Financial Accounting and Reporting 14th Edition by Barry Elliott, Jamie Elliot ISBN 0273744445 9780273744443

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Product details:
ISBN 10: 0273744445
ISBN 13: 9780273744443
Author: Barry Elliott, Jamie Elliot

Financial Accounting and Reporting 14th Edition Table of contents:

Part 1: Introduction to Financial Accounting and Reporting

1. Introduction to Financial Accounting

   • The role of financial accounting in business.
   • Purpose of financial reporting.
   • Overview of financial statements.
   • Regulatory framework and accounting standards.
   • The role of IFRS and GAAP.

2. The Conceptual Framework

   • Key principles of financial accounting.
   • The conceptual framework for financial reporting.
   • Definitions of assets, liabilities, equity, income, and expenses.
   • The objectives of financial reporting and qualitative characteristics of useful financial information.

Part 2: The Financial Statements

3. The Balance Sheet

   • Structure and components of the balance sheet.
   • Understanding assets, liabilities, and equity.
   • Classification of assets and liabilities (current vs. non-current).
   • The statement of financial position in practice.

4. The Income Statement

   • Structure and components of the income statement.
   • Recognizing revenues and expenses.
   • Profit measurement and earnings quality.
   • Operating vs. non-operating items.
   • The importance of the statement of comprehensive income.

5. The Statement of Cash Flows

   • Purpose of the statement of cash flows.
   • Cash flows from operating, investing, and financing activities.
   • Direct vs. indirect method of preparing cash flows.
   • The importance of cash flow analysis in assessing liquidity and solvency.

6. The Statement of Changes in Equity

   • Understanding movements in equity.
   • Components of equity: share capital, retained earnings, and other reserves.
   • Dividends and the impact on equity.
   • Changes in equity due to business activities.

Part 3: Accounting for Transactions and Events

7. Revenue Recognition

   • Key principles of revenue recognition.
   • The revenue recognition cycle.
   • IFRS 15 and its impact on revenue recognition.
   • Accounting for different types of revenue: sales, services, and interest.

8. Inventory and Cost of Sales

   • Accounting for inventory: cost formulas (FIFO, LIFO, weighted average).
   • Inventory valuation methods and their impact on profit.
   • The cost of sales and the matching principle.
   • Impairment of inventory and its effect on financial statements.

9. Accounting for Property, Plant, and Equipment

   • Initial recognition and measurement of PP&E.
   • Depreciation and amortization methods.
   • Impairment of fixed assets.
   • Revaluation and disposal of PP&E.
   • Accounting for leases (IFRS vs. GAAP).

10. Intangible Assets and Goodwill

    • Recognition and measurement of intangible assets.
    • Amortization and impairment of intangible assets.
    • Goodwill impairment testing.
    • The treatment of research and development costs.

Part 4: Liabilities, Equity, and Financing

11. Financial Liabilities

    • Accounting for short-term and long-term borrowings.
    • Interest-bearing liabilities and the time value of money.
    • Leasing arrangements (operating vs. finance leases).
    • Provisions and contingent liabilities.

12. Equity Financing

    • Accounting for share capital and share issues.
    • Dividends and dividend policy.
    • Treasury shares and share repurchases.
    • Dilution and the effects of stock splits.

13. Non-Financial Liabilities and Provisions

    • Provisions and contingencies.
    • Accounting for warranties, pensions, and restructuring costs.
    • Present value of future obligations.
    • Accounting for environmental liabilities.

Part 5: Consolidated Financial Statements

14. Group Accounting and Consolidation

    • Principles of consolidation.
    • Preparing consolidated financial statements.
    • Accounting for subsidiaries, associates, and joint ventures.
    • Elimination of intra-group transactions.
    • Minority interest and equity accounting.

15. Business Combinations

    • Accounting for mergers and acquisitions.
    • Purchase method and goodwill.
    • IFRS 3 Business Combinations.
    • Accounting for non-controlling interests and fair value adjustments.

Part 6: Reporting Issues and Advanced Topics

16. Leases and IFRS 16

    • Accounting for leases under IFRS 16.
    • The lessee’s and lessor’s accounting treatment.
    • Operating vs. finance lease classification.
    • The impact of leasing on financial statements.

17. Income Taxes

    • Accounting for current and deferred taxes.
    • Recognition of tax liabilities and assets.
    • Temporary differences and tax bases.
    • The impact of tax laws on financial reporting.

18. Foreign Currency Translation

    • Accounting for foreign currency transactions.
    • Translation of foreign subsidiaries’ financial statements.
    • Foreign exchange differences and their impact on financial reporting.

19. Accounting for Financial Instruments

    • Classification and measurement of financial assets and liabilities.
    • Fair value vs. amortized cost.
    • Hedging and derivatives accounting.
    • Impairment of financial assets.

20. Contemporary Issues in Financial Reporting

    • Financial reporting in the digital age.
    • IFRS and GAAP convergence.
    • Sustainability reporting and corporate social responsibility (CSR).
    • The future of financial reporting.

Appendices

• Appendix A: Glossary of Key Terms.
• Appendix B: IFRS vs. GAAP Comparison.
• Appendix C: Financial Statements Format and Examples.
• Appendix D: Solutions to End-of-Chapter Questions (or selected solutions).

Index

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