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Financial accounting A guide to the application of standards in business

ISBN: 9788418493287

22,00 20,89 IVA incluido

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Peso 0,5 g
Fecha de edición 21/03/2022
Número de Edición

1

Idioma

Inglés

Formato

Libro

Páginas

258

Lugar de edición

MADRID

Colección

MONOGRAFÍAS EDISOFER

Encuadernación

Rústica

Financial accounting A guide

«FINANCIAL ACCOUNTING: A GUIDE TO THE APPLICATION OF STANDARDS IN BUSINESS» is a stand-alone textbook assuming an understanding of the double entry accounting system. This textbook is intended for students who have an initial base in accounting and wish to deepen their accounting knowledge in specific areas, which inelude tangible and intangible assets, financial investments in equity and bonds, trade and financial liabilities, VAT and Corporation tax, foreign currency, grants, donations and bequests, cash flow statementsand changes in equity statements. The book initially focuses on the theory and subsequently applies the acquired knowledge in a series of practical examples which become more complex as the student builds their comprehension. Each topic is completed with a series of multi-choice self- evaluation questions. All themes are adapted to the Spanish General Accounting Plan.

 

PROLOGUE: BASICS OF FINANCIAL ACCOUNTING (II) ……………………………………  13

TOPIC 1. REPORTING AND ANALYSING NON-FINANCIAL LONG-LIVED ASSETS:

TANGIBLE ASSETS, PROPERTYINVESTMENTS AND TANGIBLE ASSETS IN PROGRESS       23

  1. Concepts, valuation and amortization …………………………………………………………………………..  23
  2. Specific standards on property, plant and equipment …………………………………………………..  28
  3. Depreciation, impairment and exceptional losses ……………………………………………………….  31

3.1.      Recording Depreciation …………………………………………………………………………………….  32

3.2.      Impairment Recognition……………………………………………………………………………………. 35

4.Property, plant and equipment derecognition ………………………………………………………………  37

5. Non-current assets held for sale and investment property ……………………………………………  40

6. Property, plant and equipment under construction ……………………………………………………….  43

7. Exchanges of property, plant and equipment……………………………………………………………….. 44

8. Multiple-choice ……………………………………………………………………………………………………………. 46

9. Exercises ……………………………………………………………………………………………………………………..  49

10. Solutions ……………………………………………………………………………………………………………………  50

10.1.     Múltiple choice Solutions ………………………………………………………………………………..  50

10.2.     Exercise Solutions ……………………………………………………………………………………………  50

TOPIC 2. INTANGIBLE ASSETS …………………………………………………………………………………………….  55

  1. Concepts, valuation and amortization …………………………………………………………………………..  55
  2. Specific standards on research and development…………………………………………………………. 56
  3. Other specific standards on intangible assets ……………………………………………………………….  60
  4. Multiple-Choice Questions…………………………………………………………………………………………… 63
  5. Exercise ………………………………………………………………………………………………………………………..  66
  6. Solutions ………………………………………………………………………………………………………………………  67

6.1.      Múltiple Choice Solutions………………………………………………………………………………… 67

6.2.                                                                                                                                                                                                     Exercise Solutions  67

TOPIC 3. FINANCIAL INVESTMENT: EQUITY ………………………………………………………………….  73

  1.  Investment in equity               73
  2. Accounting for equity investments ……………………………………………………………………………..  76

2.1.      Financial asset at Fair Valué through profit or loss (FVTPL) …………………………..  76

2.1.1.      Initial measurement …………………………………………………………………………………  76

2.1.2.      Subsequent measurement ………………………………………………………………………..  77

2.2.      Financial asset at cost………………………………………………………………………………………………. 78

2.2.1.      Equity investments in group companies, jointly controlled entities and associates ……………………………………………………………………………………………………….  78

