ICPA Exam Review
2018 Edition
Michael Schemmann, PhD, CPA, ICPA, Chair & Associate Professor em.; Herschel L. Philpott, CPA, CMA, Associate Professor, contributing author.

Part One
Financial Accounting and Reporting,
Management Accounting,
External and Internal Auditing,
Internal Control.

Part Two:
Corporate Finance,
Commercial Banking,
Financial Markets,
Economics (Introduction),
Commercial Law (based on U.S.),
Blockchain (Introduction, applications),
International Taxation (emphasis on income tax treaties and transfer pricing),
Complete Glossary of Accounting Terms.

The International Certified Professional Accountant®, abbreviated ICPA®, requiring a 4-year bachelor's degree in accounting, finance, economics or related field, is an entry designation into the international accounting profession. The Associate Certified Professional AccountantSM, abbreviated as ACPASM, requiring a 2-year associate degree, is an intermediate professional accounting designation, a stepping stone for the more rigorous ICPA® examination. Both, the ICPA® and the lighter ACPASM examinations are based on this text.

546 pages 8½ x 11 inches - ISBN 978-1981384792 - $29.95 USD

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MBA - Snap Into A Slim Accounting - Finance & Banking MBA
Optional Professional Study Guide and compendium for overall review
By Michael Schemmann   ISBN 978-1453851234   546 pages   $29.95

Financial Accounting; IFRS Statements (Pronouncements); IFRS Sample Financial Statements; The FASB's Accounting Standards Codification; FASB Financial Statement Presentation; Management Accounting; Corporate Finance; Business Management; Macro- and Micro Economics; Money and Banking; Banking Regulation; Basel II Capital Accord; Is Basel II Misconceived? Is the Global Financial Crisis the Result of an Accounting 'Perversion'? Basel III Capital Accord; Financial Markets; Business Entities; Commercial Law; Case Study: The Pitfalls of Speculating With Other Peoples' Money - Paul Erdman's Illustrious United California Bank in Basel Switzerland.

FROM THE FOREWORD:  "Accounting-Finance and Banking is everything but snap and slim until you know it. But underlying complexity is simplicity. The title of this book was created by a kinky British online advertising slogan generator, and I have no other excuse, having majored in marketing in the MBA program, that it simply stuck because I like it.
    "At many universities, Accounting and Finance are jealously guarded as separate disciplines and departments; banking, like law, never quite knowing where it belongs at the colleges of business which are now dominated by accounting and finance, and less by marketing. This book unites the faculties, and for the purpose of rounding adds a small but essential potion of management and economics. The banking part does not fail to recite the great economists, David Ricardo, Alfred Marshall, Arthur Cecil Pigou and, above all, John Maynard Keynes,; but also of more recent times, Joseph Eugene Stiglitz and Stephen G. Cecchetti of the Bank for International Settlements (BIS) in Basel, Switzerland - of all places - my other hometown where I was a young banking officer working for Paul E. Erdman and his United California Bank in Basel (the author of The Billion Dollar Sure Thing, The Last Days of America, and such other hifi bestsellers). Paul Erdman's life as a young Swiss banker is the Case Study at the end of the book.
     The BIS is where the Basel Committee for Banking Supervision (BCBS) creates the unforgivably misconceived "Basel Capital Accords" to contain and manage internationally active banks' various risks without addressing the real culprit: quasi money creation out of nothing by double-entry bookkeeping. The rest of the story is in the book."    From the foreword by the author, Michael Schemmann.

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The Ten Day CPA - A Step-by-Step Professional Accounting and Auditing Guide

By Michael Schemmann. and James M. Wood contibuting author. Published 26 November 2013 — ISBN 978-1494289270 — Paperback: 536 pages   $26.50 (educators' & students' discount 20% if ordered from this website of IICPA Publications below)

Accounting Concepts, Statement of Financial Position, Assets, Liabilities, Equity, Income Statement, Statement of Cash Flows, Notes to the Financial Statements, Interim Financial Statements, Disclosures, Management Accounting, External Auditing, Internal Auditing, Complete Glossary of Accounting Terms.


Accounting is a 7,000 year-old convention and is still taught and practiced on the basis of the traditional rules published by Luca Pacioli, a scholar and mathematician, in 1494 in Venice, Italy. The art became known as Italian bookkeeping. Accounting skills are powerful instruments, considering that $70 trillion of our global money supply is created, recorded, held, transferred and reported by it.

