Financial accounting and reporting:
"Financial accounting is the accurate recording of all transactions and combining these into a statement which shows the performance for an accounting period which is normally a year and a statement which shows the resources and liabilities at the end of the period. Financial reporting presents...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Harlow, England [u.a.]
Pearson
2022
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| Edition: | Twentieth edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | "Financial accounting is the accurate recording of all transactions and combining these into a statement which shows the performance for an accounting period which is normally a year and a statement which shows the resources and liabilities at the end of the period. Financial reporting presents the performance, the resources and liabilities to the stakeholders in accordance with International Financial Reporting Standards. It is a dynamic area, intellectually demanding and full of interest. It aims to inform and provide the information in way that holds management to account and is "decision useful" by making inter-period and interfirm comparisons more accessible. We see it as extremely important that the text should reflect this and be kept current"-- |
| Item Description: | Revised edition of the authors's Financial accounting and reporting, [2019] Includes bibliographical references and index |
| Physical Description: | xxiv, 801 Seiten Illustrationen |
| ISBN: | 9781292399805 |
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MARC
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| 245 | 1 | 0 | |a Financial accounting and reporting |c Jamie Elliott and Barry Elliott |
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| 500 | |a Revised edition of the authors's Financial accounting and reporting, [2019] | ||
| 500 | |a Includes bibliographical references and index | ||
| 520 | 3 | |a "Financial accounting is the accurate recording of all transactions and combining these into a statement which shows the performance for an accounting period which is normally a year and a statement which shows the resources and liabilities at the end of the period. Financial reporting presents the performance, the resources and liabilities to the stakeholders in accordance with International Financial Reporting Standards. It is a dynamic area, intellectually demanding and full of interest. It aims to inform and provide the information in way that holds management to account and is "decision useful" by making inter-period and interfirm comparisons more accessible. We see it as extremely important that the text should reflect this and be kept current"-- | |
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| adam_text | Contents Preface Authors’ acknowledgements Part 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL ACCOUNTING BASIS I Accounting and reporting on a cash flow basis 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Introduction Shareholders What skills does an accountant require in respect of external reports? Managers What skills does an accountant require in respect of internal reports? Procedural steps when reporting to internal users Agency costs 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 2.2 2.3 2.4 2.5 2.6 2.7 Introduction Historical cost convention Accrual basis of accounting Mechanics of accrual accounting - adjusting cash receipts and payments Reformatting the statement of financial position Accounting for the sacrifice of non-current assets Published statement of cash flows Summary xix XXV I 3 3 3 4 4 5 5 8 8 13 14 15 16 17 18 19 20 21 22 22 23 23 24 25 25 28 29
viii · Contents Review questions Exercises Notes 29 30 31 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 Introduction 3.1 Preparing an internal statement of profit or loss from a trial balance 3.2 Reorganising the income and expenses into one of the formats 3.3 required for publication Format 1 : classification of operating expenses and other 3.4 income by function Format 2: classification of operating expenses according to their nature 3.5 Other information to be presented in the profit or loss section 3.6 Other comprehensive income 3.7 Presentation of non-recurring items and their effect on 3.8 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 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 Introduction IAS 10 Events after the Reporting Period IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors What do segment reports provide? IFRS 8 Operating Segments Benefits and continuing
