Financial accounting

Author: Wang Yuetang Chen Lihua
Publisher:
Publish Date: 2003-07-01
Features: Financial accounting, as a traditional form of accounting for providing financial reports externally, has also evolved in theory and practice along with changes in technology and the economic environment. In response to the economic environment and development trends of financial accounting, the arrangement of the book's content strives to reflect both practicality and foresight. It is grounded in China's current economic environment and accounting practices, organized according to the newly promulgated and implemented financial accounting standards, while also considering the trends of China's economic development and the internationalization of accounting. This book timely reflects the latest developments and trends in international accounting, providing theoretical and practical insights for the reform and advancement of financial accounting in China. The book is divided into eight parts and twenty-two chapters, offering a comprehensive and systematic exposition of financial accounting content.
Part I is the General Theory, which elaborates on the fundamental theories of financial accounting and provides a brief description of the workflow of financial accounting. Chapters 3 to 5 constitute Part II, titled Asset Accounting, which focuses on the accounting element of assets, detailing the recognition, measurement, and recording of various items related to current and long-term assets. Chapters 6 to 8 form Part III, titled Equity Accounting, which specifically discusses the accounting procedures and methods for liabilities and equity items, centered around the elements of liabilities and equity. Part IV is Income and Expense Accounting, which elaborates on the accounting procedures and methods for the elements of revenue, expenses, and profit, covering Chapters 9 to 11. Part V is Foreign Currency Translation and Derivative Financial Instruments Accounting, covering Chapters 12 to 14, which discuss the accounting for foreign currency transactions, the translation of foreign currency financial statements, and derivative financial instruments accounting.
Part VI is Financial Reporting, which addresses financial reporting issues, dedicating two chapters to the theories and preparation methods of basic financial statements—Balance Sheet, Income Statement, and Cash Flow Statement—as well as special financial statements—Segment Reporting and Value-Added Statement. Part VII is Consolidation Accounting, which focuses on consolidation accounting issues, covering two chapters on business combinations and the preparation of consolidated financial statements. Part VIII is Special Business Accounting, covering Chapters 19 to 22, which establish dedicated topics to analyze and discuss emerging or upcoming businesses in China's accounting practices, including Income Tax Accounting, Lease Accounting, Pension Accounting, and Inflation Accounting.