questions

Exercises

References

19 R&D; goodwill; intangible assets and brands

19.1 Introduction

19.2 Intangible assets defined

19.3 Accounting treatment for research and development

19.4 Why is research expenditure not capitalised?

19.5 Capitalising development costs

19.6 Disclosure of R&D

19.7 IFRS for SMEs

19.8 Internally generated and purchased goodwill

19.9 The accounting treatment of goodwill

19.10 Critical comment on the various methods that have been used to account for goodwill

19.11 Negative goodwill

19.12 Brands

19.13 Accounting for acquired brands

19.14 Emissions trading

19.15 Intellectual capital disclosures (ICDs) in the annual report

19.16 Review of implementation of IFRS 3

Summary

Review questions

Exercises

References

20 Inventories

20.1 Introduction

20.2 Inventory defined

20.3 The controversy

20.4 IAS 2 Inventories

20.5 Inventory valuation

20.6 Work-in-progress

20.7 Inventory control

20.8 Creative accounting

20.9 Audit of the year-end physical inventory count

20.10 Published accounts

20.11 Agricultural activity

Summary

Review questions

Exercises

References

21 Construction contracts

21.1 Introduction

21.2 The need to replace IAS 11 Construction Contracts

21.3 Identification of contract revenue

21.4 Identification of contract costs

21.5 Proposed new accounting rules

21.6 Approach when a contract can be separated into components

21.7 Accounting for a contract

21.8 Illustrated - profitable contract using step approach

21.9 Illustrated - loss-making contract using step approach

21.10 Public-private partnerships (PPPs)

Summary

Review questions

Exercises

References

Part 5

CONSOLIDATED ACCOUNTS

22 Accounting for groups at the date of acquisition

22.1 Introduction

22.2 Preparing consolidated accounts for a wholly owned subsidiary

22.3 Preparing consolidated accounts when there is a partly owned subsidiary

22.4 The treatment of differences between a subsidiary's fair value and book value

22.5 Parent issues shares to acquire shares in a subsidiary

22.6 IFRS 10 provisions

22.7 IFRS 3 Business Combinations Treatment of goodwill

22.8 When may a parent company not be required to prepare consolidated accounts?

22.9 When may a parent company exclude or not exclude a subsidiary from a consolidation?

22.10 IFRS 13 Fair Value Measurement

22.11 What advantages are there for stakeholders from requiring groups to prepare consolidated accounts?

Summary

Review questions

Exercises

References

23 Preparation of consolidated statements of financial position after the date of acquisition

23.1 Introduction

23.2 Uniform accounting policies and reporting dates

23.3 Pre- and post-acquisition profits/losses

23.4 The Bend Group - assuming there have been no inter-group transactions

23.5 Inter-company transactions

23.6 The Bend Group - assuming there have been inter-group transactions

23.7 How is the investment in subsidiaries reported in the parent's own statement of financial position?

Summary

Review questions

Exercises

References

24 Preparation of consolidated statements of comprehensive income, changes in equity and cash flows

24.1 Introduction

24.2 Preparation of a consolidated statement of comprehensive income - the Ante Group 620

24.3 The statement of changes in equity (SOCE)

24.4 Other consolidation adjustments

24.5 A subsidiary acquired part of the way through the year

24.6 Published format statement of comprehensive income

24.7 Consolidated statements of cash flows

Summary

Review questions

Exercises

References

25 Accounting for associates and joint ventures

25.1 Introduction

25.2 Definitions of associates and of significant influence

25.3 The treatment of associated companies in consolidated accounts

25.4 The Brill Group - the equity method illustrated

25.5 The treatment of provisions for unrealised profits

25.6 The acquisition of an associate part-way through the year

25.7 Joint arrangements

Summary

Review questions

Exercises

References

26 Accounting for the effects of changes in foreign exchange rates under IAS 21

26.1 Introduction

26.2 The rules on the recording of foreign currency transactions in a company's own books

26.3 Boil plc - a more detailed illustration

26.4 IAS 21 concept of functional and presentational currencies

26.5 Translating the functional currency into the presentation currency

26.6 Preparation of consolidated accounts

26.7 How to reduce risk of translation differences

26.8 IAS 29 Financial Reporting in Hyperinflationary Economies

Summary

Review questions

Exercises

References

Part 6

INTERPRETATION

27 Earnings per share

27.1 Introduction

27.2 Why is the earnings per share figure important?

27.3 How is the EPS figure calculated?

27.4 The use to shareholders of the EPS

27.5 Illustration of the basic EPS calculation

27.6 Adjusting the number of shares used in the basic EPS calculation

27.7 Rights issues

27.8 Adjusting the earnings and number of shares used in the diluted EPS calculation

27.9 Procedure where there are several potential dilutions

27.10 Exercise of conversion rights during financial year

27.11 Disclosure requirements of IAS 33

27.12 The Improvement Project

27.13 Convergence project

Summary

Review questions

Exercises

References

28 Analysing financial statements for management purposes

28.1 Introduction

28.2 Overview of techniques for the analysis of financial data

28.3 Ratio analysis -a case study

28.4 Introductory review

28.5 Financial statement analysis part 1 - financial performance

28.6 Financial statement analysis part 2 - liquidity

28.7 Financial statement analysis part 3 - financing

28.8 Peer comparison

28.9 Report based on the analysis

28.10 Caution when using ratios for prediction

Summary

Review questions

Exercises

Chapter 29 to follow

Summary

Review questions

Exercises

References

30 An introduction to financial reporting on the Internet

30.1 Introduction

30.2 The reason for the development of a business reporting language

30.3 Reports and the flow of information pre-XBRL

30.4 What are HTML, XML and XBRL?

30.5 Reports and the flow of information post-XBRL

30.6 XBRL and the IASB

30.7 Why should companies adopt XBRL?

30.8 What is needed to use XBRL for outputting information?

30.9 What is needed when receiving XBRL output information?

30.10 Progress of XBRL development for internal accounting

30.11 Further study

Summary

Review questions

Exercises

References

Bibliography

Part 7

ACCOUNTABILITY

31 Corporate Governance

31.1 Introduction

31.2 A systems perspective

31.3 Different jurisdictions have different governance priorities

31.4 Pressures on good governance behaviour vary over time

31.5 Types of past unethical behaviour

31.6 The effect on capital markets of good corporate governance

31.7 Risk management

31.8 The role of internal control and internal audit in corporate governance

31.9 External audits in corporate governance

31.10 Executive remuneration in the UK

31.11 Corporate governance, legislation and codes

31.12 Corporate governance - the UK experience

Summary

Review questions

Exercises

References

32 Sustainability - environmental and social reporting

32.1 Introduction

32.2 An overview - stakeholders growing interest in corporate social responsibility (CSR)

32.3 An overview - Business growing interest in corporate social responsibility

32.4 Companies voluntary adoption of Guidelines and certification

32.5 The accountant's role in a capitalist industrial society

32.6 The nature of the accountant's involvement

32.7 Summary on environmental reporting

32.8 Concept of social accounting

32.9 Background to social accounting

32.10 Corporate social responsibility reporting

32.11 Need for comparative data

32.12 Investors

32.13 The accountant's changing role

Summary

Review questions

Exercises

References

Bibliography

Index

Additional information

GOR005812500
Financial Accounting and Reporting with MyAccountingLab access card by Barry Elliott
Barry Elliott
Used - Very Good
Hardback
Pearson Education Limited
2013-07-23
0273778269
9780273778264
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.