13th AND EDITION International Financial Reporting .

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13thEDITIONELLIOTT AND ELLIOTTFinancial Accounting & Reporting is the most up-to-date text on the market. Now fully updated inits 13th edition, it includes extensive coverage of International Accounting Standards (IASs) andInternational Financial Reporting Standards (IFRSs).This market-leading text offers students a clear, well-structured and comprehensive treatmentof the subject. Supported by illustrations and exercises, the book provides a strong balance oftheoretical and conceptual coverage. Students using this book will gain the knowledge and skillsto help them apply current standards, and critically appraise the underlying concepts and financialreporting methods.Key featureslllllllFINANCIALACCOUNTINGAND 13th EditionREPORTINGNew features for this editionllllllFully updated to May 2009Updated coverage of InternationalFinancial Reporting StandardsSubstantial revisions to Analysis ofAccounts and Accountability chaptersSelected chapters include new additionalquestions and exercisesIncludes more examples of extracts fromreal financial reportsFully supported by a comprehensive setof multiple-choice questions online,covering all parts of the text.FINANCIAL ACCOUNTINGAND REPORTINGlCombines academic rigour with anengaging and accessible styleCoverage of International FinancialReporting StandardsIllustrations taken from real publishedaccountsExcellent range of review questionsNumerous exercises, varying in level ofdifficulty, with solutions where applicableExtensive referencesA section on the Analysis of AccountsA section on Accountability – includesCorporate Governance issues,Sustainability - environmental andsocial reporting and EthicsBARRY ELLIOTT AND JAMIE ELLIOTTBarry Elliott is a training consultant. He has extensive teaching experience at undergraduate,postgraduate and professional level in China, Hong Kong, New Zealand and Singapore. He haswide experience as an external examiner both in higher education and at all levels of professionaleducation.Jamie Elliott is a Director with Deloitte & Touche. Prior to this he has lectured at university onundergraduate degree programmes and as an assistant professor on MBA and Executiveprogrammes at the London Business School.Cover image alamywww.pearson-books.comCVR ELLI3325 13 SE CVR.indd 18/7/09 14:12:16

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page iFinancial Accountingand Reporting

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page iiWe work with leading authors to develop thestrongest educational materials in business and financebringing cutting-edge thinking and best learningpractice to a global market.Under a range of well-known imprints, includingFinancial Times Prentice Hall we craft highquality print and electronic publications which helpreaders to understand and apply their content,whether studying or at work.To find out more about the complete range of ourpublishing, please visit us on the World Wide Web at:www.pearsoned.co.uk

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page iiiOpenmirrors.comFinancial Accountingand ReportingTHIRTEENTH EDITIONBarry Elliott and Jamie Elliott

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page ivOpenmirrors.comPearson Education LimitedEdinburgh GateHarlowEssex CM20 2JEEnglandand Associated Companies throughout the worldVisit us on the World Wide Web at:www.pearsoned.co.ukFirst published 1993Second edition 1996Third edition 1999Fourth edition 2000Fifth edition 2001Sixth edition 2002Seventh edition 2003Eighth edition 2004Ninth edition published 2005Tenth edition published 2006Eleventh edition published 2007Twelfth edition published 2008Thirteenth edition published 2009 Prentice Hall International UK Limited 1993, 1999 Pearson Education Limited 2000, 2009The rights of Barry Elliott and Jamie Elliott to be identified as authors of thiswork have been asserted by them in accordance with the Copyright, Designsand Patents Act 1988.All rights reserved. No part of this publication may be reproduced, stored in aretrieval system, or transmitted in any form or by any means, electronic,mechanical, photocopying, recording or otherwise, without either the priorwritten permission of the publisher or a licence permitting restricted copyingin the United Kingdom issued by the Copyright Licensing Agency Ltd, SaffronHouse, 6–10 Kirby Street, London EC1N 8TS.All trademarks used herein are the property of their respective owners. Theuse of any trademark in this text does not vest in the author or publisher anytrademark ownership rights in such trademarks, nor does the use of suchtrademarks imply any affiliation with or endorsement of this book by suchowners.ISBN: 978-0-273-72332-5British Library Cataloguing-in-Publication DataA catalogue record for this book is available from the British LibraryLibrary of Congress Cataloging-in-Publication Data10139 8 7 612 11 105 409321Typeset in 10/12 Ehrhardt MT by 35Printed by Ashford Colour Press Ltd., GosportThe publisher’s policy is to use paper manufactured from sustainable forests.

