Top Six Accounting Books: IFRS and GAAP

You can do a google search and search for the best Accounting books on a certain subject, but then you get hundreds of “Best of Lists” in front of you, so that doesn’t help a lot either unless you want to spend a full day going through all those lists. Well, that is exactly what we did!

It does not matter if you are a student or a professional, but if you use accounting on a day-to-day basis, you need to learn the basics of accounting standards. And the most efficient way to do that is by reading a book for accounting standards.

You can grab the textbook anytime, so there is no scheduling problem for studying. Here are some of the best accounting standards books with which you can begin your learning.

Top Six Accounting Books: IFRS and GAAP

1# Accounting Made Simple – Accounting Explained in 100 Pages or Less 
by Mike Piper

Listed 8 out of 17 times, this book makes things straight and simple with practical and straightforward examples that help shed light on the concepts without the unnecessary jargon of the technicalities.

The basic concepts of various topics are covered, like Accounting Equation and its significance, reading and preparing financial statements, calculation, and interpretation of several different financial ratios, the concepts, and assumptions behind GAAP.

The accounting textbook is a quick read for the early beginners gripping them till the end as well as helping the novice to refresh their concepts. It basically gives a fast and systematic introduction to accounting concepts and is used for instance by business owners and students helping them to prepare for their accounting classes.

Wiley GAAP 2021

US GAAP is constantly being updated, requiring its users to be armed with expert interpretation and explanation of the relevant principles. Wiley GAAP 2021 provides the most complete coverage of all Financial Accounting Standards Board (FASB) Topics – including the latest updates.

Each chapter includes a discussion of perspectives and issues, sources of GAAP, practice-oriented examples, and accurate definitions of terms, concepts, and rules. Every FASB Topic is fully explained in a clear, reader-friendly way with dynamic graphics to aid in understanding complex topics. Extensively updated to reflect all current US GAAP changes, this indispensable book:

  • Reviews the latest changes to accounting principles, including credit losses, inventory, financial instruments, leases, and revenue
  • Offers expert guidance on issues surrounding specific pronouncements
  • Includes comprehensive cross-references and topic-specific appendices
  • Explains how the standards apply to common real-world scenarios
  • Clarifies implementation through numerous illustrations and practical examples

Introduction to Financial Accounting: U.S. GAAP Adaptation (Publisher: Lyryx)

This textbook is an adaptation by D. Marchand and Athabasca University of the original text written by D. Annand and H. Dauderis. It is intended for use in entry-level college and university courses in financial accounting. A corporate approach is utilized consistently throughout the book.

The adapted textbook includes multiple ancillary student and instructor resources. Student aids include solutions to all end-of-chapter questions and problems and randomly-generated spreadsheet problems that cover key concepts of each chapter.

These provide unlimited practice and feedback for students. Instructor aids include an exam bank, lecture slides, and a comprehensive end-of-term case assignment.

This requires students to prepare 18 different year-end adjusting entries and all four types of financial statements and to calculate and analyze 16 different financial statement ratios. Unique versions can be created for any number of individual students or groups. Tailored solutions are provided for instructors.

IFRS For Dummies

If your work revolves around IFRS, then this book will be the perfect fit for you. Even if you do not know about IFRS, this book will clear all your concepts from scratch. So you can start your IFRS accounting journey with this book. Also, if you already know the basics, you can start with the in-depth knowledge provided in the book. 

UK GAAP 2019: Generally Accepted Accounting Practice under UK and Irish GAAP

by Earnst & Young LLP

This accounting standards book is widely applicable if you work/would like to work in the UK.

The GAAP in the UK is completely different than US GAAP. In the US, GAAP stands for Generally Accepted Accounting Principles; but in the UK, it is Generally Accepted Accounting Practices. And UK GAAP doesn’t only define accounting standards in the UK, but it also includes UK Company Law.

This book is particularly useful if you want to work in accounting/finance in the UK or are already working in the UK. UK GAAP has been in effect for the last two years, and this book contains all that you need to know about UK GAAP.

Since this is a new concept altogether, it will take some time to gain popularity. But if you read this huge book or just keep it as a reference, it will help you solve any issue you might have during any deal or need an update on correcting the information.

This book is fully updated and will serve all accounting professionals across the world.

Wiley Not-for-Profit GAAP 2019

Wiley Not-for-Profit GAAP is the best GAAP that tailoring for Not-for-profit organizations which provides you with the best explanation on how to apply GAAP with a not-for-profit organization. Wiley Not-for-Profit GAAP provides friendly guidance with ease to use.

Accounting for Not for profit organizations might also be as difficult as accounting treatment for profits organizations.

And if you are working in the Not for profit organization and facing the difficulty of dealing with the accounting treatment, then this book is recommended for you.

Also, if you are a student and now dealing with this kind of accounting treatment, you may want to check this book and see how it could help you.

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