Top 10 Accounting Standards Books [Updated 2021]
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 a few latest books and dive in. Below is the list of such books on accounting standards-
- Wiley GAAP 2021 – Interpretation and Application of Generally Accepted Accounting Principles ( Get this book )
- UK GAAP 2019: Generally Accepted Accounting Practice under UK and Irish GAAP ( Get this book )
- GAAP Handbook of Policies and Procedures (2021) ( Get this book )
- The Vest Pocket Guide to GAAP ( Get this book )
- Wiley Not-for-Profit GAAP 2020: Interpretation and Application of Generally Accepted Accounting Principles ( Get this book )
- IFRS Guidebook: 2021 Edition ( Get this book )
- IFRS For Dummies ( Get this book )
- The Vest Pocket Guide to IFRS ( Get this book )
- IFRS and US GAAP, with Website: A Comprehensive Comparison ( Get this book )
- Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, China GAAP, and India Accounting Standards ( Get this book )
Let us discuss each of the accounting standards books in detail along with its key takeaways and reviews.
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#1 – Wiley GAAP 2021 – Interpretation and Application of Generally Accepted Accounting Principles
by Joanne M. Flood
Grab this updated version of GAAPGAAPGenerally accepted accounting principles (GAAP) are the minimum standards and uniform guidelines for the accounting and reporting. These standards prohibit firms from engaging in unethical business activities and enable for a more accurate comparison of financial reports to investors.read more if you want to master the 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 accountingRule Of AccountingAccounting rules are guidelines to follow for registering daily transactions in the entity book through the double-entry system. Here, every transaction must have at least 2 accounts (same amount), with one being debited & the other being credited. read more, refer to this book and consult. You will get your answer. You will also get tonnes of examples along with the latest rules of accounting standards.
Also, check out this detailed guide to Financial Statement Analysis
Key Takeaway
- 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 the revenue recognition principle, business combinationsBusiness CombinationsA business combination is a type of transaction in which one organization acquires the other organization and therefore assumes control of the other organization's business activities and employees. In simple terms, it is a consolidation of two or more businesses to achieve a common goal by eliminating competition.read more, leasesLeasesLeasing is an arrangement in which the asset's right is transferred to another person without transferring the ownership. In simple terms, it means giving the asset on hire or rent. The person who gives the asset is “Lessor,” the person who takes the asset on rent is “Lessee.”read more, financial instruments, and more than 17 new FASB Accounting Standards Updates.
- You will also receive a detailed index for easy reference.
#2 – 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 UK.
Book Review:
The GAAP in the UK is completely different than US GAAP. In the US, GAAP stands for Generally Accepted Accounting PrinciplesAccounting PrinciplesAccounting principles are the set guidelines and rules issued by accounting standards like GAAP and IFRS for the companies to follow while recording and presenting the financial information in the books of accounts.read more; 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.
Key Takeaway
- 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 policiesAccounting PoliciesAccounting policies refer to the framework or procedure followed by the management for bookkeeping and preparation of the financial statements. It involves accounting methods and practices determined at the corporate level.read more, 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 ventureJoint VentureA joint venture is a commercial arrangement between two or more parties in which the parties pool their assets with the goal of performing a specific task, and each party has joint ownership of the entity and is accountable for the costs, losses, or profits that arise out of the venture.read more, intangible assetsIntangible AssetsIntangible Assets are the identifiable assets which do not have a physical existence, i.e., you can't touch them, like goodwill, patents, copyrights, & franchise etc. They are considered as long-term or long-living assets as the Company utilizes them for over a year. read more, and so on and so forth.
#3 – GAAP Handbook of Policies and Procedures (2021)
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.
Book Review:
Reading a book that is 1800+ pages long is a gigantic task. But what if you can read it, refer to it, go back to it 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 it again and again. This accounting standard book can also be used as a training manual for CPAs. It’s duly updated and includes all the rules and policies you need to know as accounting professionals. This book should be kept at the desk of the accounting departmentAccounting DepartmentThe accounting department looks after preparing financial statements, maintaining a general ledger, paying bills, preparing customer bills, payroll, and more. In other words, they are responsible for managing the overall economic front of the business.read more, and whenever someone feels the need to clear their doubts about GAAP can check the book out.
Key Takeaway
- 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 reportingFinancial ReportingFinancial Reporting is the process of disclosing all the relevant financial information of a business for a particular accounting period. These reports are used by the stakeholders (investors, creditors/ bankers, public, regulatory agencies, and government) to make investing and other relevant decisions. read more 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.
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 is this book 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 an 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
- 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 2020: 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.
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 counterparts. It is only 576 pages long as it is only focused on not-for-profit. If you work in a non-profit as an accountantAccountantAn accountant is a finance professional responsible for recording business transactions on behalf of a firm, reporting the firm’s performance and issuing financial statements. Thus, an accountant plays an important role whether it is a small domestic entity or a large multinational company.read more, 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 the right decisions.
Key Takeaway
- 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 that 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: 2021 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 are 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 makes things difficult for accounting professionals. That’s why this nifty little book will help solve the problem. It has all the accounting standards you require under IFRS, and it is just 450 pages. As accounting professionals, 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 for 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 the 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 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 a method for finding solutions for difficult problems. Of course, this book wouldn’t suffice in terms of the 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 from 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, the application of IFRS, how to prepare IFRS financial statementsFinancial StatementsFinancial statements are written reports prepared by a company's management to present the company's financial affairs over a given period (quarter, six monthly or yearly). These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more, 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 the 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 a “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 reportingSegment ReportingSegment Reporting is the disclosure of financial details of key units or segments by public companies and is based on certain regulatory requirements. read more, recognizing intangible assets, restating financial results in hyperinflationHyperinflationHyperinflation is an accelerated level of inflation that tends to quickly destroy the actual value of the local currency since there is a rise in the cost of all products and services. It forces people to lower their holdings in that particular currency to participate in stable foreign currencies.read more 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.
Book Review:
Let’s say you work in an organization that 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 leasesCapital LeasesA capital lease is a legal agreement of any business equipment or property equivalent or sale of an asset by one party (lesser) to another (lessee). The lesser agrees to transfer the ownership rights to the lessee once the lease period is completed, and it is generally non-cancellable and long-term in nature.read more, etc. If you’re a student and preparing for a bachelor/master’s 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 that 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
- 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 examples to explain both IFRS and GAAP. This book also has a companion website through which you can download a lot of spreadsheets 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.
Book Review:
Every year, 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 that 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 the 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
- 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 examples of footnote disclosures and financial statements formats from the 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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