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Books > Business & Economics > Finance & accounting > Accounting > Financial reporting, financial statements
This volume brings together a series of key articles concerning the major accounting jurisdictions within Europe. The articles cover the evolution of financial reporting in various countries and deal with features of their accounting environment which distinguish them from other jurisdictions. It is a unique collection of material which will be an essential aid for students and researchers in comparative international reporting.
Financial accounting theory has numerous practical applications and policy implications, for instance, international accounting standard setters are increasingly relying on theoretical accounting concepts in the creation of new standards; and corporate regulators are increasingly turning to various conceptual frameworks of accounting to guide regulation and the interpretation of accounting practices. The global financial crisis has also led to a new found appreciation of the social, economic and political importance of accounting concepts generally and corporate financial reporting in particular. For instance, the fundamentals of capital market theory (i.e. market efficiency) and measurement theory (i.e. fair value) have received widespread public and regulatory attention. This comprehensive, authoritative volume provides a prestige reference work which offers students, academics, regulators and practitioners a valuable resource containing the current scholarship and practice in the established field of financial accounting theory.
This book, first published in 1982, collects papers about market price valuations capable of different interpretations. Many give quite explicit support for the selling price case. Others are incapable of reasonable interpretation other than in support for selling price valuations. And still others are not inconsistent with the selling price case. Together they provide valuable historical analysis of selling price valuations in diverse contexts.
This monograph critically examines the adoption of Anglo-American models of corporate governance and financial reporting in China. More specifically, it examines whether measures taken by the Chinese government, including the adoption of the International Financial Reporting Standards, the introduction of independent directors and audit committees, and the strengthening of auditor independence, are likely to improve the quality of financial reporting. A comprehensive theoretical framework based on institutional theory, which incorporates international influences, domestic influences, and intraorganizational dynamics, was developed. The findings suggest that the current institutional environment in China does not yet fully support Anglo-American practices. The implementation of internationally acceptable principles and standards is largely symbolic rather than instrumental. This monograph shows how contradictory institutional pressures shape the process and outcome of loose coupling between regulations and actual operations, which are intertwined with organizations' conflicts of interest and power dependence within China's institutional setting.
A concise FAQ guide to IFRS principles and practices Co-written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book is a comprehensive guide to International Financial Reporting Standards (IFRS) which became mandatory in the EU in 2005, and they will almost certainly be adopted by most other developed countries in the near future. Unlike US-GAAP and other sets of standards, the IFRS are principles-based rather than rules-based, putting the onus of interpretation more on users than has previously been the case. Under IFRS users must understand the economic substance of operations, and they must be able to make assumptions, hypotheses, and estimations leading to an accounting treatment consistent with the general objectives of and principles behind IFRS financial reporting. In a handy, easy-to-navigate Q&A format, "Frequently Asked Questions on IFRS" provides accounting and finance professionals with the answers to some of the most commonly asked questions on the new standards. Covering the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions, and revenue recognition, the book also contains a valuable overview of the standards and the thinking behind them.Includes a comprehensive section on the new IFRS for small and medium enterprisesContains real-world examples from financial reports; a glossary of commonly used terms; and a 'Test Your Knowledge' sectionProvides a simple way to get up to speed on these often confusing, principles-based standards
The Routledge Companion to Accounting History presents a single-volume synthesis of research in this expanding field, exploring and analysing accounting from ancient civilisations to the modern day. No longer perceived as the narrow study of how a mysterious technique was used in past, the scope of accounting history has widened substantially. This revised and updated volume moves beyond the history of accounting technologies, accounting theories and practices and the accountants who applied them. Expert contributors from around the world explore the interfaces between accounting and the economy, society, culture and the polity. Accounting history is shown to offer important insights into such disparate phenomena as the evolution of capitalism, control of labour, gender and family relationships, racial exploitation, the operation of religious organisations, and the functioning of the state. Illuminating the foundation and development of accounting systems, this updated, classic book opens the field to a new generation of accounting scholars and historians around the world.