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page vOpenmirrors.comBrief ContentsPreface and acknowledgementsGuided tour of MyAccountingLabxxixxviPart 1INCOME AND ASSET VALUE MEASUREMENT SYSTEMS12341Accounting and reporting on a cash flow basisAccounting and reporting on an accrual accounting basisIncome and asset value measurement: an economist’s approachAccounting for inflation3224059Part 2REGULATORY FRAMEWORK – AN ATTEMPT TO ACHIEVEUNIFORMITY9956789Financial reporting – evolution of the regulatory framework in the UKFinancial reporting – evolution of international standardsConceptual frameworkPublished accounts of companiesPreparation of published accounts101137158184229Part 3STATEMENT OF FINANCIAL POSITION – EQUITY, LIABILITYAND ASSET MEASUREMENT AND 2436457498524Share capital, distributable profits and reduction of capitalOff balance sheet financeFinancial instrumentsEmployee benefitsTaxation in company accountsProperty, plant and equipment (PPE)LeasingR&D; goodwill and intangible assets; brandsInventoriesConstruction contractsOpenmirrors.com

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page viOpenmirrors.comvi Brief ContentsPart 4CONSOLIDATED ACCOUNTS20 Accounting for groups at the date of acquisition21 Preparation of consolidated statements of financial position after the dateof acquisition22 Preparation of consolidated statements of comprehensive income andconsolidated statements of changes in equity23 Accounting for associates and joint ventures24 Accounting for the effects of changes in foreign exchange rates under IAS 21543545562575591611Part s per shareStatements of cash flowsReview of financial ratio analysisTrend analysis and multivariate analysisAn introduction to financial reporting on the InternetPart 6ACCOUNTABILITY78330 Corporate governance31 Sustainability – environmental and social reporting32 Ethics for accountants785838884Appendix: Outline solutions to selected exercises907Index913

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page viiOpenmirrors.comFull ContentsPreface and acknowledgementsGuided tour of MyAccountingLabxxixxviPart 1INCOME AND ASSET VALUE MEASUREMENT SYSTEMS1 Accounting and reporting on a cash flow uctionShareholdersWhat skills does an accountant require in respect of external reports?ManagersWhat skills does an accountant require in respect of internal reports?Procedural steps when reporting to internal usersAgency costsIllustration of periodic financial statements prepared under the cashflow concept to disclose realised operating cash flowsIllustration of preparation of balance sheet under the cash flow conceptTreatment of non-current assets in the cash flow modelWhat are the characteristics of these data that make them reliable?Reports to external usersSummaryReview questionsExercisesReferences2 Accounting and reporting on an accrual accounting ical cost conventionAccrual basis of accountingMechanics of accrual accounting – adjusting cash receipts and paymentsSubjective judgements required in accrual accounting – adjusting cashreceipts in accordance with lAS 18Subjective judgements required in accrual accounting – adjusting cashpayments in accordance with the matching principleMechanics of accrual accounting – the statement of financial positionReformatting the statement of financial positionAccounting for the sacrifice of non-current 29

