Financial Accounting with International Financial Reporting Standards

Häftad, Engelska, 2022

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An essential and intuitive treatment of financial accounting with an international perspectiveThe use of International Financial Reporting Standards is growing rapidly, both outside of the United States and within, especially as IFRS incorporates more US GAAP rules. In the newly updated fifth edition of Financial Accounting with International Financial Reporting Standards, a team of accomplished financial practitioners and educators delivers the newest version of their highly anticipated text. This important work offers practical end-of-chapter exercises and practice problems complete with foreign currency examples, as well as an emphasis on non-US companies and examples. It is perfect for accounting students seeking exposure to internationally utilized accounting standards.

Produktinformation

Utgivningsdatum2022-07-07
Mått216 x 274 x 36 mm
Vikt1 792 g
FormatHäftad
SpråkEngelska
Antal sidor912
Upplaga5
FörlagJohn Wiley & Sons Inc
ISBN9781119787051

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Redovisning och finansiering inom Ekonomi och Ledarskap

1 Accounting in Action 1-1Knowing the Numbers 1-11.1 Accounting Activities and Users 1-3Who Uses Accounting Data 1-4Data Analytics 1-51.2 The Building Blocks of Accounting 1-7Ethics in Financial Reporting 1-7Accounting Standards 1-8Measurement Principles 1-9Assumptions 1-91.3 The Accounting Equation 1-12Assets 1-12Liabilities 1-13Equity 1-131.4 Analyzing Business Transactions 1-14Accounting Transactions 1-15Transaction Analysis 1-16Summary of Transactions 1-211.5 Financial Statements 1-22Income Statement 1-24Retained Earnings Statement 1-24Statement of Financial Position 1-24Statement of Cash Flows 1-25Comprehensive Income Statement 1-25Appendix 1A: Career Opportunities in Accounting 1-27Public Accounting 1-27Private Accounting 1-28Governmental Accounting 1-28Forensic Accounting 1-28A Look at U.S. GAAP 1-482 The Recording Process 2-1Accidents Happen: Bank of Taiwan 2-12.1 Accounts, Debits, and Credits 2-2The Account 2-2Debits and Credits 2-3Equity Relationships 2-7Summary of Debit/Credit Rules 2-72.2 The Journal 2-8The Recording Process 2-8The Journal 2-92.3 The Ledger and Posting 2-11The Ledger 2-11Posting 2-13Chart of Accounts 2-14The Recording Process Illustrated 2-14Summary Illustration of Journalizing and Posting 2-202.4 The Trial Balance 2-22Limitations of a Trial Balance 2-23Locating Errors 2-23Currency Signs and Underlining 2-23A Look at U.S. GAAP 2-473 Adjusting the Accounts 3-1What Was Your Profit? 3-13.1 Accrual-Basis Accounting and Adjusting Entries 3-2Fiscal and Calendar Years 3-3Accrual- versus Cash-Basis Accounting 3-3Recognizing Revenues and Expenses 3-3The Need for Adjusting Entries 3-6Types of Adjusting Entries 3-63.2 Adjusting Entries for Deferrals 3-7Prepaid Expenses 3-7Unearned Revenues 3-113.3 Adjusting Entries for Accruals 3-14Accrued Revenues 3-14Accrued Expenses 3-16Summary of Basic Relationships 3-193.4 Adjusted Trial Balance and Financial Statements 3-22Preparing the Adjusted Trial Balance 3-23Preparing Financial Statements 3-23Appendix 3A: Alternative Treatment of Deferrals 3-26Prepaid Expenses 3-27Unearned Revenues 3-28Summary of Additional Adjustment Relationships 3-29Appendix 3B: Financial Reporting Concepts 3-30Qualities of Useful Information 3-30Assumptions in Financial Reporting 3-31Principles in Financial Reporting 3-31Cost Constraint 3-32A Look at U.S. GAAP 3-584 Completing the Accounting Cycle 4-1Speaking the Same Language: IASB 4-14.1 The Worksheet 4-3Steps in Preparing a Worksheet 4-3Preparing Financial Statements from a Worksheet 