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Financial Accounting For Dummies, UK Edition


Learn to:

  • Determine what each line of a financial statement tells you
  • Tackle the core accounting methods and concepts
  • Understand financial accounting in the context of GAAP and IFRS

Master financial accounting basics – fast!

Whether you're an accountancy student studying for your degree, you're working towards ACCA qualification or you're just starting out in your accounts career, this plain-English guide delivers easy-to-understand explanations and tons of examples that make getting to grips with all important financial accounting concepts, terminology and methods faster and easier than ever.

  • Learn the business – get the lowdown on financial accounting as a career and see the big picture of financial accounting and international accounting
  • Process those processes – get to grips with the key financial accounting processes and concepts, for both UK GAAP and IFRS
  • Balance the numbers – make sense of the various parts of a balance sheet and how taken together they illustrate a company's financial status
  • Search for profit (and loss) – interpret financial statements to get a clear picture of a company's revenue, expenses, gains and losses
  • Follow the money – figure out the cash flow statement and what it should be telling you

Open the book and find:

  • Different ways to interpret and analyse financial statements
  • How to prepare financial statements and report to shareholders
  • How to investigate income and cash flow
  • The key regulatory issues to be aware of
  • The financial ins and outs of mergers and acquisitions
  • Financial accountants' ethical responsibilities
  • The latest on building a career as a financial accountant

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 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.

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