,Donald E. Kieso PHD, CPA
Northern Illinois University DeKalb, Illinois, USA
Jerry J. Weygandt PHD, CPA
University of Wisconsin—Madison Madison, Wisconsin, USA
Terry D. Warfield PHD
University of Wisconsin—Madison Madison, Wisconsin, USA
Intermediate Accounting
IFRS Edition
Fifth Edition
Copyright © 2024 The content provided in this textbook is based on
Intermediate Accounting: IFRS Edition, by Donald E. Kieso, Jerry J.
Weygandt, and Terry D. Warfield, 4th edition [2020] John Wiley & Sons
Singapore Pte. Ltd
Cover image: © Adobe Stock
Contributor details: Dr. Deepa Pillai, Professor, Symbiosis School of
Banking and Finance, Pune, India; Dr. Tessy Thadathil, Vice Principal &
Associate Professor, Symbiosis College of Arts & Commerce, Pune, India
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of
knowledge and understanding for more than 200 years, helping people
around the world meet their needs and fulfill their aspirations. Our
company is built on a foundation of principles that include responsibility
to the communities we serve and where we live and work. In 2008, we
launched a Corporate Citizenship Initiative, a global effort to address the
environmental, social, economic, and ethical challenges we face in our
business. Among the issues we are addressing are carbon impact, paper
,specifications and procurement, ethical conduct within our business and
among our vendors, and community and charitable support. For more
information, please visit our website: www.wiley.com/go/citizenship.
All rights reserved, including rights for text and data mining and training
of artificial technologies or similar technologies. This book and series is
authorized for sale in Europe, Middle East, Africa, Asia, Australia and New
Zealand only and may not be exported. Exportation from or importation of
this book to another region without the Publisher’s authorization is illegal
and is a violation of the Publisher’s rights. The Publisher may take legal
action to enforce its rights. The Publisher may recover damages and costs,
including but not limited to lost profits and attorney’s fees, in the event
legal action is required.
No part of this publication may be reproduced, stored in a retrieval
system, or transmitted in any form or by any means, electronic,
mechanical, photocopying, recording, scanning, or otherwise, except as
permitted under Section 107 or 108 of the 1976 United States Copyright
Act, without either the prior written permission of the Publisher or
authorization through payment of the appropriate per-copy fee to the
Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA
01923, website www.copyright.com. Requests to the Publisher for
permission should be addressed to the Permissions Department, John
Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011,
fax (201) 748-6008, website http://www.wiley.com/go/permissions.
ISBN: 978-1-394-27602-8
ISBN: 978-1-394-27603-5 (ePub)
ISBN: 978-1-394-27604-2 (ePdf)
Printed at
Table of Contents
Cover
Title Page
Copyright
Dedicated To
, From the Authors
About the Authors
New to This Edition
Proven Pedagogical Framework
Instructor Resources
Acknowledgments
CHAPTER 1: The Environment and Conceptual Framework of
Financial Reporting
Financial Reporting Environment
Conceptual Framework
Assumptions and Principles
Major Challenges in Financial Reporting
Review and Practice
Global Accounting Insights
CHAPTER 2: The Accounting Information System
Accounting Information System
Recording and Summarizing Basic Transactions
Identifying and Preparing Adjusting Entries
Preparing Financial Statements
Financial Statements for a Merchandising Company
APPENDIX 2A: Cash-Basis Accounting versus Accrual-Basis
Accounting
Conversion from Cash Basis to Accrual Basis
Theoretical Weaknesses of the Cash Basis
APPENDIX 2B: Using Reversing Entries
Illustration of Reversing Entries—Accruals
Illustration of Reversing Entries—Deferrals
Summary of Reversing Entries
APPENDIX 2C: Using a Worksheet: The Accounting Cycle
Revisited
Worksheet Columns
Preparing Financial Statements from a Worksheet
Northern Illinois University DeKalb, Illinois, USA
Jerry J. Weygandt PHD, CPA
University of Wisconsin—Madison Madison, Wisconsin, USA
Terry D. Warfield PHD
University of Wisconsin—Madison Madison, Wisconsin, USA
Intermediate Accounting
IFRS Edition
Fifth Edition
Copyright © 2024 The content provided in this textbook is based on
Intermediate Accounting: IFRS Edition, by Donald E. Kieso, Jerry J.
Weygandt, and Terry D. Warfield, 4th edition [2020] John Wiley & Sons
Singapore Pte. Ltd
Cover image: © Adobe Stock
Contributor details: Dr. Deepa Pillai, Professor, Symbiosis School of
Banking and Finance, Pune, India; Dr. Tessy Thadathil, Vice Principal &
Associate Professor, Symbiosis College of Arts & Commerce, Pune, India
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of
knowledge and understanding for more than 200 years, helping people
around the world meet their needs and fulfill their aspirations. Our
company is built on a foundation of principles that include responsibility
to the communities we serve and where we live and work. In 2008, we
launched a Corporate Citizenship Initiative, a global effort to address the
environmental, social, economic, and ethical challenges we face in our
business. Among the issues we are addressing are carbon impact, paper
,specifications and procurement, ethical conduct within our business and
among our vendors, and community and charitable support. For more
information, please visit our website: www.wiley.com/go/citizenship.
All rights reserved, including rights for text and data mining and training
of artificial technologies or similar technologies. This book and series is
authorized for sale in Europe, Middle East, Africa, Asia, Australia and New
Zealand only and may not be exported. Exportation from or importation of
this book to another region without the Publisher’s authorization is illegal
and is a violation of the Publisher’s rights. The Publisher may take legal
action to enforce its rights. The Publisher may recover damages and costs,
including but not limited to lost profits and attorney’s fees, in the event
legal action is required.
No part of this publication may be reproduced, stored in a retrieval
system, or transmitted in any form or by any means, electronic,
mechanical, photocopying, recording, scanning, or otherwise, except as
permitted under Section 107 or 108 of the 1976 United States Copyright
Act, without either the prior written permission of the Publisher or
authorization through payment of the appropriate per-copy fee to the
Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA
01923, website www.copyright.com. Requests to the Publisher for
permission should be addressed to the Permissions Department, John
Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011,
fax (201) 748-6008, website http://www.wiley.com/go/permissions.
ISBN: 978-1-394-27602-8
ISBN: 978-1-394-27603-5 (ePub)
ISBN: 978-1-394-27604-2 (ePdf)
Printed at
Table of Contents
Cover
Title Page
Copyright
Dedicated To
, From the Authors
About the Authors
New to This Edition
Proven Pedagogical Framework
Instructor Resources
Acknowledgments
CHAPTER 1: The Environment and Conceptual Framework of
Financial Reporting
Financial Reporting Environment
Conceptual Framework
Assumptions and Principles
Major Challenges in Financial Reporting
Review and Practice
Global Accounting Insights
CHAPTER 2: The Accounting Information System
Accounting Information System
Recording and Summarizing Basic Transactions
Identifying and Preparing Adjusting Entries
Preparing Financial Statements
Financial Statements for a Merchandising Company
APPENDIX 2A: Cash-Basis Accounting versus Accrual-Basis
Accounting
Conversion from Cash Basis to Accrual Basis
Theoretical Weaknesses of the Cash Basis
APPENDIX 2B: Using Reversing Entries
Illustration of Reversing Entries—Accruals
Illustration of Reversing Entries—Deferrals
Summary of Reversing Entries
APPENDIX 2C: Using a Worksheet: The Accounting Cycle
Revisited
Worksheet Columns
Preparing Financial Statements from a Worksheet
