Issues in financial accounting

Front Cover
Front Matter
	Half title
	Full title
	Imprint
	Brief contents
	Detailed contents
	Preface to the sixteenth edition
	About the authors
	Educator resources
	Acknowledgements
Part 1 Institutional setting and the conceptual framework
	Chapter 1 Institutional arrangements for setting accounting standards in Australia
		1.1 Introduction
		1.2 Accounting standard setting in Australia
		1.3 The preparation and enforcement of AASB Accounting Standards and AASB Interpretations
		Selected references
		Questions
		Notes
		Appendix 1.1: The development of institutional arrangements for standard setting in Australia
		Notes to Appendix 1.1
	Chapter 2 The conceptual framework: Purpose, reporting entity, the objective of financial reporting, and qualitative characteristics
		2.1 Introduction
		2.2 The nature and purpose of a conceptual framework
		2.3 The history, structure and status of the Australian conceptual framework
		2.4 The reporting entity concept and general purpose financial reporting
		2.5 The objective of general purpose financial reporting
		2.6 The qualitative characteristics of useful financial information
		Selected references
		Questions
		Notes
		Appendix 2.1: Documents published by the AARF/AASB in the development of a conceptual framework as at 15 March 2016
	Chapter 3 The conceptual framework: Definition, recognition and measurement of the elements in general purpose financial statements
		3.1 Introduction
		3.2 The elements of financial statements
		3.3 Definition and recognition
		3.4 Measurement
		3.5 Measurement in accounting
		3.6 Assets
		3.7 Liabilities
		3.8 Equity
		3.9 Income
		3.10 Expenses
		3.11 Profit
		3.12 Summary
		Selected references
		Questions
		Problems
		Notes
		Appendix 3.1: Proposed changes to the IASB conceptual framework
	Chapter 4 Fair value measurement
		4.1 Introduction and the purpose of AASB 13
		4.2 Fair value defined
		4.3 The fair value measurement process
		4.4 Disclosures
		Selected references
		Questions
		Problems
		Notes
	Chapter 5 The choice of accounting methods
		5.1 Introduction
		5.2 Choice by accounting standard setters
		5.3 Choice by preparers of financial statements
		Selected references
		Questions
		Problems
		Notes
Part 2 The statement of financial position
	Chapter 6 The statement of financial position: An overview
		6.1 Introduction
		6.2 Format of the statement of financial position
		6.3 Presentation of assets and liabilities in the statement of financial position
		6.4 Presentation of equity in the statement of financial position and statement of changes in equity
		6.5 General presentation requirements
		Selected references
		Questions
		Problems
		Notes
	Chapter 7 Accounting for current assets
		7.1 Introduction
		7.2 Accounts receivable
		7.3 Inventories
		Selected references
		Questions
		Problems
		Notes
	Chapter 8 Accounting for property, plant and equipment
		8.1 Introduction
		8.2 Initial recognition of property, plant and equipment
		8.3 Subsequent measurement of property, plant and equipment
		8.4 Depreciation of property, plant and equipment
		8.5 Accounting for investment properties
		Selected references
		Questions
		Problems
		Notes
	Chapter 9 Accounting for company income tax
		9.1 Introduction
		9.2 Alternative methods of accounting for company income tax: The fundamentals
		9.3 Accounting standards
		9.4 Empirical research on tax-effect accounting
		Selected references
		Questions
		Problems
		Notes
	Chapter 10 Accounting for intangible assets
		10.1 Introduction
		10.2 Nature of intangible assets
		10.3 Intangible assets: Purchased or generated internally
		10.4 Accounting for intangible assets
		10.5 Accounting standards on intangible assets
		10.6 Goodwill
		Selected references
		Questions
		Problems
		Notes
	Chapter 11 Accounting for leases
		11.1 Introduction
		11.2 A new approach to lease accounting
		11.3 Accounting for leases by the lessee
		11.4 Accounting for leases by the lessor
		11.5 Sale-and-leaseback transactions
		Selected references
		Questions
		Problems
		Notes
		Appendix 11.1: Accounting for finance leases by the lessee under AASB 117 ‘Leases’
		Appendix 11.2: Accounting for sale-and-leaseback transactions under AASB 117 ‘Leases’
	Chapter 12 Accounting for employee benefits
		12.1 Introduction
		12.2 Wages and salaries
		12.3 Compensated absences
		12.4 Profit-sharing and bonus plans
		12.5 Termination benefits
		12.6 Share-based payment benefits
		12.7 Post-employment benefits
		Selected references
		Questions
		Problems
		Notes
	Chapter 13 Accounting for financial instruments
		13.1 Introduction
		13.2 The definition of financial instruments
		13.3 Distinguishing between financial liabilities and equity instruments
		13.4 Recognition and measurement of financial instruments
