| Judul Buku | : | Intermediate Accounting Second Edition IFRS Edition |
| Pengarang | : | Donald E. Kieso PhD, CPA – Jerry J. Weygandt PhD, CPA – Terry D. Warfield, PhD |
| Penerbit | : | WileyPLUS |
| Cetakan | : | Second Edition |
| Tahun Terbit | : | 2014 | |
| Bahasa | : | Inggris | |
| Jumlah Halaman | : | 1321 | |
| Kertas Isi | : | HVS | |
| Cover | : | Hard | |
| Ukuran | : | 22 x 28 | |
| Berat | : | 3000 | |
| Kondisi | : | Baru | |
| Harga | : | Rp 838,000 | |
| Bayar | : | | |
| Stock | : | 1 | |
Intermediate Accounting Second Edition IFRS Edition
Pengarang : Donald E. Kieso PhD, CPA – Jerry J. Weygandt PhD, CPA – Terry D. Warfield, PhD
Penerbit : Wiley
Contents
Chapter 1
Financial Reporting and Accounting Standards 2
Revolution in International Financial Reporting Global Markets 4
Financial Statements and Financial Reporting 5
Accounting and Capital Allocation 5 High-Quality Standards 6
Objective of Financial Reporting 7
General-Purpose Financial Statements 7
Equity Investors and Creditors 7
What Do the Numbers Mean? Don’t Forget Stewardship 7
Entity Perspective 7
Decision-Usefulness 8
Standard-Setting Organizations 8
International Organization of Securities Commissions (IOSCO) 9
What Do the Numbers Mean? How Is It Going? 9
International Accounting Standards Board (IASB) 10
Hierarchy of IFRS 13
Financial Reporting Challenges 13
IFRS in a Political Environment 13
What Do the Numbers Mean? Fair Consequences? 14
The Expectations Gap 15
Significant Financial Reporting Issues 15
Ethics in the Environment of Financial Accounting 16
International Convergence 16
Conclusion 17
Global Accounting Insights 17
Authoritative Literature 19
Chapter 2
Conceptual Framework for Financial Reporting 26
What Is It?
Conceptual Framework 28
Need for a Conceptual Framework 28
What Do the Numbers Mean? What’s Your Principle? 29
Development of a Conceptual Framework 29
Overview of the Conceptual Framework 30
First Level: Basic Objective 30
Second Level: Fundamental Concepts 31
Qualitative Characteristics of Accounting Information 31
What Do the Numbers Mean? Unfaithful For 20 Years 35
Basic Elements 37
Third Level: Recognition, Measurement, and Disclosure Concepts 38
Basic Assumptions 38
Basic Principles of Accounting 40
Cost Constraint 45
What Do the Numbers Mean? Let’s Be Prudent 46
Summary of the Structure 46
Global Accounting Insights 47
Authoritative Literature 50
Chapter 3
The Accounting Information System 64
Needed: A Reliable Information System
Accounting Information System 66
Basic Terminology 66
Debits and Credits 67
The Accounting Equation 68
Financial Statements and Ownership Structure 70
The Accounting Cycle 71
Identifying and Recording Transactions and Other Events 72
Journalizing 73
Posting 74
Trial Balance 77
What Do the Numbers Mean? Change Management 78
Adjusting Entries 79
Adjusted Trial Balance 90
Preparing Financial Statements 90
What Do the Numbers Mean?
