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Sections

Income and asset value measurement systems
Accounting and reporting on a cash ﬂow basis
1.1Introduction
1.2Shareholders
1.3What skills does an accountant require in respect of external reports?
1.4Managers
1.5What skills does an accountant require in respect of internal reports?
1.6Procedural steps when reporting to internal users
1.7Agency costs3
1.9Illustration of preparation of balance sheet under the cash ﬂow concept
1.10Treatment of non-current assets in the cash ﬂow model
1.11What are the characteristics of these data that make them reliable?
1.12 Reports to external users
Summary
REVIEW QUESTIONS
EXERCISES
References
Accounting and reporting on an accrual accounting basis
2.1Introduction
2.2Historical cost convention
2.3Accrual basis of accounting
2.4Mechanics of accrual accounting – adjusting cash receipts and payments
2.7Mechanics of accrual accounting – the balance sheet
2.8Reformatting the statement of ﬁnancial position into a balance sheet
2.9Accounting for the sacriﬁce of non-current assets
2.10Reconciliation of cash ﬂow and accrual accounting data
Income and asset value measurement: an economist’s approach
3.1Introduction
●Role and objective of income measurement
3.2Role and objective of income measurement
3.3Accountant’s view of income,capital and value
3.4Critical comment on the accountant’s measure
3.5Economist’s view of income,capital and value
3.6Critical comment on the economist’s measure
3.7Income,capital and changing price levels
Bibliography
Accounting for inﬂation
4.1Introduction
●A review of the problems of historical cost accounting (HCA)
4.2Review of the problems of historical cost accounting (HCA)
4.3Inﬂation accounting
4.4The concepts in principle
4.5The four models illustrated for a company with cash purchases and sales
4.6Critique of each model
4.7Operating capital maintenance – a comprehensive example
4.8Critique of CCA statements
4.9The ASB approach
4.10The IASC/IASB approach
4.11 Future developments
Financial reporting – evolution of the regulatory framework in the UK
5.1Introduction
●Mandatory regulations
5.2Mandatory regulations
5.3Arguments in support of standards
5.4Arguments against standards
5.5Structure of regulatory framework
5.6The operating and ﬁnancial review (OFR)
5.7The Financial Reporting Review Panel
5.8The Financial Services Authority
5.9The Revised Combined Code (July 2003)
5.10Interim reports following Cadbury
5.11Developments for small companies
5.12Evaluation of effectiveness of mandatory regulations
Financial reporting – evolution of international standards
6.1Introduction
●National differences
6.2National differences
6.3Reasons for differences in ﬁnancial reporting
6.4Classiﬁcation of national accounting systems
6.5Attempts to reduce national differences
6.7US GAAP
Conceptual framework
7.1Introduction
7.2Historical overview of the evolution of ﬁnancial accounting theory
7.4ASB Statement of Principles19995
7.6ICAS Making Corporate Reports Valuable
Published accounts of companies
8.2A public company’s ﬁnancial calendar
8.4The prescribed formats – the income statement
8.6Cost of sales
8.7Distribution costs
8.8Administrative expenses
8.9Other operating income
8.12Discontinued operations disclosure in the income statement
8.13Items requiring separate disclosure
8.14The prescribed formats – the balance sheet
8.15Statement of changes in equity
8.16Reporting performance
8.17Segment reporting
8.19Disclosure of accounting policies
8.20Fair view treatment
8.21Additional information in the annual report
Preparation of published accounts
9.1Introduction
9.4Stage 3:preparation of the balance sheet
9.5Preparation of accounts in Format 1 following IAS 8 and IFRS 5
9.6Additional information value of IFRS 5
9.7Additional information value of IAS 24
Share capital,distributable proﬁts and reduction of capital
10.1Introduction
10.2Total owners’ equity:an overview
10.3Total shareholders’ funds:more detailed explanation
10.4Accounting entries on issue of shares
10.5Creditor protection:capital maintenance concept
10.6Creditor protection:why capital maintenance rules are necessary
10.8Issued share capital:minimum share capital
10.9Distributable proﬁts:general considerations
10.11When may capital be reduced?
