Fundamentals of International Financial Accounting and Reporting (Book Review Sample)

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Accounting Book Review
Introduction
The "Fundamentals of International Financial Accounting and Reporting" by Roger Hussey stands as a reliable secondary source looking at the contemporary world of accounting and finance. Its publication dates back to the year 2010, with the publisher being the World Scientific Publishing Company. The subject of International Financial Accounting and Reporting' becomes viewed from a greater and detailed perspective that does not restrict itself to a particular country or region (Hussey, p. 1). In this view, the text embraces a worldwide approach within the stated information. The book is recommended for any academic purposes, and for general knowledge in relation to the basics of international financial accounting and reporting. As opposed to providing an addition to the already existing local regulatory structure governing accounting principles, the book treats the subject at an international scale. The modern effect evoked form the given text allows the reader to gain a significant insight into the issue of international financial accounting and reporting.
Summary of facts
The introductory part of the text provides an overview of the concept of accounting and financial reporting. Chapter one, titled ‘Accounting Assumptions and Facts' introduces the reader to the basic notions of accounting and finance. In this regard, the chapter looks at the general standards applied for financial accounting. The view largely rest on individual firms within a domestic setting. Further, exploration becomes apparent in relation to the essential of accounting and finance in general (Hussey, p. 14). With such information, the reader stands at a better position of understanding the standpoint of international financial accounting.
In chapter two, the text looks at the development of international standards as relates to financial accounting. The title is ‘The Growth of Standard Setting and the International Accounting Standards Board'. In this view, the text offers the reader a background framework for the growth of international standards leading to the current system (Hussey, p. 35). Additionally, the function of the International Accounting Standards Board becomes an important aspect of consideration, which the reader becomes introduced to.
The proceeding three chapters, from three to five, provide the reader with the essentials for drawing up the related accounting and financial reports. Here, the construction of the income statement appears in the third chapter under the heading ‘The Basics of the Statement of Income'. The reader develops a general idea of coming up with the income statement for an international firm (Hussey, p. 66). Subsequently, chapter four, ‘The Basics of the Statement of Financial Position', deals with the construction of a balance sheet for a given financial period. Here, the reader becomes familiar with the standards for developing an internationally-related model of the financial statements. Chapter five, ‘The Basics of the Statement of Cash Flows' extends on the structures for various accounting information by looking at the issue of cash flows. On this note, the chapter reviews the general construction model of cash flows statement based on internationally accepted standards (Hussey, p. 95). The three chapters offer an overview into the most important accounting and financial information necessary for reporting at an international scale.
In chapter six, the author extends the information on accounting and finance by looking at the international accounting treatment of assets in a business firm. The title, ‘Intangible Assets and Impairment of Assets', draws the reader closer to gaining as clear insight into the reporting approach and guidelines in relation to the assets of a company (Hussey, p. 124).
Chapter seven, ‘Accounting Policies, Errors, Provision and Contingencies' allows the reader to develop an overview of the treatment process for international approach to errors and allowances, as well as uncertainties (Hussey, p. 141). In this view, the subject of financial accounting policies arises in relation to provisions and contingencies which occur in the process of business undertakings.
‘Leases, Employees Benefits and Taxes' stands as the title of the next chapter (8). Here, the subject of le3ases as occurring for certain business practices becomes looked at, with the reader gaining an understanding of the process for reporting the accrual of leases for any property acquired by a company within a given financial period (Hussey, p. 170). Employee benefits become a significant part of the business\ operation, with related expenditure being looked at with respect to treating them on financial accounting reports.
In chapter nine, the text offers in greater detail the concept of shares and the process of their adjustments in the financial reporting system. The idea of financial instruments introduces the reader to the basics of reporting the various strategies for calculation of specific aspects, such as margin and mark-up ratios. The issue of dividends comes into play, as well as the shareholding approach utilizing international standards (Hussey, p. 208).
For chapter ten, the aspect of business combinations arises, with a look at the construction of the consolidated financial statements. The title ‘business combinations and consolidated financial statements' provides a glimpse of the what the reader encounters in relation to preparing the financial and accounting reports of international firms (Hussey, p. 236). The application of international standards offers even more simplicity to the reader as to the basic approach of international financial reporting.
In chapter eleven, ‘Specific Industries and Practices' the text provides an account of particular sectors and the financial approach and policies connected to their process of financial accounting and reporting. The reader becomes aware of these industries of utmost importance, adding further knowledge on some practices offering special business processes (Hussey, p. 267).
‘Presentational Issues' in chapter twelve dwells on existing externalities in the financial reporting system set around international standards. Here, the reader becomes aware of common problems in accounting and reporting of financial transactions (Hussey, p. 289). With this in mind, the author aims at showing the potential errors that may arise in the event of preparing financial statements for business firms operating at an international level.
In chapter thirteen, the author looks at the subject of foreign business operations. The title for the chapter is ‘Foreign Operations and Segmental Reporting'. This chapter provides an overview of the guidelines followed in preparing financial statements for foreign-based business activities (Hussey, p. 347). In this view, the reader gains an understanding of financial reporting for different segments