The helpful workbook to help practice assessing financial statements Financial statement analysis is essential as part of any well-organized financial portfolio. As a companion piece, Financial Statement Analysis Workbook: A Practitioner's Guide allows readers the opportunity to test and hone the skills put forward in Martin Fridson and Fernando Alvarez's Financial Statement Analysis, a resource devoted to providing the analytical framework necessary to make sense of the sometimes misleading numbers put forth by companies. Scrutinizing financial statements allows one to, for example, evaluate a company's stock price or determine merger or acquisition valuations. The Financial Statement Analysis Workbook, then, provides a pathway to become familiar with these methodologies in order to be prepared to use them in real-world scenarios. With the skills provided within, you can begin to undertake goal-oriented preparation for the practical challenges of contemporary business, and feel confident in your financial decision-making. This is aided by: Question-and-answer sections within this Workbook correspond to each chapter of Financial Statement Analysis Financial statement and computational exercises designed to require analysis and synthesis of concepts covered in the core text A full list of answers in the second half of the book that help explain pitfalls within the questions An essential tool for professional analysts, investors, and students, Financial Statement Analysis Workbook offers the perfect opportunity to help turn theory into reality.
Better analysis for more accurate international financial valuation International Financial Statement Analysis, 4th Edition provides the most up-to-date detail for the successful assessment of company performance and financial position regardless of country of origin. The seasoned experts at the CFA Institute offer readers a rich, clear reference, covering all aspects from financial reporting mechanics and standards to understanding income and balance sheets. Comprehensive guidance toward effective analysis techniques helps readers make real-world use of the knowledge presented, with this new third edition containing the most current standards and methods for the post-crisis world. Coverage includes the complete statement analysis process, plus information on income tax accounting, employee compensation, and the impact of foreign exchange rates on the statements of multinational corporations.
Praise for "The Financial Numbers Game" "So much for the notion 'those who can, do--those who can't,
teach.' Mulford and Comiskey function successfully both as college
professors and real-world financial mercenaries. These guys know
their balance sheets. The Financial Numbers Game should serve as a
survival manual for both serious individual investors and industry
pros who study and act upon the interpretation of financial
statements. This unique blend of battle-earned scholarship and
quality writing is a must-read/must-have reference for serious
financial statement analysis." "Wall Street's unforgiving attention to quarterly earnings
presents ever-increasing pressure on CFOs to manage earnings and
expectations. The Financial Numbers Game provides a clear
explanation of the ways in which management can stretch, bend, and
break accounting rules to reach the desired bottom line. This arms
the serious investor or financial analyst with the healthy
skepticism required to drive beyond reported results to a clear
understanding of a firm's true performance." "After reading The Financial Numbers Game, I feel as though I've
taken a master's course in financial statement analysis. Mulford
and Comiskey's latest book should be required reading for anyone
who is serious about fundamentally analyzing stocks." "The Financial Numbers Game" identifies the steps businesses may take to misstate financial performanceand helps its readers to identify those situations where reported results may not be what they seem.
All business organizations produce financial statements, and the information communicated (or hidden) in these is relevant to a wide range of users. After a number of recent financial scandals from banks to supermarkets, the need to fully understand financial statements has never been so imperative, and the topic itself so pertinent. With updated examples to reflect the current business environment, including new material on the ethical considerations, and a wider array of business examples, from retail to services and banks, O'Hare continues to demist financial statements for non-specialists. In this new and refreshed edition, he once again covers the topic in an accessible way and assumes no prior training or study in accounting. Offering a range of extra resources, including end of chapter questions, topics for further discussion and brimming with real-world examples, this concise new edition provides a comprehensive resource that will be welcomed by lecturers and instructors charged with delivering classes on financial statements.
