Financial Accounting, IFRS Edition: 2nd Edition
July 2012, ©2013
For colleges and universities around the world, Financial Accounting IFRS, 2nd Edition by Jerry J. Weygandt, Paul D. Kimmel, and Donald E. Kieso, is designed to assist students learning accounting topics under the rules of IFRS. The book addresses every accounting topic from the perspective of IFRS and includes examples based on international companies. Following the reputation for accuracy, comprehensiveness, and currency, this highly anticipated new edition retains key features, such as the table of contents, comprehensive problem sets, and accuracy, on which users of Weygandt Financial Accounting IFRS have come to rely. The focus of this text in on international companies, discussing financial accounting principles and procedures within the context of IFRS, and providing end-of-chapter exercises and problems that present students with foreign currency examples such as the yen or euro.
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1 Accounting in Action
2 The Recording Process
3 Adjusting the Accounts
4 Completing the Accounting Cycle
5 Accounting for Merchandising Operations
7 Fraud, Internal Control, and Cash
8 Accounting for Receivables
9 Plant Assets, Natural Resources, and Intangible Assets
11 Corporations: Organization, Share Transactions, Dividends, and Retained Earnings
13 Statement of Cash Flows
14 Financial Statement Analysis
A Specimen Financial Statements: Samsung Electronics Co., Ltd. A-1
B Specimen Financial Statements: Nestle´ S.A. B-1
C Specimen Financial Statements: Zetar plc C-1
D Specimen Financial Statements: Tootsie Roll Industries, Inc. D-1
E Time Value of Money E-1
F Payroll Accounting F-1
*G Subsidiary Ledgers and Special Journals G-1
H Other Significant Liabilities H-1
- Content updated to include recent developments in accounting
rules and to provide additional explanation where needed.
- Chp 2: Rewrote Debits and Credit section, to provide additional instruction/explanation to students.
- Most end of chapter material has been updated with new names, amounts, and dates, while the Financial Reporting Problem is now based on Samsung Electronics and Comparative Analysis Problem on Nestlé versus Zetar.
- Significantly increased use of international companies and currencies throughout textbook, especially in the new Feature Stories and in-text examples.
- Chp 3: Updated revenue recognition discussion to reflect the proposed new accounting standard, hereby
- revenue should be recognized in the accounting period in which services are performed (formerly when revenue was earned).
- Chp 3: Updated discussion of The Basics of Adjusting Entries section, including new transaction analysis format (Basic Analysis, Equation Analysis, Debit-Credit Analysis, Journal Entry, and Posting) for adjusting entries examples, providing continuity from Chapters 1 and 2.
- Chp 5: Added additional explanation to Sales Returns and Allowances section, to increase student understanding.
- Chp 6: Expanded discussion in Cost Flow Assumptions section, to ensure student understanding of accounting requirements for cost flow assumption chosen.
- Chp 8: Rewrote Types of Receivables section, to include more general discussion of receivables.
- Chp 8: Added new material on recent home foreclosures in section on Valuing Accounts Receivable.
- Chp 8: Expanded discussion of Disposing of Notes Receivable section, to include a timeline illustration to increase student understanding.
- Chp 10: Added more general discussion in Accounting for Bond Issues section, to ensure student understanding.
- Chp 12: Updated Categories of Securities section, to reflect proposed new classifications for debt and share investments.
- New Another Perspective section at end of each chapter includes differences between GAAP and IFRS (Key Points), IFRS/GAAP convergence efforts (Looking to the Future), and GAAP Practice (GAAP Self-Test Questions plus answers, GAAP Exercises, and GAAP Financial Reporting Problem based on Tootsie Roll Industries, Inc.
- New sustainability coverage throughout the book introduces students to green business practices called People, Planet, Profit is reinforced with a People Planet Profit end of chapter question
- Anatomy of a Fraud Boxes: Now included in all relevant chapters (previously just in Chapter 7, Fraud, Internal Control, and Cash).
- First US based financial accounting text designed to assist students learning accounting topics under the rules of IFRS.
- Comprehensive coverage of IFRS based introductory financial accounting that prepares students for further study in the business or accounting.
- Focus on real international companies, international examples, and international currencies. The basics of financial accounting principles and procedures are presented within the context of IFRS while also providing exercises and problems that present students with international currency examples such as the Yen and the Euro.
- Includes Authoritative literature references (IASB/IFRS) so students become more familiar with the original sources.
- Explains key differences between IFRS and US GAAP while offering information about how the systems are converging.
- Students need to do accounting to get accounting. Throughout each chapter Do It’s!, which give students an opportunity to see a detailed example problem with a solution before they do their homework.
- Making the study of accounting relevant to the business major, Accounting Across the Organization highlights the important role of accounting information to other business students studying management, information systems, finance, and marketing.
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