Financial Accounting 9th Edition by Craig Deegan ISBN 1743767390 9781743767399

Financial Accounting 9th Edition by Craig Deegan – Ebook PDF Instant Download/Delivery: 1743767390, 9781743767399
Full download Financial Accounting 9th edition after payment

Product details:

ISBN 10:  1743767390
ISBN 13: 9781743767399
Author: Craig Deegan

The most highly regarded resource in financial accounting has been revised and updated to prepare today’s students for future career success. The ninth edition of Craig Deegan’s Financial Accounting features: – the most recent changes to the IASB Conceptual Framework for Financial Reporting and the Australian Accounting Standards – a fully revised contents, a refreshed design and pedagogy – in-depth analysis, comprehensive coverage and detailed Worked Examples – new Real-world Case Scenarios, examples, boxes and videos linking theory to real-world applications – new Opening Questions at the start of each chapter with suggested solutions, and revised end-of-chapter Review Questions and Challenging Questions

Financial Accounting 9th Table of contents:

1. Regulatory Bodies and Standards:

• Australian Securities and Investments Commission (ASIC):

  • ASIC plays a crucial role in overseeing financial markets and corporate conduct in Australia. It ensures compliance with financial reporting requirements, including corporate governance standards, and addresses issues such as fraud and misconduct.

• Australian Accounting Standards Board (AASB):

  • The AASB is responsible for setting accounting standards in Australia. It ensures that financial statements are consistent with internationally recognized standards, particularly those set by the International Accounting Standards Board (IASB). The AASB’s role is to promote transparency and comparability in financial reporting.

• International Accounting Standards Board (IASB):

  • As the global standard-setter, the IASB influences Australian accounting regulations by issuing International Financial Reporting Standards (IFRS). Australian financial reporting must align with IFRS to maintain consistency with global practices.

---

2. Key Concepts in Financial Reporting:

• Materiality:

  • Materiality is a key principle in financial reporting, emphasizing that only information that could influence the economic decisions of users should be included in the financial statements. This ensures the relevance and conciseness of financial reports.

• True and Fair View:

  • This concept ensures that financial statements provide an accurate representation of a company’s financial position. The “true and fair view” principle is vital for maintaining trust in financial reporting, ensuring that the reports are not misleading and reflect the actual financial state of an entity.

• General-Purpose Financial Statements:

  • These statements are designed to meet the needs of a broad range of users (investors, creditors, regulators) rather than the specific needs of any one group. They provide an overview of a company’s financial performance and position and are prepared in accordance with relevant accounting standards.

---

3. The Conceptual Framework for Financial Reporting:

The Conceptual Framework serves as the foundation for preparing and presenting financial statements. It outlines key objectives and characteristics for the guidance of accounting practices:

• Objectives of Financial Reporting:

  • The main objective is to provide useful financial information to a wide range of users, especially in making economic decisions. It also aims to provide information about the financial position, performance, and changes in the financial position of an entity.

• Qualitative Characteristics of Useful Financial Information:

  • Relevance: Financial information should be capable of influencing decisions.

  • Faithful Representation: Information must accurately reflect the underlying transactions and events.

  • Comparability, Verifiability, Timeliness, and Understandability:

    • These characteristics ensure that financial information is consistent, capable of being corroborated, available in a timely manner, and presented in a way that is easily understood by users.

• Definitions and Recognition Criteria:

  • The framework provides definitions for the fundamental elements of financial statements: assets, liabilities, income, and expenses. It also outlines the criteria for recognizing these elements in the financial statements, which are critical for ensuring consistency and comparability.

---

4. Accounting Theories:

• Positive Accounting Theory (PAT):

  • This theory seeks to explain and predict accounting practices, focusing on the motivations behind accounting choices. It often looks at the relationship between accounting decisions and the firm’s behavior in response to regulatory and market pressures.

• Stakeholder Theory:

  • This theory highlights the importance of accounting practices in addressing the needs of various stakeholders (such as shareholders, employees, customers, and the community). It argues that companies should consider the interests of all stakeholders, not just shareholders, when making financial decisions.

• Legitimacy Theory:

  • According to this theory, companies use financial reporting to demonstrate their legitimacy within society. Financial statements may be adjusted or presented in ways that conform to societal norms and expectations, particularly in response to external pressures or scrutiny.

---

5. Industry-Specific Accounting Issues:

• Extractive Industries:

  • The accounting for extractive industries (such as mining and oil) presents unique challenges, including the recognition of exploration costs, asset impairments, and the environmental obligations associated with these industries. Special attention is required for long-term projects with significant environmental impacts.

• Employee Benefits:

  • Accounting for employee benefits, including pensions, bonuses, and share-based payments, involves complex actuarial assumptions and estimates. These benefits must be accurately reflected in financial statements to ensure that the cost of employee benefits is properly recognized.

• Corporate Social Responsibility (CSR):

  • There is a growing emphasis on CSR in financial reporting, where companies are expected to disclose non-financial information related to their environmental and social impact. This includes reporting on sustainability practices, community contributions, and ethical business operations, aligning financial reporting with broader societal values.

---

6. Evolution of Accounting Practices:

The landscape of financial reporting is evolving in response to societal and regulatory demands. As expectations change, accounting practices must adapt to ensure transparency, accountability, and alignment with both local and global standards. This evolution is reflected in the increasing complexity of accounting standards, the focus on sustainability and ethics in reporting, and the integration of new technologies and methodologies for enhanced decision-making.

People also search for Financial Accounting 9th :

financial accounting 9th edition

financial accounting 9th edition kimmel

financial accounting 9e

accounting 9

financial accounting (ninth edition) in australia

Tags:

Craig Deegan,Financial Accounting