All business organizations produce financial statements, and the information communicated (or hidden) in these is relevant to a wide range of users. After a number of recent financial scandals from banks to supermarkets, the need to fully understand financial statements has never been so imperative, and the topic itself so pertinent. With updated examples to reflect the current business environment, including new material on the ethical considerations, and a wider array of business examples, from retail to services and banks, O'Hare continues to demist financial statements for non-specialists. In this new and refreshed edition, he once again covers the topic in an accessible way and assumes no prior training or study in accounting. Offering a range of extra resources, including end of chapter questions, topics for further discussion and brimming with real-world examples, this concise new edition provides a comprehensive resource that will be welcomed by lecturers and instructors charged with delivering classes on financial statements.
It is clear that value added methods provide relevant, useful information for financial analysis, market valuation, and financial decision making in corporate settings. Value added methods can be used in ratio analysis, in the determination of earnings as an earnings management tools, and can be substituted for earnings in equity valuation. When included in a wealth measurement it can vastly improve the quality of decision making. Riahi-Belkaoui covers these topics and more. His book is a probing, essential examination of what the latest value added methods are and what they can do, not only for accounting professionals but for academics and top corporate management as well. Value added reporting is popular in most European countries and in New Zealand, South Africa, and Australia. Most emerging countries are using it too, or considering it. Riahi-Belkaoui explicates latest developments in value-added practice and research, first covering the meaning of the concept, the history behind value added's development and its implied advantages and disadvantages. He then covers the derivation of a value added report, using a fictional case and the resulting data, before moving to an overview of the empirical literature most concerned with value added in the United States. Documenting the overall behavior of the net value added earnings policy model, he lays the foundation for more contextually specific approaches and investigates the usefulness of the substitution of net-value added in equity valuation. The book concludes with an examination of whether accounting knowledge is associated with a decision maker's tendency to ignore value added in wealth measurement in favor of the profit concept. Riahi-Belkaoui draws heavily on his own important writings, to further illustrate and explain the methods and benefits of value added approaches in accounting and other forms of financial decision making.
Financial analysis is integral to business sustainability in determining an organisation's financial viability and revealing its strengths and weaknesses, a key requirement in today's competitive business environment. In a first of its kind, Financial Statements Analysis: Cases from Corporate India: evaluates the financial performance and efficiency of various corporate enterprises in India; presents actual case studies from eight core sectors (in manufacturing and services) - construction, cement, steel, automobile, power, telecom, banking, and Business Process Outsourcing (BPO); examines the financial statements on parameters such as financial ratios (profitability, solvency, and liquidity), while appraising their operating efficiency, market potential and valuation; and investigates their implications for larger decision-making and policy recommendations. It will be an important resource for scholars, teachers and students of business and management, commerce, finance, and accounting. It will also appeal to corporate trainers, senior executives and consultants in related fields.
Business sustainability has advanced from greenwashing and branding to being a business imperative. Stakeholders, including shareholders, demand, regulators require, and companies now need to report their sustainability performance. No longer is this a choice for businesses. A decade ago, fewer than 50 companies released sustainability reports, and now more 8,000 global public companies disclose sustainability performance information on some or all five economic, governance, social, ethical, and environmental (EGSEE) dimensions of sustainability performance, and this trend is expected to continue. Indeed, more than 6,000 European public companies would be required to disclose their environmental, social, governance and diversity information for their 2017 reporting year. However, the proper determination of sustainability performance, accurate and reliable reporting and independent assurance of sustainability information remain major challenges for organizations of all types and sizes. Through reading this book, you will: Identify sustainability strategies to create innovation in new products, services, energy-efficiency, environmental facilities and green initiatives. Understand the role and responsibilities of all participants in the corporate reporting process, including directors, officers, internal auditors, external auditors, legal counsel, and investors. See ways to improve public trust, investor confidence, business reputation, employee satisfaction, corporate culture, social responsibility and environmental performance. Learn all five economic, governance, social, ethical and environmental (EGSEE) dimensions of sustainability performance separately and their integrated and interactive effects on achieving the goal of creating sustainable value for all stakeholders, including shareholders. Learn how to adopt best practices in sustainability development and performance, and deliver effective integrated sustainability reporting and assurance.