concerns following the issue of IFRS 8 Discontinued operations ֊ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Held for sale - IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IAS 24 Related Party Disclosures 35 35 35 38 39 42 42 43 45 46 46 47 48 51 53 54 59 62 62 64 74 76 76 76 79 80 80 85 86 87 89
Contents · ix 94 94 95 105 Summary Review questions Exercises Notes 5 Statements of cash flows Introduction Development of statements of cash flows Applying IAS 7 (revised) Statement of Cash Flows 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 timeconstraints 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 106 Ю6 106 107 5.1 5.2 5.3 5.4 IIO 113 114 120 123, 125 125 126 126 (34 6 Accounting forprice-level changes 135 135 135 I36 | З6 6.1 6.2 6.3 6.4 6.5 Introduction Review of the problems of historicalcost accounting (HCA) Inflation accounting The concepts in principle 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 thereis hyperinflation 6.11 Future developments Summary Review questions Exercises Bibliography Notes 137 Part 3 REGULATORY FRAMEWORK - AN ATTEMPT TO ACHIEVE UNIFORMITY 141 144 156 157 157 158 160 161 161 168 168 169 7 Financial reporting - evolution of global standards 171 Introduction Why do we need financial reporting standards? Why do we need standards to be mandatory? Arguments in support of standards 171 171 172 174 7.1 7.2 7.3 74
x · Contents Arguments against standards The Financial Reporting Council (FRC) as a regulatory body The International Accounting Standards Board Standard setting and enforcement in the European Union (EU) Standard setting and enforcement in the US 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 1 175 176 177 I8· 7.5 7.6 7.7 7.8 7.9 7.10 I 82 8 Concepts - evolution of an international conceptual framework 8.1 8.2 8.3 8.4 Introduction Different countries meant different financial statements Historical overview of the evolution of financial accounting theory Developing the Framework for the Preparation and Presentation of Financial Statements 195 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 I 83 83 184 187 188 188 189 190 192 192 192 193 196 211 213 213 214 216 շ 16 217 218 219 231 232 232 234 239 Part 4 STATEMENT OF FINANCIAL POSITION - EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE 241 10 Share capital,
distributable profits and reduction of capital 243 10.1 10.2 10.3 10.4 Introduction Common themes Total owners’equity: an overview Total shareholders’ funds:more detailed explanation շ^ 243 244 245
Contents · xi 10.5 10.6 10.7 10.8 Accounting entries on issue of shares Creditor protection: capital maintenance concept Creditor protection: why capital maintenance rules are necessary Creditor protection: how to quantify the amounts available to meet creditors’ claims Issued share capital: minimum share capital 10.9 10.10 Distributable profits: general considerations 10. Il 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 Liabilities 247 248 248 249 250 250 252 252 253 258 259 261 261 261 266 267 1 l.l 11.2 Introduction Provisions — a decision tree approach to their impact on the 267 11.3 11.4 statement of financial position Treatment of provisions The general principles that IAS 37 applies to the recognition 268 269 11.5 of a provision Management approach to measuring the amount of a provision 269 270 272 273 276 277 277 278 278 278 279 283 Application of criteria illustrated Provisions for specific purposes Contingent liabilities 11.8 Contingent assets 11.9 II.10 Criticisms of IAS 37 1 l.l 1 Future progress 11.6 11.7 Summary Review questions Exercises Notes Financial instruments 12.1 Introduction Financial instruments - the lASB’s problem child 12.2 12.3 IAS 32 Financial Instruments: Disclosure and Presentation 12.4 12.5 IFRS 9 Financial Instruments
IFRS 7 Financial Instruments: Disclosure Summary Review questions Exercises Notes 284 284 284 285 290 301 303 оля ЭП4 Ju “ 311
xii · Contents Employee benefits Introduction 13.1 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 incompany accounts 14. i 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 15.2 15.3 15.4 15.5 Introduction PPE - concepts and therelevant IASs and IFRSs What is PPE? How is the cost of PPE determined? What is depreciation? 312 Ίj 11 ԴZ 312 313 314 315 316 316 316 317 319 321 321 321 322 323 323 324 325 325 328 328 329 332
332 333 337 338 338 338 339 340 341 346 347 354 355 356 357 35θ zi 362 3 շ 362 363 3^4 ,
