Accounting Books

Rather than recommend a 'one size fits all' costing solution, Designing Strategic Cost Systems provides tools for evaluating the costing needs of the organization and helps the user(s) select and design a system in light of the resources it has available for implementation and maintenance of the system. Additionally, the book provides strategies aimed not only at successful system implementation, but at obtaining the cost data that will enable the organization to make sound decisions to increase profitability and ensure long-term growth.

"I am an undergraduate accounting professor, and I recommend this book as a complement to your cost accounting text book. It is my experience that most undergraduate students lack working experience that would help them link the "concepts" in the text books with the "real world." I found that it is very difficult for students to visualize the following: how costs flow through a service or manufacturing company; how those costs are captured in a company¹s cost accounting systems; and what are the sources of the data, where do the numbers used in the calculations of the costs of products or services come from? This book helps them to "see" the flow of the data. Chapter 5, How to Calculate Costs, wraps up the concepts of direct material, direct labor and overhead, and enables the students to become aware of how costs are calculated in a simple and systematic way. Even though this book is easy to read and to understand, I recommend it for students beyond their second year of college. It is written in a practical way, and, while I was reading it, I felt that I was there working in the company.

I think that this book is a necessary tool in cost accounting

This book is outstanding because it describes the reality that many organizations are facing with their cost systems and provides the tools necessary to overcome them. The information is presented in a way that is simple, easy to understand and actionable by the reader. It also provides access to a supporting website where simulations, models, exercises, and key terms can be used by readers to adapt the concepts presented to their particular organizations.

This book is a must for those business professionals that are involved in the planning, design, or re-design of their organization's cost system. It provides a step-by-step approach from the detection of an obsolete cost system to the performance measurement after the system is implemented. It also describes the common errors that should be avoided in order to have a successful system implementation.

As highlighted by the author: "A cost system should not be focused on analyzing the past, but in making the critical link among operational measures, resource utilization and cost in order to impact the future". Without a doubt this book will significantly contribute to the knowledge base and expertise of any organization that uses it as a reference to evaluate the effectiveness of their cost system as a decision-making tool.

If you think about economics, you need this Economist/Bloomberg Press publication or one very much like it.

For clarity on all matters of the public record--not just economics--nobody beat the ECONOMIST newspaper, a British 'news magazine' whose largest national readership is now in the USA.

When the style and content gurus at the ECONOMIST get around to publish a dictionary on the terms and nomenclature of the core competence, well, let's just say it's a little bit like watching the World Cup, the Super Bowl, or the World Series (apologies, cricket fans).

It doesn't get any better than this. I think you'd better buy one.

Buy it, thats the best advice I can give. This book can help anyone to better understand the field of economics and comprehend economics texts more easily.

This, the Fourth Edition of The Economist's handy publication, is not a dictionary in the ordinary sense of the term. There is no pronunciation guide and most of the entries are phrases, not single words, e.g., "circular flow of money," "durable goods," "Gibrat's law," "marginal utility," "theory of games," etc. The "definitions" are more like explanations, some of them quite elaborate. Nobel laureate economists are included as well as distinguished economists from the past. Distinguished contemporary economists who have not won the Nobel Prize in economics are not included. Thus Adam Smith makes it; Julian Simon does not, while Herbert Simon, who did win the prize, does.

Bayes' theorem is explained in some detail and such terms as "saddle point" and the "Lagrange multiplier," e.g., merit graphs and equations in their definitions, but other terms like the "Black Scholes formula" for derivatives is mentioned but not explained in detail. Obviously the editors Graham Bannock, Ron Baxter and Evan Davis, have their reasons for their hierarchies of ink expenditure. They call their approach "a micro-encyclopedic treatment with extensive cross referencing." The cross references are indicated with two types of grey arrows, one for "see" and another for "see also." Clearly one of their goals is to be as encyclopedic as reasonable without making the volume too large to fit into a briefcase or to be read in bed.

