Part of a series which discusses advances in the quantitative analysis of finance and accounting, this volume is the fifth in the series.

This book discusses the theory, methods, and applications of flow of funds analysis. The book integrates the basic principles of economic statistics, financial accounts, international finance, econometric models, and financial network analysis, providing a systematic and comprehensive introduction to the interconnection between these research fields. It thus provides the reader with the intellectual groundwork indispensable for understanding the workings and interactions of today's globalized financial markets. The main focus of the book is how to observe the flow of funds in macroeconomics, how to measure the global flow of funds (GFF), and how to use GFF data to carry out an analysis. Based on the statistical framework for measuring GFF under the System of National Accounts, the book identifies the systematic relationship of financial linkages among economic sectors and with the rest of the world while integrating data sources that include stock data, geographically broken down by country-region, and selected financial instruments. It sets out the GFF concept and constructs a GFF matrix (metadata) on a from-whom-to-whom basis within a country-by-country pattern. Lastly, an established GFF matrix table is used to conduct an empirical study including an econometric model and financial network analysis.

"Advances in Quantitative Analysis of Finance and Accounting" is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession. The papers in this volume cover a wide range of topics including default risk premiums, multi-period contracts, stock market, impact of earnings change on stock price, bank regulation, dividend effect of closed-end mutual funds, income smoothing, and inflation accounting.

Corporate failures and accounting scandals have shaken the foundations of investors' confidence in the transparency, integrity and accountability of corporations and financial markets. There have also been public disquiet about the role of professional auditors and audit firms, who had been associated with these corporate scandals. Written from a global perspective, the book assists in understanding the gravity of independent attitude of statutory auditors in protecting stakeholders' interest and examines the effectiveness of the existing standards and other legal and regulatory requirements in enforcing statutory auditors' independent engagement. It then suggests modifications in those regulations. The study has been made through seven chapters in order to address empirically statutory auditors' independence in protecting stakeholders' interest. Primary audiences of the book are researchers in finance and control, students, and professionals in the field of accounting and auditing.

Part of a series which discusses advances in the quantitative analysis of finance and accounting, this volume is the fourth in the series.

Since the publication of the 2nd edition of The Credit Risk of Complex Derivatives in 1997, the world of derivatives has gone through a period of dramatic change in the external operating environment, product and market characteristic and risk management techniques. In the light of these changes, the text has been substantially reorganized, updated and expanded. Several new chapters have been added including: derivative losses risk governance and risk management efforts regulatory initiatives and advances credit risk portfolio models Aimed at clients, intermediaries and regulators, this new edition will be focussed clearly on risk education, risk management and risk disclosure in order to make participation in derivatives more secure, transparent, efficient and beneficial. MARKET 1: Senior Managers; Risk Managers; Compliance Managers; Consultants; Trading and Sales Staff; Quantitative Analysts; Credit Analysts; Regulators MARKET 2: MBA courses

Two experienced financial advisers share their combined wisdom and knowledge in this handbook that focuses on helping doctors grow and protect wealth.

As a specialty doctor, you shouldn't always follow the rules that others adhere to when it comes to finances. Your high income, subsequent high taxes, and significant exposure to litigation all require you to pay even closer attention to your financial goals than the average person.

By using this essential wealth management and preservation handbook, you can learn

Strategies to diversify your tax risk;
Methods to lessen the impact of litigation;
Qualities to look for when seeking professional advice;
Spend more time doing the things you enjoy with the people you love.

This guide includes examples, diagrams, and more to make it easy to understand your financial options and the impact of the decisions you make. Navigating this financial world isn't easy, but taking an active approach will put you well on your way to Optimal Financial Health.

Globalization and the accompanying investment facilities available have resulted in rapid popularity for international financial reporting standards (IFRS). However, differences often exist in terms of what firms report, and once inconsistency between tax regulations and financial reporting regulations occur, differences between taxable and accounting practices are inevitable. This book introduces a new approach to corporate financial reporting by investigating goal incongruence (GING) in the context of the principal and agent (PA) setting. The authors argue that improving the method for the disclosure of information would not only increase the quality of corporate financial information and reporting but also reduce the possibility of any GING arising. This book presents the financial implications of international accounting and financial reporting standards (IAS and IFRS), presenting numerous real-life situations, cases, examples and implications to reveal how GING might influence the implementation of corporate financial reporting of profit volumes and sizes, which are the leading drivers of and widely accepted proxies for corporate financial performance.