Contents · xiii What are the constituents in the depreciation formula? Calculation of depreciation Measurement subsequent to initial recognition IAS 36 Impairment of Assets IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 15.11 Disclosure requirements 15.12 Government grants towards the cost of PRE 15.13 Investment properties 15.14 Effect of accounting policy for PPE on the interpretation of the financial statements Summary Review questions Exercises Notes 368 369 373 375 15.6 15.7 15.8 15.9 15.10 3Q i 3g2 333 335 336 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 statementsof 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 17.2 17.3 17.4 17.5 17.6 17.7 17.8 17.9 17.10 Introduction Intangible assets defined Accounting treatment for research and development Why is research expenditure not capitalised? Capitalising development costs Disclosure of R D IFRS for SMEs’ treatment of intangible assets Internally generated and purchased goodwill The accounting treatment of goodwill Critical comment on the various methods that have been used to account for goodwill 429 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 388 388 389 394 395 395 396 401 403 408 41 q 414 4(4 415 418 419 419 420 423 424 425 426 426 426 427 431 432 434 435 436 436 438 439 440 447
xiv · Contents 18 Inventories 18.1 18.2 18.3 Introduction Inventory defined 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 c · 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 contractusing the step approach 19.6 Public - private partnerships 19.7 Requirements of IFRIC 12 ServiceConcession Arrangements 19.8 Worked example of service concession accounting Summary Review questions Exercises Note 449 44$ 45U 4 463 465 466 469 469 470 474 475 475 476 476 478 481 483 484 485 487 487 488 494 Part 5 CONSOLIDATED ACCOUNTS 495 20 Accounting for groups at the date of acquisition 497 20.1 20.2 20.3 20.4 20.5 20.6 Introduction Preparing consolidated accounts for a wholly owned subsidiary IFRS 10 Consolidated Financial Statements Fair values Illustration where there is a wholly ownedsubsidiary 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 asubsidiary 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? 497 497 497 499
500 501 504 506 506 507
Contents · XV 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 consolidatedaccounts? Summary Review questions Exercises Notes 21 Preparation of consolidated statements of financial position after the dateofacquisition 507 508 509 510 510 511 517 518 Introduction Uniform accountingpoliciesand reporting dates Pre- and post-acquisitionprofits/losses The Bend Group - assuming there have been no inter-group transactions 519 21.5 Inter-company transactions 21.6 The Prose Group - assuming there have been inter-group transactions Summary Review questions Exercises Notes 21.1 21.2 21.3 21.4 22 Preparation of consolidated statements of profit or loss, changes in equity and cash flows 23 Accounting for associates and jointarrangements 23.4 23.5 23.6 23.7 23.8 521 523 525 525 526 530 531 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 23.1 23.2 23.3 518 518 519 Introduction Definitions of associates and of significantinfluence The treatment of associated companies in the financial statements of the investor 554 The Brill Group - group accounts with a profit-making
associate The Brill Group - group accounts with a loss-making associate The acquisition of an associate part-way throughthe year Joint arrangements Disclosure in the financial statements 531 531 532 534 534 536 538 539 541 541 542 552 553 553 553 554 557 560 561 564
xvi · Contents Summary Review questions Exercises Notes 565 565 566 574 24 Introduction to accounting for exchange differences 24.1 24.2 Introduction 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 ■’°2 585 586 586 $θθ Review questions Exercises Notes 589 595 Part 6 INTERPRETATION 597 25 Earnings per share 599 Introduction Why is the earnings per share figure important? How is the EPS figure calculated? The use to shareholders of the EPS Illustration of the basic EPS calculation Adjusting the number of shares used in the basic EPS calculation Rights issues 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 25.1 25.2 25.3 25.4 25.5 25.6 25.7 25.8 26 Review of financial ratio analysis 26.1 26.2 26.3 26.4 26.5 26.6 Introduction Overview of techniques for the analysis of financial data Ratio analysis - a case study Introductory review Financial statement analysis, part 1 — financial performance Financial