Although The Economist is British this publication is aimed at the entire English-speaking world, especially the large market in the United States where this book is published by the Bloomberg Press. Most of the entries betray no national bias, although there are some exceptions. For example in the entry for "balanced budget" it is mentioned that the "UK budget is often in deficit." The same could be said about the US budget, but the US budget is not mentioned. For the entry on "balance of payments" a table is presented with both the UK and the US balance of payments for the year 2001.

This book works well for students of economics (and might make a nice gift for someone who is majoring in economics) but why would the general reader want to own such a publication? The answer is that the "dismal science," as economics has been dubbed, is actually an arcane and technical social science, and so an encyclopedic dictionary is most helpful for anyone who follows the financial news. Incidentally the phrase "dismal science" (not an entry in this book!) comes from Thomas Carlyle (1795-1881) who was referring to political economists whom he called, "Respectable Professors of the Dismal Science."

Dismal or otherwise, some knowledge of economics is essential for commerce in today's world of business. This book can serve as a reference, or, if you're like me, you can read it as an extension of the Econ 101 course you took in college.

As with marriage, the success rate for global deal-making should give the wise investor pause. Most such mergers and acquisitions do not increase shareholder value. Even with the fallout from the burst bubble still landing all over the place, the juggernaut of globalization is such that international deals still manage to engender a lot of passion; it seems the grass is always greener on the other side of the border. Business leaders know that sometimes the riskiest move is the one they decide not to make, since a good strategic acquisition can ensure your company's survival. For these reasons, interest in cross-border transactions will probably remain strong, as industries consolidate and as global economic barriers collapse. However, deals that involve foreign accounting and legal practices can be absolutely perilous without expert professional guidance. This clearly written, thorough compilation can help you avoid making a bad decision and improve your odds of success. We from getAbstract strongly recommend it to anyone involved in (or considering getting involved in) global deal making.

Doing mergers and acquisitons that create value for shareholders is harder than ever. It is even more difficult to do this in a multi-national environment. The compelxities of tax, accounting, securities laws and the regulatory differences add enormous complexities to the already huge challenges of just getting the stragegy right and executing it!!

This handbook, Due Dilignece for Global Deal Making, dramatically increases the odds of doing a deal better. Many experts believe that deals are made or broken in the due diligence phase. That is is where you figure out how much to pay, and the valuation is totally dependent on what you find out and what questions you ask.

This book covers it all from strategic imperative to tax rules. It also has an excellent chapter on my own area of expertise, people and organizational fit. I found the section on beginning to evaluate the fit of the corporate cultures particularly helpful. We think the success of true mergers are highly influenced by the cultural fit.

I would highly recommend this book to anyone practicing in this area, regardless of their area of expertise, as it gives them context for all of the other important, areas.

Due Diligence for Global Deal Making is one of the most enlightening and comprehensive books of its kind. Editor and contributor Arthur Rosenbloom has identified a group of thoughtful, experienced due diligence practitioners who describe the process from seven different points of view. The process is covered both from an in-bound and an out-bound standpoint. Despite the diversity of perspectives, the book maintains a consistent style and voice and refrains from undue repetition.

Each of the seven substantive chapters looks at a business using a slightly different lens: strategic, operational, financial and accounting, legal, tax, organizational and, oddly but perhaps most interestingly, the Internet. Scattered through the chapter are cautionary tales of what can go wrong in the real world if the practitioner or the client cuts corners. At the end of each chapter is a series of charts and lists which sets forth the subjects of investigation, often with indications of where to find the information or how it is important to the evaluation of the target.

For anyone who has to conduct, supervise or coordinate due diligence, this overview is remarkably helpful. For the young attorney, accountant or business strategist, Due Diligence provides a veritable Bible for his or her own due diligence. But more importantly, the book informs the reader how the information gleaned fits into the overall process.

Rosenbloom's brief but enlightening look at the due diligence world post 9/11 is among the most compelling parts of the book. This section alone can be worth the price of the book. The possible effects of terrorism or war on a business, in concrete terms, or on the material adverse change or force majeure clauses of a contract are sobering and helpful.

Describing due diligence from seven points of view and then domestic and foreign aspects on top of that is a tall order. This informative book is a remarkable, and even entertaining accomplishment...

Amazing book connecting all the dots you know in asset pricing, macro, general equil'um, etc. You come out of it refreshed, feeling you are a different person.

