Project Description
Contemporary Issues in Accounting, 3rd Edition
Michaela Rankin, Kimberly Ferlauto, Susan McGowan, Patricia Stanton
Interactive E-Text: 9780730397830, Print & Interactive E-Text Code: 9780730397823
Contemporary Issues in Accounting, 3rd Edition is an essential resource suited to a wide range of courses and particularly relevant to advanced financial accounting subjects at both undergraduate and postgraduate levels. This edition offers a thorough examination of updates to the Conceptual Framework, key accounting standards, and governance regulations, reflecting current industry and regulatory changes. It also covers critical issues shaping the field, including sustainability reporting, ethics, and the financial implications of environmental impact.
Table of Contents
1.2 What is theory?
1.3 Why we need theories
1.4 Understanding the role of research
1.5 Research areas in accounting
1.6 The case study approach
Summary
Key terms
Review questions
Application question
Case study 1.1
Case study 1.2
Additional readings
Endnotes
Acknowledgements
2.2 Institutional framework
2.3 Rules-based versus principles-based standards
2.4 Theories of regulation
2.5 The political nature of setting accounting standards
2.6 Harmonisation
Summary
Key terms
Review questions
Application question
Case study 2.1
Case study 2.2
Additional readings
Endnotes
Acknowledgements
3.2 Measurement approaches and the accounting standards
3.3 Measurement and the quality of accounting information
3.4 Fair value
3.5 Stakeholders and the political nature of accounting measurement
3.6 Why measurement in a controversial accounting issue
3.7 Current measurement challenges
Summary
Key terms
Review questions
Application question
Case study 3.1
Additional readings
Endnotes
Acknowledgements
4.2 Positive accounting theory
4.3 Institutional theory
4.4 Legitimacy theory
4.5 Stakeholder theory
4.6 Contingency theory
4.7 Using theories to understanding accounting decisions
4.8 Evaluating theories
Summary
Key terms
Review questions
Application question
Case study 4.1
Case study 4.2
Case study 4.3
Additional readings
Endnotes
Acknowledgements
5.2 The history of the Conceptual Framework and current developments
5.3 The structure and components of the Conceptual Framework
5.4 Prudence in the Conceptual Framework
5.5 The benefits of a conceptual framework
5.6 Problems with and criticisms of the Concept Framework
5.7 Applying the Conceptual Framework
5.8 Conceptual frameworks for other sectors
Summary
Key terms
Review questions
Application question
Case study 5.1
Case study 5.2
Additional readings
Endnotes
Acknowledgements
6.2 What is corporate governance?
6.3 The need for corporate governance systems
6.4 Corporate governance guidelines and practices
6.5 Approaches to corporate governance
6.6 Developments and issues in corporate governance
6.7 The role of accounting and financial reporting in corporate governance
6.8 Corporate failure
6.9 The role of ethics
6.10 International perspectives and developments
Summary
Key terms
Review questions
Application question
Case study 6.1
Case study 6.2
Additional readings
Endnotes
Acknowledgements
7.2 Digital technology trends
7.3 Digital transformation in accounting
7.4 The role of AI and big data on audit
7.5 Cybersecurity, information privacy and ethics
Summary
Key terms
Review questions
Application question
Case study 7.1
Case study 7.2
Additional readings
Endnotes
Acknowledgements
8.1 Capital market research and accounting
8.2 Relationship between accounting performance and share price
8.3 Research methods: event studies and value relevance
8.4 Research examining the information content of accounting information
8.5 Do auditors or intermediaries add value to accounting information?
8.6 Value relevance of accounting information
8.7 The efficiency of capital markets
8.8 Behavioural finance
Summary
Key terms
Review questions
Application question
Case study 8.1
Additional readings
Endnotes
Acknowledgements
9.2 What is earnings management?
9.3 Methods of earnings management
9.4 What do entities manage earnings?
9.5 Consequences of earnings management
9.6 Corporate governance and earnings management
Summary
Key terms
Review questions
Application question
Case study 9.1
Case study 9.2
Additional readings
Endnotes
Acknowledgements
10.2 Sustainability reporting
10.3 Guidelines for sustainability reporting
10.4 Stakeholder influencers
10.5 Environmental and social management systems
10.6 Climate change and accounting
Summary
Key terms
Review questions
Application question
Case study 10.1
Case study 10.2
Additional readings
Endnotes
Acknowledgements
11.2 Diversity of international accounting practice
11.3 Environmental influences on accounting
11.4 International adoptions of IFRSs
11.5 FASB and IASB convergence
11.6 Multinational organisations
Summary
Key terms
Review questions
Application question
Case study 11.1
Additional readings
Endnotes
Acknowledgements
12.2 The traditional definition
12.3 AASB 13/IFRS 13 fair value measurement
12.4 Fair values are specific, what factor should be considered?
12.5 Fair value techniques
12.6 Disclosures
12.7 Specific issues when applying the standard
12.8 Application to financial instruments and biological assets
Summary
Key terms
Review questions
Application question
Case study 12.1
Case study 12.2
Additional readings
Endnotes
Acknowledgements
13.2 When information is reported
13.3 Manipulation of reported earnings
13.4 Exclusion of activities from the financial reporting process