24/7 Accounting 91
Closing 92
Post-Closing Trial Balance 93
Reversing Entries—An Optional Step 95
What Do the Numbers Mean? Hey, It’s Complicated 95
The Accounting Cycle Summarized 95
Financial Statements for a Merchandising Company 96
Income Statement 96
Retained Earnings Statement 97
Statement of Financial Position 97
Closing Entries 98
Global Accounting Insights 99
APPENDIX 3A Cash-Basis Accounting versus Accrual-Basis Accounting 101
Conversion from Cash Basis to Accrual Basis 103
Service Revenue Computation 103
Operating Expense Computation 104
Theoretical Weaknesses of the Cash Basis 105
APPENDIX 3B Using Reversing Entries 106
Illustration of Reversing Entries—Accruals 106
Illustration of Reversing Entries—Deferrals 107 Summary of Reversing Entries
APPENDIX 3C Using a Worksheet: The Accounting Cycle Revisited 109
Worksheet Columns 109
Trial Balance Columns 109
Adjustments Columns 109
Adjustments Entered on the Worksheet 109
Adjusted Trial Balance 111
Income Statement and Statement of Financial Position Columns 111
Preparing Financial Statements from a Worksheet 112
Chapter 4
Income Statement and Related Information 134
Financial Statements Are Changing
Income Statement 136
Usefulness of the Income Statement 136
Limitations of the Income Statement 136
Quality of Earnings 137
What Do the Numbers Mean? Four: The Loneliest Number 138
Format of the Income Statement 138
Elements of the Income Statement 138
Intermediate Components of the Income Statement 139
Illustration 140
Condensed Income Statements 140
What Do the Numbers Mean? You May Need a Map 142
Reporting Within the Income Statement 143
Gross Profit 143
Income from Operations 143
What Do the Numbers Mean? Are One-Time Charges Bugging You? 146
Income before Income Tax 146
Net Income 147
Allocating to Non-Controlling Interest 147
Earnings per Share 148
Discontinued Operations 148
Intraperiod Tax Allocation 150
Summary 151
What Do the Numbers Mean? Different Income Concepts 152
Other Reporting Issues 153
Accounting Changes and Errors 153
Retained Earnings Statement 155
Comprehensive Income 156
Evolving Issue Income Reporting 158
Statement of Changes in Equity 158
Global Accounting Insights 159
Authoritative Literature 162
Chapter 5
Statement of Financial Position and Statement of Cash Flows 180
Hey, It Doesn’t Balance!
Statement of Financial Position 182
Usefulness of the Statement of Financial Position 182
Limitations of the Statement of Financial Position 182
Classification in the Statement of Financial Position 183
What Do the Numbers Mean? What Comes First? 184
Statement of Financial Position Format 194
What Do the Numbers Mean? Warning Signals 196
Statement of Cash Flows 196
Purpose of the Statement of Cash Flows 196
What Do the Numbers Mean? Watch That Cash Flow 197
Content and Format of the Statement of Cash Flows 197
Overview of the Preparation of the Statement of Cash Flows 198
Usefulness of the Statement of Cash Flows 201
Additional Information 204
Notes to the Financial Statements 204
Techniques of Disclosure 207
Other Guidelines 208
Evolving Issue Statement of Financial Position Reporting: Gross or Net? 209
Global Accounting Insights 210
APPENDIX 5A Ratio Analysis—A Reference 213
Using Ratios to Analyze Performance 213
Authoritative Literature, 215
Accounting and the Time Value of Money 238
How Do I Measure That?
Basic Time Value Concepts 240
Applications of Time Value Concepts 240
The Nature of Interest 241
Simple Interest 242
Compound Interest 242
What Do the Numbers Mean? A Pretty Good Start 243
Fundamental Variables 246
Single-Sum Problems 246
Future Value of a Single Sum 247
Present Value of a Single Sum 248
Solving for Other Unknowns in Single-Sum Problems 250
Annuities 251
Future Value of an Ordinary Annuity 252
Future Value of an Annuity Due 254
Examples of Future Value of Annuity Problems 255
Present Value of an Ordinary Annuity 257
What Do the Numbers Mean? Up in Smoke 259