This book presents an excellent summary of the toolbox that students and professionals must manage in order to understand the numberless amount of modern contributions on asset pricing. All recent advances in the use of risk and uncertainty are presented with simple and direct language, and without useless mathematical sophistication. A needed help for asset pricing courses intended to graduate students.

Gollier has written a book that not many others could have written. It is VERY complete, it is full of deep insights, and, for me, it is a pleasure to read. Don't be mistaken: this is a research book, not a textbook. But for those of us doing research in decision theory, general equilibrium, finance, or macroeconomics, it is simply a must. How could you afford NOT to buy it?

Everywoman's Money: Confident Investing was outstanding. Delightful read for invaluable results. Not only is Deborah Owen's writing style easy flowing -- she takes a set of complicated topics -- "recognizing the need to" and "knowing how to" save and invest -- and provided simplicity, clarity, and thoroughness. Simplicity of the complicated factors savers and investors need to consider and understand to develop good financial programs.
Clarity in the specific actions that need to be taken. Thoroughness in the breadth of savings and investment industry alternatives there are to choose from -- and guidance on making those choices.

Confident Investing is a terrific book for anyone who wants to understand the topic of money management and investing. It is entertaining, easy-to-read, and loaded with interesting anecdotes and "coaching tips" on how to get started and what to do! The topic of investing can seem intimidating at times, but Deborah knows how to break down all the "hard-to-understand" lingo and speak to the reader in a conversational and common sense language. I thank Deborah for giving me the motivation and knowledge level to take control of my own financial future!

Pryor to changing careers, I worked in the Brokerage/ Investment Banking Industry for 13 years and daily watched the insiders use the Stock Market wisely to build their dreams and financial futures. During those years there were very few books on the market that educated the average investor about the basics of successful investing. Debbie Owens has written Confident Investing to fill that void. Though there are many books on the subject these days, Confident Investing is one of the first books I have read that has provided the basic information and the encouragement one needs to become a successful investor.Though the book solely focuses on women, the information rings true for all novice investors. How much you invest is not the focus. Having a firm foundation about investments is key to making wise decisions with your hard earned dollars!

Debbie begins each chapter with stories about women in various life stages and how each person with financial education was able to change the course of their lives. Each women was able to make their dreams come true.

Each chapter also has coaching tips and a money therapy section to emphasis the theme for that chapter. The chapters end with a journal section to help you analysis those unspoken blocks that prevent each of us from reaching our goals. You can not read this book without wanting to make a change for the better.

I would encourage anyone who wants to achieve their financial goals to begin with this book! The best place to start is with basic information.... Debbie has "cornered the market" on that!

As a former management consultant, I have never ceased to be amazed by the relative lack of attention given to cash flow amongst many successful businesses and business leaders. Despite the fact that the linkage between shareholder cash flow and market capitalization is more or less iron-clad, and the typical executive fixated on shareholder value (or more correctly, share price), in my own experience most business leaders still tend to retreat to the safety of GAAP-based metrics when setting market strategy.

While this book doesn't attempt to answer this paradox, it does present a detailed "how-to" guide to applying the principles of cash flow and shareholder value. This obviously isn't the first book on shareholder value, but Profit Pools distinguishes itself from its predecessors by adopting a much more pragmatic approach, providing a series of familiar examples (sorry, no buggy whips here) that should allow even first-timers to apply the concepts of shareholder value to their own businesses, no matter how big or small. Furthermore, Jones fills in what I would consider to be the "missing link" in shareholder value theory -- whereas much of the existing literature focuses on the value created within a business, this book also addresses the equally important issue of how value is created in the marketplace.

A few caveats are in order -- some of the terminology here takes a bit of getting used to (market inflection events?) and because Jones has taken such a comprehensive approach to the subject, this book is not a quick read. Stick with it, however, and you will wonder why you hadn't applied this approach to your own business earlier.

There are far too many business books out there. Most at best have 1 or 2 new ideas wrapped in 200 pages of fluff. Well this book is different. It takes a very practical view of what really matters in business - profit - and looks at it from end to end. In general it stays away from conceptual models and focuses on what people can really do to improve their business. It is a great hip pocket book for any business strategist or consultant that cares more about business results than powerpoint.

