Intermediate Accounting IFRS

Klappentext Essential knowledge of International Financial Reporting Standards for students of global accountingThis important work provides the tools global accounting students need to understand international financial reporting standards (IFRS) and how they are applied in practice. This text emphasizes fair value, proper accounting for financial instruments, and new developments in international accounting. By presenting IFRS in light of current accounting practice, this book helps students gain practical knowledge of the topic that they can apply as they advance into their global accounting careers.With this revised and updated Fourth Edition, students will develop a firm conceptual understanding of IFRS, as well as the ability to integrate their learning through practical exercises. Throughout this text, Global Accounting Insights highlight the important differences that remain between IFRS and U.S. GAAP, discussing the ongoing joint convergence efforts to resolve them. Comprehensive, up-to-date, and accurate, Intermediate Accounting IFRS includes proven pedagogical tools designed to help students learn more effectively. Comprehensively covers the latest International Financial Reporting Standards and how they are applied in practice Takes a comparative approach to help students understand the differences between IFRS, U.S. GAAP, and other important standards Emphasizes practical application of knowledge with end-of-chapter Review and Practice sections Provides authoritative references and citations to ensure content reliability and provide opportunities for further study* Includes access to video walkthroughs, interactive content, and digital resources to support student engagement and ensure positive learning outcomesAs IFRS gains broad acceptance around the world, students of global accounting will need to be intimately familiar with these standards, and prepared to keep up with the rapid changes in the international environment. Intermediate Accounting IFRS answers to these pressing needs, making it the clear choice for accounting courses at the intermediate level. Inhaltsverzeichnis 1 Financial Reporting and Accounting Standards 1-1Continuing Evolution of International Financial Reporting 1-1Global Markets 1-3Financial Statements and Financial Reporting 1-4Accounting and Capital Allocation 1-4High-Quality Standards 1-5Objective of Financial Reporting 1-6General-Purpose Financial Statements 1-6Equity Investors and Creditors 1-6What Do the Numbers Mean? Don't Forget Management Stewardship 1-6Entity Perspective 1-6Decision-Usefulness 1-7Standard-Setting Organizations 1-7International Organization of Securities Commissions (IOSCO) 1-8What Do the Numbers Mean? What About the Little Guy? 1-8International Accounting Standards Board (IASB) 1-9Hierarchy of IFRS 1-11Financial Reporting Challenges 1-12IFRS in a Political Environment 1-12What Do the Numbers Mean? Fair Consequences? 1-13The Expectations Gap 1-13Significant Financial Reporting Issues 1-14Ethics in the Environment of Financial Accounting 1-14International Convergence 1-15What Do the Numbers Mean? Can You Do That? 1-15Conclusion 1-16Global Accounting Insights 1-242 Conceptual Framework for Financial Reporting 2-1What is It? 2-1Conceptual Framework 2-3Need for a Conceptual Framework 2-3What Do the Numbers Mean? What's Your Principle? 2-4Development of a Conceptual Framework 2-4Overview of the Conceptual Framework 2-5Basic Objective 2-5Fundamental Concepts 2-6Qualitative Characteristics of Accounting Information 2-6What Do the Numbers Mean? Unfaithful--For 20 Years 2-10What Do the Numbers Mean? Show Me the Earnings! 2-12Basic Elements 2-12Assumptions 2-13Economic Entity Assumption 2-14Going Concern Assumption 2-14Monetary Unit Assumption 2-14Periodicity Assumption 2-15Accrual Basis of Accounting 2-15Measurement, Recognition, and Disclosure C...

