Advanced Financial Reporting

Series
Financial Times
Author
Derry Cotter  
Publisher
Pearson
Cover
Softcover
Edition
1
Language
English
Total pages
504
Pub.-date
September 2011
ISBN13
9780273732358
ISBN
0273732358
Related Titles


Product detail

Product Price CHF Available  
9780273732358
Advanced Financial Reporting
81.50

Description

Advanced Financial Reporting provides a current and comprehensive guide to international accounting standards. Covering both IFRS and IAS, this book adopts a user-friendly structure. By clearly explaining the theory behind each standard and then illustrating its application in worked examples, this text makes a technical subject accessible and easy to understand.

This text has been written primarily for intermediate and advanced students of Financial Reporting studying an undergraduate or masters level programme. It is also appropriate for students studying for professional exams on IFRS.

Features

Key features include:

  • Up-to-date research, keeping you informed of the latest developments and accounting rules
  • Clear focus on double entry principles throughout will enable you to finely hone your financial accounting skills
  • A practical, accessible and easy-to-follow style helps to aid understanding
  • Large number of worked examples and solutions provide an insight into how you can apply accounting standards in practice
  • End of chapter questions provide an opportunity to test your knowledge and practise your learning
  • Comprehensive coverage of every accounting standard: accounting for assets, liabilities, equity, consolidated financial statements, reporting financial performance and financial instruments

Table of Contents

Contents

Part 1: A BRIEF HISTORY OF ACCOUNTING

1. The rise of Accounting                                                                                          
Accounting in ancient times
Evolution of double entry book-keeping
Economic consequences of financial statements
Impact of technological revolution

Part 2: A THEORETICAL FRAMEWORK FOR ACCOUNTING

2. Conceptual framework                                                                                            
Introduction to IASB’s Framework
Objective of financial reporting
Financial statements
      - underlying assumptions
      - qualitative characteristics
      - elements
      - measurement basis
      - recognition criteria
      - capital maintenance concepts

3. Alternative income models                                                                                       Historical cost accounting
Current purchasing power
Current cost accounting

Part 3: FINANCIAL REPORTING REGULATION

4. The regulatory environment                                                                                    
Purpose of regulation
Sources of regulation
Role of management
Impact of financial statements

5. The Annual Report                                                                                                  
Contents of the annual report
Evolution of the annual report

6. Accountability                                                                                                        Creative accounting
Corporate governance
Ethics
Whistle-blowing
Corporate social reporting
Environmental accounting

Part 4: PRESENTATION OF FINANCIAL STATEMENTS

7. Presentation of financial statements                                                                   Objective of IAS 1
Components of financial statements
Sample financial statements

8. Statement of cash flows                                                                                         
Introduction
Presentation of a statement of cash flows

9. Accounting policies, accounting estimates and errors                                       Accounting policies
Factors that influence management’s choice of accounting policies
Changes in accounting estimates
Errors

10. Interim financial reporting                                                                                  

Part 5: ACCOUNTING FOR ASSETS

11. Inventories                                                                                                        
Classification of inventory
Measurement of cost
Net realisable value

12. Construction contracts                     &amnbsp;                                                            
Definition of a construction contract
Accounting for construction contracts
Presentation in financial statements

13. Property, plant and equipment                                                                           
Recognition of P, P & E in financial statements
Measurement of P, P & E.
Depreciation
Decrecognition

14. Intangible assets                                                                                                 
Recognition in statement of financial position
Initial measurement
Measurement subsequent to recognition
Derecognition of an intangible asset

15. Investment property                                                                                     
Definition of investment property
Recognition in statement of financial position
Measurement at recognition
Measurement after recognition

16. Impairment of assets                                                                                   
Identifying an impaired asset
Impairment review procedures
Recognising an impairment loss
Reversal of an impairment loss
Impairment of goodwill

17. Non-current assets held for sale and discontinued operations     
Assets held for sale
Discontinued operations

Part 6: LIABILITIES AND EQUITY

18. Share-based payment                                                                                         
Introduction
Equity settled share-based payment
Cash settled share-based payment
Share-based payment transactions with a cash alternative

19. Income taxes                                                                                           
Current tax
Deferred tax

20. Employee benefits                                                                           
Short-term employee benefits
Post-employment benefits
Other long-term employee benefits
Termination benefits

21. Provisions, contingent liabilities and contingent assets            
Introduction
Provisions
Contingent liabilities and contingent assets

Part 7: CONSOLIDATED FINANCIAL STATEMENTS

22. Introduction to group accounts                                                              
Definition of a group
Parents and subsidiaries
Consolidation procedures

23. Consolidated statement of financial position                                        
Date of acquisition
Post-acquisition periods
Goodwill and bargain purchase
Non-controlling interests
Elimination of unrealised profits
Intra-group balances

24. Consolidated statement of comprehensive income                               
Intra-group items
Non-controlling interests
Dividends
Subsidiary acquired during the reporting period

25. Business combinations                                                                       
The acquisition method
Recognition and measurement of assets and liabilities acquired
Measurement period
Subsequent measurement and accounting
Separate financial statements of a parent

26. Changes in ownership                                                                        
Acquisition of shares
- business combination achieved in stages
- purchase of additional equity shares after control is attained
Disposal of shares in a subsidiary
- loss of control
- disposals not resulting in a loss of control