4-11Preparing Adjusting Entries from a Worksheet 4-124.2 Closing the Books 4-13Preparing Closing Entries 4-13Posting Closing Entries 4-15Preparing a Post-Closing Trial Balance 4-174.3 The Accounting Cycle and Correcting Entries 4-20Summary of the Accounting Cycle 4-20Reversing Entries—An Optional Step 4-20Correcting Entries—An Avoidable Step 4-204.4 Classified Statement of Financial Position 4-24Intangible Assets 4-25Property, Plant, and Equipment 4-26Long-Term Investments 4-26Current Assets 4-26Equity 4-27Non-Current Liabilities 4-27Current Liabilities 4-28Appendix 4A: Reversing Entries 4-30Reversing Entries Example 4-30A Look at U.S. GAAP 4-595 Accounting for Merchandise Operations 5-1Who Doesn’t Shop?: Carrefour 5-15.1 Merchandising Operations and Inventory Systems 5-3Operating Cycles 5-3Flow of Costs 5-45.2 Recording Purchases Under a Perpetual System 5-7Freight Costs 5-8Purchase Returns and Allowances 5-9Purchase Discounts 5-10Summary of Purchasing Transactions 5-115.3 Recording Sales Under a Perpetual System 5-11Sales Returns and Allowances 5-13Sales Discounts 5-14Data Analytics and Credit Sales 5-155.4 The Accounting Cycle for a Merchandising Company 5-16Adjusting Entries 5-16Closing Entries 5-17Summary of Merchandising Entries 5-175.5 Financial Statements for a Merchandiser 5-19Income Statement 5-19Classified Statement of Financial Position 5-23Appendix 5A: Worksheet for a Merchandising Company 5-25Using a Worksheet 5-25Appendix 5B: Periodic Inventory System 5-26Determining Cost of Goods Sold Under a Periodic System 5-27Recording Merchandise Transactions 5-28Recording Purchases of Merchandise 5-28Recording Sales of Merchandise 5-29Journalizing and Posting Closing Entries 5-29Using a Worksheet 5-31Appendix 5C: Adjusting Entries for Credit Sales with Returns and Allowances 5-33Data Analytics in Action 5-54A Look at U.S. GAAP 5-586 Inventories 6-1“Where Is That Spare Bulldozer Blade?”:Komatsu 6-16.1 Classifying and Determining Inventory 6-2Classifying Inventory 6-2Determining Inventory Quantities 6-46.2 Inventory Methods and Financial Effects 6-7Specific Identification 6-7Cost Flow Assumptions 6-8Financial Statement and Tax Effects of Cost Flow Methods 6-11Using Inventory Cost Flow Methods Consistently 6-136.3 Effects of Inventory Errors 6-14Income Statement Effects 6-14Statement of Financial Position Effects 6-156.4 Inventory Statement Presentation and Analysis 6-16Presentation 6-16Lower of Cost or Net Realizable Value 6-16Financial Analysis and Data Analytics 6-17Appendix 6A: Inventory Cost Flow Methods in Perpetual Inventory Systems 6-21First-In, First-Out (FIFO) 6-21Average-Cost 6-22Appendix 6B: Estimating Inventories 6-23Gross Profit Method 6-23Retail Inventory Method 6-24Appendix 6C: LIFO Inventory Method 6-25Data Analytics in Action 6-47A Look at U.S. GAAP 6-507 Fraud, Internal Control, and Cash 7-1Minding the Money at Nick’s: Nick’s Steakhouse and Pizza 7-17.1 Fraud and Internal Control 7-2Fraud 7-3Internal Control 7-3Principles of Internal Control Activities 7-4Data Analytics and Internal Controls 7-10Limitations of Internal Control 7-107.2 Cash Controls 7-11Cash Receipts Controls 7-11Cash Disbursements Controls 7-14Petty Cash Fund 7-167.3 Control Features of a Bank Account 7-19Making Bank Deposits 7-19Writing Checks 7-20Electronic Banking 7-21Bank Statements 7-21Reconciling the Bank Account 7-227.4 Reporting Cash 7-27Cash Equivalents 7-27Restricted Cash 7-28Data Analytics in Action 7-46A Look at U.S. GAAP 7-49Appendix 9A: Exchange of Plant Assets 9-26Loss Treatment 9-27Gain Treatment 9-27Data Analytics in Action 9-47A Look at U.S. GAAP 9-508 Accounting for Receivables 8-1Are You Going to Pay Me—or Not?: BNP Paribas 8-18.1 Recognition of Accounts Receivable 