Present Value of an Annuity Due 259
Examples of Present Value of Annuity Problems 260
More Complex Situations 262
Deferred Annuities 262
Valuation of Long-Term Bonds 264
Effective-Interest Method of Amortization of Bond Discount or Premium 265
Present Value Measurement 266
Choosing an Appropriate Interest Rate 267
Example of Expected Cash Flow 267 Authoritative Literature 270
Chapter 7
Cash and Receivables 294
No-Tell Norte/ Cash 296
What Is Cash? 296
Reporting Cash 296
Summary of Cash-Related Items 298
What Do the Numbers Mean? Deep Pockets 299
Accounts Receivable 299
Recognition of Accounts Receivable 300
Valuation of Accounts Receivable 302
Impairment Evaluation Process 307
Notes Receivable 308
Recognition of Notes Receivable 308
Valuation of Notes Receivable 312
What Do the Numbers Mean? Economic Consequences and Write-Offs 313
Special Issues Related to Receivables 314
Fair Value Option 314
Derecognition of Receivables 315
Evolving Issue A Cure for “Too Little, Too Late”? 319
Presentation and Analysis 320
Global Accounting Insights 322
APPENDIX 7A Cash Controls 325
Using Bank Accounts 325
The Imprest Petty Cash System 326
Physical Protection of Cash Balances 327
Reconciliation of Bank Balances 327
APPENDIX 7B Impairments of Receivables 330
Impairment Measurement and Reporting 330
Impairment Loss Example 331
Recording Impairment Losses 331
Recovery of Impairment Loss 332
Authoritative Literature 332
Chapter 8
Valuation of Inventories: A Cost-Basis Approach 356
It Should Be Easy, but It Isn’t! Inventory Issues 358
Classification 358
Inventory Cost Flow 359
Inventory Control 361
Basic Issues in Inventory Valuation 362
Physical Goods Included in Inventory 362
Goods in Transit 363
Consigned Goods 363
Special Sales Agreements 364
What Do the Numbers Mean? No Parking! 365
Effect of Inventory Errors 365
Costs Included in Inventory 367
Product Costs 367
Period Costs 368
Treatment of Purchase Discounts 368
Which Cost Flow Assumption to Adopt? 369
Specific Identification 370
Average-Cost 371
First-In, First-Out (FIFO) 372
Inventory Valuation Methods—Summary Analysis 373
APPENDIX 8A LIFO Cost Flow Assumption 375
Last-in, First-Out (LIFO) 376
Inventory Valuation Methods—Summary Analysis 377
Authoritative Literature 378
Chapter 9
Inventories: Additional Valuation Issues 398
Not What It Seems to Be Lower-of-Cost-or-Net Realizable Value (LCNRV) 400 Net Realizable Value 400
Illustration of LCNRV 400
Methods of Applying LCNRV 401
Recording Net Realizable Value Instead of Cost 402
Use of an Allowance 403
Recovery of Inventory Loss 403
Evaluation of the LCNRV Rule 404
Valuation Bases 404
Special Valuation Situations 404
Valuation Using Relative Standalone Sales Value 407
Purchase Commitments—A Special Problem 408
The Gross Profit Method of Estimating Inventory 409
Computation of Gross Profit Percentage 410
Evaluation of Gross Profit Method 412
What Do the Numbers Mean? The Squeeze 412
Retail Inventory Method 413
Retail-Method Concepts 414
Retail Inventory Method with Markups and Markdowns—Conventional Method
Special Items Relating to Retail Method 417
Evaluation of Retail Inventory Method 418
Presentation and Analysis 418
Presentation of Inventories 418
Analysis of Inventories 420
Global Accounting Insights 421
Authoritative Literature 423
Chapter 10
Acquisition and Disposition of Property, Plant, and Equipment 442
Watch Your Spending Property, Plant, and Equipment 444
Acquisition of Property, Plant, and Equipment 444
Cost of Land 445
Cost of Buildings 446
Cost of Equipment 446
Self-Constructed Assets 446
Interest Costs During Construction 447
Observations 453
What Do the Numbers Mean? What’s in Your Interest? 453
Valuation of Property, Plant, and Equipment 453
Cash Discounts 453
Deferred-Payment Contracts 453
Lump-Sum Purchases 454
Issuance of Shares 455
Exchanges of Non-Monetary Assets 456
Government Grants 459
Costs Subsequent to Acquisition 463
Additions 463
What Do the Numbers Mean?