This book explores new topics in modern research on empirical corporate finance and applied accounting, especially the econometric analysis of microdata. Dubbed "financial microeconometrics" by the author, this concept unites both methodological and applied approaches. The book examines how quantitative methods can be applied in corporate finance and accounting research in order to predict companies getting into financial distress. Presented in a clear and straightforward manner, it also suggests methods for linking corporate governance to financial performance, and discusses what the determinants of accounting disclosures are. Exploring these questions by way of numerous practical examples, this book is intended for researchers, practitioners and students who are not yet familiar with the variety of approaches available for data analysis and microeconometrics. "This book on financial microeconometrics is an excellent starting point for research in corporate finance and accounting. In my view, the text is positioned between a narrative and a scientific treatise. It is based on a vast amount of literature but is not overloaded with formulae. My appreciation of financial microeconometrics has very much increased. The book is well organized and properly written. I enjoyed reading it." Wolfgang Marty, Senior Investment Strategist, AgaNola AG

This is the 8th volume in the series Advances in Quantitative Analysis of Finance and Accounting, edited by Dr. Cheng-Few Lee.

A supplementary text for a variety of Business courses, including Financial Statement Analysis, Investments, Personal Finance, and Financial Planning and Analysis. An Analytical Approach to Understanding and Interpreting Business Financial Statements Understanding Financial Statements improves the student's ability to translate a financial statement into a meaningful map for business decisions. The material covered in each chapter helps students approach financial statements with enhanced confidence and understanding of a firm's historical, current, and prospective financial condition and performance. The 11th Edition includes new case studies based on existing companies and enhanced learning tools to help students quickly grasp and apply the materials. Fraser and Ormiston presents material in an engaging fashion that helps readers make sense of complex financial information, leading to intelligent (and profitable!) decision-making.

This book analyzes the relationship between integrated reporting and audit quality within the European context, presenting empirical evidence and drawing on a broad review of the available literature in order to evaluate the ability of integrated reporting to enhance audit risk assessment. Dedicated sections first elucidate the concepts of integrated reporting and audit quality. The main integrated reporting frameworks are compared, the role of integrated reporting within a firm's disclosure is examined, and all aspects of audit risk are discussed. The key question of the impacts of integrated reporting on the components of audit risk is then addressed in detail, with reference to empirical findings, their practical implications, and their limitations. The concluding section explores the future of corporate reporting and the development of the next integrated reporting framework and summarizes the insights that the analysis in the book offers into the relationship between integrated reporting and audit quality in the European setting.

The 38th annual edition of the leading guide to taxation in Britain. This practical and user-friendly guide is a bestseller with students, professionals, accountants and private individuals, explaining in simple terms how the UK tax system works and how best to minimise tax liabilities

This is the seventh volume in a series which examines advances in the quantitative analysis of finance and accounting.

This book provides a comprehensive presentation of auditing theory and practice. It simplifies audit concepts often considered abstract or vague to many. Written in a clear, concise, and understandable manner, the book covers the often uncovered and daring area of forensic auditing and analyses the approach thereof. Additionally, it covers the use of blockchain in audit through several illustrations and examples, and would be of interest to students, academics, and even junior auditors.

A comprehensive review of contemporary research in management accounting. Provides a thorough critical analysis of recent issues published in the management accounting literature and identifies gaps for future research in each issue reviewed.

For courses in Accounting Fraud, Forensic Accounting, Financial Statement Fraud, Financial Statement Analysis, Ethics for Accountants, and Auditing. A case-study approach that enables students to identify key signs of fraud in financial statements Over the last two decades, financial statement fraud has become an increasingly serious issue, resulting in the collapse of ostensibly solid companies and a subsequent lack of confidence in financial markets. Detecting Accounting Fraud: Analysis and Ethics was created in response to the challenges facing accountants in this era. The text provides students a thorough overview of the most frequently used methods of overstating earnings and assets or understating debt in financial statements. It also provides detailed coverage of the main signals indicating possible fictitious reporting in financial statements to help students learn what to look for. And because breakdowns in ethics underlie accounting fraud, the text presents three major theories of ethics, plus applicable ethical decision-making models as well as opportunities for students to apply ethical models to real-world situations.This text provides a better teaching and learning experience-for you and your students. It will help you to: * Explain accounting fraud through detailed case studies: The text's real-world case study approach helps students understand the methods used to perpetrate financial statement fraud today. * Focus student attention on ethics: Ethics coverage integrated throughout the text helps students understand this topic's importance vis-a-vis accounting fraud. * Foster thorough understanding via student-focused features: An engaging, captivating writing style and diverse end-of-chapter materials motivate and assist students.

