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Company Accounting, 10th Edition


Company Accounting 10th edition has been thoroughly updated to reflect the various and ongoing reforms as a result of Australia’s adoption of international nancial reporting standards. This edition provides an authoritative and reliable overview of the various changes required within the Framework and a selection of key accounting standards governing corporate entities.

The text will provide students with a comprehensive and practical grounding in the practice and principles of company accounting. The 10th edition presents essential ‘must know’ information on accounting for a corporate entity and the requirements for externally disclosing the nancial position of the entity.


  • Chapter opener outlines the chapter aim, learning objectives and assumed knowledge for the chapter.
  • ‘Learning check’ supports chapter learning objectives and summarises key concepts. Appearing throughout each chapter, they are ideal for self-study purposes.
  • ‘Student activity section’ contains a chapter summary, demonstration problems, discussion questions, case studies, graded exercises and problems.
  • Illustrative examples appear in all chapters and the inclusion of worked solutions will support student understanding of procedures and processes.

Wiley wishes you success in your accounting studies.

Ken Leo, BCom (Hons), MBA, has been an academic for over 40 years, including 20 years as Professor of Accounting at a university in Western Australia. During this time, he has taught company accounting to undergraduate and postgraduate students. He has been involved in writing books published by John Wiley since 1981, and has also written books and monographs for other organisations including CPA Australia, the Group of 100 and the Australian Accounting Research Foundation. He was a founding member of the Urgent Issues Group, serving on that body from 1995 to 2001. He subsequently served on the Australian Accounting Standards Board from 2002 to 2007, both as a member and as deputy chair of the Board.

Jeffrey Knapp, BEc (Hons) (Macq), MPhil (UNSW), CA, is a Lecturer in Accounting at the University of New South Wales. Jeffrey’s background includes working in income tax (Coopers & Lybrand), technical consulting in financial reporting and audit (Institute of Chartered Accountants in Australia), and teaching consolidation accounting (Macquarie University and UNSW). Jeffrey’s strengths are his knowledge of accounting standards and his forensic ability to uncover financial reporting irregularities. Jeffrey is one of Australia’s most well-known media commentators on financial reporting regulation and practice.

Susan McGowan, BAcc (SAIT), MCom (UniSA), and GradCertEd(HigherEd) (QUT), is currently a senior lecturer in the School of Commerce at the University of South Australia. Her research interests focus on accounting education and academic integrity.

John Sweeting, BEc, MEc, PhD, CPA, CA, was Senior Lecturer in Accountancy at Queensland University of Technology. John’s background includes a mixture of academic and business positions. He has taught at Swinburne University of Technology and Central Queensland University, and has spent time with the National Companies and Securities Commission (now the Australian Securities and Investments Commission). John has also held positions with a large international chartered accounting firm and a company listed on the Australian Securities Exchange. In addition to running in-house courses for accounting firms, John has also conducted Professional Development courses for CPA Australia and the Institute of Chartered Accountants in Australia. He has also been actively involved in both the CPA Program and the CA Program.

Preface xiv
Supplementary materials xv
Acknowledgements xvi

Chapter 1 Nature and regulation of companies 1

Chapter 2 Financing company operations 37

Chapter 3 Company operations 91

Chapter 4 Fundamental concepts of corporate governance 155

Chapter 5 Fair value measurement 197

Chapter 6 Accounting for company income tax 237

Chapter 7 Financial instruments 297

Chapter 8 Foreign currency transactions and forward exchange contracts 349

Chapter 9 Property, plant and equipment 395

Chapter 10 Leases 453

Chapter 11 Intangible assets 515

Chapter 12 Business combinations 567

Chapter 13 Impairment of assets 633

Chapter 14 Disclosure: legal requirements and accounting policies 687

Chapter 15 Disclosure: presentation of financial statements 735

Chapter 16 Disclosure: statement of cash flows 799

Chapter 17 Translation of financial statements into a presentation currency 861

Chapter 18 Consolidation: controlled entities 905

Chapter 19 Consolidation: wholly owned subsidiaries 931

Chapter 20 Consolidation: intragroup transactions 991

Chapter 21 Consolidation: non-controlling interest 1047

Chapter 22 Consolidation: other issues 1109

Chapter 23 Associates and joint ventures 1177

Chapter 24 Joint arrangements 1237

Chapter 25 Insolvency and liquidation 1277

Appendix: Present value tables 1351

Glossary 1353

Index 1364