... and it's written in a practical way -- no finance formulae, arcane accounting rules, or esoteric notions. It's great -- it gets to the point quickly and succinctly; gets around accounting and other issues to see real value creation in all parts of the business at a `granular' level. And, then, it sets out why managing the long term is critical, and how that can be done to grow a lot of value. I'm a believer. The middle part could be a lot shorter -- I guess there's stuff in there that's new thinking. The rest of it just distills established value thinking (like The Value Imperative by McTaggart, another favorite) into actionable approaches. Take note -- it doesn't explain WHY we should manage to drive value growth, but I guess we've come to accept that as a mandate in the last few decades. Good luck with it.

This is a must buy book for both kinds of people: students or people in academia and practitioners who want to understand different type of risk they face at a macro or micro level. The reasons I like this book on risk management better than thousand others already out there are following. I like to describe this book as having two sections, both the sections are very important and people can focus on either depending on what they are looking for. The first part of the book provides a very good understanding of the risks faced by managers, for example risk managers, head of a trading portolfio or a desk or even CEOs. Very often these people face risk which are hard to quantify or even understand and are not often talked about. The author draws from personal experience and provides interesting case studies,. which makes this part of the book a pleasure to read. I learnt about model risk, reputation risk and other such risks which typically a junior person on a trading desk is not exposed to. So this understanding is very valuable in order to communicate with your boss or to get more insights about risks that management may care about.
The Second part of the book focusses on risk management of different type of instruments, instruments range from plain vanilla to complex path dependent options. It spans through assets classes as well. As promised by the author, the level of mathematical and quantitative background required is kept to the minimum. The text provides intuition about what market variables or market moves a specific instruments depends on rather than complex formulae to price such instruments. For somebody like me, who has a little more mathematical background than an average reader, the text points to latest research or specific papers that I can explore if I want to flex my quantitative muscle.
The book is full of very interesting exercises and case studies, which are truly practical. This is something which is completely different from many texts that I have seen on this topic.
Overall, I highly recommend this book to anybody who has anything to do with trading financial instruments.

Allen's book is absolutely phenomenal. Most of the risk management books out there are too technical to be of any practical use. Allen truly focuses on the practice of risk management and gives us insights on how to be a truly good risk manager. Traders could benefit from his insights as well. I particularly liked his breakdown of linear vs. non-linear risks, and liquid vs. non-liquid positions. In terms of the practical risk management of options (vanilla and exotics) I haven't seen anything this clear and this comprehensive. The accompanying CD is an absolute blessing in order to fully understand the concepts like price vol matrices, etc. This should be a required additional reading for all students in financial mathematics/MBA programs around the world! Well Done Mr. Allen!!

Allen delivers the most insightful look at market risk management for dealers since the Group of 30 Report. While other books are taking on an increasingly bureaucratic tone when it comes to risk management, Allen is refreshingly proactive. I really like the treatment of valuation reserves. His discussion of managing spot, forward and options risks bridges the gap between what a trader is thinking and what a risk manager should be thinking. This isn't a book for the sort of risk manager who hasn't been on the trading floor in a few months. It is a tactical book for the pro who works shoulder to shoulder with quants, traders and salespeople. Note that the book is qualitative. For the quantitative side of all this, see Holton's landmark "Value-at-Risk".

This text is a good overview of ESOPs, when one makes sense for a business owner, how an ESOP can help motivate a company's employees, legal issues, and share valuation (required by law). It is a readable and practical text that should be of value to business advisors, business owners, and valuation specialists. ESOPs are highly regulated by the government and must follow the requirements both at formation and on a continuing basis. There is a cost to setting up and maintaining an ESOP but there can be significant benefits for the business owner. Some are financial and other benefits are non-financial such as business succession.

Even though the book's title suggests it is primarily about valuation, it has a lot of coverage on practical aspects of whether it makes sense for a business to establish an ESOP and the regulatory environment. This should be of interest to business advisors and business owners.