Much discussion of accounting and money involves a heavy overlay of priestly incantation, t use JK Galbraith's words. Some of this is deliberate. Those who talk of money and teach about it and make their living by it gain prestige, esteem and pecuniary return, as does a doctor or a witch doctor, from cultivating the belief that they are in privileged association with occult - that they have insights that are not available to the ordinary person. Underlying complexity is simplicity. There is nothing about accounting and auditing that cannot be understood by the person of reasonable curiosity, diligence and intelligence.

On 536 pages, this book provides a good view of the essentials of being a CPA. Definitions are abundant along with concepts, tables and a complete glossary of accounting terms for the reader's ready reference.

If you decide to acquire this book, take very seriously the learning opportunities it offers. Proceed with rigor and focus. Highlight key points and take notes along the way, then review them at the conclusion of each "Day." Stick to the study schedule of two chapters a day, or one you deem most appropriate for you. Maintain a journal in which you record your reactions and reflections as you learn. Perhaps one day we the authors will write a "field book" of case studies to accompany this one. Meanwhile, let a journal become your own "field book." Record in it your experiences when applying what you have learned. In doing so, you may well create for yourself a decisive advantage when competing with those who so proudly possess a CPA.

The authors are licensed CPAs in the States of Washington and North Carolina, former banking and corporate executives, and university professors and chairs of accounting and finance.

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The Ten Day Banker - Professional Guide

By Michael Schemmann — published 17 January 2014 — ISBN 978-1494480653 — Paperback: 474 pages   $34.65 — Educators' & students' discount 20% if ordered from this website of IICPA Publications below.

History of Banking, Financial Crises and Bank Failures, The Role of the Central Bank, The U.S. Reglatory Framwork, Regulation and Supervision, Organization and Structure of Commercial Banks, Management of the Model Risk, The Bank Ratings System, Commercial Bank Activities, Merchant Bank Activities, Bank Valuations, Mergers and Acquisitions, How Banks Are Typically Started to Fail—A Simple Simulation, Misapplication of Accounting Principles in Bank Financial Statements, Liquidity—the Banks' Achilles Heel, Basel III Core Liquidity Requirements, Principles of Sound Liquidity Risk Management and Supervision, Basel Capital Adequacy Requirements, Misconceptions Underlying the Basel Capital Accords, Financial Markets, Financial Markets Terminology and Concepts, Appendix: Walter Bagehot (1873) "Lombard Street. A description of the money market." Chater X. "Private Banks."


The author is a trained European and Canadian banker, a CPA in the State of Washington, a university professor of accounting and finance, and an outspoken critic of banking practices including the violations of the IFRS accounting framework and principles.

The basic idea of commercial banking involves the simple business of receiving money from depositors for safekeeping at credit interest, and disbursing money on loan to borrowers at debit interest, covering the risk of loan default by taking adequate collateral for security, while the depositors remain unsecured. The modern idea of commercial banking involves the creation of deposits by double-entry bookkeeping without money, meaning the deposits are not backed by legal tender money — which was learned from the goldsmith bankers of London in the 1600s, the lessons taught by John Law of Lauriston and the failure of his Banque Generale Privee (later known as Banque Royale) in Paris in 1720, and the Bank of Amsterdam founded 1609, closed in 1819 — making bank deposits a highly questionable thing, and commercial banking one of the riskiest businesses around, as demonstrated during the Savings & Loan crisis of the 1980s when 2,790 American banks failed.

The basic idea of banking has been made complex by the law, rules and regulations intended to counter-act the risks inherent in bank-deposit creation without money. The discusses the reforms that are needed to put the banking system on a safe footing. The book is a desk top compendium for professional bankers, discussing both the historical development and current practices, rules and regulations including the much feared Basel III Capital and Liquidity requirements.