As the monetary cost of fraud escalates globally, and the ensuing confidence in financial markets deteriorates, the international demand for quality in financial statements intensifies. But what constitutes quality in financial statements? This book examines financial statement fraud, a topical and increasingly challenging area for financial accounting, business, and the law. Evidence shows that accounting anomalies in an organization's financial statements diminish the quality and serviceability of financial information. However, an anomaly does not necessarily signal fraud. Financial statement fraud is intended to mislead shareholders and other stakeholders. In this book, elements that underpin diversity of accounting anomalies likely found in fraudulent financial accounting statements are revealed. Multiple research methods are used in the analysis of selected international fraud cases, each illustrating examples of financial statement fraud, including: revenue recognition, overstatement and/or misappropriation of assets, understatement of expenses and liabilities, disclosure fraud, bribery and corruption. Additionally, the phoenix phenomenon with regard to fraud in financial accounting is investigated. Drawing on documented observations of commercial and legal cases globally this study highlights the necessity for continued development of financial audit practices and other audit services.
In Time Series Analysis and Adjustment the authors explain how the last four decades have brought dramatic changes in the way researchers analyze economic and financial data on behalf of economic and financial institutions and provide statistics to whomsoever requires them. Such analysis has long involved what is known as econometrics, but time series analysis is a different approach driven more by data than economic theory and focused on modelling. An understanding of time series and the application and understanding of related time series adjustment procedures is essential in areas such as risk management, business cycle analysis, and forecasting. Dealing with economic data involves grappling with things like varying numbers of working and trading days in different months and movable national holidays. Special attention has to be given to such things. However, the main problem in time series analysis is randomness. In real-life, data patterns are usually unclear, and the challenge is to uncover hidden patterns in the data and then to generate accurate forecasts. The case studies in this book demonstrate that time series adjustment methods can be efficaciously applied and utilized, for both analysis and forecasting, but they must be used in the context of reasoned statistical and economic judgment. The authors believe this is the first published study to really deal with this issue of context.
This book provides an illuminating analysis of Internally Generated Goodwill from a strategic point of view. The author launches his strategic analysis from a foundational understanding of Internally Generated Goodwill as determined largely in relationship to intangible resources and competitive differentials. Arguing that intangible resources are at the origin of competitive differential--and accordingly at the origin of the achievement of economic profit--the author shows how Internally Generated Goodwill can be considered as the economic expression of competitive differentials and, therefore, as the expression of the greater firm s value that originates from those differentials. In addition to offering this innovative theoretical framework, the author develops a variety of practical tools for generating value estimates and value breakdowns of IIG. The masterful analysis provided here focuses on developing methods for identifying the elements that compose IIG and on achieving an accurate estimate of its value, ultimately seeking to evaluate the limitations and advantages of the existing variety of approaches to analyzing the constituent parts of IIG and to devise accounting practices that will help academics and professionals alike to obtain more significant and lucid results.
Better Corporate Reporting outlines the latest frameworks for enhancing non-financial and sustainability reporting. It includes guides to: the International Integrated Reporting Council's new framework; the Global Reporting Initiative's G4 framework; and a detailed look at the concept at the heart of both of these new frameworks, materiality.
Assessing and Responding to Audit Risk in a Financial Statement Audit is the definitive source for guidance on applying the core principles of the risk-based audit methodology that must be used on all financial statement audits. This guide is written in an easy-to-understand style that allows auditors of all experience levels find answers to the issues they encounter in the field. Unique insights, examples, and a comprehensive case study clarify critical concepts and requirements.
