Financial Accounting and Reporting

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Brief contents: PART 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL ACCOUNTING BASIS

Accounting and reporting on a cash flow basis
Accounting and reporting on an accrual accounting basis

PART 2 PREPARATION OF INTERNAL AND PUBLISHED FINANCIAL STATEMENTS Preparation of financial statements of profit or loss and other comprehensive income, changes in equity and financial position Annual report: additional financial disclosures Statements of cash flows Accounting for price-level changes PART 3 REGULATORY FRAMEWORK - AN ATTEMPT TO ACHIEVE UNIFORMITY Financial reporting - evolution of global standards Concepts - evolution of an international conceptual framework Revenue recognition PART 4 STATEMENT OF FINANCIAL POSITION - EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE Share capital, distributable profits and reduction of capital Liabilities Financial instruments Employee benefits Taxation in company accounts Property, plant and equipment (PPE) Leasing Intangible assets Inventories Construction contracts PART 5 CONSOLIDATED ACCOUNTS Accounting for groups at the date of acquisition Preparation of consolidated statements of financial position after the date of acquisition Preparation of consolidated statements of profit or loss, changes in equity and cash flows Accounting for associates and joint arrangements Introduction to accounting for exchange differences PART 6 INTERPRETATION Earnings per share Review of financial ratio analysis Analysis of published financial statements PART 7 ACCOUNTABILITY Corporate governance Ethical behaviour and implications for accountants Integrated reporting: sustainability, environmental and social Index

Full contents: PART 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL ACCOUNTING BASIS

Accounting and reporting on a cash flow basis
- 1.1 Introduction
- 1.2 Shareholders
- 1.3 What skills does an accountant require in respect of external reports?
- 1.4 Managers
- 1.5 What skills does an accountant require in respect of internal reports?
- 1.6 Procedural steps when reporting to internal users
- 1.7 Agency costs
- 1.8 Illustration of periodic financial statements prepared under the cash flow concept to disclose realised operating cash flows
- 1.9 Illustration of preparation of statement of financial position
- 1.10 Treatment of non-current assets in the cash flow model
- 1.11 What are the characteristics of these data that make them reliable?
- 1.12 Reports to external users
- 1.13 Micro businesses
Summary Review questions Exercises Notes
Accounting and reporting on an accrual accounting basis
- 2.1 Introduction
- 2.2 Historical cost convention
- 2.3 Accrual basis of accounting
- 2.4 Mechanics of accrual accounting - adjusting cash receipts and payments
- 2.5 Reformatting the statement of financial position
- 2.6 Accounting for the sacrifice of non-current assets
- 2.7 Published statement of cash flows
Summary Review questions Exercises Notes

PART 2 PREPARATION OF INTERNAL AND PUBLISHED FINANCIAL STATEMENTS Preparation of financial statements of profit or loss and other comprehensive income, changes in equity and financial position

3.1 Introduction
3.2 Preparing an internal statement of profit or loss from a trial balance
3.3 Reorganising the income and expenses into one of the formats required for publication
3.4 Format 1: classification of operating expenses and other income by function
3.5 Format 2: classification of operating expenses according to their nature
3.6 Other information to be presented in the profit or loss section
3.7 Other comprehensive income
3.8 Presentation of non-recurring items and their effect on operating income
3.9 How decision-useful is the statement of profit or loss and other comprehensive income?
3.10 Statement of changes in equity
3.11 The statement of financial position
3.12 The explanatory notes that are part of the financial statements
3.13 Has prescribing the formats meant that identical transactions are reported identically?
3.14 Fair presentation
3.15 What does an investor need in addition to the primary financial statements to make decisions?
3.16 IAS 1 ED General Presentation and Disclosures

Summary Review questions Exercises NotesAnnual report: additional financial disclosures

4.1 Introduction
4.2 IAS 10 Events after the Reporting Period
4.3 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
4.4 What do segment reports provide?
4.5 IFRS 8 Operating Segments 80
4.6 Benefits and continuing concerns following the issue of IFRS 8
4.7 Discontinued operations - IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
4.8 Held for sale - IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
4.9 IAS 24 Related Party Disclosures

Summary Review questions Exercises NotesStatements of cash flows

5.1 Introduction
5.2 Development of statements of cash flows
5.3 Applying IAS 7 (revised) Statement of Cash Flows
5.4 Step approach to preparation of a statement of cash flows - indirect method
5.5 Additional notes required by IAS 7
5.6 Analysing statements of cash flows
5.7 Approach to answering questions with time constraints
5.8 Preparing a statement of cash flows when no statement of income is available
5.9 Critique of cash flow accounting

Summary Review questions Exercises NotesAccounting for price-level changes

6.1 Introduction
6.2 Review of the problems of historical cost accounting (HCA)
6.3 Inflation accounting
6.4 The concepts in principle
6.5 The four models illustrated for a company with cash purchases and sales
6.6 Critique of each model
6.7 Operating capital maintenance - a comprehensive example
6.8 Critique of CCA statements
6.9 Measurement bases
6.10 The IASB position where there is hyperinflation
6.11 Future developments

Summary Review questions Exercises Bibliography Notes PART 3 REGULATORY FRAMEWORK - AN ATTEMPT TO ACHIEVE UNIFORMITYFinancial reporting - evolution of global standards

7.1 Introduction
7.2 Why do we need financial reporting standards?
7.3 Why do we need standards to be mandatory?
7.4 Arguments in support of standards
7.5 Arguments against standards
7.6 The Financial Reporting Council (FRC) as a regulatory body
7.7 The International Accounting Standards Board
7.8 Standard setting and enforcement in the European Union (EU)
7.9 Standard setting and enforcement in the US
7.10 Advantages and disadvantages of global standards for publicly accountable entities
7.11 How do reporting requirements differ for non-publicly accountable entities?
7.12 IFRS for SMEs
7.13 Why have there been differences in financial reporting?
7.14 Move towards a conceptual framework

Summary Review questions Exercises NotesConcepts - evolution of an international conceptual framework

8.1 Introduction
8.2 Different countries meant different financial statements
8.3 Historical overview of the evolution of financial accounting theory
8.4 Developing the Framework for the Preparation and Presentation of Financial Statements
8.5 Conceptual Framework for Financial Reporting 2018
8.6 Current developments - concept of materiality

Summary and evaluation of position to date Review questions ExercisesRevenue recognition

9.1 Introduction
9.2 The issues involved in developing the new standard
9.3 IFRS 15 Revenue from Contracts with Customers
9.4 Five-step process to identify the amount and timing of revenue
9.5 Disclosures

Summary Review questions Exercises Notes PART 4 STATEMENT OF FINANCIAL POSITION - EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSUREShare capital, distributable profits and reduction of capital

10.1 Introduction
10.2 Common themes
10.3 Total owners' equity: an overview
10.4 Total shareholders' funds: more detailed explanation
10.5 Accounting entries on issue of shares
10.6 Creditor protection: capital maintenance concept
10.7 Creditor protection: why capital maintenance rules are necessary
10.8 Creditor protection: how to quantify the amounts available to meet creditors' claims
10.9 Issued share capital: minimum share capital
10.10 Distributable profits: general considerations
10.11 Distributable profits: how to arrive at the amount using relevant accounts
10.12 When may capital be reduced?
10.13 Writing off part of capital which has already been lost and is not represented by assets
10.14 Repayment of part of paid-in capital to shareholders or cancellation of unpaid share capital
10.15 Purchase of own shares

Summary Review questions Exercises NotesLiabilities

11.1 Introduction
11.2 Provisions - a decision tree approach to their impact on the statement of financial position...