UNDERSTANDING FINANCIAL REPORTING STANDARDS

If you want to understand the regulations and practices of financial accounting and reporting, this is the book for you! The authors of this book have developed a unique set of material on corporate financial reporting based on their collective years of teaching experience. In this book, they explain, in non-technical language, the financial information that companies are required to provide.

What are companies? Why are they formed? Companies are not charities but are formed to provide a good income to their shareholders by selling us goods and services. Large companies in the UK are mostly known as Public Limited Companies (PLCs). There are about 2,000 PLCs in the London Stock Exchange. But do we understand these companies' objectives and activities? We can do so by examining the financial information they provide publicly in their annual financial reports.

To be able to examine the financial statements issued by companies, you need to understand the regulations issued by the International Accounting Standards Board (IASB). This book explains the requirements of Financial Reporting Standards. Guidance on the disclosure requirements and examples from companies' financial reports are also provided and explained.

Many of these company names are synonymous with our everyday lives. Think about Cadbury Chocolate, Unilever, Diageo, Shell, Boots. It is difficult to conceive our lives without their products and services. The explanation and guidance provided in this book will allow you to understand fully the operations of such companies. This is vital knowledge if you intend to do business with the companies, buy their products and services or find employment with them.

Contents:

• The Growth of Financial Reporting
• Broadening the Reporting Agenda
• From Standards to Profit
• Cash and Income
• Statement of Financial Position
• Business Relationships
• Combining Businesses
• Contextual Disclosures
• Financial Instruments
• Short Standards
• Equity and Liabilities
• Accounting for Sustainability

Readership: Business and accounting undergraduates, postgraduates and researchers.

Key Features:

• Expands business students' knowledge by explaining, in non-technical language, the accounting regulations that determine the accounting records and financial reports required of companies
• Covers topical issues and increasingly important areas such as sustainability reporting and corporate governance
• Adopts a unique approach through non-technical explanation of financial reporting standards