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The Certified Controller - Study Guide

By Michael Schemmann, published 27 January 2014 — ISBN 978-1495331251 — Paperback: 474 pages, list price $44.65 — educator & student discount 20% if ordered from IICPA Publications (Please request your discount code by email below).
    The author Michael Schemmann is a CPA in the State of Washington, a CMA in Australia, and a university professor of accounting and finance in Asia. He was trained and worked as a commercial and investment banker in Germany, Switzerland and Canada, and as a multinational controller of a conglomerate in Basel, Switzerland.
    This book is both, a desk top compendium for corporate financial controllers, and a study guide for those who are interested in obtaining the professional designation of Certified ControllerTM offered by the IICPA, the International Institute of Certified Public Accountants, an international professional organization founded in 2003 and incorporated under the laws of the State of Delaware.
    This book includes on 474 pages most if not all of the material from which the Certified Controller'sTM final examination is normally taken, namely Financial accounting and reporting, Management accounting, Corporate finance, Investment banking, Financial markets, Macro- and microeconomics, Commercial law, Internal and external audit, and Internal control.

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FAR - Financial Accounting and Reporting - IFRS and US-GAAP Codification
Mandatory Professional Study Guide
By Michael Schemmann  ISBN 978-1453806272   726 pages   $44.40

Accounting Concepts and Standards, IFRS International Financial Reporting Standards, FASB's Accounting Standards Codification, IFRS Sample Financial Statements FASB Financial Statement Presentation (ASC, Assets (ASC), Liabilities (ASC), Equity (ASC).
    Revenue (ASC): Products, Services, Multiple Element Arrangements, Construction - Type and Construction-Type Contracts, Principle Agent Considerations, Contractors - Federal Government, Extractive Activities - Oil and Gas, Financial Services - Broker and Dealers, Financial Services - Investment Companies, Financial Services - Mortgage Banking, Real Estate.
    Expenses (ASC): Cost of Sales and Services, Compensation - Nonretirement Postemploymen Benefits, Retirement Benefits - Defined Benefit Plans - Pension, Compensation - Retirement Benefits Contribution Plan, Multiemployer Plans, Compensation - Stock Compensation, Other Expenses, Research and Development, Income Taxes

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AUD - External and Internal Auditing - The International Standards
Mandatory Professional Study Guide
By Michael Schemmann   ISBN 978-1456312138   494 pages   $34.40

    External Auditing: Respective responsibilities, Objectives, Audit Engagements, Quality Control, Documentation, Fraud, Laws and Regulations, Communication, Deficiencies, Planning the Audit, Risk of Material Misstatement, Materiality, Assessed Risks, Entity Using a Service Organization, Misstatements, Audit Evidence, Specific Considerations, External Confirmations, Initial Audit Engagements - Opening Balances, Analytical Procedures, Sampling, Accounting Estimates, Related Parties, Subsequent Events, Going Concern Assumption, Written Representations, Special Considerations, Using the Work of Internal Auditors, Using the Work of Experts, Forming the Opinion, Modifications to the Opinion, Emphasis of Matters Paragraphs, Comparative Information, Other Information, Specialized Areas, Special Purpose Frameworks, Single Financial Statements, Smmary Financial Statements.
    Prospective Financial Information: AICPA AAG-PRO #4, Types of Prospective Financial Information & Their Uses, AAG-PRO #15 Examination Procedures
    Internal Auditing: The Institute of Internal Auditors (The IAA), Internal Auditing - An Overview, The International Standards for the Professional Practice of Internal Auditing & Glossary.
    APPENDIX I - Internal Control: PCAOB Auditing Standard No. 5.
    APPENDIX II - Code of Professional Conduct (IICPA).

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FIN - Corporate Finance, Banking Issues and Commercial Law
Mandatory Professional Study Guide
By Michael Schemmann   ISBN 978-1453827550   234 pages   $34.40

    Corporate Finance: Concepts, Financial Statement Analysis, Working Capital Management, Credit Management, Long-Term Financing, Capital Budgeting, Corporate Capital Structure, Risk Management.
    Banking Issues: The Financial System and Bank Failures, The Global Financial Crisis, Restructuring Banks from Their Liability Sides, Banking Regulation, Basel II Capital Accord of 2004, Basel III Capital Accord of 2010, Is the Basel II Capital Accord Misconceived? Is the Global Financial Crisis the Result of an Accounting Perversion? Basel III Capital Accord of 2010 - Another Misconception of Financial Accounting, Who Runs the Basel Committee on Banking Supervision (BCBS)?
    Commercial Law: Agency, Contracts, Debtors and Creditor Relations, Discharges and Contract Remedies, Bankruptcy, Reorganizations, Investment Securities Regulations, Sarbanes-Oxley Act ? Reporting Requirements, Negotiable Instruments, Real Property, Leases, Mortgages, Rules of Court, Sale of Goods, Warranties, Performance, Remedies, Agency, Nature and formation.
    Appendix: Financial Formulas.

