Efnisyfirlit

• Cover
• Title
• Copyright
• Contents
• Preface
• Authors’ acknowledgements
• Part 1 Introduction to Accounting on a Cash Flow and Accrual Accounting Basis
  • 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
    • 1.13 Micro businesses
    • Summary
    • Review questions
    • Exercises
    • Notes
  • 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 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
  • 3 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
  • 4 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
    • 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
  • 5 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
  • 6 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
  • 7 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
  • 8 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
  • 9 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
  • 10 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
  • 11 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
  • 12 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
  • 13 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
  • 14 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
  • 15 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
  • 16 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
    • Note
  • 17 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
  • 18 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
  • 19 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
    • Note
• Part 5 Consolidated Accounts
  • 20 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
  • 21 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
  • 22 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
  • 23 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
  • 24 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
  • 25 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
  • 26 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
  • 27 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
  • 28 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
  • 29 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
  • 30 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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