Disconnected 464
Improvements and Replacements 464
Rearrangement and Reorganization 465
Repairs 465
Summary of Costs Subsequent to Acquisition 466
Disposition of Property, Plant, and Equipment 466
Sale of Plant Assets 467
Involuntary Conversion 467
Authoritative Literature 469
Chapter 11
Depreciation, Impairments, and Depletion 492
Here Come the Write-Offs Depreciation—A Method of Cost Allocation 494
Factors Involved in the Depreciation Process 494 Methods of Depreciation 495
Component Depreciation 499
Special Depreciation Issues 500
What Do the Numbers Mean? Depreciation Choices 503
Impairments 503
Recognizing Impairments 503
Impairment Illustrations 505
Reversal of Impairment Loss 506
Cash-Generating Units 507
Impairment of Assets to Be Disposed Of 507
Depletion 508
Establishing a Depletion Base 508
Write-Off of Resource Cost 510
Estimating Recoverable Reserves 511
Liquidating Dividends 511
Presentation on the Financial Statements 512
Revaluations 513
Recognizing Revaluations 513
Revaluation Issues 514
What Do the Numbers Mean? To Revalue or Not 515
Presentation and Analysis 515
Presentation of Property, Plant, Equipment, and Mineral Resources 515
Analysis of Property, Plant, and Equipment 517
Global Accounting Insights 519
APPENDIX 11A Revaluation of Property, Plant, and Equipment 522
Revaluation of Land 522
Revaluation-2015: Valuation Increase 522
Revaluation-2016: Decrease below Historical Cost 523
Revaluation-2017: Recovery of Impairment Loss 523
Revaluation of Depreciable Assets 524
Revaluation-2015: Valuation Increase 524
Revaluation-2016: Decrease below Historical Cost 525
Revaluation-2017: Recovery of Impairment Loss 527
Authoritative Literature -529
Chapter 12
Intangible Assets 550
Is This Sustainable?
Intangible Asset Issues 552
Characteristics 552
Valuation 552
Amortization of Intangibles 553
Types of Intangible Assets 555
Marketing-Related Intangible Assets 555
What Do the Numbers Mean? Keep Your Hands Off My Intangible! 556
Customer-Related Intangible Assets 556
Artistic-Related Intangible Assets 557
Contract-Related Intangible Assets 558
Technology-Related Intangible Assets 558
What Do the Numbers Mean? Patents Strategic Lifeblood 560
Goodwill 561
Impairment of Intangible Assets 564
Impairment of Limited-Life Intangibles 565
Reversal of Impairment Loss 565
Impairment of Indefinite-Life Intangibles Other Than Goodwill 566
Impairment of Goodwill 567
Research and Development Costs 568
What Do the Numbers Mean? Global R&D Incentives 569
Identifying R&D Activities 569
Accounting for R&D Activities 570
Evolving Issue Recognition of R&D and Internally Generated Intangibles 571
Costs Similar to R&D Costs 572
What Do the Numbers Mean? Branded 573
Presentation of Intangibles and Related Items 574
Presentation of Intangible Assets 574
Presentation of Research and Development Costs 575
Global Accounting Insights 576
Authoritative Literature 579
Chapter 13
Current Liabilities, Provisions, and Contingencies 596
Now You See It, Now You Don’t
Current Liabilities 598
Accounts Payable 599
Notes Payable 599
Current Maturities of Long-Term Debt 601
Short-Term Obligations Expected to Be Refinanced 601
What Do the Numbers Mean? Going, Going, Gone 602
Dividends Payable 603
Customer Advances and Deposits 603
Unearned Revenues 604
Sales and Value-Added Taxes Payable 605
Employee-Related Liabilities 607
Provisions 610
Recognition of a Provision 611
Measurement of Provisions 612
Common Types of Provisions 613
What Do the Numbers Mean? Frequent Flyers 618
Disclosures Related to Provisions 622
Contingencies 623
Contingent Liabilities 623
Contingent Assets 625
Presentation and Analysis 625
Presentation of Current Liabilities 625 Analysis of Current Liabilities 626
Evolving Issue Greenhouse Gases: Let’s Be Standard-Setters 627
Authoritative Literature 629
Chapter 14
Non-Current Liabilities 652
Going Long
Bonds Payable 654
Issuing Bonds 654
Types and Ratings of Bonds 654
What Do the Numbers Mean? All About Bonds 655
Valuation of Bonds Payable 656
What Do the Numbers Mean? How about a 100-Year Bond? 658
Effective-Interest Method 659
What Do the Numbers Mean? Your Debt Is Killing My Equity 664
Long-Term Notes Payable 665
Notes Issued at Face Value 665
