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Understanding Australian Accounting Standards 1st Edition Janice Loftus
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Understanding Australian Accounting Standards, 1st Edition

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ISBN: 9780730302070

Understanding Australian Accounting Standards, 1st Edition explains the reporting requirements under a number of Australian Accounting Standards. Real-life examples reveal how accounting standards affect actual Australian businesses. The examples include an in depth analysis of Billabong Australia’s annual report, demonstrating how Billabong’s financial information complies with accounting standards. Application and analysis activities at the end of each chapter help you to learn key concepts quickly and easily.


  • Billabong International 2011 Annual Report – Extracts from financial statements and disclosure notes integrated throughout chapters.

  • Extensive illustrative examples with step by step explanations of reporting requirements under accounting standards covered in the chapter.

  • Authoritative and comprehensive analysis of accounting standards.

Janice Loftus is a senior lecturer in accounting at the University of Adelaide, South Australia. Her teaching interests are in the area of financial accounting and she has written several study guides for distance learning programs. Janice’s research interests are in the area of financial reporting. She has numerous publications on international financial reporting standards, risk reporting, solvency, earnings management, social and environmental reporting, and developments in standard setting in Australian and international journals.

Ken Leo has been an academic for over 40 years, including 20 years as Professor of Accounting at a University in Western Australia. During this time he has taught company accounting to undergraduate and postgraduate students. He has been involved in writing books published by John Wiley & Sons since 1981, and has also written books and monographs for other organisations, including CPA Australia, Group of 100 and the Australian Accounting Research Foundation. As a founding member of the Urgent Issues Group in 1995, he served on this body until 2001. He subsequently served on the Australian Accounting Standards Board from 2002 to 2007, and was deputy chairman for some of that time.

Ruth Picker has 29 years of experience with Ernst & Young and has held various leadership roles during his time. Up until June 2009, Ruth was Managing Partner — Melbourne and the Oceania Team Leader of Climate Change and Sustainability Services. Prior to this role, Ruth was a senior partner in the Technical Consulting Group, Global IFRS and the firm’s Professional Practice Director (PPD) responsible for directing the firm’s accounting and auditing policies with the ultimate authority on accounting and auditing issues. She is a member of Ernst & Young’s Global IFRS Policy Committee, and has been a long-standing lecturer and Task Force member for the Securities Institute of Australia, serving that organisation for 17 years.

Victoria Wise is a Professor in the School of Accounting, Economics and Finance at Deakin University, Australia. During her 20 years as an academic she has taught financial accounting and auditing to undergraduate, honours and postgraduate students. Victoria has more than 130 publications including books and book chapters, refereed and professional journal articles and conference proceedings. Her journal articles focus on international financial reporting standards, corporate governance and regulatory issues, and public sector and small business financial reporting. Her current research interests include corporate regulation and governance.

Kerry Clark has 17 years of experience with Ernst & Young and is currently on secondment to the Ernst & Young Calgary office in Canada, assisting many of Canada’s largest oil and gas companies in their conversion to IFRS. Prior to this she was a key member of the Technical Consulting Group, Global IFRS in the Ernst & Young Melbourne office in Australia where she was responsible for advising clients on the application of IFRS to complex transactions. Kerry has been involved in the authoring of many Ernst & Young publications and Charter magazine articles and assisted Ruth Picker in conducting ‘Directors’ Schools’ for listed company boards. She has also spoken on accounting issues in many different forums.

Part 1. Conceptual Framework
1. Accounting regulation and the Conceptual Framework
2. Application of accounting theory

Part 2. Elements
3. Shareholders’ equity: share capital and reserves
4. Fair value measurement
5. Revenue
6. Provisions, contingent liabilities and contingent assets
7. Income taxes
8. Financial instruments
9. Share-based payment
10. Translation of the financial statements of foreign entities
11. Employee benefits
12. Inventories
13. Property, plant and equipment
14. Leases
15. Intangible assets
16. Impairment of assets
17. Accounting for mineral resources
18. Agriculture

Part 3. Disclosure
19. Financial statement presentation
20. Statement of cash flows
21. Earnings per share
22. Operating segments
23. Related party disclosures

Part 4. Economic entities
24. Business combinations
25. Consolidation: principles and accounting requirements
26. Consolidation: intragroup transactions
27. Consolidation: non-controlling interest
28. Associates and joint ventures
29. Joint arrangements

As part of Wiley’s ongoing commitment to higher education, the Wiley Affordability Program is dedicated to providing you with premium Wiley learning resources at an affordable price. We believe that every student has a right to access quality resources, no matter what your budget. Now, we are even better equipped than before to do what we do best; help teachers teach and students learn.

E-Text: 9780730302100
Binder Version: 9781118384077 – NO LONGER AVAILABLE
Textbook: 9780730302070

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