10.14Purchase of own shares
Off balance sheet ﬁnance
11.1 Introduction
●Primary ﬁnancial statements: their interrelationship
●Off balance sheet ﬁnance
11.2Primary ﬁnancial statements:their interrelationship
11.3Primary ﬁnancial statements:changes in their interrelationship
11.4Reasons that companies borrow
11.5Capital gearing and its implications
11.6Off balance sheet ﬁnance
11.7Substance over form
11.8 Impact of converting to IFRS
11.9Balance sheet as valuation document
11.10Why companies take steps to strengthen their balance sheets
11.11Deﬁnitions cannot remove uncertainty:IAS 10 and IAS 37
11.12ED IAS 37 Non-ﬁnancial Liabilities
Financial instruments
12.1 Introduction
12.2IAS 32 Financial Instruments:Disclosure and Presentation1
12.3IAS 39 Financial Instruments:Recognition and Measurement
Employee beneﬁts
13.1Introduction
13.2Financial reporting implications
13.3Types of scheme
13.4Deﬁned contribution pension schemes
13.5Deﬁned beneﬁt pension schemes
13.6IAS 19 (revised) Employee Beneﬁts
13.7The liability for pension and other post-retirement costs
13.8The income statement
13.9Comprehensive illustration
13.10Plan curtailments and settlements
13.11Multi-employer plans
13.12 Disclosures
13.13 Other long-service beneﬁts
13.14 Short-term beneﬁts
13.15Termination beneﬁts8
13.16IAS 26 Accounting and Reporting by Retirement Beneﬁt Plans
Taxation in company accounts
14.1Introduction
14.2Corporation tax
14.3Corporation tax systems – the theoretical background
14.4Corporation tax systems – avoidance and evasion
14.5Corporation tax – the system from 6 April 1999
14.6IFRS and taxation
14.7IAS 12 – accounting for current taxation
14.8Deferred tax
14.9FRS 19 (the UK standard on deferred taxation)
14.10A critique of deferred taxation
14.11Examples of companies following IAS 12
14.12Value added tax (VAT)
Property,plant and equipment (PPE)
15.1 Introduction
15.2What is PPE?
15.3How is the cost of PPE determined?
15.4What is depreciation?
15.5What are the constituents in the depreciation formula?
15.6How is the useful life of an asset determined?
15.7Residual value
15.8Calculation of depreciation
15.9Measurement subsequent to initial recognition
15.10IAS 36 Impairment of Assets
15.11IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations
15.12 Disclosure requirements
15.13Government grants towards the cost of PPE
15.14Investment properties
Leasing
16.1Introduction
16.2Background to leasing
16.3IAS 17 (and its national equivalents) – the controversy
16.4IAS 17 – classiﬁcation of a lease
16.5IAS 17 – accounting for leases by lessees
16.6Accounting for the lease of land and buildings
16.7Leasing – a form of off balance sheet ﬁnancing
16.8Accounting for leases – a new approach
16.9Accounting for leases by lessors
R&D;goodwill and intangible assets; brands
17.1Introduction
17.2Accounting treatment for research and development
17.3Research and development
17.4Introduction to goodwill and intangible assets
17.5Application of IAS 38 Intangible Assets
17.6Is there a correct treatment for amortising goodwill?
17.7Other types of intangible asset under IAS 38
17.8Disclosure of intangible assets under IAS 38
17.9 Brand accounting
17.10Intellectual property
Inventories
18.1 Introduction
18.2 Inventory deﬁned
18.3The controversy
18.4IAS 2 Inventories
18.5Inventory valuation
18.6 Work-in-progress
18.7 Inventory control
18.8Creative accounting
18.9Audit of the year-end physical inventory count
18.10 Published accounts
18.11Agricultural activity
Construction contracts
19.1Introduction
19.2Identiﬁcation of contract revenue
19.3Identiﬁcation of contract costs
19.4Recognition of contract revenue and expenses
19.5 Public–private partnerships (PPPs)
Consolidated accounts
Accounting for groups at date of acquisition
20.1Introduction
●The deﬁnition of a group
●Consolidated accounts and some reasons for their preparation
20.2The deﬁnition of a group
20.3Consolidated accounts and some reasons for their preparation
20.4The deﬁnition of control
20.5Alternative methods of preparing consolidated accounts
20.6The treatment of positive goodwill
20.7The treatment of negative goodwill
20.9Minority interests
20.11How to calculate fair values
Preparation of consolidated balance sheets after the date of acquisition
21.1Introduction
●Pre- and post-acquisition proﬁts/losses
21.2Pre- and post-acquisition proﬁts/losses
21.3 Inter-company balances
21.4Unrealised proﬁt on inter-company sales
21.5Provision for unrealised proﬁt affecting a minority
21.6Uniform accounting policies and reporting dates
Preparation of consolidated income statements
22.1Introduction
22.2Preparation of a consolidated income statement – the Ante Group
22.4A subsidiary acquired part of the way through the year
22.5Published format income statement
Accounting for associated companies
23.1Introduction
●The definitions of associates and of significant influence
23.2Definitions of associates and of significant influence
23.3The treatment of associated companies in consolidated accounts
23.4The Brill Group – the equity method illustrated
23.5The treatment of provisions for unrealised proﬁts
23.6The acquisition of an associate part-way through the year
23.7Joint ventures
24.1 Introduction
24.3The functional currency
24.4The presentation currency5
24.5Monetary and non-monetary items
24.6The rules on the recording of foreign currency transactions
24.10Granby Ltd illustration
24.12Granby Ltd illustration continued
24.13Implications of IAS 21
Interpretation
Earnings per share
25.1Introduction
●Why the earnings per share ﬁgure is important
25.2Why is the earnings per share ﬁgure important?
