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Financial Accounting: Including International Financial Reporting Standards (IFRS)

Financial Accounting Including International Financial Reporting Standards (IFRS)

  • Author:
  • Publisher: McGraw Hill Higher Education
  • ISBN: 9780071288965
  • Published In: August 2010
  • Format: Paperback , 816 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only
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While many texts are characterized as having either a "user" approach or a "preparer" approach, Financial Accounting: Including International Financial Reporting Standards is written for faculty who want to strike a balance between these approaches. Business majors will find relevance in the "Ethics, Fraud & Corporate Governance", "Your Turn" and "Case in Point" boxes throughout the chapters while accounting majors will receive a firm grounding in accounting basics that will prepare them for their intermediate course.
 
In addition, the textbook incorporates examples, case studies, and questions drawn from Asian contexts and practices. Combined with robust end-of-chapter exercises and exciting interactive supplementary materials, Financial Accounting: Including International Financial Reporting Standards is absolutely relevant and essential for instructors and students in the region.
 
Key Features:
 
  • Focus on International Financial Reporting Standards (IFRS) and IFRS reporting companies.
  • IFRS terms are used in chapter text, ratio analysis, cases and end-of-chapter problems and exercises.
  • Financial statements are in accordance to presentation format in IFRS.
  • Discussion about the different accounting treatments between IFRS and U.S GAAP for topics such as choices of inventory valuation method, classification of PPE and intangible assets and the application of the lower-of-cost-and-net-realizable-value rule.
  • End-of-chapter materials and cases include other IFRS reporting companies around the world.
  • Actual company cases opening every chapter, which ground the theme of that chapter in a real-life example; e.g. adidas AG, Philips, and Sinopec. .
  • Color-coded Accounting Cycle ' Students often struggle when learning to record transactions. To help with this challenging topic (starting in chapter three), the authors have broken the process down into four easy steps that are uniform, color-coded, and tied to the accounting equation. Step 1: Analysis ' which accounts were recorded with an increase or decrease. Step 2: Debit/Credit rules ' this helps students remember whether the account should be debited or credited. Step 3: The Journal Entry is shown to illustrate what has happened in the 2 previous steps. Step 4: The ledger T-accounts are shown
  • Ethics, Fraud & Corporate Governance ' Boxed examples on Ethics, Fraud & Corporate Governance appear throughout the book, highlighting the importance of these topics in business today. The EOC material also includes cases on these topics (specifically marked with an icon) to alert students to dilemmas they will encounter in the real world.
  • End-of-Chapter Material
  • TWO sets of Problems, a full set of Exercises, and a full set of Brief Exercises in EACH chapter provide plenty of opportunities for students to practice the concepts they've learned in each chapter.
  • Defined Key Terms and Self-Test Questions review and reinforce chapter material.
  • Demonstration Problems and their solutions allow students to test their knowledge of key points in the chapters.
  • Critical Thinking Cases and Problems put students' analytical skills to the test by having them think critically about key concepts from the chapter and apply them to business decisions.
  • Ethics Cases challenge students to explore the impact of decisions made in business.
  • Comprehensive Problems Give Students "The Big Picture" 'These problems which occurs every three to six chapters, challenge students by incorporating all the skill sets they have learned in the previous chapters into one inclusive "case-exercise". This distinctive feature not found in most texts allows students to identify the strengths and realize where they might need to brush up. Clearly, students also find these very helpful in studying for exams.

1. ACCOUNTING: INFORMATION FOR DECISION MAKING
2. BASIC FINANCIAL STATEMENTS
3. THE ACCOUNTING CYCLE: CAPTURING ECONOMIC EVENTS
4. THE ACCOUNTING CYCLE: ACCRUALS AND DEFERRALS
5. THE ACCOUNTING CYCLE: REPORTING FINANCIAL RESULTS


COMPREHENSIVE PROBLEM 1: SUSQUEHANNA EQUIPMENT RENTALS

6. MERCHANDISING ACTIVITIES
7. FINANCIAL ASSETS
8. INVENTORIES AND THE COST OF GOODS SOLD


COMPREHENSIVE PROBLEM 2: GUITAR UNIVERSE COMPANY

9. PROPERTY, PLANT, AND EQUIPMENT, INTANGIBLE ASSETS AND NATURAL RESOURCES
10. LIABILITIES
11. SHAREHOLDERS' EQUITY: CAPITAL

COMPREHENSIVE PROBLEM 3: MCMINN RETAIL LIMITED

12. PROFIT AND CHANGES IN RETAINED EARNINGS
13. STATEMENT OF CASH FLOWS
14. FINANCIAL STATEMENT ANALYSIS

COMPREHENSIVE PROBLEM 4: ADIDAS AG, HERZOGENAURACH

15. GLOBAL BUSINESS AND ACCOUNTING

APPENDIX A: ADIDAS AG, HERZOGENAURACH 2009 CONSOLIDATED GROUP FINANCIAL STATEMENTS (IFRS) AND ADDITIONAL INFORMATION

APPENDIX B: THE TIME VALUE OF MONEY: FUTURE AMOUNTS AND PRESENT VALUES

INDEX

Prof. Jan R. Williams   
Professor Jan R. Williams is Dean of the College of Business Administration and the Stokely Foundation Leadership Chair at the University of Tennessee, where he has been a faculty member since 1977. He received a BS degree from George Peabody College, an MBA from Baylor University, and a PhD from the University of Arkansas. He previously served on the faculties at the University of Georgia and Texas Tech University. A CPA in Tennessee and Arkansas, Dr. Williams is also the coauthor of three books and has published over 70 articles on issues of corporate financial reporting and accounting education. He served as president of the American Accounting Association in 1999–2000 and has been actively involved in Beta Alpha Psi, the Tennessee Society of CPAs, the American Institute of CPAs, and AACSB International—the Association to Advance Collegiate Schools of Business—the accrediting organization for business schools and accounting programs worldwide.
    