		13.5 Futures contracts
		13.6 Option contracts
		13.7 Swaps
		13.8 Disclosure
		Selected references
		Questions
		Problems
		Notes
		Appendix 13.1: Disclosures of derivative financial instruments: Brambles Limited, Annual Report 2015
Part 3 The statement of comprehensive income and further financial reporting issues
	Chapter 14 The statement of comprehensive income
		14.1 Introduction
		14.2 Measurement of profit
		14.3 Accounting standards
		14.4 Reporting of non-statutory profit measures
		14.5 The statement of value added
		Selected references
		Questions
		Problems
		Notes
	Chapter 15 Revenue
		15.1 Introduction
		15.2 The importance of accounting for revenue
		15.3 Overview of AASB 15 ‘Revenue from Contracts with Customers’
		15.4 Applying AASB 15
		15.5 Contract costs
		15.6 Presentation and disclosure
		Selected references
		Questions
		Problems
		Notes
		Appendix 15.1: Overview of the requirements of AASB 118 ‘Revenue’
	Chapter 16 The statement of cash flows
		16.1 Introduction
		16.2 Development of the statement of cash flows
		16.3 Meaning of funds
		16.4 The advantages of reporting cash flow information
		16.5 Accounting standards
		Selected references
		Questions
		Problems
		Notes
	Chapter 17 Financial reporting: Segment reporting and highlights statements
		17.1 Introduction
		17.2 Financial reporting by segments
		17.3 Highlights statements and performance indicators
		Selected references
		Questions
		Problems
		Notes
	Chapter 18 Further financial reporting issues
		18.1 Introduction
		18.2 Differential reporting
		18.3 Materiality
		18.4 Events after the reporting period
		18.5 Accounting policies, changes in accounting estimates and errors
		18.6 Related-party transactions
		18.7 Continuous and interim reporting
		18.8 Concise financial reports
		18.9 Australian additional disclosures
		Selected references
		Questions
		Problems
		Notes
Part 4 Industry accounting standards
	Chapter 19 Accounting for the extractive industries
		19.1 Introduction
		19.2 Nature of the accounting problem in the extractive industries
		19.3 Accounting standards
		19.4 Alternative methods of accounting for pre-production costs
		Selected references
		Questions
		Problems
		Notes
		Appendix 19.1: Illustrations of the alternative methods of accounting for pre-production costs
	Chapter 20 Accounting for agricultural activity
		20.1 Introduction
		20.2 Accounting classification of biological assets
		20.3 Measuring biological assets
		20.4 Accounting for changes in the carrying amount of biological assets
		20.5 Accounting standards for biological assets
		Selected references
		Questions
		Problems
		Notes
	Chapter 21 Accounting for superannuation entities
		21.1 Introduction
		21.2 Accounting and reporting by superannuation entities
		21.3 The accounting standard – AASB 1056 ‘Superannuation Entities’
		Selected references
		Questions
		Problems
		Notes
	Chapter 22 Accounting for insurance
		22.1 Introduction
		22.2 Fixed-fee service contracts
		22.3 General insurance contracts
		22.4 Life insurance contracts
		Selected references
		Questions
		Problems
		Notes
Part 5 International accounting
	Chapter 23 International accounting standards, harmonisation and convergence
		23.1 Introduction
		23.2 The International Accounting  Standards Board
		23.3 International convergence and harmonisation policy in Australia
		23.4 The benefits and costs of international harmonisation
		23.5 The principles-based approach adopted by the IASB
		Selected references
		Questions
		Notes
		Appendix 23.1: The International Accounting Standards Committee: History and development
		Notes to Appendix 23.1
	Chapter 24 Foreign currency translation
		24.1 Introduction
		24.2 The unit of measurement
		24.3 Currency translation
		24.4 Translation of foreign currency transactions
		24.5 Translation of foreign operations
		24.6 Hedging of transactions
		24.7 Other issues
		Selected references
		Questions
		Problems
		Notes
		Appendix 24.1: Four methods for translating the financial statement of foreign operations
Part 6 Accounting and the community
	Chapter 25 Accounting for corporate social responsibilities
		25.1 Introduction
		25.2 Motivations for corporate social responsibility reporting
		25.3 Accounting for corporate social responsibilities
		25.4 Accounting for carbon
		Selected references
		Questions
		Problem
		Notes
	Chapter 26 Ethics in accounting
		26.1 Introduction
		26.2 What is ethics?
		26.3 Bases for ethical judgement
		26.4 Foundational ethical principles
		26.5 Competence in ethics
		26.6 Ethical issues for accountants
		Selected references
		Questions
		Problems
		Notes
		Appendix 26.1: An introduction to theories of ethics: Normative ethical theories
		Notes to Appendix 26.1
Appendix
Glossary
Author index
Subject index