Contemporary Issues in Financial Reporting : A User-Oriented Approach book cover
1st Edition

Contemporary Issues in Financial Reporting
A User-Oriented Approach

ISBN 9780415776424
Published June 16, 2009 by Routledge
586 Pages 15 B/W Illustrations

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Book Description

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.

Table of Contents

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

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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