Corporate Financial Reporting and Analysis

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  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2013-05-06
  • Publisher: Wiley

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The authors chose the term 'global' for the book's title to convey the idea that the book is truly global in its coverage.  What distinguishes this book from others in financial accounting and corporate financial reporting is the seamless way it approaches the world's two dominant accounting regimes:  US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).  The tendency in the field is to present the material from a US GAAP perspective, with some discussion, usually at the end of the chapter, on financial reporting practices under IFRS and how they might differ from those of GAAP on the chapter topic.  Or, when the book is written from an IFRS perspective, US GAAP is ignored entirely.  The problem with this latter approach is that at least 40% of the world's total stock market capitalization is accounted for by companies reporting under US GAAP.  Meanwhile, more than half is accounted for by IFRS.  Investors in the global capital markets cannot neglect either of these two approaches.  The world will have one dominant accounting regime some day, but for the foreseeable future, we are left with two distinctive, though increasingly overlapping, sets of standards.  The challenge is to integrate these approaches in such a way that critical differences are addressed, but in a way that is accessible to the reader.

Table of Contents

About the Authors xvii

1 An Introduction to Financial Statements 1

2 The Balance Sheet and Income Statement 31

3 A Brief Overview of GAAP and IFRS: the Framework for Financial Accounting 56

4 Revenue Recognition 64

5 The Statement of Cash Flows 96

6 Financial Statement Analysis 149

7 Business Valuation and Financial Statement Analysis 200

8 Accounting for Receivables and Bad Debts 218

9 Accounting for Inventory 252

10 Accounting for Property, Plant and Equipment 275

11 Leases and Off-Balance-Sheet Debt 298

12 Accounting for Bonds 312

13 Provisions and Contingencies 327

14 Accounting for Pensions 346

15 Accounting for Income Tax 363

16 Accounting for Shareholders’ Equity 386

17 Marketable Securities and Investments 411

18 Accounting for Mergers and Acquisitions 434

Appendix Tables for Present Value and Future Value Factors 449

Index 455

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