13.5 Voluntary disclosures
13.6 Why entities voluntarily disclose
Summary
Key terms
Review questions
Application question
Case study 13.1
Additional readings
Endnotes
Acknowledgements
Authors
Jacqueline Birt (UWA)
Keryn Chalmers (Swinburne)
Suzanne Maloney (USQ)
Albie Brooks (Uni of Melbourne)
Judy Oliver
David Bond (UTS)
Explore our content
Contemporary Issues in Accounting, 3rd Edition provides students with a comprehensive understanding of accounting concepts by integrating theory, research, and real-world applications.
This text examines financial reporting challenges, such as fair value measurement for financial instruments and biological assets, within a regulatory and theoretical framework. A dedicated chapter on technology explores the impact of digital disruption, artificial intelligence (AI), and big data on the accounting profession. It also addresses the latest technological advancements, and the ethical and governance considerations associated with digital tools in accounting.
By combining foundational principles with contemporary insights, this edition equips students with the skills and knowledge needed to navigate the evolving accounting landscape.
What’s in this edition
- IFRS Alignment: Fully integrates the 2018 IFRS Conceptual Framework for Financial Reporting, ensuring students are up-to-date with international standards and their application in practice.
- Technology in Accounting: A new dedicated chapter (Chapter 7) examines the impact of technology on financial accounting and reporting, covering digital disruption, AI and big data, emerging technologies, and ethical and governance considerations in digital accounting, helping students understand how technology is reshaping the accounting profession.
- Sustainability and Corporate Social Responsibility: The content in Chapter 10 examines sustainability-related accounting practices and corporate social responsibility, enabling students to grasp the importance of ethical business practices in today’s economy.
- Expanded Ethics Coverage: Chapter 6 delves into the role of ethics in corporate governance and ethical decision-making for accountants, equipping students with the ethical framework needed for professional practice.
- Wide Course Applicability: Designed for a variety of courses, particularly advanced financial accounting and contemporary issues at both undergraduate and postgraduate levels, offering students a comprehensive foundation for multiple academic and professional paths.
- Applied Focus: Connects accounting theory, regulations, governance, and ethics to real-world accounting challenges, ensuring students can apply their learning in practical situations.
- Case Studies and Contemporary Issues: Includes 23 case studies throughout the text, addressing modern financial accounting challenges, with multiple case studies in each chapter, providing students with real-life examples that enhance learning and problem-solving skills.
- Contemporary Issues: Feature boxes offer both theoretical and practical insights into current accounting topics, helping students stay informed about the latest trends and challenges in the field.
- Interactive Learning: Concept check questions (eText) at the end of each chapter help students assess their understanding and identify areas for improvement, fostering active learning and self-assessment.
Take a closer look:
Interactives and Key Features
Available as a digital eText or full colour printed textbook with an interactive eText code, this title enables every student to master concepts and succeed in assessment. Lecturers are supported with an extensive, easy-to-use teaching and learning package.
Each chapter features multiple case studies that explore modern financial accounting challenges, providing real-world examples that enhance learning and offer practical context to key accounting concepts.
Case studies
The text examines a wide range of financial accounting challenges facing modern businesses from both theoretical and practical perspectives. It covers key topics such as financial transparency, regulatory compliance, globalisation, sustainability reporting, and ethical decision-making.
Featured: Contemporary issues
The text examines sustainability-related accounting practices and CSR, highlighting their role in financial reporting. It covers ESG frameworks, global sustainability standards, and real-world applications to help students understand how businesses integrate sustainability into financial strategies.
Sustainability and CSR
The dedicated chapter explores ethics in accounting, focusing on corporate governance, financial misrepresentation, conflicts of interest, and regulatory compliance. It provides ethical frameworks and real-world scenarios to develop critical thinking skills for ethical decision-making.
Expanded ethics coverage
This expanded chapter examines the impact of AI, big data, and automation on accounting, alongside ethical and governance concerns like data security and regulatory compliance. It equips students with the knowledge to navigate digital transformation in financial reporting.
Technology focus
Our digital eText features end-of-chapter multiple-choice quizzes that provide instant feedback, helping to reinforce understanding and support learning.
Concept check questions
Students can personalise their eText by highlighting and taking notes, as well as other useful features including read aloud.
Personalisation features (eText)
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