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Financial Accounting and Reporting, 20th edition

Published by Pearson (March 1, 2022) © 2022

  • Jamie Elliott Consultant
  • Barry Elliott Consultant

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Title overview

Introduce your students to an academic and practical understanding of financial accounting and reporting.

Financial Accounting and Reporting, 20th edition by Jamie & Barry Elliott, is an essential resource for your teaching, as you support your students on their journey to a career in the field.

This edition will help your students build knowledge and critical skills around financial statements, remain up-to-date with the IFRS Standards and gain an understanding of the need for commercial and technical competence.

With expanded discussions on ethical issues and accountability, this market-leading text will help you lay the foundation for your students to develop the skills for a successful career.

Hallmark Features of This Title

Help students make sense of real-life financial accounting and reporting issues.

  • Illustrations, taken from real-world examples of international companies' reports and accounts, demonstrate the application of key principles, supported by a variety of techniques.
  • The easy-to-follow sections on the use and analysis of financial statements provide essential information for financial accounting students.
  • Extensive discussion on the requirements companies must take into account.

Enable individual learning and revision with helpful pedagogical features.

  • Learning objectives, end-of-chapter summaries, exercises, and review questions in every chapter cover a range of levels, help students understand core issues and build their confidence around the subject.

New and updated features of this title

  • New material on accountability, sustainability, ethical problems, and the future of audit services ensures your students are up-to-date with important changes in the field.
  • Additional, frequent reminders throughout the text stress the risks both companies and the accounting profession face and highlight the need for commercial understanding and technical competence.
  • Revised content in the chapter regarding the analysis of financial statements now comes with an improved flow, concentrating on core aspects of performance and cash ratios used by investors.
  • Updated content on the use of alternative performance measures and the possible effects of Covid-19 and Brexit aims to help your students develop their critical thinking skills and facilitate group discussion.
  • Updated with the latest accounting standards set out in the IFRS, IAS, and the Conceptual Framework for Financial Reporting.
  • New discussion of the proposed IFRS on General Presentation and Disclosure.
  • End-of-chapter exercises provide excellent opportunities to test students' knowledge of core ideas, supporting the development of critical thinking and problem-solving skills. The book offers a complete set of solutions, partly within the text and some in the Instructor's Manual.

Digital features

Features of MyLab® Accounting for the 20th Edition

MyLab Accounting has now been expanded and become more suitable for the formative and summative assessment methods that support your students' understanding and progress.

  • There are now over 1600 exercises available in MyLab Accounting for this book, with new questions and assignments for formative or summative work.
  • New exercises for this edition include questions on accounts preparation and group accounts. Instructors can track student performance and students can view their results in the sophisticated Gradebook.
  • Over 150 algorithmic questions are new to the 20th edition of MyLab Accounting, which means that each student works on a numerical problem that is individual to them.
  • From a range of seven Case Studies, two have been replaced with more up-to-date case articles to make them more interesting and relevant. Each Case Study incorporates a Financial Times article about a real issue or business, including Rolls Royce, illustrating relevant important topics. Cases are followed by questions for discussion in class and multiple-choice questions.
  • Revised and improved-quality feedback for nearly 200 formative questions, help your students learn from their incorrect answers and progress with their learning.

Features of Pearson eTextbook for the 20th Edition

Extend learning beyond the classroom with Pearson eTextbook – an easy-to-use digital textbook.

Develop a deep academic and practical understanding of financial accounting and reporting with Financial Accounting and Reporting, 20th edition by Jamie & Barry Elliott

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  • Find it fast. Enhanced search makes it easy to find a key term or topic to study. Students can also search videos, images, and any notes they've created.
  • Get organised and get results. Students can customise how they study and add their own notes, bookmarks, and highlights directly in their eTextbook.

Meet students where they are

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Table of contents

PART 1 INTRODUCTION TO ACCOUNTING ON A CASH FLOW AND ACCRUAL ACCOUNTING BASIS

  1. Accounting and reporting on a cash flow basis
  2. Accounting and reporting on an accrual accounting basis

PART 2 PREPARATION OF INTERNAL AND PUBLISHED FINANCIAL STATEMENTS

  1. Preparation of financial statements of profit or loss and other comprehensive income, changes in equity and financial position
  2. Annual report: additional financial disclosures
  3. Statements of cash flows
  4. Accounting for price-level changes

PART 3 REGULATORY FRAMEWORK – AN ATTEMPT TO ACHIEVE UNIFORMITY

  1. Financial reporting – evolution of global standards
  2. Concepts – evolution of an international conceptual framework
  3. Revenue recognition

PART 4 STATEMENT OF FINANCIAL POSITION – EQUITY, LIABILITY AND ASSET MEASUREMENT AND DISCLOSURE

  1. Share capital, distributable profits and reduction of capital
  2. Liabilities
  3. Financial instruments
  4. Employee benefits
  5. Taxation in company accounts
  6. Property, plant and equipment (PPE)
  7. Leasing
  8. Intangible assets
  9. Inventories
  10. Construction contracts

PART 5 CONSOLIDATED ACCOUNTS

  1. Accounting for groups at the date of acquisition
  2. Preparation of consolidated statements of financial position after the date of acquisition
  3. Preparation of consolidated statements of profit or loss, changes in equity and cash flows
  4. Accounting for associates and joint arrangements
  5. Introduction to accounting for exchange differences

PART 6 INTERPRETATION

  1. Earnings per share
  2. Review of financial ratio analysis
  3. Analysis of published financial statements

PART 7 ACCOUNTABILITY

  1. Corporate governance
  2. Ethical behaviour and implications for accountants
  3. Integrated reporting: sustainability, environmental and social

Author bios

Jamie Elliott is a director who has worked for Deloitte, Huawei, Panasonic, and Mott MacDonald. Prior to his corporate career, he lectured in undergraduate degree programmes and was Assistant Professor in MBA and Executive Education programmes at the London Business School.

Barry Elliott has extensive teaching experience in undergraduate, postgraduate, and professional programmes in England, New Zealand, China, Hong Kong, and Singapore.

He has worked for Coopers & Lybrand as a Training Manager in London and National Training Manager in Australia. He has extensive experience as an external examiner in higher education at all levels of professional education.

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