With the collapse of Enron and other similar scandals, financial reporting and its relation to corporate governance has become a contentious issue. In this revealing book, author Paul Rosenfield involves the reader in exploring contemporary financial reporting and skilfully highlights the deficiencies in current methods. In doing so it provides a user-oriented guide to the salient issues which affect all aspects of financial accounting.
Contemporary Issues in Financial Reporting challenges the reader to critically think through the issues and arguments involved in the practice of financial reporting. It goes to the heart of the most difficult and controversial problems, investigating the major issues and commenting upon the solutions offered in financial reporting literature. The grave defects in current accepted accounting principles are demonstrated and exposed, and alternative solutions are offered.
Written by a former Secretary General of the International Accounting Standards Committee, practitioners and accounting scholars alike will find this volume to be an essential addition to their libraries.
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'The author engages directly with his readers and other authors throughout by challenging them in the most forthright manner at every turn to evaluate the merits of his arguments, to work out for themselves whether and why they agree or disagree with them ... the book clearly has a valuable role ... [and] should also be required reading for standard setters and their staff.' Accounting Review
'Against the background of the largest corporate and financial reporting failures in business history, Paul Rosenfield has written a profoundly insightful and deeply thought provoking critique of contemporary financial reporting principles, standards and practices. Having spent a professional lifetime in studying those matters in leading roles at the AICPA and as the first full-time secretary of the International Accounting Standards Committee, Rosenfield is exceedingly well placed to write such a work. It is a welcome beacon in a literature replete with intellectually barren texts that are primarily descriptive - and endorsing - of conventional accounting standards and practice... This is a timely 'must read' for corporate regulators, accounting and auditing standard setters, and all who profess to be thoughtfully engaged with financial accounting and auditing. It will charge the thought leader and unnerve the conventionalist.' Journal of Accountancy
Reihe
Sprache
Verlagsort
Verlagsgruppe
Zielgruppe
Für höhere Schule und Studium
Für Beruf und Forschung
Produkt-Hinweis
Illustrationen
2 s/w Tabellen, 15 s/w Zeichnungen, 15 s/w Abbildungen
2 Tables, black and white; 15 Line drawings, black and white; 15 Illustrations, black and white
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ISBN-13
978-1-135-99009-1 (9781135990091)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Klassifikation
Prologue: Thinking Independently Section 1: Setting the Stage 1. The Nature of Financial Reporting 2. The Incentives of the Parties to Financial Reporting 3. Designing Financial Statements by Starting with Desired Results or by Applying Analysis for the Benefit of the Users 4. The Indoctrination of Financial Reporters Section 2: Issues Underlying Financial Reporting 5. Views on the Desirability of Stabilizing Income Reporting by the Design of GAAP 6. Measurement in the Preparation of Financial Statements 7. Historical Report 8. The Focus of Attention in Financial Reporting 9. The Elements of the Reporting Entity Represented in Financial Statements Section 3: Broad Issues in Financial Reporting 10. The Current Broad Principles 11. Inflation Reporting 12. Presenting Discounted Future Cash Receipts and Payments in Financial Statements 13. Proposed Broad Principles for Reporting on Assets Using Current Buying Prices 14. Proposed Broad Principles for Reporting on Assets Using Current Selling Prices 15. Current and Proposed Broad Principles for Reporting on Liabilities 16. Reflecting or Reporting Prospects in Financial Statements 17. Disclosure in Financial Reporting Section 4: Specific Issues in Financial Reporting 18. Reporting in Connection with Stock Options Granted to Employees 19. Alternative Financial Statement Reporting Practices 20. Display on Financial Statements 21. Reporting on Income Taxes 22. Reporting on Foreign Operations 23. Reporting after Business Combinations and on Related Goodwill 24. Reporting on Employee Benefits 25. Reporting on Leases and Executory Contracts 26. Consolidated Financial Statements Epilogue: The Hijacking of GAAP Bibliography Index