8-2Types of Receivables 8-3Recognizing Accounts Receivable 8-38.2 Valuation and Disposition of Accounts Receivable 8-5Valuing Accounts Receivable 8-5Disposing of Accounts Receivable 8-128.3 Notes Receivable 8-15Determining the Maturity Date 8-16Computing Interest 8-16Recognizing Notes Receivable 8-17Valuing Notes Receivable 8-17Disposing of Notes Receivable 8-178.4 Presentation and Analysis 8-20Presentation 8-20Analysis 8-20Data Analytics and Receivables Management 8-21Data Analytics in Action 8-38A Look at U.S. GAAP 8-419 Plant Assets, Natural Resources, and Intangible Assets 9-1How Much for a Ride to the Beach?: Rent-A-Wreck 9-19.1 Plant Asset Expenditures 9-2Determining the Cost of Plant Assets 9-3Expenditures During Useful Life 9-69.2 Depreciation Methods 9-7Factors in Computing Depreciation 9-8Depreciation Methods 9-9Component Depreciation 9-13Depreciation and Income Taxes 9-14Revaluation of Plant Assets 9-14Revising Periodic Depreciation 9-159.3 Plant Asset Disposals 9-16Retirement of Plant Assets 9-17Sale of Plant Assets 9-189.4 Natural Resources and Intangible Assets 9-19Natural Resources and Depletion 9-20Intangible Assets 9-219.5 Statement Presentation and Analysis 9-25Presentation 9-25Analysis 9-26 10 Current Liabilities 10-1Financing His Dreams: Wilbert Murdock 10-110.1 Accounting for Current Liabilities 10-2What Is a Current Liability? 10-2Notes Payable 10-3Value-Added and Sales Taxes Payable 10-4Unearned Revenues 10-5Salaries and Wages 10-6Current Maturities of Long-Term Debt 10-810.2 Reporting and Analyzing Current Liabilities 10-8Reporting Uncertainty 10-8Reporting of Current Liabilities 10-10Analysis of Current Liabilities 10-11A Look at U.S. GAAP 10-2711 Non-Current Liabilities 11-1Are We Living on Borrowed Time? 11-111.1 Overview of Bonds 11-2Types of Bonds 11-3Issuing Procedures 11-3Bond Trading 11-4Determining the Market Price of a Bond 11-511.2 Accounting for Bond Transactions 11-7Issuing Bonds at Face Value 11-7Discount or Premium on Bonds 11-8Issuing Bonds at a Discount 11-9Issuing Bonds at a Premium 11-10Redeeming Bonds 11-1211.3 Accounting for Non-Current Liabilities 11-13Long-Term Notes Payable 11-13Lease Liabilities 11-1511.4 Reporting and Analyzing Non-Current Liabilities 11-16Presentation 11-16Analysis 11-16Debt and Equity Financing 11-17Appendix 11A: Effective-Interest Method of Bond Amortization 11-19Amortizing Bond Discount 11-19Amortizing Bond Premium 11-21Appendix 11B: Straight-Line Amortization 11-22Amortizing Bond Discount 11-22Amortizing Bond Premium 11-23A Look at U.S. GAAP 11-4012 Corporations: Organization, Share Transactions, and Equity 12-1To the Victor Go the Spoils: adidas 12-112.1 The Corporate Form of Organization 12-2Characteristics of a Corporation 12-3Forming a Corporation 12-6Shareholder Rights 12-6Share Issue Considerations 12-8Corporate Capital 12-1012.2 Accounting for Share Transactions 12-12Accounting for Ordinary Shares 12-12Accounting for Preference Shares 12-14Accounting for Treasury Shares 12-1512.3 Accounting for Dividends and Splits 12-19Accounting for Cash Dividends 12-19Dividend Preferences 12-21Accounting for Share Dividends 12-24Accounting for Share Splits 12-2612.4 Reporting and Analyzing Equity 12-28Retained Earnings 12-28Presentation of Statement of Financial Position 12-29Analysis 12-31Appendix 12A: Statement of Changes in Equity 12-32Appendix 12B: Book Value—Another per Share Amount 12-33Book Value per Share 12-33Book Value versus Market Price 12-34Data Analytics in Action 12-58A Look at U.S. GAAP 12-6113 Investments 13-1Playing for Fun and Profit: Sony 13-113.1 Debt Investments 13-2Why Companies Invest 13-3Classification and Measurement of Investments 13-4Accounting for Debt Investments 13-413.2 