Top 10 Best Accounting Standards Books – If you’re in any profession where you need to use accounting regularly, it’s important to have knowledge of accounting standards. The best way to learn the detailed specifications of accounting standards is to pick up few latest books and dive in.
In this article, we will bring to you the top 10 Best books on accounting standards which will not only useful for your profession, but will add tremendous value to your career enhancement.
Also, check this out – Learn Basic Accounting
Let’s get started.
#1 – Wiley GAAP 2017 – Interpretation and Application of Generally Accepted Accounting Principles
by Joanne M. Flood
Grab this updated version of GAAP if you want to master the accounting standards.
Accounting Standards Book Review:
This is a mammoth accounting standards book that you won’t be able to put down. As accounting professionals, you must have this book. As per the readers who have purchased and read this book has remarked that it’s the only book on GAAP you should read. Moreover, it’s the updated version. And you will not only learn about accounting standards offered by FASB (Financial Accounting Standards Board); you will also know how to apply it in real professional settings. This book you should keep at your desk all the time. Whenever, you are unclear about any rule of accounting, refer this book and consult. You will get your answer. You will also get a tonnes of examples along with latest rules of accounting standards.
Also, check out this detailed guide to Financial Statement Analysis
Key Takeaway from this Best Accounting Standards Book
- The length of this book is 1584 pages. You can imagine how comprehensive this book can be. You will get all the latest rules along with examples and interpretations.
- You will learn about revenue recognition, business combinations, leases, financial instruments, and more than 17 new FASB Accounting Standards updates.
- You will also receive a detailed index for easy reference.
#2 – UK GAAP 2017: 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 UK.
Accounting Standards Book Review:
The GAAP in UK is completely different than US GAAP. In US, GAAP stands for Generally Accepted Accounting Principles; but in UK, it is Generally Accepted Accounting Practices. And UK GAAP doesn’t only define accounting standards in UK; but it also includes UK Company Law. This book is particularly useful if you want to work in accounting/finance in UK or are already working in 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.
Key Takeaway from this Top Accounting Standards Book
- The length of this best accounting standards book is 1952 pages. You can understand how comprehensive this book can be. It includes the scope of UK GAAP, concepts, presentations of financial statements, accounting policies, estimates, and errors.
- You will also learn about agriculture, retirement benefit plans, public benefit entities, heritage assets, foreign currency transactions, share based payments, leases, investments in joint ventures, intangible assets and so on and so forth.
#3 – GAAP Handbook of Policies and Procedures (2017)
by Joel G. Siegel, Marc H. Levine, Anique A. Qureshi and Jae K. Shim
This book is much different in scope and the book is useful to all accounting professionals.
Accounting Standards Book Review:
Reading a book that is 1800+ pages long is a gigantic task. But what if you can read it, refer it, go back to again and again, and then read some more whenever you have some spare time? Then the book becomes your ally. This guide book is similar in nature. Accounting professionals in the world should pick this book up and read, refer, and go back to again and again. This accounting standard book can also be used as a training manual for CPAs. It’s duly updated and includes all rules and policies you need to know as accounting professionals. This book should be kept at the desk of the accounting department and whenever someone feels the need to clear their doubts about GAAP can check the book out.
Key Takeaway from this Best Accounting Standards Book
- It’s not easy to pull through one or two takeaways when the full book consists of a series of takeaways. The first thing about this best accounting standards book is comprehensiveness. This includes every thumb of rules, every accounting standard (updated ones as well), plus solutions for problems accountant face every day.
- It also includes accounting principles, required and recommended disclosures, specialized accounting topics, tables, examples, practice tools, and also financial reporting presentation requirements.
#4 – The Vest Pocket Guide to GAAP
by Steven M. Bragg
This book is a great book to keep as an accounting student.