Chapter 1 Business, Accounting, and You 1 Business, Accounting, and You 1 What Is a Business, and Why Study Accounting? 2 The Definition of a Business 2 The General Concept of Value 3 Business Owners and Other Stakeholders 4 The Goal of a Business 5 How Does a Business Operate? 5 Resources Needed to Start and Operate a Business 5 Operating the Business 5 The Cost of Money 6 How Are Businesses Organized? 6 The Types of Businesses 6 The Legal Forms of Businesses 7 What Is Accounting, and What Are the Key Accounting Principles and Concepts? 9 Generally Accepted Accounting Principles 9 International Financial Reporting Standards 10 The Business Entity Principle 10 The Reliability (Objectivity) Principle 10 The Cost Principle 10 Accounting Ethics: A Matter of Trust 10 What Is the Role of Accounting in a Business? 11 How Do You Recognize a Business Transaction? 12 Cash Accounting 12 Accrual Accounting 12 How Do You Measure a Business Transaction? 12 How Do You Record Business Transactions Using the Accounting Equation? 13 Transaction Analysis 14 Stockholders' Equity 14 How Do You Report Business Transactions Using Financial Statements?20 The Income Statement 20 The Statement of Retained Earnings 22 The Balance Sheet 22 The Statement of Cash Flows 22 Relationships Among the Financial Statements 23 Accounting, Business, and You-Putting It All Together 24 Summary 25 Accounting Practice 28 Apply Your Knowledge 49 Know Your Business 50 Chapter 2 Analyzing and Recording Business Transactions 53 Business, Accounting, and You 53 How Are Accounts Used to Keep Business Transactions Organized? 54 Organizing Accounts 54 Assets 55 Liabilities 55 Stockholders' Equity 55 What Is Double-Entry Accounting? 56 Normal Balance 58 How Are the General Journal and General Ledger Used to Keep Track of Business Transactions? 58 Transaction Analysis 60 Applying Transaction Analysis 60 Balancing the T-Accounts 67 How Is a Trial Balance Prepared, and What Is It Used For? 69 Correcting Errors 70 Preparation of Financial Statements 71 Summary 74 Accounting Practice 75 Apply Your Knowledge 99 Know Your Business 99 Chapter 3 Adjusting and Closing Entries 102 Business, Accounting, and You 102 How Does a Company Accurately Report Its Income?104 Revenue Recognition and Matching Principles 104 What Is the Role of Adjusting Entries, and When Are They Prepared? 105 Accruing Revenues 106 Accruing Expenses 107 Adjusting Deferred Revenues 107 Adjusting Deferred Expenses 108 How Are Financial Statements Prepared from an Adjusted Trial Balance? 113 The Adjusted Trial Balance 113 Preparing the Financial Statements 115 How Does a Company Prepare for a New Accounting Period? 117 Completing the Accounting Cycle 117 The Three Closing Entries: Revenues, Expenses, and Dividends 118 Post-Closing Trial Balance 120 Summary of the Adjusting and Closing Processes 120 Summary 123 Accounting Practice 125 Apply Your Knowledge 154 Know Your Business 154 Comprehensive Problem 157 Chapter 4 Accounting for a Merchandising Business 159 Business, Accounting, and You 159 What Are the Relationships Among Manufacturers, Wholesalers, Retailers, and Customers? 160 How Do Periodic and Perpetual Inventory Systems Differ? 161 How Do You Account for the Purchase of Inventory? 162 Cash and Credit Purchases 162 Purchase Returns and Allowances 162 Purchase Discounts 163 How Do You Account for the Sale of Inventory?164 Cash Sales 165 Credit Sales 165 Sales Returns and Allowances 166 Sales Returns 167 Sales Allowances 167 Sales Discounts 168 How Do You Account for Freight Charges and Other Selling Expenses? 169 Costs Related to the Receipt of Goods from Suppliers 170 Costs Related to Delivering Goods to Customers 171 Other Selling Costs 173 How Do You Prepare a Merchandiser's Financial Statements? 174 The Income Statement 174 The Statement of Retained Earnings 177 The Balance Sheet 177 Summary 180 Accounting Practice 183 Apply Your Knowledge 205 Know Your Business 205 Chapter 5 Inventory 208 Business, Accounting, and You 208 What Inventory Costing Methods Are Allowed? 209 Cost Flow Versus Physical Flow of Inventory 210 How Are the Four Inventory Costing Methods Applied? 212 Inventory Cost Flows 212 Specific-Identification Method 213 First-In, First-Out (FIFO) Method 214 Last-In, First-Out (LIFO) Method 215 Average Cost Method 216 Journalizing Inventory Transactions 217 What Effect Do the Different Costing Methods Have on Net Income? 218 What Else Determines How Inventory Is Valued? 220 How Is Inventory Reported on the Balance Sheet?222 Inventory Shrinkage 222 How Do Inventory Errors Affect the Financial Statements? 223 Is It Possible to Estimate the Value of Inventory If the Inventory Is Accidentally Destroyed? 224 Summary 228 Accounting Practice 230 Apply Your Knowledge 252 Know Your Business 252 Comprehensive Problem 254 Chapter 6 The Challenges of Accounting: Standards, Internal Control, Audits, Fraud, and Ethics 256 Business, Accounting, and You 256 What Are the Rules that Govern Accounting? 257 Understandable 257 Relevant 258 Reliable 258 Generally Accepted Accounting Principles (GAAP) in the United States 258 Generally Accepted Accounting Principles Around the World: IFRS 259 Differences Between FASB and IFRS 259 What Is Internal Control? 261 Elements of an Internal Control System 261 What Is Fraud, and Who Commits It? 265 Management Fraud 265 Employee Embezzlement 265 The Factors Usually Present When Fraud Is Committed 266 What Is a Certified Public Accountant (CPA)? 268 Audits 268 Audit Opinions 269 What Are the Legal and Ethical Responsibilities of Accountants?270 The Legal Responsibilities of Accountants 270 Ethical Responsibilities of Accountants 271 Summary 273 Accounting Practice 275 Apply Your Knowledge 282 Know Your Business 285 Chapter 7 Cash and Receivables 288 Business, Accounting, and You 288 What Are the Different Types of Sales? 289 Cash Sales 289 Credit Card Sales 290 Debit Card Sales 290 Credit/Debit Card Processing 290 Sales on Account 291 What In

