QUT AYB311 Contemporary Issues in Accounting 1e
Please read the following product description below.
The terms accounting and bookkeeping do not mean quite the same thing. Rather, bookkeeping is a subdivision within the modern field of accounting, which can be defined as the art of devising a system for recording and keeping track of financial transactions. The accountant creates such a system, whereas the bookkeeper does the actual work of noting down each transaction as it occurs.
Accounting is widely taught in both high schools and colleges, with the various branches, including managerial and financial accounting, being offered as separate courses at the college level. Contemporary Issues in Accounting, 1st edition, is a textbook for college accounting. It was written by Michaela Rankin, Patricia Stanton, Susan McGowan, Kimberly Ferlauto and Matthew Tilling. Its primary goal is to apply the most advanced concepts and policies in accounting to a large range of contemporary situations.
Since the field of accounting is not a static one but is continually evolving to suit the changing needs of businesses. During the nineteenth century, for instance, the rise of the limited liability company and the expansion of management and logistics resulted in a higher demand for accountants who had enough technical proficiency to be able to handle the increasing number of global transactions as well as calculate inventory valuation, asset depreciation and other complex figures. Textbooks that teach accounting must therefore be constantly kept up to date. In Contemporary Issues in Accounting, 1st edition, topics are discussed that reflect issues that are of current interest to the accounting practitioner. Among these issues are: fair value accounting: This involves accounting for the “fair value” of an asset, which is a “rational and unbiased” estimate of the market value that an asset, good or service can potentially have approaches to measurement, environmental accounting and sustainability.
This textbook explores advanced accounting concepts and policies by applying them to a range of contemporary accounting issues. The topics discussed reflect the issues that are being considered currently in professional practice such as approaches to measurement, fair value accounting and environmental accounting and sustainability. This text has been designed to equip you with the knowledge required to discuss, analyse and critically evaluate a range of issues that you are likely to encounter upon entering the accounting profession.
Contemporary Issues In Accounting 1st Edition, is written by several experts in the world of accounting standards including Michaela Rankin, Patricia Stanton, Susan McGowan, Kimberly Ferlauto, and Matthew Tilling. Reflecting a broad range of important topics, this book issued by Wiley, prepares students for professional practice through intelligent and thoughtful exploration of the contemporary world of accounting. These topics include fair value accounting, environmental accounting and sustainability, earnings management, the financial indicators of corporate collapse, corporate governance, and approaches to measurement. University students studying accounting, finance, and / or business will benefit enormously from the professional tone and real world focus of this text.
Students of accounting and finance in today’s fast paced world of business in Australia need to be prepared for the full complexity and the high stakes that come with professional practice. Ideally, these leaders of tomorrow’s accounting world will have the knowledge and skill to help make Australia a leader in business and finance in the coming decades. They will only have the ability to do so through a forward looking education in the subject of Accounting that is focused on giving them the tools and the abilities to navigate the real world challenges of professional practice. This innovative text can serve as a capstone where students can be challenged to apply accounting theory to the real world. Contemporary Issues in Accounting 1st Edition, features several innovative components including Contemporary Issue vignettes that bring students into the world of real accounting through the encouragement of stimulating discussion and analysis. Furthermore, Mind Maps open and anchor student’s attention through a condensed representational schema linking related concepts. Each chapter opens with one of these Mind Maps allowing students to gain an important conceptual introduction that facilitates study and understanding. Finally, Professional Application Questions guide student exploration of important issues in both the world of Australian and international accounting and finance. These questions focus student’s attention on what really maters in the professional practice of accounting and finance in business.
The authors of Contemporary Issues In Accounting 1st Edition, represent a who’s who of leading figures in the field of Australian accounting and finance. Each of the authors boast an impressive intellectual background being employed by Australia’s leading universities. Michaela Rankin, the lead author has even been awarded the Institute of Chartered Accountants in Australia Award for Teaching Excellence in 1998. She is also widely published. Further, Patricia Stanton is also an award winning scholar in the field of accounting and has multiple published papers win international recognition for excellence. Even better is that each of these authors have real classroom experience and so are familiar with the challenges students face when learning a subject as challenging as Accounting.
The expertise of the authors in the subjects of financial accounting and accounting theory is evident throughout the text. Students benefit from their thoughtful and clear layout of the relevant issues facing the accounting and finance world in Australia and internationally. This text will equip students with the understanding and knowledge of those concepts that are central to the professional practice of accounting and finance in contemporary Australia and abroad.
