Jump to content

Best accounting books - Advanced Level


Guest Schwab711
 Share

Recommended Posts

Does anyone have any advice on some good books on accounting? I'm looking for more advanced-level reads (prefer textbooks but open to anything; if anyone wants to share their books from their MBA/MFE programs that would be great). I would really like industry-specific stuff but general GAAP/IFRS books would be great. Is it worth getting the CPA exam study guides or is it not detailed enough?

 

My main interest is improving my understanding of inventory and revenue recognition. I hear big-shot HF managers talk about great shorts due to red-flags where they think the accounting is likely non-sense; after reading their thesis it usually makes sense but I'm not very good at finding these independently.

 

Also, if there are any IBs out there, I'd be very interested in any suggestions on books detailing Derivative/MBS/CMO/ABS/ect valuation methods or risk management books.

 

Link to comment
Share on other sites

I would recommend Wiley GAAP: Interpretation and Application of GAAP.  It'll cover both inventory accounting and revenue recognition and there is a section in the back that covers industry-specific accounting issues.  There are new editions of this book each year.  The newest edition, 2015, is about $100 on Amazon.  If you want to save some cash, but 2014 or even 2013.  Not much has changed since those versions.  You can get the year or two old editions for about $40.

 

If you want really detailed accounting guides for specific industries, the AICPA publishes a number of industry guides that are really detailed.  They are called AICPA Audit and Accounting Guides and cover just one industry each.  At $75 each they are expensive, so you'd have to be pretty serious about a specific industry to buy one.  The AICPA guides are much more detailed than the Wiley GAAP book for the industry that it covers, but the Wiley GAAP book should be detailed enough for most and it is much more comprehensive in the breadth of topics it covers.

Link to comment
Share on other sites

Thanks everyone. I have the CFA books already so I didn't mention them. I really like the Kaplan ones, I take test I in June. Anyone take the CPA exam? I don't hear of many big-time investors get both the CPA and CFA exams. Separate question, does anyone have personal experience on whether it was worth it?

 

I heard of Quality of Earnings, I just bought it today. I'll probably take a flier on the guy who wrote Wiley at $30 too. I just got Hull - Options, Futures, and Derivatives. It's faster to get through this stuff when you don't get tested on it later :)

Link to comment
Share on other sites

For more detailed accounting analysis (along the lines of Quality of Earnings), I'd recommend checking out the books by Mulford & Comiskey. I liked Creative Cash Flow Reporting better than Guide to Financial Reporting & Analysis.

 

For regular accounting stuff, I just got a used copy of an advanced accounting book off Amazon- tons of options (textbooks).

Link to comment
Share on other sites

  • 3 weeks later...

I would recommend Wiley GAAP: Interpretation and Application of GAAP.  It'll cover both inventory accounting and revenue recognition and there is a section in the back that covers industry-specific accounting issues.  There are new editions of this book each year.  The newest edition, 2015, is about $100 on Amazon.  If you want to save some cash, but 2014 or even 2013.  Not much has changed since those versions.  You can get the year or two old editions for about $40.

 

 

Hey, I am also thinking of getting the Wiley GAAP book. I noticed that the 2012 version is significantly cheaper than the 2013 one on Amazon, about $7 vs. $34 respectively. Do you think the '12 one would be okay to use or do you think it's too old?

 

Thanks

Link to comment
Share on other sites

As others have recommended, Creative Cash Flow Reporting by Mulford and Cominsky, Quality of Earnings by O'glove and Financial Shenanigans by Schilit are all good. Even if you're very advanced, I imagine you'd learn something useful from all of them. I learned a lot from them. Enjoy!

Link to comment
Share on other sites

The answer really depends on how you define "Advanced".  In accountant's terms, "Advanced" level of accounting deals with topics such as business combinations, statement consolidations, intercompany transactions, FX translations & transactions, etc...

 

So if that's what you are talking about, I would say just try to search Amazon and look for "Advanced Financial Accounting" textbooks and make sure that they have the above topical materials covered.

Link to comment
Share on other sites

The answer really depends on how you define "Advanced".  In accountant's terms, "Advanced" level of accounting deals with topics such as business combinations, statement consolidations, intercompany transactions, FX translations & transactions, etc...

 

So if that's what you are talking about, I would say just try to search Amazon and look for "Advanced Financial Accounting" textbooks and make sure that they have the above topical materials covered.

 

Great point, even beyond that each vertical is likely to have giant texts on minute details for that vertical.  I recently found a series of books on Amazon focusing on M&A accounting and valuation for specific industries.  For example there is a 300+ page book discussing M&A for banks, that's a lot of pages on a very narrow topic.  There are entire books on inventory accounting if that's your thing.

 

A better way to look at this is to determine your goal, the find what you need to get there.  In my experience if you need a book on inventory accounting to determine if something's a good investment it's more than likely not a good one.  Or if it is you'll be facing an impossible uphill battle trying to teach the world arcane accounting concepts that might be masking true value.

 

The suggestions on here are great, for most investment activities I think these books would easily suffice.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...