BY MOHAMMED L. AHMADU
SCHOOL OF LAW
UNIVERSITY OF THE SOUTH PACIFIC
Title: Company Accounting Procedures
Authors: Keith Duncan and John Irvine.
Published by Butterworths: Australia (1999).
ISBN: 0 409 31146 4.
This book consists of two major divisions. The first covers elementary principles of company accounting. This addresses issues dealing with company formation (part 1), financial reporting (part 2) and accounting for investments (part 3.
The second major division deals with advanced reporting procedures. This covers accounting for investments (part 4), special financial reporting issues (part 5) and restructuring and liquidation of corporate portfolios (part 6).
While basically adopting an accounting approach to the treatment of the various topics comprising the book, it is important to point out that parts 1, 2, 4 and 6 have made extensive use legislative provisions on Australian Corporations law. These parts represent a blend of accounting principles and the law as explained in the context of the Australian Corporations Law. This has been well done. Relevant legislative provisions always precede accounting analysis.
In my view, the greatest strength of the text as an academic work lies in its extensive use of illustrative examples to simplify the explanation of the accounting procedures used. Revision questions have been scattered throughout the voluminous text in order to test the readerís level of comprehension. The review questions are likely to be used by students rather than by practitioners.
On the whole, I would hasten to say that the text is more of value to financial, managerial and accounting professionals as well as students in related disciplines. However, it could equally be of significant use to solicitors who have accounting or financial backgrounds.
Lastly, as accounting principles are fairly standardised, I see no difficulty in this book being used in the South Pacific whether by students or practitioners in the relevant disciplines.