27. Investments in associates                                                                
Definition of an associate
Accounting for investments in associates
Goodwill arising on the acquisition of shares in an associate
Upstream and downstream transactions
Reporting periods and accounting policies
Losses of an associate

28. Interests in joint ventures                                                               
Types of joint venture
-         jointly controlled operations
-         jointly controlled assets
-         jointly controlled entities

29. Consolidated statement of cash flows                                             
Acquisition of a subsidiary during the period
Non-controlling interests
Impairment of goodwill
Investments which are equity-accounted
Disposal of a subsidiary during the period

Part 8: MISCELLANEOUS ACCOUNTING ISSUES

30. Events after the reporting period                                                 
Adjusting events
Non-adjusting events

31. Leases                                                                                           
Key definitions and classification of leases
Accounting by lessees
Accounting by lessors        

32. Revenue                                                                                                                         
Measurement of revenue
Categories of revenue: sale of goods; rendering of services; interest, royalties and dividends
Customer loyalty programmes  

33. Accounting for government grants                                             
Initial recognition of grants
Recognition as income
Accounting treatment of government grants
Repayment of government grants

34. The effects of changes in foreign exchange rates                    
Identifying an entity’s functional currency
Recording transactions in an entity’s functional currency
Monetary and non-monetary items
Use of a presentation currency other than an entity’s functional currency
Translation of a foreign operation

35. Borrowing costs                                                                        
Borrowing costs incurred in respect of qualifying assets
Other borrowing costs

36. Related party disclosures                                                         
Identifying related parties
Disclosure of related party transactions

37. Financial reporting in hyperinflationary economies                
Definition of a hyperinflationary economy
The re-statement of financial statements

Part 9: FINANCIAL INSTRUMENTS

38. Capital instruments, reduction of capital and distributable profits       Definition of a financial instrument
Financial liabilities and equity instruments
Classification of financial instruments

39. Recognition and measurement of financial instruments                       
Classification and measurement of financial assets
Financial liabilities

40. Disclosure of financial instruments                                                                    

Part 10: FINANCIAL ANALYSIS41. Financsp;                                                                      
Limitations of financial statements
Adjusting financial statements
Criteria for a successful business
Stock exchange/investor ratios
Financial analysis of Ryanair and EasyJet

42. Operating segments                                                                                
Determining reportable segments
Disclosure requirements

43. Earnings per share                                                                                  
Calculation of basic EPS
Changes in ordinary share capital when computing basic EPS
Diluted EPS
Presentation and disclosure

Part 11: SPECIALIST ACTIVITIES

Accounting policies
Changes in accounting policies

45. Exploration for and evaluation of mineral resources                            
Measurement of exploration and evaluation assets
Presentation of assets
Impairment of assets

46. Accounting and reporting by retirement benefit plans       
Defined contribution plans
Defined benefit plans

47. Agriculture                                                                                      
Recognition and measurement of biological assets and agriculture produce
Contracts for sale
Government grants         

Part 12: FIRST TIME ADOPTION of INTERNATIONAL ACCOUNTING STANDARDS

48. Rules for first time adoption of IFRS                                           
Introduction to IFRS 1
Opening IFRS statement of financial position
Exceptions to the retrospective application of other IFRSs

Part 13: SMALL AND MEDIUM-SIZED ENTITIES

49. Accounting for small and medium-sized entities                         
Introduction to IFRS for SMEs
Principal differences from full IFRS – Appendix 1
Sample financial statements for SMEs – Appendix 2 

Glossary of Terms                                                       

Back Cover

Advanced Financial Reporting: A complete guide to IFRS

Advanced Financial Reporting is a detailed guide to international accounting standards, with coverage of every IFRS and IAS. This includes areas such as accounting for assets, liabilities, equity, consolidated financial statements, reporting financial performance and financial instruments.

 

This text traces the evolution of modern accounting and outlines why accounting standards have global economic consequences. It explains the IASB's conceptual framework, the regulatory environment in which financial statements are prepared and the use of the annual report as a public relations tool. With a focus on the cultural changes required to combat creative accounting in annual reports, this book explores why management often seeks such 'creative accounting' - and how the development of principle-based standards, an increased focus on ethics, improved corporate governance and an emphasis on corporate social responsibility can provide solutions.

 

This text has been written primarily for intermediate and advanced students of financial reporting, and for those preparing for the examinations of the professional accountancy bodies.

 

 

Key features include:

 

  • Comprehensive coverage of all IFRSs and IASs.

 

  • Up-to-date research, keeping you informed of the latest developments and accounting rules.

 

  • Clear focus on double entry principles throughout, to enable you to finely hone your financial accounting skills.

 

  • A practical, accessible and easy-to-follow style that aids understanding.

 

  • A large number of worked examples and solutions, providing an insight into how you can apply accounting standards in practice.

 

  • End-of-chapter questions, affording an opportunity to test your knowledge and practise what you have learnt.

 

 

Derry Cotter is a lecturer in accounting at University College Cork, Ireland.

Author

Derry Cotter is a Lecturer in Accounting at University College Cork, Ireland

Reader Review(s)

'By far the best text on the market.'
Mr John Wyett
Norwich Business School, University Of East Anglia, Norwich, UK


 


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