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If you want to understand the regulations and practices of
financial accounting and reporting, this is the book for you! The
authors of this book have developed a unique set of material on
corporate financial reporting based on their collective years of
teaching experience. In this book, they explain, in non-technical
language, the financial information that companies are required to
provide.What are companies? Why are they formed? Companies are not
charities but are formed to provide a good income to their
shareholders by selling us goods and services. Large companies in
the UK are mostly known as Public Limited Companies (PLCs). There
are about 2,000 PLCs in the London Stock Exchange. But do we
understand these companies' objectives and activities? We can do so
by examining the financial information they provide publicly in
their annual financial reports.To be able to examine the financial
statements issued by companies, you need to understand the
regulations issued by the International Accounting Standards Board
(IASB). This book explains the requirements of Financial Reporting
Standards. Guidance on the disclosure requirements and examples
from companies' financial reports are also provided and explained.
Many of these company names are synonymous with our everyday lives.
Think about Cadbury Chocolate, Unilever, Diageo, Shell, Boots. It
is difficult to conceive our lives without their products and
services. The explanation and guidance provided in this book will
allow you to understand fully the operations of such companies.
This is vital knowledge if you intend to do business with the
companies, buy their products and services or find employment with
them.
Business has become more international and more complex. Whether
you are a manager, a student, or someone generally interested in
corporate financial information, you want information and you want
to understand that information. Companies in all countries are
required to generate financial information, if for no other reason
than to settle their tax obligations. If you are interested in the
larger companies, such as those listed on a stock exchange, they
must make financial information public, and the nature and type of
that information is strictly regulated. Companies must comply with
accounting standards. Many countries use the International
Accounting Standards issued by the IFRS Foundation. This is a
not-for-profit international organization that has developed a
single set of high-quality global accounting standards. These
standards can be complex, but this book explains clearly the main
requirements.
The first edition of this book explained the efforts of the
International Accounting Standards Board (IASB) to develop
accounting regulations to be used worldwide. In 2002, progress was
accelerated by the decision of Financial Accounting Standards Board
(FASB) in the United States to converge their regulations with
international standards. This second edition describes the
successes and failures of the convergence project. The U.S.
involvement brought about many changes in corporate financial
reporting, but there were differences in opinions on specific
issues. This resulted in the FASB, US focusing on its own
regulations. We explain the main convergence achievements and also
the differences leading to the end of the project. Our analysis
reviews new developments in corporate reporting, including the
issues of sustainability, governance, and integrated reporting.
Increasing business competition is compelling managers not only to
develop realistic and achievable strategies but also to analyze
goals in financial terms and to evaluate performance. But where do
you, as a manager, learn about the key methods and techniques of
strategic cost analysis? This text explains in simple language the
methods and techniques of cost analysis that can be applied
strategically at any level in an organization-be it manufacturing,
service, or the nonprofit sector. Since the interaction of the
organization's activities, the influences of the external world,
and your responsibilities as a manager need to be captured in
financial terms to help plan, control, and make decisions, this
book is what you'll require in today's world.
The disciplines of accounting and finance have been rapidly
changing in recent years. The methods and techniques now being used
have created a new language for managers, students, practitioners,
academics and all those who are connected in some way with business
and investment activities. To understand and work within an
environment that is in a constant state of flux can be challenging
and this book provides a resource of information and guidance. The
Guide focuses specifically on the terms used in accounting and
finance. Important terms and phrases are identified but with a much
longer, in-depth explanation than you would normally find in a
dictionary. Not only does each entry gives a thorough explanation
of each term, most entries provide two or more references to
academic articles that go into much greater depth. Hence, the
entries give the reader immediate access to the literature. The
Guide also comments on the contribution of the articles which adds
to our knowledge. This approach allows the reader to obtain a much
deeper level of understanding much more quickly than is available
from the usual dictionary. At the end of the book, the full
reference to all the articles that have been cited in the text is
given including a list of the many acronyms used in the world of
accounting and finance.
This book is not an introduction to accounting. It is an
explanation of how accounting is used for pursuing business success
and avoiding failure. All types of organizations keep some form of
accounting records, whether it is an international conglomerate or
a local charity concerned with the welfare of stray animals. The
simple reason is that organizations do not want to go "bust" and
they need to know how they can best understand and control the
financial consequences of their activities. In addition, financial
information enables organizations to strategize and make decisions
that are in line with their mission and objectives. Much of the
accounting information these organizations generate is provided to
their stakeholders. Certain types of information are mandatory and
legally regulated by regulatory bodies. International conglomerates
must report to their stockholders, charities to their donors, and
governments to the electorate. In this book, we concentrate on
for-profit businesses, although most of our explanations and
discussions can be applied to many types of organizations. In
Chapter 1, we discuss different types of businesses and how this
can determine the nature of the financial information that is
generated and how it is used. We continue this theme in Chapter 2
that explains financial accounting, what is meant by that term, and
how such information is used. Chapter 3 focuses on making business
decisions internally. We explain the various decisions that
businesses have to make. These can range from deciding on the price
to charge for their products or services to downsizing or
globalization. All of these internal decisions need financial
information and this leads us to Chapter 4 Management Accounting.
We explain the various techniques that can be used and how this
financial information assists managers in decision-making. In our
final chapter, we explain new developments that are taking place in
and accounting and business and the effects they have on each area.
Developments such as algorithms, blockchain, cryptocurrencies, and
big data are not just jargon but impact what businesses do and how
we account for them. In each chapter we provide straightforward
explanations without the use of jargon. We also include copious
references so that readers who wish to pursue a topic further can
do so.
Increasing business competition is compelling managers not only to
develop realistic and achievable strategies but also to analyze
goals in financial terms and to evaluate performance. Whether in
manufacturing, service, or the non-profit sector managers need to
know the key methods and techniques of cost analysis. The
interaction of the organisation's activities, the influences of the
external world and the responsibilities of managers need to be
captured in financial terms to plan, control and make
decisions.Sales managers, production managers, HR managers, amongst
others, are recipients of financial information which they are
expected to understand. They need to appreciate the impact of their
decisions on costs, selling prices, investment decisions and
profit. They must be able to analyse, communicate and act on
financial information to be a valuable member of the management
team.This text explains in simple language the methods and
techniques of cost analysis that can be applied strategically at
any level in an organization. The busy manager will find that the
cost information provided will help them plan and control the
activities for which they are responsible and also make strategic
decisions in the most effective way. Whether you are in a
manufacturing or service organisation, the book will help you to
answer the four questions: What did it cost? What should it have
cost? How can we improve? What is our next strategic move? No prior
knowledge of accounting or statistics is required. The book defines
all key terms and emphasizes the essential knowledge of analyzing
cost in a strategic context.
This engaging new textbook takes a refreshing approach to the
subject of intermediate level financial reporting. As well as
presenting the IFRS clearly, with global, real-life examples, it
examines not only the debates surrounding their historical
development but also critically analyses their current requirements
and looks ahead to future challenges in this rapidly changing
field. Encouraging students to do more than simply perform
calculations, the book considers both the user's perspective, as
well as the preparer's, where relevant, allowing an appreciation of
the implications of financial information to a business. This text
is aimed at undergraduate, intermediate-level modules on financial
reporting on Accounting degrees.
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