- Hardcover: 1640 pages
- Publisher: Wiley; 14 edition (March 15, 2011)
- Language: English
- ISBN-10: 0470587237
- ISBN-13: 978-0470587232
- Product Dimensions: 8.7 x 2.2 x 10.8 inches
- Shipping Weight: 7.4 pounds (View shipping rates and policies)
- Average Customer Review: 564 customer reviews
- Amazon Best Sellers Rank: #315,388 in Books (See Top 100 in Books)
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Intermediate Accounting 14th Edition
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Relevant Facts about International Financial Reporting Standards (IFRS)
- International standards are referred to as International Financial Reporting Standards (IFRS), developed by the International Accounting Standards Board (IASB). Recent events in the global capital markets have underscored the importance of financial disclosure and transparency not only in the United States but in markets around the world. As a result, many are examining which accounting and financial disclosure rules should be followed.
- U.S. standards, referred to as generally accepted accounting principles (GAAP), are developed by the Financial Accounting Standards Board (FASB). The fact that there are differences between what is in this textbook (which is based on U.S. standards) and IFRS should not be surprising because the FASB and the IASB have responded to different user needs. In some countries, the primary users of financial statements are private investors; in others, the primary users are tax authorities or central government planners. It appears that the United States and the international standard-setting environment are primarily driven by meeting the needs of investors and creditors.
- The internal control standards applicable to Sarbanes-Oxley (SOX) apply only to large public companies listed on U.S. exchanges. There is a continuing debate as to whether non-U.S. companies should have to comply with this extra layer of regulation. Debate about international companies (non-U.S.) adopting SOX-type standards centers on whether the benefits exceed the costs. The concern is that the higher costs of SOX compliance are making the U.S. securities markets less competitive.
- This textbook mentioned a number of ethics violations, such as WorldCom, AIG, and Lehman Brothers. These problems have also occurred internationally, for example, at Satyam Computer Services (India), Parmalat (Italy), and Royal Ahold (the Netherlands.)
- IFRS tends to be simpler in its accounting and disclosure requirements; some people say more “principles-based.” GAAP is more detailed; some people say more “rules-based.” This difference in approach has resulted in a debate about the merits of “principles-based” versus “rules-based” standards.
- The SEC allows foreign companies that trade shares in U.S. markets to file their IFRS financial statements with reconciliation to GAAP.
Top customer reviews
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As with the Study Guide, the Problem Solving Survival Guide is split into two volumes. Most schools use the Intermediate Accounting text for a two-semester sequence, so you only need volume 1 or volume 2 in a single semester class. If you can only afford one -- the Study Guide or the Problem Solving Survival Guide -- go for the Problem Solving Survival Guide. You'll get more information than what is already in the textbook.
Had to look up how to do many things that this book doesn't explain fully.
Book is the reason for the 3 star rating not the seller.
Their are good explanations of the answers to the problems which are usually helpful in understanding why things are done. However, I would have preferred that the answers to the problem were not included directly after the problem, usually on the same page. Especially with the multiple choice answers. I would have much preferred to have the answers listed at the end of each section so you could work the problem without being influenced by the answer right in front of you.
The problems in this study guide are different problems from the ones in the textbook in case you were wondering.
I don't think this book was worth the $44 I paid. Especially since my instructor provides the answers to all the textbook problems which there are plenty.