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Table of Content
Foreword to the first edition xi
Preface xiii
Acknowledgements xv
Abbreviations xvi
Part 1 The Context of Accounting 1
1 Introduction 3
Objectives 3
1.1 Purposes and users of accounting 4
1.2 Entities 7
1.3 Accounting regulation and the accountancy profession 10
1.4 Language 12
1.5 Excitement in accounting 13
1.6 The path ahead 14
Summary 14
Multiple choice questions 15
Exercises 16
2 Some fundamentals 17
Objectives 17
2.1 Introduction 18
2.2 The balance sheet 18
2.3 The income statement 25
2.4 Two simple equations 31
2.5 How cash flows fit in 32
Summary 34
Multiple choice questions 34
Exercises 35
3 Frameworks and concepts 39
Objectives 39
3.1 Introduction 40
3.2 Underlying concepts 42
3.3 The IASB’s list of qualitative characteristics 45
3.4 A hierarchy of concepts and some inconsistencies 47
3.5 The reporting entity 49
Summary 50
A01_ALEX2993_06_SE_FM.indd 5 01/06/16 12:56 PM
References and research 50
Multiple choice questions 51
Exercises 51
4 The regulation of accounting 53
Objectives 53
4.1 Introduction: various ways to regulate accounting 54
4.2 Legal systems 55
4.3 Examples of regulation 56
4.4 The regulation of International Standards 62
4.5 SMEs and partnerships 62
Summary 63
References and research 64
Multiple choice questions 64
Exercises 65
5 International differences and harmonization 66
Objectives 66
5.1 Introduction: the international nature of the
development of accounting 67
5.2 Classification 68
5.3 Influences on differences 75
5.4 Harmonization of financial reporting 85
5.5 The International Accounting Standards Board 91
Summary 94
References and research 95
Multiple choice questions 96
Exercises 97
6 The contents of financial statements 99
Objectives 99
6.1 Introduction 100
6.2 Balance sheets (statements of financial position) 101
6.3 Comprehensive income 107
6.4 The 2013 Directive’s formats 114
6.5 Statements of changes in equity 116
6.6 Cash flow statements 116
6.7 Notes to the financial statements 119
6.8 Other general disclosure requirements 119
6.9 Wider disclosure considerations: corporate social reporting,
Corporate governance and ethics 122
Summary 124
References and research 125
Multiple choice questions 125
Exercises 126
A01_ALEX2993_06_SE_FM.indd 6 01/08/16 11:55 AM
7 Financial statement analysis 127
Objectives 127
7.1 Introduction 128
7.2 Ratios and percentages 128
7.3 Profit ratios 129
7.4 Profitability ratios 135
7.5 Liquidity ratios 142
7.6 Interest cover 143
7.7 Funds management ratios 143
7.8 Introduction to investment ratios 145
7.9 Some general issues about ratios 146
Summary 149
Multiple choice questions 150
Exercises 152
Part 2 Financial Reporting Issues 159
8 Recognition and measurement of the elements of financial statements 161
Objectives 161
8.1 Introduction 162
8.2 Primacy of definitions 162
8.3 Hierarchy of decisions about assets and liabilities 164
8.4 Income (including revenue) and expenses 174
Summary 180
References and research 181
Multiple choice questions 181
Exercises 183
9 Tangible and intangible non-current assets 185
Objectives 185
9.1 Preamble: a tale of two companies 186
9.2 Introduction 187
9.3 The recognition of assets 188
9.4 Should leased assets be recognized 190
9.5 Depreciation of cost 193
9.6 Impairment 205
9.7 Measurement based on fair value 207
9.8 Investment properties 211
9.9 A mix of values 211
Summary 212
References and research 213
Multiple choice questions 213
Exercises 215
A01_ALEX2993_06_SE_FM.indd 7 01/08/16 11:55 AM
10 Inventories 217
Objectives 217
10.1 Introduction 218
10.2 Counting inventory 220
10.3 Valuation of inventory at historical cost 221
10.4 Inventory flow 222
10.5 Other cost methods 226
10.6 Valuation of inventory using exit values 227
10.7 Practice 228
Summary 229
References and research 231
Multiple choice questions 231
Exercises 232
11 Financial assets, liabilities and equity 234
Objectives 234
11.1 Introduction 235
11.2 Cash and receivables 236
11.3 Investments 238
11.4 Liabilities 241
11.5 Equity 246
11.6 Reserves and provisions 250
11.7 Comparisons of debt and equity 253
Summary 254
References and research 255
Multiple choice questions 256
Exercises 256
12 Accounting and taxation 257
Objectives 257
12.1 Introduction 258
12.2 International differences in the determination of taxable income 260
12.3 Tax rates and tax expense 262
12.4 Deferred tax 263
Summary 267
References and research 267
Multiple choice questions 267
Exercises 268
13 Cash flow statements 270
Objectives 270
13.1 Introduction 271
13.2 An outline of the IAS 7 approach 272
13.3 Reporting cash flows from operating activities 274
13.4 The preparation of cash flow statements 275
13.5 A real example 280
Summary 283
A01_ALEX2993_06_SE_FM.indd 8 01/06/16 12:56 PM
Contents
References and research 283
Multiple choice questions 283
Exercises 284
14 Group accounting 286
Objectives 286
14.1 Introduction: the group 287
14.2 Investments related to the group 290
14.3 Accounting for the group 293
14.4 Uniting/pooling of interests 302
14.5 The equity method 303
14.6 Conclusion on group relationships 305
Summary 306
References and research 306
Multiple choice questions 307
Exercises 308
15 Foreign currency translation 311
Objectives 311
15.1 Introduction 312
15.2 Transactions 312
15.3 Translation of financial statements 315
15.4 A numerical illustration 316
Summary 318
References and research 319
Multiple choice questions 319
Exercises 320
Part 3 Analysis 323
16 Financial appraisal 325
Objectives 325
16.1 Introduction 326
16.2 More on investment ratios 326
16.3 Interpreting the balance sheet 333
16.4 Valuation through expectations 335
16.5 Valuation through market values 335
16.6 Accounting policies and financial appraisal 336
16.7 Creative accounting 344
Summary 345
References and research 345
Multiple choice questions 346
Exercises 347
A01_ALEX2993_06_SE_FM.indd 9 01/06/16 12:56 PM
17 International analysis 351
Objectives 351
17.1 Introduction 352
17.2 Language 352
17.3 Differences in financial culture 356
17.4 Accounting differences 356
17.5 Help by multinationals 357
17.6 Increasing international harmonization 358
Summary 362
References and research 362
Exercises 363
Annex: GlaxoSmithKline plc: notes on reconciliation from IFRS to US GAAP 364
Appendices 369
A Double-entry bookkeeping 371
B An outline of the content of International Financial
Reporting Standards 416
C An outline of the content of the EU’s Fourth Directive on Company
Law (as amended in 2001, 2003, etc.), and a note on the 2013 replacement Directive 427
D Answers to multiple choice questions 430
E Feedback on exercises 432
Glossary of terms 450

Product Details 
ISBN-13 : 978-1292102993
ISBN-10 : 1292102993
Publisher : Pearson Education
Publication Year : 2016
Edition No : 6
Paperback : 496 pages
Shipping Weight : 0.952 Kg
Dimensions: 7.5 x 1.1 x 9.7 inches
Print Origin : United States
Edition Type : International Student Edition(ISE)
Language : English