Prof. Susan F. Haka   

Professor Susan F. Haka is the Ernst & Young Professor of Accounting in the Department of Accounting and Information Systems at Michigan State University. Dr. Haka received her PhD from the University of Kansas and a master’s degree in accounting from the University of Illinois. She is the 2008–09 president of the American Accounting Association and has previously served as vice president of finance, director of the Doctoral Consortium, and president of the Management Accounting Section. Dr. Haka is active in editorial processes and has been editor of Behavioral Research in Accounting and an associate editor of Journal of Management Accounting Research, Accounting Horizons, The International Journal of Accounting, and Contemporary Accounting Research . Dr. Haka has been honored by Michigan State University with several teaching and research awards, including both universitywide Teacher-Scholar and Distinguished Faculty awards.
    

Prof. Mark S. Bettner   
Professor Mark S. Bettner is the Christian R. Lindback Chair of Accounting & Financial Management at Bucknell University. Dr. Bettner received his PhD in business administration from Texas Tech University and his MS in accounting from Virginia Tech University. He has received numerous teaching and research awards. In addition to his work on Financial Accounting and Financial & Managerial Accounting, he has written many ancillary materials, published in scholarly journals, and presented at academic and practitioner conferences. Professor Bettner is also on the editorial advisory boards of several academic journals, including the International Journal of Accounting and Business Society and the Accounting Forum, and has served as a reviewer for several journals, including Advances in Public Interest Accounting and Hospital and Health Services Administration.
    

Prof. Joseph V. Carcello   

Professor Joseph V. Carcello is the Ernst & Young Professor in the Department of Accounting and Information Management at the University of Tennessee. He also is the cofounder and director of research for UT’s Corporate Governance Center. Dr. Carcello received his PhD from Georgia State University, his MAcc from the University of Georgia, and his BS from the State University of New York College at Plattsburgh. Dr. Carcello is currently the author or coauthor of four books, more than 50 journal articles, and two monographs. Dr. Carcello serves on the Public Company Accounting Oversight Board’s Standing Advisory Group. He also testified before the U.S. Treasury Department’s Advisory Committee on the Auditing Profession and has served as a member of a COSO task force that developed guidance on applying COSO’s internal control framework for smaller public companies. Dr. Carcello is active in the American Accounting Association—he serves as an associate editor of Accounting Horizons and serves on the editorial boards of The Accounting Review, Auditing: A Journal of Practice & Theory, and Contemporary Issues in Auditing. Dr. Carcello has consulted with three of the Big Four accounting firms, regional and local accounting firms, and the Securities and Exchange Commission.
    
Mr. Nelson C. Y. Lam
Mr. Nelson C. Y. Lam is a practising CPA with his own professional accounting and consulting firms, and Vice-Chairman at Accounting Development Foundation Limited. He also serves as Visiting Associate Professor at United International College of the Beijing Normal University and the Hong Kong Baptist University and as Independent Non-executive Director of China Resources Cement Holdings Limited, a publicly-listed entity. He is very active in IFRS-related projects, which include over 500 consultancy projects, seminars, and conferences in the Asia Pacific. His firm website, www.NelsonCPA.com.hk, contains more than 300 of his public presentations and publications for free download. He is also the co-author of three IFRS and auditing books. In addition to holding an MSc in finance from the Chinese University of Hong Kong, an MBA from the Hong Kong University of Science and Technology, and a BBA(Hons) in accounting from the Hong Kong Baptist University, he is also a CFA Charterholder, a CPA in Australia, Hong Kong, and USA, a fellow member of ACCA, and a Chartered Accountant in UK. He has received numerous awards for his contributions to professional accountancy examinations and also won a championship in an accounting case competition that accepted entries from university professors.

Dr. Peter T. Y. Lau   
Dr. Peter T. Y. Lau is Associate Dean of the School of Business and BBA Program Director at the Hong Kong Baptist University, where he has been a faculty member since 1987. He is Independent Non-executive Director of a Hong Kong-listed company. He received a Bachelor of Commerce (summa cum laude) in accounting from Saint Mary’s University, an MBA from Dalhousie University and a PhD in accounting from the Chinese University of Hong Kong. Dr. Lau is also a Chartered Accountant (Canada), a Certified Management Accountant (Canada), a Fellow of theHong Kong Institute of Certified Public Accountants, and an Associate of the Taxation Institute of Hong Kong. Dr. Lau has more than 24 years’ teaching experience and has been serving or previously served as the external examiner for various accounting programs. He was also an examiner of the Qualification Program of the Hong Kong Institute of Certified Public Accountants. Dr. Lau has published over 20 journal articles and he is the co-author of Intermediate Financial Reporting: An IRFS Perspective, Auditing and Assurance in Hong Kong, and Hong Kong Auditing.

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