statement analysis, part 2 - liquidity 599 599 600 601 602 602 605 610 612 614 614 616 616 617 618 622 623 623 624 625 626 629 636
Contents · xvii 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 639 641 642 643 645 645 646 27 Analysis of published financial statements 657 Introduction Alternative performance measures EBITDA EBITDAR EBITDARM Regulators’ reaction to use of an alternative management performance measure (ARM) 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 670 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 27.1 27.2 27.3 27.4 27.5 27.6 657 657 659 661 661 662 662 665 666 671 674 676 678 679 680 680 681 691 Part 7 ACCOUNTABILITY 693 28 Corporate governance 695 28.1 28.2 28.3 28.4 28.5 28.6 28.7 28.8 28.9 28.10 28.11 28.12 28.13 Introduction A systems perspective Different jurisdictions have different governance priorities The effect on capital markets of good corporate governance Risk management The role of internal control, internal audit and audit committees in corporate governance 700 External audits in corporate governance Detection of fraud The Regulator’s approach to promoting improved disclosures International perspective (IFIAR) The future of audit Executive
remuneration in the UK Corporate governance - ways to make directors accountable 695 695 697 698 699 702 708 708 710 710 712 716
xviii Contents Summary Review questions Exercises Notes 29 Ethical behaviour and implications for accountants Introduction The meaning of ethical behaviour The accounting standard-setting process and ethics The International Code of Ethics for Professional Accountants 2018 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 29.1 29.2 29.3 29.4 29.5 720 721 722 724 725 725 725 726 727 730 733 734 740 742 743 745 745 748 750 зо Integrated reporting: sustainability, environmental and social 751 Introduction 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 ЗО. 13 Other means of communication with stakeholders 30.14 The way forward for improved sustainability disclosure Summary Review questions Exercises Notes 751 Publisher’s acknowledgements Index 786 792 30.1 30.2 752 754 758 761 763 765 768 771 772 773 776 777 778 778 779 781 784
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Contents Preface Authors’ acknowledgements Part 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL ACCOUNTING BASIS I Accounting and reporting on a cash flow basis 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Introduction Shareholders What skills does an accountant require in respect of external reports? Managers What skills does an accountant require in respect of internal reports? Procedural steps when reporting to internal users Agency costs 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 2.2 2.3 2.4 2.5 2.6 2.7 Introduction Historical cost convention Accrual basis of accounting Mechanics of accrual accounting - adjusting cash receipts and payments Reformatting the statement of financial position Accounting for the sacrifice of non-current assets Published statement of cash flows Summary xix XXV I 3 3 3 4 4 5 5 8 8 13 14 15 16 17 18 19 20 21 22 22 23 23 24 25 25 28 29
viii · Contents Review questions Exercises Notes 29 30 31 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 Introduction 3.1 Preparing an internal statement of profit or loss from a trial balance 3.2 Reorganising the income and expenses into one of the formats 3.3 required for publication Format 1 : classification of operating expenses and other 3.4 income by function Format 2: classification of operating expenses according to their nature 3.5 Other information to be presented in the profit or loss section 3.6 Other comprehensive income 3.7 Presentation of non-recurring items and their effect on 3.8 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 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 Introduction IAS 10 Events after the Reporting Period IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors What do segment reports provide? IFRS 8 Operating Segments Benefits and continuing
concerns following the issue of IFRS 8 Discontinued operations ֊ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Held for sale - IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IAS 24 Related Party Disclosures 35 35 35 38 39 42 42 43 45 46 46 47 48 51 53 54 59 62 62 64 74 76 76 76 79 80 80 85 86 87 89