2.2.2.      Initial measurement …………………………………………………………………………………  80

2.2.3.      Subsequent measurement and impairment ………………………………………………  80

2.3.      Financial asset at Fair Valué through equity (FVTOCI) …………………………………..  83

2.3.1.      Initial measurement …………………………………………………………………………………  83

2.3.2.      Subsequent measurement ………………………………………………………………………..  84

2.3.3.      Impairment in equity investments held at FVTOCI ………………………………  85

2.3.4.      Reversal of impairments in equity investments held

at FVTOCI ……………………………………………………………………………………………………………  86

2.4.      Disposals of equity investments …………………………………………………………………………  87

2.4.1      Financial assets held at FVTPL ………………………………………………………………  88

2.4.2      Equity investments held at Cost (for example investments in group

companies, jointly controlled entities and associates) ………………………………………..  89

2.5.      Equity investment retums …………………………………………………………………………………..  90

2.6.      Reclassification of equity investment …………………………………………………………………  92

3. Multiple-choice ……………………………………………………………………………………………………………..  94

4. Exercises ……………………………………………………………………………………………………………………….  96

5. Solutions ……………………………………………………………………………………………………………………….  98

5.1.      Múltiple choice Solutions …………………………………………………………………………………..  98

5.2.      Exercise Solutions ………………………………………………………………………………………………  98

TOPIC 4. FINANCIAL INVESTMENT IN BONDS ………………………………………………………………..  105

  1. Investment in bonds ……………………………………………………………………………………………………..  105
  2. Accounting for investments in bonds …………………………………………………………………………..  107

2.1.      Bonds held at FVTPL ………………………………………………………………………………………..  107

2.1.1.      Initial measurement ………………………………………………………………………………..  107

2.1.2.       Subsequent measurement ……………………………………………………………………..  107

2.2.      Bonds held at Amortised Cosí ……………………………………………………………………….  108

2.2.1.      Initial measurement ………………………………………………………………………………. 109

2.2.2.      Subsequent measurement ……………………………………………………………………..  109

2.2.3.      Impairment in Held to Maturity bond investments ……………………………..  113

2.3.      Bonds held at FVTOCI ………………………………………………………………………………….  114

2.3.1.      Initial measurement ………………………………………………………………………………  114

2.3.2.      Subsequent measurement ……………………………………………………………………..  115

2.3.3.      Impairment of bond investments held at        FVTOCI …………………………  118

2.3.4.      Reversal of impairments in equity investments held at FVTOCI ……….  118

2.4.      Disposals of bond investments ………………………………………………………………………..  119

2.4.1.      Financial assets held at FVTPL …………………………………………………………….  119

2.4.2.      Equity investments held at Cost ……………………………………………………………  121

2.4.3.      Investments in bonds held at FVTOCI …………………………………………………  122

2.5.      Bond investment retums ………………………………………………………………………………….  124

2.6.      Reclassification of bond investments ………………………………………………………………  126

3.Múltiple choice ………………………………………………………………………………………………………….  127

4.Exercises ……………………………………………………………………………………………………………………  129

5. Solutions …………………………………………………………………………………………………………………….  131

5.1.      Múltiple choice Solutions ………………………………………………………………………………..  131

5.2.      Exercise Solutions ……………………………………………………………………………………………  131

TOPIC 5. TRADE AND FINANCIAL LIABILITIES ………………………………………………………….  139

  1. Liabilities……………………………………………………………………………………………………………………. 139
  2. Debts and payables …………………………………………………………………………………………………….  140
  3. Accounting for payables …………………………………………………………………………………………….  140

