Intermediate Financial Accounting Volume 1
Glenn Arnold, Athabasca University
Copyright Year: 2016
Conditions of Use
Topics covered are similar to the standard textbook. read more
Topics covered are similar to the standard textbook.
No comment since I am not familiar with Canadian standard.
As with other accounting books, every time the standard changed then the book need to be updated. I cannot comment much since I am not familiar with the Canadian standard.
Pretty clear so far when I read it, some are similar to US GAAP.
So far I do not see any inconsistency.
This book is much shorter compared to the usual intermediate book in the market. Considering the complex nature of intermediate accounting, it is great to have a short summary of it while keeping the important details in.
I would love to see more classification than just lesson for each topic. Highlight the important things.
Interface is OK but can be improved. Maybe include a search function? Each lesson is kept short, however having a search function or more subheadings may make finding materials easier and faster.
So far I do not see any problems.
I do not see any insensitive or offensive materials.
Should have stated up front that it covers the Canadian standard and IFRS instead of US GAAP in Vol 1 of the book too. The number of exercises cannot be compared with the standard textbook. I like that it has a review of the financial principle at the beginning so you can choose what to assign. I think more of the review exercises should be placed on the accounting cycle since that is the basic accounting and will make life much easier later on when students understand this. It is great that the book provides videos, but I was unable to see the closed captions. I think it will be nice to have minute markers on the longer videos so that if one wants to go to a certain part of a video, it is easier to go to.
Table of Contents
- 1 Review of Intro Financial Accounting
- 2 Why Accounting?
- 3 Financial Reporting
- 4 Financial Reports – Statement of Financial Position and Statement of Cash Flows
- 5 Revenue
- 6 Cash and Receivables
- 7 Inventory
- 8 Intercorporate Investments
- 9 Property, Plant, and Equipment
- 10 Depreciation, Impairment, and Derecognition of Property, Plant, and Equipment
- 11 Intangible Assets and Goodwill
- Solutions To Exercises
About the Book
This text is intended for a first course in Intermediate Financial Accounting. It presumes that students have already completed one or two Introductory Financial Accounting courses. The book reflects current International Financial Reporting Standards (IFRS), such as IFRS 15 - Revenue from Contracts With Customers. It focuses on more difficult intermediate accounting topics that match prerequisite requirements for students advancing to a second level Intermediate Financial Accounting course. Advanced topics that are covered in Advanced Financial Accounting courses, such as consolidations and foreign exchange, are not included here. The text is written with an approachable style that focuses on key concepts that will be relevant to students' future careers as accountants.
The book provides a review of Introductory Accounting concepts and covers all topics essential to a first level Intermediate Accounting course: the conceptual framework and current landscape of financial reporting; statements of financial position, comprehensive income, cash flows and shareholders' equity; cash and receivables; revenue; inventory; property plant and equipment; intangible assets; and intercorporate investments.
About the Contributors
Glenn Arnold, Athabasca University