Contemporary Issues in Accounting is written for upper level, advanced financial accounting subjects. The text explores advanced accounting concepts and policies by applying them to a range of contemporary accounting issues. The accounting topics discussed reflect the issues that are being considered in professional practice such as approaches to measurement, fair value accounting, the Conceptual Framework for financial reporting, corporate governance, environmental accounting and sustainability, earnings management and the financial indicators of corporate collapse.
The practical orientation of the text makes it ideal for a capstone subject whereby students can use their accounting knowledge attained during their studies to discuss, analyse and critically evaluate a range of issues they are likely to deal with once they enter the profession.
Chapter 2 outlines the recent reforms addressed in the Conceptual Framework for financial reporting. Chapter 5 summarises accounting theories and the valuable role they play in decision making and determining the appropriate accounting policy. Chapter 10 Fair value accounting discusses AASB13 which is a new accounting standard on the controversial issue of accounting for assets and liabilities at fair value. Chapter 11 Environmental accounting and sustainability provides an overview to the developments associated with sustainability and accounting for sustainable business practices
Copyright year (yr): 2012
Category / Categories / Genre / Genres / Theme / Themes : Business Accounting Issues
Audience: Tertiary / Higher Education / University / College
Format: Paperback / softback
Written Language: English
Number Of Pages (pg / pgs): 552
Published / Publication Date: March (Mar / 3 / 03) 13th (thirteenth / 13) 2012
Publisher: John Wiley & Sons Australia Ltd
Publication City: Milton, Brisbane (BNE)
Publication State: Queensland (QLD)
Country: AU / AUS
Dimensions / Measurements: 21.5 x 25.3 x 1.5 cm (centimetres / centimeters) / 215 x 253 x 15 mm (millimetres / millimetres / mills)
Edition Statement Number (No. / #): 1st (First / 1 Edt)
Bestsellers rank: 301,622
The textbook includes many novel features, which include contemporary issue vignettes: These are actual accounting and corporate incidents that were carefully chosen by the authors to encourage debate and analysis.
Each of the chapter opens with a Mind Map in which the key topics to be discussed in that chapter are summarized in a schematic way.
professional application questions: These reflect issues in accounting and financial reporting for both Australia and the international community.
Contemporary Issue vignettes present a range of real accounting and corporate experiences that encourage discussion and analysis
Mind Maps open each chapter and provide a schematic summary of the key conceptual interrelationships associated with the chapter topic.
Professional Application Questions reflect Australian and international accounting and financial reporting issues.
Chapter activities are codified to the Threshold Learning Outcomes for accounting: Judgement, Application Skills, Knowledge, Communication & teamwork and Self-Management
’Contemporary issue' vignettes present a range of real accounting and corporate experiences that encourage discussion and analysis
Mind Maps open each chapter and provide a schematic summary of the key conceptual interrelationships associated with the chapter topic
Professional Application Questions reflect Australian and international accounting and financial
Authors / Writers / Written by:
All of the five authors of the book are lecturers at major Australian universities. Michaela Rankin serves as a Senior Lecturer in the Accounting and Finance Department at Monash University in Melbourne. Patricia Stanton and Susan McGowan are senior lecturers in financial accounting at the University of Newcastle and the School of Commerce at the University of South Australia respectively.
Michaela Rankin is a Senior Lecturer in the Department of Accounting and Finance at Monash University, Melbourne Victoria (MEL, VIC). Prior to joining Monash, Michaela held positions at both RMIT University and the University of Southern Queensland (USQ), where she was awarded the Institute of Chartered Accountants in Australia Award for Teaching Excellence in 1998. She teaches financial accounting and accounting theory at both undergraduate and postgraduate levels. She has published widely in international journals including Accounting, Auditing & Accountability Journal and Australian Accounting Review. PhD (RMIT), MEc (UNE), GradCertHE (Monash), BBus(Hons) (USQ), CPA, is a senior lecturer in the Department of Accounting and Finance at Monash University, Melbourne. Prior to joining Monash, Michaela held positions at both RMIT University and the University of Southern Queensland, where she was awarded the Institute of Chartered Accountants in Australia Award for Teaching Excellence in 1998. She teaches fi nancial accounting and accounting theory at both undergraduate and postgraduate levels. Michaela has a broad range of research interests including financial reporting and governance, executive compensation, the regulation and practice of sustainability reporting, carbon emissions disclosure, and accounting education. She has published widely in international journals including Accounting, Auditing & Accountability Journal, British Accounting Review, Accounting & Finance, HigherEducation Research and Development and Australian Accounting Review.
