Financial Reporting Standards: A Decision-Making Perspective for Non-Accountants
Accounting is the score keeping system in the “game” of business, and you won’t do well in any “game” if you don’t understand how the score is kept. If you’re a practicing manager, MBA student, or a non-accounting business major, this book will do more than help you stay in the game. Inside, United States financial reporting standards are compared and contrasted with international financial reporting standards, and the authors detail how management’s choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Unlike typical accounting books, journal entries are not used to illustrate topical coverage. This unique book exclusively provides you with a decision-making perspective by using the accounting equation format to directly illustrate financial statement effects of transactions and events. Most of the topics addressed in this book are typically studied by accounting majors in the two course “intermediate” accounting sequence, but the text also includes discussion of consolidations—a topic generally covered in the “advanced” accounting course. Intermediate accounting textbooks alone typically exceed well over 1,500 pages. By exclusively applying a user’s perspective, and limiting topical content to areas relevant for decision making, this book allows non-accountants to acquire the requisite underlying knowledge in a concise, easy to understand text.
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accounting equation format accounts receivable accrual basis adjustment amortization amount assume that Behrend balance sheet Behrend Corp benefit bonds book value capital lease cash flow hedge cash inflow cash outflow cash paid change in estimate chapter classified compensation expense comprehensive income consolidated cost debt decrease deferred tax asset depreciation expense determined diluted EPS discount discussed employee ending inventory equity method example Exhibit expense recognized fair value FASB ASC FIFO Financial Accounting Standards financial statement effects firm firm’s forward contract future gain or loss goodwill gross profit hedge IASB illustrate income statement increase incurred interest expense issuance issued LIFO layers longterm million Note operating cash flow operational assets Original pronouncement payable payment period presented purchase Record residual value retained earnings securities shares sold statement of cash Statement of Financial stockholders tax expense transactions treasury stock U.S. GAAP uncollectible accounts warranty yearend