25.3How is the EPS ﬁgure calculated?
25.4The use to shareholders of the EPS
25.5Illustration of the basic EPS calculation
25.6Adjusting the number of shares used in the basic EPS calculation
25.7Rights issues
25.9Procedure where there are several potential dilutions
25.10Exercise of conversion rights during ﬁnancial year
25.11Disclosure requirements of IAS 33
25.12The Improvement Project
Cash ﬂow statements
26.1Introduction
26.2Development of cash ﬂow statements
26.3Applying IAS 7 (revised) Cash Flow Statements
26.4IAS 7 (revised) format of cash ﬂow statements
26.5Consolidated cash ﬂow statements
26.6Analysing a cash ﬂow statement
26.7Critique of cash ﬂow accounting
Review of ﬁnancial ratio analysis
27.1Introduction
27.2Accounting ratios and ratio analysis
27.3Six key ratios
27.4Description of the six key ratios
27.5Description of subsidiary ratios
27.6Application of pyramid of ratios to JD Wetherspoon plc
27.7Segmental analysis
27.8Inter-ﬁrm comparisons and industry averages
27.9Ensuring true inter-ﬁrm comparisons
27.10World Wide Web pages for company information
27.11Non-ﬁnancial ratios
Trend analysis and multivariate analysis
28.1Introduction
●Horizontal analysis between two periods
28.2Horizontal analysis between two periods
28.3Trend analysis over a series of periods
28.4Historical summaries
28.5Vertical analysis – common size statements
28.6Multivariate analysis – Z-scores
28.7 H-scores
28.8 A-scores
28.9Combining cash ﬂow and accrual data
28.11Balanced scorecards
28.12Valuing shares of an unquoted company – quantitative process
28.13Valuing shares of an unquoted company – qualitative process
28.14Shareholder value analysis (SVA)
28.15Measuring and reporting values in the annual report
28.16Shareholder information needs
28.17Professional risk assessors
28.18Aggressive earnings management
29.1Introduction
An introduction to ﬁnancial reporting on the Internet
●What is XBRL?
29.2What is XBRL?
29.3What XBRL is not
29.4How can it be used?
29.5What is needed to use XBRL?
29.6Progress of XBRL development
29.7Companies currently using XBRL
Supplementary reading
Accountability
Corporate governance
30.1Introduction
●The need for corporate governance guidelines
30.2The need for corporate governance guidelines
30.3Corporate governance in different countries
30.4Corporate governance requirements
30.5UK Voluntary Code – The Cadbury Report4
30.6The Greenbury Report5
30.7The Hampel Report6
30.8The Higgs Report7
30.9The Smith Report
30.10TheCombined Code
(b)directors’ remuneration
30.11Directors’ remuneration
30.13Directors’ remuneration – conclusion
30.14Relations with shareholders
30.15Institutional investors
30.16The Myners Report
30.17 Corporate governance – directors’ renumeration summary
30.18 Auditors
Environmental and social reporting
31.1Introduction
31.2Accountants’ role in a capitalist industrial society
31.3Sustainability
31.4Background to companies’ reporting practices
31.6Evolution of stand-alone environmental reports
31.7International charters and guidelines
31.8Economic consequences of environmental reporting
31.9Summary on environmental reporting
31.10 Environmental auditing:international initiatives
31.11The activities involved in an environmental audit
31.12Concept of social accounting
31.13Background to social accounting
31.14Corporate social responsibility
31.15Need for comparative data
31.16International initiatives towards triple bottom line reporting
Ethics for accountants
Outline solutions to selected exercises
Index

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