Financial reporting provides an overview of a business' profitability and financial condition in both short and long term. A hot topic in the current market climate. Financial Reporting and Regulation explains the meaning behind the rules of financial reporting, as opposed to just the implementation of these rules.

About the Author ix Preface xi Chapter 1 Published Accounts 1 Chapter 2 An Overview of Regulation 39 Chapter 3 Reading a Set of Published Accounts 59 Chapter 4 Academic Research and the Study of Accounting 69 Chapter 5 The Conceptual Framework 91 Chapter 6 Accounting for Tax 111 Chapter 7 Reporting Earnings and Earnings Quality 135 Chapter 8 Property, Plant, and Equipment 161 Chapter 9 Intangible Non-current Assets: Measurement and Disclosure 189 Chapter 10 Accounting for Inventory and Construction Contracts 213 Chapter 11 Accounting for Liabilities 239 Chapter 12 Introduction to Group Accounts 269 Chapter 13 The Mechanics of Consolidation 285 Chapter 14 Review Chapter 315 Answers to End-of-Chapter Questions 323 Index 371

Published Accounts Introduction          Enron ? an extreme case of bad accounting          Principals and agents         Presentation of financial statements          Preparing a set of financial statements      Some important points about preparing the statements    Summary Appendix ? basic bookkeeping and property, plant and equipment Tutorial questions Questions with answers     Overview of Regulation Introduction A brief history Standard setting in the UK International standards Standard setting in the real world   2/10 The external auditor            Summary Tutorial questions Form and Context of an Annual Report Introduction            Preparing financial statements in the real world     Avoiding headaches            Summary Tutorial questions Academic Research and Reporting Regulation Introduction Sources of information and understanding The Accounting literature Positive research Critical research ?Business accounting? Summary Tutorial questions The Conceptual Framework Introduction The need for a conceptual framework The quest for a conceptual framework Do we have a conceptual framework? Summary Tutorial questions Accounting for tax Introduction Some basic tax rules Dealing with forecasting errors IAS 12 - Income Taxes Deferred tax A word about timing differences The history of deferred tax in the UK IAS 12 and deferred tax Presentation requirements Summary Tutorial questions Reporting Earnings and Earnings Quality Introduction Earnings per share and some dubious algebra IAS 1 and some solutions IAS 8 and some further clarifications Discontinued activities Segmental reporting Summary Tutorial questions Accounting for Property, Plant and Equipment Introduction The nature of tangibles Recognition Depreciation Revaluing assets Impairment Investment properties Disclosure requirements Summary Tutorial questions Accounting for Intangibles Introduction The nature of intangibles Definition and recognition Accounting choices IAS 38 Development and other internally generated intangibles Recognition of an expense Measurement after recognition Disclosure Summary Tutorial Questions Accounting for Inventory Introduction The problems with inventory IAS 2 Construction contracts IAS 11 Summary Tutorial questions Accounting for Liabilities Introduction The problems with liabilities Leasing Debt v equity Summary Tutorial questions Introduction to Consolidation Introduction Groups of companies Imagine? What is a subsidiary? Publishing group accounts Summary Tutorial questions The Mechanics of Consolidation Introduction The basic principles Cost of control Inter-company trading and balances Minority interests Summary Tutorial questions In Summary Overview of accounting ? what have we learned?