Share Investments 13-7Holdings of Less than 20% 13-7Holdings Between 20% and 50% 13-9Holdings of More than 50% 13-1013.3 Valuing and Reporting Investments 13-12Categories of Securities 13-12Statement of Financial Position Presentation 13-18Presentation of Realized and Unrealized Gain or Loss 13-19Classified Statement of Financial Position 13-20Appendix 13A: Preparing Consolidated Financial Statements 13-22Consolidated Statement of Financial Position 13-22Consolidated Income Statement 13-26A Look at U.S. GAAP 13-4314 Statement of Cash Flows 14-1What Should We Do with This Cash?: Keyence 14-114.1 Statement of Cash Flows: Usefulness and Format 14-3Usefulness of the Statement of Cash Flows 14-3Classification of Cash Flows 14-3Significant Non-Cash Activities 14-5Format of the Statement of Cash Flows 14-514.2 Preparing the Statement of Cash Flows—Indirect Method 14-7Indirect and Direct Methods 14-7Indirect Method—Computer Services International 14-8Step 1: Operating Activities 14-9Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 14-12Step 2: Investing and Financing Activities 14-13Step 3: Net Change in Cash 14-1414.3 Using Cash Flows to Evaluate a Company 14-17Free Cash Flow 14-17Appendix 14A: Statement of Cash Flows—Direct Method 14-19Step 1: Operating Activities 14-21Step 2: Investing and Financing Activities 14-25Step 3: Net Change in Cash 14-26Appendix 14B: Statement of Cash Flows—T-Account Approach 14-26Data Analytics in Action 14-48A Look at U.S. GAAP 14-5115 Financial Analysis: The Big Picture 15-1Making Money the Old-Fashioned Way: Li Ka-shing 15-115.1 Basics of Financial Statement Analysis 15-2Need for Comparative Analysis 15-3Tools of Analysis 15-3Horizontal Analysis 15-3Vertical Analysis 15-615.2 Ratio Analysis 15-9Liquidity Ratios 15-9Profitability Ratios 15-13Solvency Ratios 15-16Summary of Ratios 15-1815.3 Sustainable Income 15-20Discontinued Operations 15-21Changes in Accounting Principle 15-22Comprehensive Income 15-22A Look at U.S. GAAP 15-48Appendix A Specimen Financial Statements: Taiwan Semiconductor Manufacturing Company, Limited A-1Appendix B Specimen Financial Statements: Nestlé SA B-1Appendix C Specimen Financial Statements: Delfi Limited C-1Appendix D Specimen Financial Statements: Apple Inc. D-1Appendix E Time Value of Money E-1E.1 Interest and Future Values E-1Nature of Interest E-1Future Value of a Single Amount E-3Future Value of an Annuity E-5E.2 Present Value Concepts E-7Present Value Variables E-7Present Value of a Single Amount E-8Present Value of an Annuity E-10Time Periods and Discounting E-12Present Value of a Long-Term Note or Bond E-12E.3 Using Financial Calculators E-15Present Value of a Single Sum E-15Present Value of an Annuity E-16Useful Applications of the Financial Calculator E-17Appendix F Accounting for Partnerships F-1F.1 Forming a Partnership F-1Characteristics of Partnerships F-2Organizations with Partnership Characteristics F-3Advantages and Disadvantages of Partnerships F-4The Partnership Agreement F-5Accounting for a Partnership Formation F-5F.2 Accounting for Net Income or Net Loss F-6Dividing Net Income or Net Loss F-6Partnership Financial Statements F-9F.3 Liquidation of a Partnership F-10No Capital Deficiency F-11Capital Deficiency F-12F.4 Admissions and Withdrawals of Partners F-14Admission of a Partner F-15Withdrawal of a Partner F-18Appendix G Subsidiary Ledgers and Special Journals G-1G.1 Subsidiary Ledgers G-1Subsidiary Ledger Example G-2Advantages of Subsidiary Ledgers G-3G.2 Special Journals G-4Sales Journal G-5Cash Receipts Journal G-7Purchases Journal G-11Cash Payments Journal G-13Effects of Special Journals on the General Journal G-16Cybersecurity: A Final Comment G-17Subject Index I-1Company Index I-13