For the valuation specialist, the book covers factors in valuing the company's shares that are unique to ESOPs - primarily due to government regulation. Those factors include: the impact of ESOP leverage, minority/control attributes of the shares, repurchase obligations, adequate consideration, and tax issues.

Larry Cook has done a wonderful job in writing a book on ESOPs that is practical, readable and understandable. He accomplishes this feat even though the formation, valuation and maintenance of ESOPs can be a difficult endeavor given the complexities and nuances surrounding this area. Although titled "Financial Valuation of Employee Stock Ownership Plan Shares," it includes good insight into the decisions that go into whether to form an ESOP and whether an ESOP is feasible for a given company. For example, chapter 2 includes a very interesting story of a CFO that went through the process with two companies. He also presents his thoughts on the controversial areas of the actual valuation of a company for ESOP purposes as well as the DOL, tax and financial reporting requirements. The two appendices include the DOL proposed regs and the IRS training class materials regarding examination of ESOPs. In summary, Mr. Cook's book is an important read for business owners, Plan Trustees, CPAs, Appraisers and Financial Advisers and should be a part of any business library.

Financial Valuation of Employee Stock Ownership Plan Shares is a great resource for anyone looking to learn about ESOPS. The book takes a business owner's perspective in walking the reader through the elements of a good plan. Often overlooked when establishing an ESOP is the question of whether an ESOP even makes sense. This book devotes an entire chapter to that very question of who makes a good ESOP candidate. But the heart of the book is the focus on determining the value of ESOP shares. In this area, Cook goes into great detail on every aspect of ESOP valuation from independence issues and governing case law to control vs. minority positions. He covers repurchase obligations, adequate consideration, and phantom equity. One thing that really sets the book apart from other valuation tomes is the great supporting material like the great 70 page Appendix containing the IRS training guide to examining ESOPS. No business valuation library will be complete without Financial Valuation of Employee Stock Ownership Plan Shares.

This text was especially helpful for me as someone who knew pretty much next to nothing about the field but who also wanted not to be spoon fed. The author strikes an excellent balance for beginners and the more advanced.

The book is concisely written and loaded with practical examples. A must for the reference shelf of bond professionals.

The author delivers clear and concise explanations on the more esoteric aspects of fixed-income securities. It is written using an easy to understand, building-block approach which enables the reader to grasp the theory behind creating synthetic securites. This book goes beyond textbook definitions and introduces essential strategies which can be used by trading managers, risk managers, and individual investors.

Reuven Brenner, an intense, dynamic, and iconoclast economist, has entered a very weighty two cents into the current thought on the world economy with this new book.

With multiple clear examples of politics and history, he shows the difference between America's open capital markets and most of the world's nations closed capital markets, and why America has been at the forefront of econonomic and capitalist development for more than 50 years.

His main argument: Citizens of any nation should have access to capital in order to embark on ventures that will produce profit. The most valuable resource any nation has are its talented citizens, by denying them access to the ability to be entrepreneurs, the nation is hurting itself and its growth. The answer: Let them access the resources they need, but hold both sides accountable. It won't keep an Enron from happening, but it will keep it from happening again, as is obvious with new accounting reforms.

Using examples from pre/post Communist Russia, Latin America, Islamic Fundamentalist states, and budding open capital markets, Brenner proves that any system that restricts access to capital is doomed to fail. Sure to open your mind and expose you to the true story of the global economy, The Force Of Finance is the penultimate book on how to turn a third world nation into a modern state that is living up to its potential.

Money, capital markets, brain drains, direct democracy, corruption, crime and gold are woven together with skill to produce a stunningly original picture of the world. The argument that society is shaped by the imperative of access to capital, and that when one channel is blocked another opens, is used to explain a wide variety of historical and current events. You can dam the force of finance to change the direction of the river, but sooner or later, one way or another, the water will get to the sea.

"The Force of Finance: Triumph of the Capital Markets" by Reuven Brenner, Stoddart Publishing Co. Limited, Toronto, 2002 and Texere Publishing London & New York, challenges unsupported conventional thinking in many areas including economics, finance, capital markets, prosperity, freedom and democracy.