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1 Financial Reporting and Accounting Standards 1-1 Continuing Evolution of International Financial Reporting 1-1 Global Markets 1-3 Financial Statements and Financial Reporting 1-4 Accounting and Capital Allocation 1-4 High-Quality Standards 1-5 Objective of Financial Reporting 1-6 General-Purpose Financial Statements 1-6 Equity Investors and Creditors 1-6 What Do the Numbers Mean? Don't Forget Management Stewardship 1-6 Entity Perspective 1-6 Decision-Usefulness 1-7 Standard-Setting Organizations 1-7 International Organization of Securities Commissions (IOSCO) 1-8 What Do the Numbers Mean? What About the Little Guy? 1-8 International Accounting Standards Board (IASB) 1-9 Hierarchy of IFRS 1-11 Financial Reporting Challenges 1-12 IFRS in a Political Environment 1-12 What Do the Numbers Mean? Fair Consequences? 1-13 The Expectations Gap 1-13 Significant Financial Reporting Issues 1-14 Ethics in the Environment of Financial Accounting 1-14 International Convergence 1-15 What Do the Numbers Mean? Can You Do That? 1-15 Conclusion 1-16 Global Accounting Insights 1-24 2 Conceptual Framework for Financial Reporting 2-1 What is It? 2-1 Conceptual Framework 2-3 Need for a Conceptual Framework 2-3 What Do the Numbers Mean? What's Your Principle? 2-4 Development of a Conceptual Framework 2-4 Overview of the Conceptual Framework 2-5 Basic Objective 2-5 Fundamental Concepts 2-6 Qualitative Characteristics of Accounting Information 2-6 What Do the Numbers Mean? Unfaithful--For 20 Years 2-10 What Do the Numbers Mean? Show Me the Earnings! 2-12 Basic Elements 2-12 Assumptions 2-13 Economic Entity Assumption 2-14 Going Concern Assumption 2-14 Monetary Unit Assumption 2-14 Periodicity Assumption 2-15 Accrual Basis of Accounting 2-15 Measurement, Recognition, and Disclosure Concepts 2-16 Basic Principles of Accounting 2-16 Cost Constraint 2-21 What Do the Numbers Mean? Let's Be Prudent 2-22 Summary of the Structure 2-23 Global Accounting Insights 2-39 3 The Accounting Information System 3-1 Working on the Chain Gang 3-2 Accounting Information System 3-2 Basic Terminology 3-3 Debits and Credits 3-4 The Accounting Equation 3-4 Financial Statements and Ownership Structure 3-6 The Accounting Cycle 3-8 Record and Summarize Basic Transactions 3-9 Journalizing 3-9 Posting 3-10 Chart of Accounts 3-11 The Recording Process Illustrated 3-11 Trial Balance 3-17 What Do the Numbers Mean? Change Management 3-18 Identify and Prepare Adjusting Entries 3-18 Types of Adjusting Entries 3-19 Adjusting Entries for Deferrals 3-19 Adjusting Entries for Accruals 3-24 Adjusted Trial Balance 3-29 Preparing Financial Statements 3-29 Closing 3-30 Post-Closing Trial Balance 3-33 Reversing Entries--An Optional Step 3-33 What Do the Numbers Mean? Hey, It's Complicated 3-34 The Accounting Cycle Summarized 3-34 Financial Statements for a Merchandising Company 3-34 Income Statement 3-35 Retained Earnings Statement 3-35 Statement of Financial Position 3-36 Closing Entries 3-37 Appendix 3A Cash-Basis Accounting versus Accrual-Basis Accounting 3-37 Conversion from Cash Basis to Accrual Basis 3-39 Service Revenue Computation 3-39 Operating Expense Computation 3-40 Theoretical Weaknesses of the Cash Basis 3-41 Appendix 3B Using Reversing Entries 3-42 Illustration of Reversing Entries--Accruals 3-42 Illustration of Reversing Entries--Deferrals 3-43 Summary of Reversing Entries 3-44 Appendix 3C Using a Worksheet: The Accounting Cycle Revisited 3-44 Worksheet Columns 3-46 Trial Balance Columns 3-46 Adjustments Columns 3-46 Adjustments Entered on the Worksheet 3-46 Adjusted Trial Balance 3-47 Income Statement and Statement of Financial Position Columns 3-47 Preparing Financial Statements from a Worksheet 3-47 Global Accounting Insights 3-70 4 Income Statement and Related Information 4-1 Financial Statements Are Changing 4-2 Income Statement 4-3 Usefulness of the Income Statement 4-3 Limitations of the Income Statement 4-4 Quality of Earnings 4-4 What Do the Numbers Mean? Four: The Loneliest Number 4-5 Content and Format of the Income Statement 4-5 Elements of the Income Statement 4-5…