Financial analysis is integral to business sustainability in determining an organisation's financial viability and revealing its strengths and weaknesses, a key requirement in today's competitive business environment. In a first of its kind, Financial Statements Analysis: Cases from Corporate India: evaluates the financial performance and efficiency of various corporate enterprises in India; presents actual case studies from eight core sectors (in manufacturing and services) - construction, cement, steel, automobile, power, telecom, banking, and Business Process Outsourcing (BPO); examines the financial statements on parameters such as financial ratios (profitability, solvency, and liquidity), while appraising their operating efficiency, market potential and valuation; and investigates their implications for larger decision-making and policy recommendations. It will be an important resource for scholars, teachers and students of business and management, commerce, finance, and accounting. It will also appeal to corporate trainers, senior executives and consultants in related fields.
Since the global financial crisis of 2007-8, new laws and regulations have been introduced with the aim of improving the transparency in financial reporting. Despite the dramatically increased flow of information to shareholders and the public, this information flow has not always been meaningful or useful. Often it seems that it is not possible to see the wood for the trees. Financial scalds continue, as Wirecard, NMC Health, Patisserie Valerie, going back to Carillion (and many more) demonstrate. Financial and corporate reporting have never been so fraught with difficulties as companies fail to give guidance about the future in an increasingly uncertain world aided and abetted by the COVID-19 pandemic. This concise book argues that the changes have simply masked an increase in the use of corporate PR, impression management, bullet points, glossy images, and other simulacra which allow poor performance to be masked by misleading information presented in glib boilerplate texts, images, and tables. The tone of the narrative sections in annual reports is often misleading. Drawing on extensive research and interviews with insiders and experts, this book charts what has gone wrong with financial reporting and offers a range of solutions to improve information to both investors and the public. This provides a framework for a new era of forward-looking corporate reporting and guidance based on often conflicting multiple corporate goals. The book also examines and contrasts the latest thinking by the regularity authorities. Providing a compelling exploration of the industry's failings and present difficulties, and the impact of future disruption, this timely, thought-provoking book will be of great interest to students, researchers, and professionals as well as policy makers in accounting, financial reporting, corporate reporting, financial statement analysis, and governance.
In this 30th volume of Advances in Taxation, editor John Hasseldine includes studies from expert contributors to explore topics such as: the stock market reaction to the Tax Cuts and Jobs Act; strategic repatriations made by firms; and corporate social responsibility and tax planning. Three studies separately examine individual responses to taxation including the renunciation of U.S. citizenship due to the Foreign Account Tax Compliance Act, the imposition of a tax on sugar-sweetened beverages, and the effects of social media on tax compliance in a developing country. Reporting peer-reviewed research contributions from the U.S., Canada, and Malaysia Advances in Taxation Volume 30 is essential reading for those looking to keep abreast of the most recent research, including empirical studies using a variety of research methods from different institutional settings and contexts
The rise of the British accountancy profession from the late nineteenth century to the present day, and the world-wide success of its accountancy firms, were to a large extent based on the growth of the audit function. This book explores the history of the audit process in Britain, demonstrating that the characteristic features of the auditing industry are a diversity in practice based largely on the different types of clients the auditors serve. The book examines the innovation that was brought about by the staggering developments in information technology which have been seen over the last few centuries. This comprehensive history will be a useful reference tool for accounting, business and economic historians and will also be an enlightening read for all those with an interest in auditing procedures.
Accounting and Distributive Justice challenges the basic assumptions on which the current practice of financial reporting is based. It argues that the objective of financial reporting should be to contribute to the achievement of distributive justice and not the optimal allocation of resources as in the traditional capitalist paradigm. It explains in non-technical terms the principle philosophical theories of justice and argues that a firm has a moral responsibility to seek distributive justice in its dealings with its shareholders, employees, suppliers, customers, and other people with whom it has dealings, who are considered to be the firm's stakeholders. The book introduces concepts of distributive justice to accountants and provokes them into reflecting on how the discipline of accounting can best serve the cause of justice. Accounting and Distributive Justice provides both a philosophical foundation and a practical game plan for the future of a more sustainable accounting practice. |
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