"Prosperity is the consequence of one thing and one only: matching talent with capital, and holding both sides accountable," as illustrated by the economic successes of 17th century Netherlands and the modern Asian Tigers. Brenner warns of the injury caused by public policies of confiscation and unproductive regulations, but reports, "for the moment, the U.S. alone has the fundamentals right."

Chapter 2 considers the relationship between capital markets and democracy and elaborates extensively about the 1997 observations of Arthur Schlesinger, Jr., "democracy requires capitalism, but capitalism does not require democracy." More simply stated capitalism thrives where democracy cannot. The legal recognition of private property, open capital markets and dispersion of political power augment both democracy and capitalism. More than any other single factor, "low taxes" bring "economic miracles."

Brenner calls macroeconomics the "twentieth-century pseudo-science" because it is built on the false Keynsian view that governments can or should manipulate economic outcomes.

In Chapter 4 Brenner points out that "voting rights were not much of an obstacle to governments intent on doing harm." Thus, Brenner reasons that democracy and capitalism are safer when politicians possess less, rather than more, power: "referenda significantly diminish the power of politicians and bureaucrats." Experimentation with political change and tools of citizen involvement was truncated and stalled by the Great Wars, the Depression, and the Cold War; but now the time is ripe for renewed interest in reforms, which should be cause for optimism.

Chapter 7, titled "Extracting Sunbeams out of Cucumbers," explores how "ideas that have no foundation gain scientific status." For decades economists have used the lighthouse analogy to advocate government intrusion. If government did not provide lighthouses, then there would be none. However, private-sector lighthouses existed for centuries. How could so many great minds get this fact wrong? Ronald Coarse published the historical correction in 1974, but the false analogy continues to appear in new textbooks. Students "arrive at the intended but utterly misleading conclusion. The frequently repeated idea thus passes for fact." "Students are not being taught science; instead, they are being taught obscure linguistic exercises masquerading as science." "Matching ideas to real-world events is the meaning of being scientific. It is unscientific to either ignore or reject discovered patterns." The non-science of the social sciences and humanities hide in a maze of obscure rhetoric designed to bar critical review by outsiders and to ridicule innovators as lacking understanding. "Aesop was right: Obscurity often brings safety." It is the conformist who survives. "Followers are taught to be blind." Chinese inventiveness ceased when state power increased; it always does.

That so many politicians and economist were attracted to Keynesian views is simply evidence that people respond to incentives. The opportunity for bigger and more intrusive government benefited both groups irrespective of whether the ideas had merit.

"Precedents are incorporated into behavior and institutions, and often outlive the circumstances that created them." "Prosperity requires people to abandon old industries and old ways of doing things, and bet on new ones and new ways."

"Backward-looking societies stay poor." "Stable currency does not guarantee prosperity" ... but "it is a necessary part." "Out-of-the way Iceland, Australia, and New Zealand are all prosperous and technologically up to date. They are not close to either big markets or principal sea routes. ... they have open capital markets."

"In the absence of democratized capital markets, "freedom" is an empty word." "With open markets the poor can move up." "Limiting access to capital markets is the means by which groups can stay in power." "Indeed, the democratization of financial markets and the adoption of the institutions of direct democracy are, the keys to lasting prosperity."

"The United States has its share of bad laws, outdated regulations, complex taxes, and controls inherited from the past, many of these are still unquestioned."

"... as a condition of receiving Western capital, countries should open up their financial markets." Brenner predicts, "If Putin carries out his promise to impose a 13 % flat tax ... Russia will soon prosper, attracting critical masses of talent and capital, reducing corruption, and leapfrogging over many other countries."

In short "The Force of Finance" offers a comprehensive vision for freedom not yet appreciated by many leaders. All peoples will benefit when economic and political freedoms are enlarged. The key is the opening of and access to financial markets and the dispersion of political power, which tends more to interfere with, rather than facilitate, open financial markets. The sooner people gain the courage to confront and change archaic regulatory and political institutions the sooner people will benefit from increased wealth and freedom.

"The Force of Finance" is recommended reading for those interested in deeper understanding of the interdependency of economic and democratic freedoms.