Today's competitive economic environment requires companies to create integrated, forward-thinking business strategies. Accounting plays a large part in the creation of these strategies by establishing step-by-step guidelines for achieving strategic objectives. In short, international accounting standards and local accounting standards play a major role in the success rate of a company's overall accounting scheme.International Accounting Harmonization analyzes the differences between national accounting rules and international accounting methods, showing that when firms adopt international accounting standards they achieve significantly higher positive coefficients compared with firms that only take on local accounting strategies.

This volume deals with the evolution of accounting from earliest times, and gives particular attention to corporate accounting developments since the Industrial Revolution. The author identifies the various sources of accounting practices employed by British companies, to demonstrate the main changes which have taken place, when they occurred and why. The author emphasises the need to understand the legal, social and economic context in which accountancy changes take place, and also studies the conflicts which arise between suppliers and users of accounting statements. The study concludes with an examination of the duties performed by the professional accountant, the extent to which these have changed in the course of time and how his position in society is reinforced by the activities of professional institutions.

Accounting is the discipline with the oldest historical culture, being the first to be recognized by humanity when Adam and Eve were made to account for what they did in paradise. It is also the only discipline that will come into play in the Hereafter, where everybody would be raised up as an accountant - to account for all they have done during their life time on earth Accounting is a service-providing discipline, with a rich theoretical background, which makes available information (especially financial) to guide various decision-making processes. Business owners, creditors, managers, prospective investors, government and its agencies, employees and even the general public seek accounting information to guide them when taking various informed decisions about reporting entities and the environment within which they operate. This book addresses the historical accounting culture, its theories as well as its practices. It is made up of fifteen chapters, covering various historical, theoretical and practical aspects of Accounting, ranging from accounting standardization to financial reporting. The book is an attempt to address some of the lacunae in advanced accounting issues, both in theory and in practice. Students of advanced accounting theory and practice at the professional and academic levels in Universities, Polytechnics and Professional Institutes would find the book an essential companion. ____________________________________________ Associate Professor Kabiru Isa Dandago, B.Sc., M.Sc (Acct), MBA, PhD (Econs), ACA, MNIM, MNES, MIMC, is the Immediate Past Dean, Faculty of Social and Management Sciences, Bayero University, Kano-Nigeria (2004-2008). He is currently (since June 2008), the Chairman, Bayero Consultancy Services Unit of the same University. He has been a lecturer in Accounting in the Department of Accounting of the University since 1990. Dr Dandago has taught Cost Accounting, Management Accounting, Financial Accounting, Taxation, Auditing and Investigation, Public Finance, Business Mathematics, Mathematics for Social Sciences and Research Methodology in Accounting to various Undergraduate, Post Graduate Diploma and Masters Students. He has attended many national and international conferences on Accounting and related disciplines, including the 17th World Congress of Accountants (WCOA) and the 12th World Congress of Accounting Historians (WCAH). He has published many books and journal articles in Accounting, Taxation, Auditing, Industrialization and general Management, which are enjoying wide readership in Nigeria and beyond. He is married with children.