Accounting Standards Book Review:
If you read one comprehensive guide on GAAP, read this book. Yes, it’s not updated and it doesn’t include the latest changes in GAAP. But keep this book as fundamentals of accounting standards and read the updates from any of the above books we mentioned. Now why this book is very useful? First of all, this book is very well structured. And secondly, it’s very easy to read and refer to. As accounting students and professionals, this book will always remain handy for all your accounting needs and tax purposes. As accountant, it’s not easy to remember all of the rules of GAAP. The solution to this is to keep this book with you always and refer to it whenever you have a doubt about anything.
Key Takeaway from this Top Accounting Standards Book
- This best accounting standards book is helpful for people who are beginners and also for people who are professionals. All the transactions (even the simpler ones) are shown in this book.
- This book is very well structured and as a result, you can refer to it easily. Plus, you would be able to go through a lot of real life examples as well.
- You will get to know about journal entries, calculations, flowcharts, footnotes disclosures, and examples.
#5 – Wiley Not-for-Profit GAAP 2017: Interpretation and Application of Generally Accepted Accounting Principles
by Richard F. Larkin, Marie DiTommaso and Warren Ruppel
This guide is yet to be released, but if you run a non-profit, this is a great book for reference.
Accounting Standards Book Review:
As you can see that this book is yet to be released, but the pre-order already started. And this book stands as 12th position in best seller rank in accounting standards as we’re writing this. This top accounting standards book is short compared to its other counter-parts. It is only 576 pages long as it is only focused on not-for-profit. If you work in a non-profit as an accountant, this book would be your ultimate guide to make any crucial decision. If you are running a not-for-profit, there can be a thousand things that can bother you about what rules and regulations to follow. This book will aid you and assist you in making right decisions.
Key Takeaway from this Best Accounting Standards Book
- First, you will get these four things –
- You will learn about any latest changes in GAAP, specifically relevant for non-profit organizations.
- You would find checklists using which you can check the disclosures of GAAP requirements.
- You will get a reference book which will guide you in measurement, disclosure, and presentation.
- You will also be able to take help through charts, tables, flowcharts and make quick decisions.
- This guide also includes accounting research bulletins, FASB’s accounting standards codification, AICPA statements of positions, and also FASB’s emerging issues task force statements relevant for non-profit organizations.
#6 – IFRS Guidebook: 2017 Edition
by Steven M. Bragg
This will ease up your time in understand IFRS in detail.
Accounting Standards Book Review:
IFRS (International Financial Reporting Standards) is a set of accounting standards that is set by an independent, non-profit body called the IASB (International Accounting Standards Board). Normally, IFRS documents are of thousands and thousands of pages which make things difficult for accounting professionals. That’s why this nifty little book will help solve the problem. It has all accounting standards you require under IFRS and it is just of 450 pages. As accounting professional you can refer to it whenever you feel the need to. Moreover, if you plan to become an accounting professional, this volume will become an invaluable resource to you.
Key Takeaway from this Top Accounting Standards Book
- Convenience is the major takeaway. You will get all the required information under 450 pages (which actually reads over 1000+ pages).
- This top accounting standards book includes each accounting topic, how you should disclose accounting information, and if you ever need to look for additional information where to look in IFRS document source.
- This volume also includes practical examples which will help you understand real world situations and how to use journal entries in that regard.
#7 – IFRS For Dummies
by Steven Collings
If you want to build your concept in regards to IFRS, this is the perfect book for you.
Accounting Standards Book Review:
This book is not updated, but this book will give you clarity and understand of what IFRS means. You will learn more than you think – you would get to know the breakdown of IFRS, how IFRS affects financial statements, and also method for finding solutions for difficult problems. Of course this book wouldn’t suffice in terms of latest updates, but if you just read this book on IFRS; you will get a good grip over the IFRS. Moreover, if you are trying to understand IFRS for the first time, then you should start with this dummies guide. This book is arranged in such a manner that if you read it through section by section, you will be able to gain maximum benefit out of it.
