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Australian Accounting Standards

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Table of Contents

PART 1 FRAMEWORK Chapter 1: History, current regulatory structures and processes Introduction Accounting standards in Australia pre-2000 Accounting standards in Australia: institutional arrangements post-2000 International Accounting Standards Board Adopting International Financial Reporting Standards in Australia Differences between A-IFRSs and IFRSs Events affecting A-IFRSs post 2004 Chapter 2: The conceptual framework of the AASB Introduction Purpose and status of the framework General purpose financial statements Users and their information needs Reporting entities The objective of financial statements Underlying assumptions Qualitative characteristics of financial statements The elements of financial statements Recognition of the elements of financial statements Measurement of the elements of financial statements PART 2 ELEMENTS Chapter 3: Shareholder's equity: share capital and reserves Shareholders' equity Types of companies Key features of the corporate structure Contributed equity: issue of share capital Contributed equity: subsequent movements in share capital Share capital: subsequent decreases in share capital Reserves Disclosure Chapter 4: Provisions, contingent liabilities and contingent assets Introduction to AASB 137 Definition of a provision Distinguishing provisions from other liabilities Definition of a contingent liability Distinguishing a contingent liability from a provision The recognition criteria for provisions Putting it all together - a useful decision tree Measurement of provisions Application of the definitions, recognition and measurement rules Contingent assets Disclosure Chapter 5: Financial instruments Introduction to AASB 132 and AASB 139 AASB 132 Financial Instruments: Disclosure and Presentation AASB 139 Financial Instruments: Recognition and Measurement Chapter 6: Income tax The Nature of income tax Differences between accounting profit and taxable profit Accounting for income taxes Calculation of current tax Recognition of current tax Payment of tax Tax Losses Calculation of deferred tax Recognition of deferred tax liabilities and deferred tax assets Change of tax rates Amended prior year tax figures Presentation in the financial statements Disclosures Chapter 7 Inventories The nature of inventories Initial recognition of inventory Determination of cost Accounting for inventory End-of-period accounting Assigning costs to inventory Net realisable value Recognition as an expense Disclosure Chapter 8: Property, plant and equipment The nature of property, plant and equipment Initial recognition of property, plant and equipment Initial measurement of property, plant and equipment Measurement subsequent to initial recognition The cost model The revaluation model Choosing between the cost model and the revaluation model Derecognition Disclosure Chapter 9: Intangibles assets The nature of intangible assets Recognition and initial measurement Measurement subsequent to initial recognition Retirements and disposals Disclosure Innovative measures of intangibles Chapter 10: Business combinations The nature of a business combination Accounting for a business combination - basic principles Accounting in the records of the acquirer Accounting in the records of the acquiree Subsequent adjustments to the initial accounting for a business combination Disclosure - business combinations Business combination (Phase II) considerations Non-current assets held for sale and discontinued operations Chapter 11: Impairment of assets Introduction to AASB 136 When to undertake an impairment test Impairment test for an individual asset Cash-generating units-excluding goodwill Cash-generating units and goodwill Reversal of an impairment loss Disclosure Chapter 12: Leases Leases What is a lease? Classification of leases Applying the classification guidance Substance over form: incentives to misclassify leases Accounting for finance leases by lessees Accounting for finance leases by lessors Accounting for operating leases Accounting for sale and leaseback transactions Likely future developments PART 3 DISCLOSURE Chapter 13 Principles of disclosure Introduction to AASB 101, AASB 108 and AASB 110 AASB 101 Presentation of Financial Statements AASB 108 Accounting Policies, Changes in Accounting Estimates, and Errors AASB 110 Events after the Balance Sheet date Chapter 14: Presentation of financial statements Presentation of financial statements Scope Balance sheet Income statement Statement of changes in equity Cash flow statement Notes Chapter 15 Cash flow statements Introduction to AASB 1007 Scope of AASB 107 Objectives of a cash flow statement Defining cash and cash equivalents Classifying cash flow activities Format of cash flow statement Preparing a cash flow statement Other disclosures Comprehensive example Extracts from financial reports PART 4 ECONOMICS ENTITIES Chapter 16: Controlled entities - the consolidation method Introduction Forms of controlled entities Applying the consolidation method Control as the criterion of consolidation Presentation of consolidated financial statements Parent entities and identification of an acquirer-reverse acquisitions Concepts of consolidation Format of consolidated financial statements Chapter 17: Consolidated financial statements - wholly owned subsidiaries The consolidation process Consolidation worksheets The acquisition analysis Worksheet entries at the acquisition date Worksheet entries subsequent to the acquisition date Comprehensive example Revelations in the records of the subsidiary at acquisition date Disclosure Reserve acquisitions Chapter 18: Consolidated financial statements - intragroup transactions Introduction Rationale for adjusting for intragroup transactions Transfers of inventory Transfers of non-current assets Comprehensive example: intragroup transfers of assets Intragroup services Realisation of profits or losses Intragroup dividends from post-acquisition equity Intragroup borrowings Chapter 19: Consolidated financial statements - minority interest Introduction Effects of an MI on the consolidation process Calculation of the MI share of equity MI share of recorded equity of the subsidiary Adjusting for the effects of intragroup transactions Excess on acquisition Chapter 20: Consolidated financial statements - indirect ownership interests Introduction Direct and indirect minority interest (MI) Sequential acquisitions Non-sequential acquisitions Reciprocal ownership Chapter 21: Consolidated financial statements - foreign subsidiaries Translation of foreign subsidiary's statements Functional and presentation currencies The rationale underlying the functional currency choice Identifying the functional currency Translation into the functional currency Changing the functional currency Translation into the presentation currency Consolidating foreign subsidiaries - where local currency is the functional currency Consolidating foreign subsidiaries - where functional currency is that of the parent entity Net investment in a foreign operation Disclosure Chapter 22: Accounting for investments in associates Accounting for equity investments in other entities Identifying associates Application - consolidated or separate financial statements Application of the equity method of accounting Disclosure Comprehensive example Chapter 23: Interests in joint ventures Investments in other entities The nature of a joint venture Accounting for jointly controlled operations Accounting for jointly controlled assets Accounting by an unincorporated joint venture that is sharing output Accounting by a venturer in an unincorporated joint venture that is sharing output Accounting by a venturer in a jointly controlled entity that is sharing profit Equity method versus proportionate consolidation Disclosures required by AASB 131 Chapter 24: Segment reporting Introduction to AASB 114 Scope Objectives of financial reporting by segments Business and geographical segments Primary and secondary segment reporting formats Identifying an entity's reportable segments Segment accounting policies Disclosures Chapter 25: Share-based payments Introduction to AASB 2 Share-based payments Recognition Equity-settled share-based payment transaction Cash-settled share-based payment transaction Share-based payment transactions with cash alternatives Disclosures

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