Financial Accounting

Ken Trotman is a Scientia Professor and was Head of the School of Accounting at UNSW from 1991 to February 2000. He has held visiting appointments at a range of overseas institutions including Cornell University, the University of Michigan and the University of Illinois at Urbana-Champaign. His main current research interests are concerned with judgment and decision making in accounting. He has a particular interest in the judgments made by auditors. He is a Fellow of The Institute of Chartered Accountants in Australia and a Fellow of CPA Australia. Ken was the 1993/94 President of the Accounting and Finance Association of Australia and New Zealand (AFAANZ). In 1998 he received the AFAANZ 'Outstanding Contribution to the Accounting Literature' award and later awarded life membership of AFAANZ. In 1998 he was elected as a Fellow of the Academy of Social Sciences. He received the 2000/2001 Outstanding Auditing Educator Award from the Audit Section of the American Accounting Association. He received the 2008 Notable Contribution to the Auditing Literature Award from the Auditing Section of the American Accounting Association and the 2009 Notable (Lifetime) Contribution Award in Behavioral Accounting Literature from the American Accounting Association. He received ARC Professorial Fellow Grant 2011-2015 and was inducted into the Australian Accounting Hall of Fame in 2011. Michael Gibbins is the Winspear Professor of Accounting in the Faculty of Business, University of Alberta. He has a BCom from the University of British Columbia, an MBA from York University and a PhD in accounting and psychology from Cornell University. He obtained his chartered accountancy designation in the Prince George office of what is now Deloitte & Touche. He has held appointments at Queens University School of Business, the Canadian Institute of Chartered Accountants and the University of British Columbia. His research and teaching interests lie in how people make decisions and judgements, and in the way accounting information is used in making important decisions in business and other economic spheres. A particular interest is in the professional judgement of public accountants, managers, and other professionals who cope with the pressures and risks of modern business life. He has published widely on judgement, accounting, financial disclosure and educational subjects; is a former editor of the Canadian accounting research journal Contemporary Accounting Research; has been on numerous editorial boards of academic journals; and is active in the Canadian Academic Accounting Association, the American Accounting Association and other professional bodies. He has received a number of education and teaching awards and in 1988 he received the honour of becoming a Fellow of both the Alberta and British Columbia Institutes of Chartered Accountants. Elizabeth Carson is a Professor in financial accounting and auditing in the UNSW Business School. Elizabeth teaches at postgraduate level in financial accounting and auditing, as well as supervising research students in the Honours, MPhil and PhD programs. In 2002, she received the Pearson Education Accounting Lecturer of the Year award for her development of the Accounting: A User Perspective subject in the Master of Commerce program. Elizabeth's research interests include economics of global and national audit markets, industry specialisation by auditors and audit reporting. Her PhD investigating global audit firm networks and global industry specialisation by audit firms was awarded the American Accounting Association Auditing Section Outstanding Dissertation Award in 2008. Her work has appeared in leading academic journals including The Accounting Review, Auditing: A Journal of Practice & Theory, and Accounting and Finance. Her research is currently supported by the Australian Research Council (ARC) Discovery Grant and by the International Auditing and Assurance Standards Board. Prior to joining UNSW, she worked with Pricewaterhouse Coopers (PwC) and is qualified as a Chartered Accountant.

1 Introduction to financial accounting
2 Measuring and evaluating financial position and financial performance
APPENDIX TO CHAPTER 2: Background: sole traders, partnerships, companies
and financing 80
3 The double-entry system
APPENDIX TO CHAPTER 3: A brief history of early accounting 133
4 Record-keeping
5 Accrual accounting adjustments
6 Financial reporting principles, accounting standards and auditing
7 Internal control and cash
8 Accounts receivable and further record-keeping
9 Inventory
10 Noncurrent assets
11 Liabilities
APPENDIX TO CHAPTER 11: Future cash flows: present value analysis 458
12 Completing the balance sheet
13 Revenue and expense recognition: additional concepts
14 The statement of cash flows
15 Financial statement analysis
16 Accounting policy choices
17 Sustainability reporting
Appendix Woolworths Limited Annual Report 2014