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Publication Date: 2014-05-01
This volume is one in a series of very short introductions to a wide range of subjects that provide trenchant and complete discussions of the central issues in a given field. Nobes (Univ. of London, UK) candidly admits that the book will not turn readers into accountants and that it is not intended for use by professionals. Rather, the book is intended to make intelligent nonaccountants conversant in and appreciative of the fundamentals of the discipline. The book accomplishes this task very well. Terms such as debits, pre-tax income, and goodwill are simplified and explained, making accounting vocabulary nonintimidating and understandable. Though thoughtfully and perceptively written from a British perspective, US readers will find the book both relevant and intriguing. Where else will readers be confronted by Luca Pacioli and the IASC within a few pages of each other? Although brief by design, the book has suggested further readings by topic, a glossary, and a useful index.
Accounting Theory by
Publication Date: 2016-07-15
Add “history” to the title and it would accurately depict this fascinating trip through time. The book is an in-depth presentation of the impact of finance, economics, politics, and even philosophy on the development of financial accounting. Over 1,300 references to publications and over 350 authors are cited. The overwhelming percentage of references date before 2000. Even for the chapters on "current" controversial topics (leases, postretirement benefits, intercorporate equity investments, and financial accounting for income taxes), almost two-thirds of the references predate 2000, and less than 3 percent are 2012 or later. As would be the case for most financial accounting texts, the instructor desiring current coverage is going to have to update this textbook. Also with 545 pages of text (not an overwhelming number), the instructor adopting this text will need to pick and choose what material to cover and be sure the students are well versed on topics from intermediate and advanced accounting courses.
The Monetary Value of Time by
Publication Date: 2016-01-12
Most accountants and financial professionals are familiar with the time value of money. That is what makes this volume so intriguing. The author focuses on the value of time and its relation to profitability and customer satisfaction. Warnacut argues that traditional accounting systems, such as full absorption costing, actually promote inefficient practices and poor decisions by ignoring time and velocity. The second part of the book discusses flaws in traditional financial metrics and introduces a number of time-based metrics. Throughout, the author's underlying premise is that customers do not like to wait, but businesses make them wait longer than necessary, and traditional accounting systems are to blame.
Political Standards by
Publication Date: 2015-11-09
Ramanna (business administration, Harvard) examines the accounting standard-setting process primarily in, but not limited to, the US. He argues that the process is flawed largely because it exists in what he describes as a "thin political market." In such an environment, the standards are created, of necessity, by the limited number of individuals possessing the requisite technical knowledge and skill to do so. These people, however, have vested interests in the outcomes of the process, and because of the highly technical nature of the subject matter, the process is not subjected to much public scrutiny. Ramanna argues that in individual cases, the process has been “captured" by individuals or groups most affected by the standard in question. The groups consist primarily of corporate management, financial industry executives, auditors, and accountants. The author emphasizes the critical nature and importance of the process and suggests ways to begin correcting the current flaws.
The Routledge Companion to Accounting, Reporting and Regulation by
Publication Date: 2013-09-04
This scholarly handbook provides a comprehensive, up-to-date, and authoritative resource on financial accounting, reporting, and regulation in national as well as international contexts. Edited by two UK academicians, this work presents a perspective outside of mainstream accounting literature, emphasizing an international range of perspectives. Written by a team of international scholars, the chapters contain numerous information boxes, figures, tables, notes, and chapter bibliographies. The volume is organized in five parts. Part 1 defines financial accounting and then discusses the methodology of accounting theory, fundamental issues in reporting and regulation, and European and English-language theories of reporting, thus providing a foundation for the succeeding parts. Part 2 covers basic issues in financial accounting and reporting, including fair value reporting and costs and benefits of disclosure. Part 3 introduces issues in international accounting standard setting and regulation, emphasizing IFRS (International Financial Reporting Standards) and the global convergence of accounting standards. The institutional aspects of international reporting and regulation are addressed in part 4. The final part provides an overview of the social and economic aspects of international financial reporting and regulation. This is an important, challenging resource for faculty, and graduate and upper-division students.