Financial Reporting 3rd Edition by Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Karyn Byrnes ISBN 0730369412 9780730369417

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ISBN 10:  0730369412
ISBN 13:  9780730369417
Author: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Karyn Byrnes

he third edition of Loftus’ Financial Reporting has been updated for recent developments in the Australian Accounting Standards, including the release of the new Conceptual Framework. This text is designed to be used across the second and third year financial accounting units. A hallmark feature of the text is that it provides both a conceptual understanding and a practical application of the accounting standards. For students, an understanding of the conceptual basis of accounting and the rationale behind the principles is crucial to the consistent application of standards in a variety of practical contexts. The Financial Reporting interactive e-text features a range of instructional media content designed to provide students with an engaging learning experience. This includes interactive worked problems and questions with immediate feedback. Loftus’ unique resource can also form the basis of a blended learning solution for lecturers.

Financial Reporting 3rd Table of contents:

1. Introduction to Accounting Regulations and Practices

   • Overview of key regulatory sources in Australia

   • Role of regulatory bodies: Financial Reporting Council, Australian Accounting Standards Board (AASB)

   • Importance of a conceptual framework in financial reporting

   • Qualitative characteristics of useful financial information

2. Regulatory Framework

   • The Corporations Act and its role in accounting regulations

   • Australian accounting standards and their application

3. Fair Value Measurement

   • Definition and principles of fair value

   • Measurement techniques and disclosures

   • Practical challenges in fair value measurement

4. Inventories

   • Recognition and measurement of inventories

   • Methods for valuing inventories (e.g., FIFO, weighted average)

   • Disclosure requirements related to inventories

5. Property, Plant, and Equipment

   • Recognition and measurement of property, plant, and equipment

   • Depreciation and impairment considerations

   • Disclosures in financial statements

6. Intangible Assets

   • Recognition and measurement of intangible assets

   • Amortization and impairment of intangible assets

   • Disclosure requirements

7. Accounting Policies and Professional Judgment

   • The role of accounting policies in financial reporting

   • Professional judgment in the application of accounting standards

   • The impact of accounting theories on practice

8. Business Combinations

   • Accounting for business combinations and mergers

   • Goodwill and fair value adjustments

   • Disclosure requirements in business combinations

9. Consolidation

   • Principles of consolidation for group financial statements

   • Elimination of intercompany transactions

   • Non-controlling interest and its treatment

10. Employee Benefits

    • Recognition and measurement of employee benefits

    • Post-employment benefits, pensions, and other long-term benefits

    • Disclosure of employee benefit obligations

11. Financial Instruments

    • Classification and measurement of financial instruments

    • Recognition of financial assets and liabilities

    • Disclosure requirements for financial instruments

12. Income Taxes

    • Accounting for income taxes: current and deferred

    • Tax recognition and measurement

    • Disclosure of income tax effects in financial statements

13. Sustainability Reporting

    • The role of sustainability reporting in financial transparency

    • Accounting for environmental, social, and governance (ESG) factors

    • Current trends and future directions in sustainability reporting

14. Foreign Currency Transactions

    • Accounting for foreign currency transactions and translation

    • Hedging foreign currency risks

    • Disclosure of foreign currency effects

15. Accounting for Mineral Resources and Agriculture

    • Accounting standards for mineral resources

    • Agricultural assets and their recognition and measurement

    • Disclosure requirements for agricultural activities

16. Conclusion

    • The evolving nature of accounting standards

    • The need for transparency and consistency in financial reporting

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