Patricia Stanton is a senior lecturer in financial accounting at the University of Newcastle, NSW (New South Wales). She has published widely in international journals such as Accounting, Auditing & Accountability Journal and Australian Accounting Review. Two of her papers have won international best paper awards. Her current research interests are focused on the value of current reporting practices, and the implications of corporate failure for the accounting profession.
Susan McGowan is currently a senior lecturer in the School of Commerce at the University of South Australia (Adelaide (ADL), SA). Her research interests focus on accounting education and international accounting. PhD (Newcastle), BComm(Hons 1) (Newcastle), BA (Sydney) and DipEd (Sydney), is a senior lecturer in financial accounting at the University of Newcastle. She has published widely in international journals such as Accounting, Auditing & Accountability Journal, Australian Accounting Review, Corporate Communications: An International Journal and Accounting History. Two of her papers have won international best paper awards. Her current research interests are focused on the value of current reporting practices, and the implications of corporate failure for the accounting profession.
Kimberly Ferlauto is an associate lecturer in accounting at the University of Western Sydney, New South Wales (SYD, NSW). She has been teaching accounting theory for many years at both an undergraduate and postgraduate level. Her focus when teaching theory is on understanding why we do what we do as accountants and application of accounting theory to current real world events. Other teaching interests include entrepreneurship and small business, accounting information systems and financial planning. BComAcctg (UWS), MComAcctg (UWS), CPA, is an associate lecturer in accounting at the University of Western Sydney. She has been teaching accounting theory for many years at both an undergraduate and postgraduate level. Her focus when teaching theory is on understanding why we do what we do as accountants and application of accounting theory to current real world events. Other teaching interests include entrepreneurship and small business, accounting information systems and financial planning. Kimberly’s main research interests include accounting measurement and social and environmental accounting.
Matthew Tilling is a senior lecturer in Accounting at the University of Notre Dame, Australia. He has taught a range of accounting topics to both undergraduates and postgraduates in over a decade of university teaching, with a primary focus on issues affecting large corporations. This academic focus has been complemented with the provision of extensive consulting and training services to a range of professional and corporate entities on a wide range of accounting problems. Matthew has published articles on accounting education and social and environmental accounting in a range of international journals. BCom (Flinders), is a senior lecturer in Accounting at the University of Notre Dame, Australia. He has taught a range of accounting topics to both undergraduates and postgraduates in over a decade of university teaching, with a primary focus on issues affecting large corporations. This academic focus has been complemented with the provision of extensive consulting and training services to a range of professional and corporate entities on a wide range of current accounting problems. He has also been involved with syllabus and exam design for high school accounting in Western Australia. Matthew has published articles on accounting education and social and environmental accounting in a range of international journals.
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 international accounting.
Table of Contents
About the authors ix
How to use this book x
CHAPTER 1 Contemporary issues in accounting 1
Accounting theory 5
Why theory is needed 6
Types of theories 8
Evaluating and testing theories 11
Understanding the role of research 12
Research areas in accounting 14
Overview of chapters in this text 15
Review questions 20
Additional readings 20
End notes 21
CHAPTER 2 The Conceptual Framework for Financial Reporting 23
The role of a conceptual framework 25
History and evolution of the Conceptual Framework 27
The structure and components of the Conceptual Framework 28
Purpose, objective and underlying assumption of the Conceptual Framework 31
Qualitative characteristics of useful financial information 35
The elements of fi nancial statements 38
The benefits of a conceptual framework 41
Problems with and criticisms of the Conceptual Framework 44
Review questions 49
Application questions 50
Additional readings and websites 58
End notes 59
CHAPTER 3 Standard setting 61
Institutional framework 63
Accounting standards 65
Rules-based versus principles-based standards 66
Theories of regulation 69
Theory and accounting regulation research 74
The political nature of setting accounting standards 74
Review questions 81
Application questions 82
Additional readings 85
End notes 86
CHAPTER 4 Measurement 89
Measurement in accounting 91
Measurement approaches and the accounting standards 93
Measurement and the quality of accounting information 104
Fair value 109
Stakeholders and the political nature of accounting measurement 111
Why measurement is a controversial accounting issue 116
Current measurement challenges 117
