This accounting theory text begins with chronological material on accounting theory formulation and standard setting with analysis of the major efforts attempted in the development of an accounting theory then covers contemporary financial reporting issues as they relate to the Financial Accounting Standard Board's Conceptual Framework. Controversial accounting areas, such as cash flows, accounting for pensions, and post-employment benefits, are examined within the context of the definitions of assets and liabilities provided by the Conceptual Framework. A global perspective is integrated throughout. Learning features include chapter objectives, review questions, examples, and cases. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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This easy-to-read accounting theory text contains two distinct, but integrated parts. Part One focuses on two interwoven topics: accounting theory formulation and standard setting in a chronological format. This section analyzes the major historical efforts attempted in the development of an accounting theory. The Conceptual Framework project is studied, and the FASB and how it influences current standard setting is examined. Part Two covers contemporary financial reporting issues as they relate to the FASB's Conceptual Framework. Controversial accounting areas, such as cash flows, accounting for pensions, post-employment benefits and stock options, are studied within the context of the definitions of assets and liabilities provided by the Conceptual Framework. Interesting and challenging cases provide the reader with practical experience in applying accounting theory.
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