Introduction 1 Part I: Getting Started with Financial Accounting 7 Chapter 1: Seeing the Big Picture of Financial Accounting and International Accounting 9 Chapter 2: Making a Career in Financial Accounting 25 Chapter 3: Introducing the Primary Financial Statements 37 Chapter 4: Acronym Alert! Setting the Standards for Financial Accounting 53 Part II: Looking at Some Accounting Basics 65 Chapter 5: Doing the Books: The Process behind Financial Accounting 67 Chapter 6: Taking a Butcher?s at Accounting Methods Under UK GAAP and IFRS 87 Part III: Bonding with the Balance Sheet 97 Chapter 7: Looking at Assets 99 Chapter 8: Grappling with Liabilities 115 Chapter 9: Examining the Equity Section 131 Part IV: Investigating Income and Cash Flow 143 Chapter 10: Understanding Profi t or Loss 145 Chapter 11: Figuring Out the Statement of Cash Flows under UK GAAP and IFRS 165 Chapter 12: Discovering and Understanding Depreciation 181 Chapter 13: Dealing with and Accounting for Inventory 195 Part V: Analysing the Financial Statements 207 Chapter 14: Using Ratios and Other Tools 209 Chapter 15: Delving into the Disclosures 225 Chapter 16: Reporting to Shareholders 241 Part VI: Tackling More Advanced Financial Accounting Topics 255 Chapter 17: Accounting for Business Combinations 257 Chapter 18: Accounting for Income Taxes 275 Chapter 19: Accounting for Leases 287 Chapter 20: Reporting Changes in Policies and Estimates and Correcting Errors 299 Part VII: The Part of Tens 311 Chapter 21: Ten Financial Accounting Shenanigans 313 Chapter 22: Ten Industries with Special Accounting Standards 321 Index 329
Steve Collings is the audit and technical director for Leavitt Walmsley Associates Ltd, a Chartered Certified Accountants based in Sale, south Manchester. He specialises in financial reporting and auditing, and has an interest in small business taxation issues. Steve has written extensively for AccountingWEB.co.uk and is author of The Interpretation and Application of International Standards on Auditing and IFRS For Dummies, also published by Wiley. Maire Loughran, CPA, is a member of the American Association of Certified Public Accountants. An adjunct professor of auditing, accounting and taxation courses, she is also the author of Auditing For Dummies.