3.1.      Short term trade payables without contractual interest ……………………………………  141

3.1.1.      Initial measurement ………………………………………………………………………………  141

3.1.2.      Subsequent measurement ……………………………………………………………………..  141

3.2.      Long term trade payables, Short term trade payables with contractual

interest and non-trade payables …………………………………………………………………………………  141

3.2.1.      Initial measurement ………………………………………………………………………………  141

3.2.2.      Subsequent measurement ……………………………………………………………………..  142

4. Bonds and obligations ………………………………………………………………………………………………..  147

5.Múltiple choice…………………………………………………………………………………………………………… 152

6. Exercises ……………………………………………………………………………………………………………………  153

     7. Solutions ……………………………………………………………………………………  153

7.1.     Múltiple choice Solutions ………………………………………………………..  153

7.2.     Exercise Solutions …………………………………………………………………..  153

TOPIC 6. INCOME TAX AND VAT ACCOUNTING ……………………………………………….  159

  1. Introduction to taxes ………………………………………………………………………..  159
  2. Income tax accounting ……………………………………………………………………..  160

2.1.     Calculation of tax for accounting and tax purposes ……………………….  161

2.1.1.     Income tax accounts ……………………………………………………….  162

2.1.2.     Examples of taxable differences and deductible temporary

differences ……………………………………………………………………………..  169

3. VAT accounting ………………………………………………………………………………  173

4. Multiple-choice …………………………………………………………………………….  181

5. Exercises ………………………………………………………………………………………  187

6. Solutuions …………………………………………………………………………………….  187

6.1.     Múltiple choice Solutions …………………………………………………………  187

6.2.     Exercise Solutions …………………………………………………………………..  188

TOPIC 7. SHAREHOLDER EQUITY: GRANTS, DONATIONS AND BEQUESTS ……………….  193

  1. Introduction: equity concepts ……………………………………………………………  193
  2. Registration of Grants, donations and bequests received ………………………..  195

2.1.     Grants, donations and bequests awarded by third parties ………………  195

2.2.     Grants, donations and bequests awarded by equity holders or owners … 200

3. Multiple-choice questions ………………………………………………………………..  200

4. Exercises ………………………………………………………………………………………  203

5. Solutions ………………………………………………………………………………………  204

5.1.     Múltiple choice Solutions …………………………………………………………  204

5.2.     Exercise Solutions …………………………………………………………………..  204

TOPIC 8. FINANCIAL STATEMENTS: STATEMENT OF CHANGES IN EQUITY AND STATEMENT OF CASHFLOW             209

  1. Statement of changes in equity ………………………………………………………….  209
  2. Statement of cash flows …………………………………………………………………..  215

2.1.     Introduction ………………………………………………………………………….  215

3. Multiple-choice ……………………………………………………………………………..  221

4. Exercises ………………………………………………………………………………………  225

5. Solutions ………………………………………………………………………………………  227

5.1.     Múltiple choice Solutions …………………………………………………………  227

5.2. Exercise Solutions ………………………………………………………………………..  228

TOPIC 9. FOREIGN CURRENCY STANDARDS …………………………………………………  232

  1. Introduction …………………………………………………………………………………..  232
  2. Monetary ítems ……………………………………………………………………………..  234

2.1.      Initial measurement ………………………………………………………………..  234

2.2.      Subsequent measurement……………………………………………………….. 235

3. Non-monetary Ítems ……………………………………………………………………….  237

3.1.      Initial measurement ………………………………………………………………..  237

3.2.      Subsequent measurement……………………………………………………….. 237

4. Múltiple choice ………………………………………………………………………………  242

5. Exercises ………………………………………………………………………………………  244

6. Solutions …………………………………………………………………………………….    245

6.1.      Múltiple choice Solutions …………………………………………………………..  245

Exercise Solutions                 246

LUIS GIL HERRERA, Profesor de Economía Financiera y Contabilidad, Universidad Rey Juan Carlos

ANNE MARIE GARVEY, Profesor Contratada,  Doctora, de Economía y Dirección de Empresas, Universidad de Alcalá de Henares

EMILIO NAVARRO HERAS, Viceinterventor en Ayuntamiento de Guadalajara. Profesor Asociado de Contabilidad y Auditoría Financiera, Universidad Rey Juan Carlos