Contents · ix 94 94 95 105 Summary Review questions Exercises Notes 5 Statements of cash flows Introduction Development of statements of cash flows Applying IAS 7 (revised) Statement of Cash Flows 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 timeconstraints 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 106 Ю6 106 107 5.1 5.2 5.3 5.4 IIO 113 114 120 123, 125 125 126 126 (34 6 Accounting forprice-level changes 135 135 135 I36 | З6 6.1 6.2 6.3 6.4 6.5 Introduction Review of the problems of historicalcost accounting (HCA) Inflation accounting The concepts in principle 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 thereis hyperinflation 6.11 Future developments Summary Review questions Exercises Bibliography Notes 137 Part 3 REGULATORY FRAMEWORK - AN ATTEMPT TO ACHIEVE UNIFORMITY 141 144 156 157 157 158 160 161 161 168 168 169 7 Financial reporting - evolution of global standards 171 Introduction Why do we need financial reporting standards? Why do we need standards to be mandatory? Arguments in support of standards 171 171 172 174 7.1 7.2 7.3 74
x · Contents Arguments against standards The Financial Reporting Council (FRC) as a regulatory body The International Accounting Standards Board Standard setting and enforcement in the European Union (EU) Standard setting and enforcement in the US 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 1 175 176 177 I8· 7.5 7.6 7.7 7.8 7.9 7.10 I 82 8 Concepts - evolution of an international conceptual framework 8.1 8.2 8.3 8.4 Introduction Different countries meant different financial statements Historical overview of the evolution of financial accounting theory Developing the Framework for the Preparation and Presentation of Financial Statements 195 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 I 83 83 184 187 188 188 189 190 192 192 192 193 196 211 213 213 214 216 շ 16 217 218 219 231 232 232 234 239 Part 4 STATEMENT OF FINANCIAL POSITION - EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE 241 10 Share capital,
distributable profits and reduction of capital 243 10.1 10.2 10.3 10.4 Introduction Common themes Total owners’equity: an overview Total shareholders’ funds:more detailed explanation շ^ 243 244 245
Contents · xi 10.5 10.6 10.7 10.8 Accounting entries on issue of shares Creditor protection: capital maintenance concept Creditor protection: why capital maintenance rules are necessary Creditor protection: how to quantify the amounts available to meet creditors’ claims Issued share capital: minimum share capital 10.9 10.10 Distributable profits: general considerations 10. Il 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 Liabilities 247 248 248 249 250 250 252 252 253 258 259 261 261 261 266 267 1 l.l 11.2 Introduction Provisions — a decision tree approach to their impact on the 267 11.3 11.4 statement of financial position Treatment of provisions The general principles that IAS 37 applies to the recognition 268 269 11.5 of a provision Management approach to measuring the amount of a provision 269 270 272 273 276 277 277 278 278 278 279 283 Application of criteria illustrated Provisions for specific purposes Contingent liabilities 11.8 Contingent assets 11.9 II.10 Criticisms of IAS 37 1 l.l 1 Future progress 11.6 11.7 Summary Review questions Exercises Notes Financial instruments 12.1 Introduction Financial instruments - the lASB’s problem child 12.2 12.3 IAS 32 Financial Instruments: Disclosure and Presentation 12.4 12.5 IFRS 9 Financial Instruments
IFRS 7 Financial Instruments: Disclosure Summary Review questions Exercises Notes 284 284 284 285 290 301 303 оля ЭП4 Ju “ 311
xii · Contents Employee benefits Introduction 13.1 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 incompany accounts 14. i 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 15.2 15.3 15.4 15.5 Introduction PPE - concepts and therelevant IASs and IFRSs What is PPE? How is the cost of PPE determined? What is depreciation? 312 Ίj 11 ԴZ 312 313 314 315 316 316 316 317 319 321 321 321 322 323 323 324 325 325 328 328 329 332
332 333 337 338 338 338 339 340 341 346 347 354 355 356 357 35θ zi 362 3 շ 362 363 3^4 ,