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Program [Educators & students 20% discount code 6LLZQ9DA]

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MAC - Management Accounting
Mandatory Professional Study Guide
By Herschel L. Philpott   ISBN 978-1453763919   308 pages   $34.40

Chapter 1: Introduction to Management Accounting; Chapter 2: Classifying Costs; Chapter 3: Allocation of Costs; Chapter 4: Standard Costs and Variance Analysis; Chapter 5: Cost Behavior and Cost Volume Profit Analysis; Chapter 6: Absorption and Variable Costing Systems; Chapter 7: Job Order Costing and Process Costing ; Chapter 8: Budgeting; Chapter 9: Relevant Information and Decision Making; Chapter 10: Performance Measurement, Segment Reporting, and Transfer Pricing.
    List of Resources and Directions for Additional Study
    Glossary, Suggested Solutions for Exercises & Problems.

  Management Accounting, or Accounting for Management, is defined by the Chartered Institute of Management Accountants (CIMA) as "the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity, and to assure appropriate use of and accountability for, its resources."
  The American Institute of Certified Public Accountants (AICPA) describes management accounting as a practice extends to the following three areas:

  • Strategic Management - Advancing the role of the management accountant as a strategic partner in the organization,
  • Performance Management - Developing the practice of business decision-making and managing the performance of the organization, and
  • Risk Management - Contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.
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    Recommended Additional Resources:

    DIC - Accounting Dictionary of 4,000 US-GAAP Terms
    ISBN 978-1453785423   220 pages   $12.95


    Terms beginning with the letter and term… A - ABC Agreeement; B - Shares; C - Cable Television Plant; D - Date of Demutualization; E - Earnings or Losses of an Investee; F - Face Amount; G - Gain Contingency; H - Half-Turn; I - IBNR; J - Joint Activity; K - Kick-out Rights; L - Land Development Costs; M - Maintenance; N - Natural Expense Classification; O - OA; P - Paper Ticket; Q - QSPE; R - R&D; S - Sabbatical Leave; T - Take-or-Pay Contract; U - Unallocated Contract; v - Vacation Club; W - Warrant; Z - Zero-Coupon Method.

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    Preparing German Financial Statements
    Die Erstellung des deutschen Jahresabschlusses

    A bilingual English-German manual for the preparer and reader of German financial statements with an explanation of German accounting principles in accordance with the Balance Sheet Directive Act of 1985, following the EC Fourth Council Directive 78/660 EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies. The Directive coordinates Member States' provisions concerning the presentation and content of annual accounts and annual reports, the valuation methods used and their publication in respect of all companies with limited liability.These Directives (including Directive 86/635/EC on the annual accounts and consolidated accounts of banks and other financial institutions and Directive 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings) apply to all limited companies. They also apply to certain forms of partnership.

    Ein deutsch-englisches Handbuch für den Ersteller und Leser von Jahresabschlüssen mit Erläuterung der deutschen Rechnungslegungs- Grundsätze nach dem Bilanzrichtlinien-Gesetz von 1985, nach der EWG Vierten Richtlinie 78/660 EWG des Rates vom 25. Juli 1978 auf Grund von Artikel 54 Absatz 3 Buchstabe g des Vertrages über den Jahresabschluss von Gesellschaften bestimmter Rechtsformen. Diese Richtlinien (einschließlich der Richtlinien 86/635/EG über den Jahresabschluss und den konsolidierten Abschluss von Banken und anderen Finanzinstituten und 91/674/EWG über den Jahresabschluss und den konsolidierten Abschluss von Versicherungsunternehmen) gelten für alle Kapitalgesellschaften. Die Richtlinien gelten außerdem für bestimmte Formen von Personengesellschaften.

    ISBN 979-8592163241   165 pages   EUR 21.75; $24.95 USD
    Kindle eBook also available but not recommended.

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    See our other List of Publications


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