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page viiiOpenmirrors.comviii Full Contents2.10Reconciliation of cash flow and accrual accounting dataSummaryReview questionsExercisesReferences3 Income and asset value measurement: an tionRole and objective of income measurementAccountant’s view of income, capital and valueCritical comment on the accountant’s measureEconomist’s view of income, capital and valueCritical comment on the economist’s measureIncome, capital and changing price levelsSummaryReview questionsExercisesReferencesBibliography4 Accounting for uctionReview of the problems of historical cost accounting (HCA)Inflation accountingThe concepts in principleThe four models illustrated for a company with cash purchasesand salesCritique of each modelOperating capital maintenance – a comprehensive exampleCritique of CCA statementsThe ASB approachThe IASC/IASB approachFuture developmentsSummaryReview questionsExercisesReferencesBibliographyPart 2REGULATORY FRAMEWORK – AN ATTEMPT TOACHIEVE UNIFORMITY5 Financial reporting – evolution of the regulatory frameworkin the UK5. regulationsArguments in support of standardsArguments against 9606061656879818384868788979799101101101105106

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page ixOpenmirrors.comFull Contents ix5. of regulatory frameworkThe Operating and Financial Review (OFR)The Financial Reporting Review PanelThe Financial Services AuthorityThe Revised Combined Code ( June 2008)Interim reports following CadburyDevelopments for small companiesEvaluation of effectiveness of mandatory regulationsSummaryReview questionsExercisesReferences6 Financial reporting – evolution of international standards6. differencesReasons for differences in financial reportingClassification of national accounting systemsAttempts to reduce national differencesThe work of international bodies in harmonising and standardisingfinancial reportingUS GAAPSummaryReview questionsExercisesReferences7 Conceptual framework7. overview of the evolution of financial accounting theoryIASC Framework for the Presentation and Preparation of FinancialStatementsASB Statement of Principles 1999FASB Statements of Financial Accounting ConceptsConceptual Framework developmentsSummaryReview questionsExercisesReferences8 Published accounts of tion to published accountsA public company’s financial calendarCriteria for information appearing in a statement of comprehensiveincome and statement of financial positionThe prescribed formats – the statement of comprehensive incomeWhat information is required to be disclosed in Format 1 andFormat 2?Cost of 8180181182184184184186186187188189

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page xx Full costsAdministrative expensesOther operating income or expenseWhat costs and income are brought into account after calculatingthe trading profit in order to arrive at the profit on ordinaryactivities before tax?Does it really matter under which heading a cost is classified in thestatement of comprehensive income provided it is not omitted?Discontinued operations disclosure in the statement ofcomprehensive incomeItems requiring separate disclosureOther comprehensive incomeThe prescribed formats – the statement of financial positionStatement of changes in equityUS comprehensive income reportingSegment reportingThe fundamental accounting principles underlying the publishedstatement of comprehensive income and statement of financialpositionDisclosure of accounting policiesFair view treatmentAdditional information in the annual reportWhat information do companies provide to assist comparisonbetween companies reporting under different reporting regimes?SummaryReview questionsExercisesReferences9 Preparation of published accounts9. 1: preparation of the internal statement of comprehensiveincome from a trial balanceStage 2: preparation of the statement of comprehensive incomeof Illustrious SpA in Format 1 styleStage 3: preparation of the statement of financial positionPreparation of accounts in Format 1 following IAS 8 and IFRS 5Additional information value of IFRS 5Additional information value of IAS 24SummaryReview 231234235239240242243243254Part 3STATEMENT OF FINANCIAL POSITION – EQUITY,LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE25510 Share capital, distributable profits and reduction of capital25710.1Introduction257

A01 ELLI3325 13 SE FM.QXD13/7/0911:24Page xiFull Contents 0.1310.1410.15Common themesTotal owners’ equity: an overviewTotal shareholders’ funds: more detailed explanationAccounting entries on issue of sharesCreditor protection: capital maintenance conceptCreditor protection: why capital maintenance rules are necessaryCreditor protection: how to quantify the amounts available to meetcreditors’ claimsIs

ACCOUNTING AND REPORTING 13th Edition FINANCIAL ACCOUNTING AND REPORTING ELLIOTT AND ELLIOTT Financial Accounting & Reporting is the most up-to-date text on the market. Now fully updated in its 13th edition, it includes extensive coverage of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). This market-leading text offers students a clear, well .

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