Contents · xiii What are the constituents in the depreciation formula? Calculation of depreciation Measurement subsequent to initial recognition IAS 36 Impairment of Assets IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 15.11 Disclosure requirements 15.12 Government grants towards the cost of PRE 15.13 Investment properties 15.14 Effect of accounting policy for PPE on the interpretation of the financial statements Summary Review questions Exercises Notes 368 369 373 375 15.6 15.7 15.8 15.9 15.10 3Q i 3g2 333 335 336 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 statementsof 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 17.2 17.3 17.4 17.5 17.6 17.7 17.8 17.9 17.10 Introduction Intangible assets defined Accounting treatment for research and development Why is research expenditure not capitalised? Capitalising development costs Disclosure of R D IFRS for SMEs’ treatment of intangible assets Internally generated and purchased goodwill The accounting treatment of goodwill Critical comment on the various methods that have been used to account for goodwill 429 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 388 388 389 394 395 395 396 401 403 408 41 q 414 4(4 415 418 419 419 420 423 424 425 426 426 426 427 431 432 434 435 436 436 438 439 440 447
xiv · Contents 18 Inventories 18.1 18.2 18.3 Introduction Inventory defined 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 c · 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 contractusing the step approach 19.6 Public - private partnerships 19.7 Requirements of IFRIC 12 ServiceConcession Arrangements 19.8 Worked example of service concession accounting Summary Review questions Exercises Note 449 44$ 45U 4 463 465 466 469 469 470 474 475 475 476 476 478 481 483 484 485 487 487 488 494 Part 5 CONSOLIDATED ACCOUNTS 495 20 Accounting for groups at the date of acquisition 497 20.1 20.2 20.3 20.4 20.5 20.6 Introduction Preparing consolidated accounts for a wholly owned subsidiary IFRS 10 Consolidated Financial Statements Fair values Illustration where there is a wholly ownedsubsidiary 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 asubsidiary 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? 497 497 497 499
500 501 504 506 506 507
Contents · XV 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 consolidatedaccounts? Summary Review questions Exercises Notes 21 Preparation of consolidated statements of financial position after the dateofacquisition 507 508 509 510 510 511 517 518 Introduction Uniform accountingpoliciesand reporting dates Pre- and post-acquisitionprofits/losses The Bend Group - assuming there have been no inter-group transactions 519 21.5 Inter-company transactions 21.6 The Prose Group - assuming there have been inter-group transactions Summary Review questions Exercises Notes 21.1 21.2 21.3 21.4 22 Preparation of consolidated statements of profit or loss, changes in equity and cash flows 23 Accounting for associates and jointarrangements 23.4 23.5 23.6 23.7 23.8 521 523 525 525 526 530 531 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 23.1 23.2 23.3 518 518 519 Introduction Definitions of associates and of significantinfluence The treatment of associated companies in the financial statements of the investor 554 The Brill Group - group accounts with a profit-making
associate The Brill Group - group accounts with a loss-making associate The acquisition of an associate part-way throughthe year Joint arrangements Disclosure in the financial statements 531 531 532 534 534 536 538 539 541 541 542 552 553 553 553 554 557 560 561 564
xvi · Contents Summary Review questions Exercises Notes 565 565 566 574 24 Introduction to accounting for exchange differences 24.1 24.2 Introduction 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 ■’°2 585 586 586 $θθ Review questions Exercises Notes 589 595 Part 6 INTERPRETATION 597 25 Earnings per share 599 Introduction Why is the earnings per share figure important? How is the EPS figure calculated? The use to shareholders of the EPS Illustration of the basic EPS calculation Adjusting the number of shares used in the basic EPS calculation Rights issues 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 25.1 25.2 25.3 25.4 25.5 25.6 25.7 25.8 26 Review of financial ratio analysis 26.1 26.2 26.3 26.4 26.5 26.6 Introduction Overview of techniques for the analysis of financial data Ratio analysis - a case study Introductory review Financial statement analysis, part 1 — financial performance Financial
statement analysis, part 2 - liquidity 599 599 600 601 602 602 605 610 612 614 614 616 616 617 618 622 623 623 624 625 626 629 636