Review questions 123
Application questions 124
Additional readings 129
End notes 129
CHAPTER 5 Theories in accounting 131
What value does theory offer? 133
Types of theories 134
Positive accounting theory 134
Institutional theory 141
Legitimacy theory 142
Stakeholder theory 145
Contingency theory 147
Using theories to understand accounting decisions 147
Review questions 152
Application questions 153
Additional readings 155
End notes 155
CHAPTER 6 Products of the nancial reporting process 159
Identifi cation of the reporting entity 161
When information is reported 162
Manipulation of reported earnings 163
Exclusion of activities from the fi nancial reporting process 166
Voluntary disclosures 168
Why entities voluntarily disclose 174
Review questions 178
Application questions 179
Additional readings 182
End notes 183
CHAPTER 7 Corporate governance 185
The interest in corporate governance 187
What is corporate governance? 188
The need for corporate governance systems 189
Corporate governance guidelines and practices 191
Approaches to corporate governance 196
Developments and issues in corporate governance 198
Role of accounting and fi nancial reporting in corporate governance 202
The role of ethics 206
International perspectives and developments 209
Review questions 212
Application questions 213
Additional readings 219
End notes 220
CHAPTER 8 Capital market research and accounting 223
Capital market research and accounting 225
Research methods: event studies and value relevance 229
What the information perspective studies tell us 229
Do auditors or intermediaries add value to accounting information? 232
Value relevance 233
What value relevance studies tell us 235
The effi ciency of capital markets 237
Behavioural finance 239
Review questions 245
Application questions 246
Additional readings 251
End notes 251
CHAPTER 9 Earnings management 255
The importance of earnings 257
What is earnings management? 257
Methods of earnings management 258
Why do entities manage earnings? 261
Consequences of earnings management 266
Corporate governance and earnings management 266
Review questions 270
Application questions 270
Additional readings 272
End notes 272
CHAPTER 10 Fair value accounting 275
The role of fair value in accounting 277
The traditional defi nition 278
AASB 13/IFRS 13 Fair Value Measurement 279
Fair values are specifi c, what factors should be considered? 284
Fair value techniques 289
Specific issues 303
Review questions 306
Application questions 307
Additional readings 310
End notes 311
CHAPTER 11 Sustainability and environmental accounting 313
What is sustainability? 315
Sustainability reporting 317
Guidelines for sustainability reporting 320
Stakeholder infl uences 325
Environmental management systems 328
Climate change and accounting 329
Review questions 334
Application questions 335
Additional readings 337
End notes 338
CHAPTER 12 International accounting 341
Defi nition of international accounting 343
Diversity of international accounting practice 344
Environmental infl uences on accounting 344
International adoption of IFRSs 348
FASB and IASB convergence 354
Multinational organisations 355
Review questions 358
Application questions 358
Additional readings 360
End notes 361
CHAPTER 13 Corporate failure 363
What is corporate failure? 365
Causes of corporate failure 366
Costs of failure 367
Predicting corporate failure 367
Indicators of corporate failure 368
Corporate governance issues 369
Regulation and political responses to corporate failure 370
The anatomy of a corporate failure 371
A case study: the global fi nancial crisis 373
Review questions 378
Application questions 379
Additional rea dings 380
End notes 381
CHAPTER 14 Special reporting issues 383
What expenditures should be capitalised? 386
Do intangibles pass the defi nition and recognition tests? 388
Implications of non-recognition of intangibles 392
Do heritage assets pass the defi nition and recognition tests? 394
Implications of recognition of heritage assets 399
Review questions 403
Application questions 403
Additional readings 409
End notes 409
List of key terms 412
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QUT (Queensland (QLD) University of Technology) Gardens Point Brisbane (BNE) Bachelor of Business (Majoring in Accountancy) textbook for sale. This book is in an immaculate condition and is still like new despite being very helpful and useful for assignment and exam success. I have taken fine care of it.
I have finished this course / unit / subject / class so therefore I do not use this book anymore and I am hoping that it can be sold and go to a good home for someone who really wants it and will make great use out of it.
Contemporary Issues in Accounting, 1st edition is definitely the kind of textbook that every college business department should consider acquiring.
Code: AYB311 (Financial Accounting Issues) - Prerequisites are BSB110 (Basic Introductory Principles), AYB200 & AYB340 (Company)
Price is negotiable.
Have a look at the picture above and if you do need a further clarification or more information or have any questions whatsoever then please do not hesitate to contact me via gumtree online or mobile (call / text / WhatsApp) at any time if you are interested. Please feel free to do so.
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- Date Listed:27/11/2018
- Last Edited:16/02/2019
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