Key Takeaway from this Best Accounting Standards Book
- No matter what you are, a professional accountant, a student, or a trainee, then this is the perfect start for you in IFRS.
- You will learn why IFRS was created, application of IFRS, how to prepare IFRS financial statements, what mistakes to avoid while reporting, and how to disclose.
- This best accounting standards book is pretty easy to go through. Written in lucid language, this book would be perfect learning tool for every accounting enthusiast.
#8 – The Vest Pocket Guide to IFRS
by Steven M. Bragg
This is a quick guide to get a grip over IFRS.
Accounting Standards Book Review:
This book is an essential guide for learning IFRS. It’s not updated, but you can check a latest book to know the updates. This best accounting standards book is for those who want to have a comprehensive understanding of IFRS. As accounting professionals, you may need to go through a lot of transactions and you find difficulty in entering the complex ones. But this book will help you. This book is written in “question and answer” format and perfect for quick reference. You can have a look at the book, open up the section, and then look for the right treatment in the book. In a nutshell, this book is an essential guide for all accounting professionals.
Key Takeaway from this Top Accounting Standards Book
- You will be able to learn all International Financial Reporting Standards (IFRS) (except the recent changes) with brief explanations and also hundreds of respective examples.
- You will also be able to use this as a reference guide for thresholds for segment reporting, recognizing intangible assets, restating financial results in hyperinflation examples and so on and so forth.
- This is a must have for busy accounting professionals who would be able to quickly go through this book to find out the required solution.
#9 – IFRS and US GAAP, with Website: A Comprehensive Comparison
by Steven E. Shamrock
This book will show you how to look at IFRS and GAAP with the right perspectives.
Accounting Standards Book Review:
Let’s say you work in an organization which follows IFRS in reporting the financials. And now you’re tasked with doing two (GAAP and IFRS) simultaneously. How would you do it? Just grab this book and everything will become easy for you. Even if it’s a little expensive, this book will help you how to implement both GAAP and IFRS in real world situations and how to understand the difference between them. In a nifty little of 213 pages, this book will show you to report fixed assets, revenue recognition, capital leases etc. If you’re a student and preparing for bachelor/master degree in accounting, this book will help you understand both IFRS and GAAP in a lucid way. The only pitfall of this book is that it misses out on tables which readers mentioned could have been a great addition to this book; but this book has a great companion website through which you can access a lot of resources.
Also, check out the difference between IFRS vs US GAAP
Key Takeaway from this Best Accounting Standards Book
- This top accounting standards book clearly points out the differences between IFRS and GAAP in areas such as – inventory, provisions & contingencies, intangible assets, financial instruments, leases, revenue and so on and so forth.
- This book has emphasized on the examples to explain both IFRS and GAAP. This book also has a companion website through which you can download a lot of spread sheets and templates.
#10 – Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, China GAAP, and India Accounting Standards
by Abbas A. Mirza and Nandakumar Ankarath
This book is a gem and the first of its kind. Grab this book if you’re an accounting professional.
Accounting Standards Book Review:
Every year many, many books are written on IFRS and GAAP. But very few books consider the difference among various accounting standards and try to establish a relationship with each of them. This is a global reference book which helps students and professionals all over the world to learn the practical application of international accounting standards to financial statements. This book is written by experts from UAE and India who have years of experience in accounting. If you read this book you will be able to learn about examples of footnote disclosures and financial statements formats. You will also be able to go through real life case studies which will give you clarity and makes you understand the similarities and differences of various accounting standards.
Key Takeaway from this Top Accounting Standards Book
- This book is useful for a global audience and the guide is written in order to establish a relationship among various accounting standards applicable in the world.
- This best accounting standards book is quite comprehensive and offers the examples of footnote disclosures and financial statements formats from world’s best 500 companies which are already compliant with IFRS and report under IASB (International Accounting Standards Board).
- It will also provide comparisons of IFRS with US GAAP, Indian GAAP, and Chinese GAAP.
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