Contents · xvii 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 639 641 642 643 645 645 646 27 Analysis of published financial statements 657 Introduction Alternative performance measures EBITDA EBITDAR EBITDARM Regulators’ reaction to use of an alternative management performance measure (ARM) 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 670 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 27.1 27.2 27.3 27.4 27.5 27.6 657 657 659 661 661 662 662 665 666 671 674 676 678 679 680 680 681 691 Part 7 ACCOUNTABILITY 693 28 Corporate governance 695 28.1 28.2 28.3 28.4 28.5 28.6 28.7 28.8 28.9 28.10 28.11 28.12 28.13 Introduction A systems perspective Different jurisdictions have different governance priorities The effect on capital markets of good corporate governance Risk management The role of internal control, internal audit and audit committees in corporate governance 700 External audits in corporate governance Detection of fraud The Regulator’s approach to promoting improved disclosures International perspective (IFIAR) The future of audit Executive
remuneration in the UK Corporate governance - ways to make directors accountable 695 695 697 698 699 702 708 708 710 710 712 716
xviii Contents Summary Review questions Exercises Notes 29 Ethical behaviour and implications for accountants Introduction The meaning of ethical behaviour The accounting standard-setting process and ethics The International Code of Ethics for Professional Accountants 2018 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 29.1 29.2 29.3 29.4 29.5 720 721 722 724 725 725 725 726 727 730 733 734 740 742 743 745 745 748 750 зо Integrated reporting: sustainability, environmental and social 751 Introduction 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 ЗО. 13 Other means of communication with stakeholders 30.14 The way forward for improved sustainability disclosure Summary Review questions Exercises Notes 751 Publisher’s acknowledgements Index 786 792 30.1 30.2 752 754 758 761 763 765 768 771 772 773 776 777 778 778 779 781 784 |
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| illustrated | Illustrated |
| index_date | 2024-07-03T19:56:02Z |
| indexdate | 2024-07-10T09:33:01Z |
| institution | BVB |
| isbn | 9781292399805 |
| language | English |
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| spelling | Elliott, Jamie Verfasser (DE-588)171255305 aut Financial accounting and reporting Jamie Elliott and Barry Elliott Twentieth edition Harlow, England [u.a.] Pearson 2022 xxiv, 801 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Revised edition of the authors's Financial accounting and reporting, [2019] Includes bibliographical references and index "Financial accounting is the accurate recording of all transactions and combining these into a statement which shows the performance for an accounting period which is normally a year and a statement which shows the resources and liabilities at the end of the period. Financial reporting presents the performance, the resources and liabilities to the stakeholders in accordance with International Financial Reporting Standards. It is a dynamic area, intellectually demanding and full of interest. It aims to inform and provide the information in way that holds management to account and is "decision useful" by making inter-period and interfirm comparisons more accessible. We see it as extremely important that the text should reflect this and be kept current"-- Finanzbuchhaltung (DE-588)4113562-3 gnd rswk-swf Rechnungswesen / (DE-627)09135109X / (DE-2867)12307-0 Jahresabschluss / (DE-627)091369258 / (DE-2867)12381-2 Großbritannien / (DE-627)091364442 / (DE-2867)17374-2 Accounting Financial statements Lehrbuch Finanzbuchhaltung (DE-588)4113562-3 s DE-604 Elliott, Barry Verfasser (DE-588)1202486614 aut Erscheint auch als Onlineausgabe, pdf 978-1-292-40105-8 Erscheint auch als Onlineausgabe, epub 978-1-292-40106-5 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033627201&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Elliott, Jamie Elliott, Barry Financial accounting and reporting Finanzbuchhaltung (DE-588)4113562-3 gnd |
| subject_GND | (DE-588)4113562-3 |
| title | Financial accounting and reporting |
| title_auth | Financial accounting and reporting |
| title_exact_search | Financial accounting and reporting |
| title_exact_search_txtP | Financial accounting and reporting |
| title_full | Financial accounting and reporting Jamie Elliott and Barry Elliott |
| title_fullStr | Financial accounting and reporting Jamie Elliott and Barry Elliott |
| title_full_unstemmed | Financial accounting and reporting Jamie Elliott and Barry Elliott |
| title_short | Financial accounting and reporting |
| title_sort | financial accounting and reporting |
| topic | Finanzbuchhaltung (DE-588)4113562-3 gnd |
| topic_facet | Finanzbuchhaltung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033627201&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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