Notes Not Issued at Face Value 665
Special Notes Payable Situations 668
Mortgage Notes Payable 670
Special Issues Related to Non-Current Liabilities 671
Extinguishment of Non-Current Liabilities 671
Fair Value Option 675
Off-Balance-Sheet Financing 677
Evolving Issue Off-and-On Reporting 679
Presentation and Analysis 679
Global Accounting Issues 681
Authoritative Literature 684
Chapter 15
Equity 702
It’s a Global Market
The Corporate Form of Organization 704
Corporate Law 704
Share System 704
Variety of Ownership Interests 705
What Do the Numbers Mean? A Class (B) Act 705
Equity 706
Issuance of Shares 707
Reacquisition of Shares 711
What Do the Numbers Mean? Signals to Buy? 712
What Do the Numbers Mean? Buyback Volatility 715
Preference Shares 715
Features of Preference Shares 716
Accounting for and Reporting of Preference Shares 717
Dividend Policy 717
Financial Condition and Dividend Distributions 718
Types of Dividends 719
Share Dividends and Share Splits 721
What Do the Numbers Mean? Dividends Up, Dividends Down 724 Disclosure of Restrictions on Retained Earnings 725
Presentation and Analysis of Equity 726
Presentation of Equity 726
Analysis 727
Global Accounting Insights 729
APPENDIX 15A Dividend Preferences and Book Value per Share 732
Dividend Preferences 732
Book Value per Share 733
Authoritative Literature 735
Chapter 16
Dilutive Securities and Earnings per Share 752
Kicking the Habit
Dilutive Securities and Compensation Plans 754
Debt and Equity 754
Convertible Debt 754
Convertible Preference Shares 759
What Do the Numbers Mean? How Low Can You Go? 760
Share Warrants 760
Accounting for Share Compensation 764
Debate over Share-Option Accounting 770
Computing Earnings per Share 770
Earnings per Share—Simple Capital Structure 771
Earnings per Share—Complex Capital Structure 775
Global Accounting Insights 783
APPENDIX 16A Accounting for Share-Appreciation Rights 785
SARS—Share-Based Equity Awards 786
SARS—Share-Based Liability Awards 786
Share-Appreciation Rights Example 787
APPENDIX 16B Comprehensive Earnings per Share Example 788
Diluted Earnings per Share 790
Authoritative Literature 794
Chapter 17 Investments 812
What to Do?
Accounting for Financial Assets 814
Measurement Basis—A Closer Look 814
Debt Investments 815
Debt Investments—Amortized Cost 815
Debt Investments—Fair Value 818
What Do the Numbers Mean? What Is Fair Value? 820
Fair Value Option 823
Summary of Debt Investment Accounting 823
Equity Investments 824
Holdings of Less Than 20% 825
Holdings Between 20% and 50% 829
Holdings of More Than 50% 831
What Do the Numbers Mean? Who’s in Control Here? 832
Other Reporting Issues 832
Impairment of Value 832
Transfers Between Categories 834
Evolving Issue Fair Value Controversy 834
Summary of Reporting Treatment of Investments 835
Global Accounting Insights 836
APPENDIX 17A Accounting for Derivative Instruments 838
Defining Derivatives 838
Who Uses Derivatives, and Why? 839
Producers and Consumers 839
Speculators and Arbitrageurs 840
Basic Principles in Accounting for
Derivatives 841
Derivative Financial Instrument (Speculation) 841
Differences Between Traditional and Derivative Financial Instruments 844
Derivatives Used for Hedging 844
What Do the Numbers Mean? Risky Business 845
Fair Value Hedge 845 Cash Flow Hedge 848
Other Reporting Issues 850
Embedded Derivatives 850
Qualifying Hedge Criteria 850
Summary of Derivatives Accounting 851
Comprehensive Hedge Accounting Example 852
Fair Value Hedge 853
Financial Statement Presentation of an Interest Rate Swap 854
Controversy and Concluding Remarks 855
APPENDIX 17B Fair Value Disclosures 857
Disclosure of Fair Value Information: Financial Instruments 857
Disclosure of Fair Values: Impaired Assets or Liabilities 860
Conclusion 860
Authoritative Literature 861
Chapter 18
Revenue Recognition 882
It’s Back
Overview of Revenue Recognition 884
Background 884
New Revenue Recognition Standard 885
The Five-Step Process 885
Identifying the Contract with Customers Step 1 886
Identifying Separate Performance Obligations Step 2 889
Determining the Transaction Price—Step 3 890
Allocating the Transaction Price to Separate Performance Obligations—Step 4
Recognizing Revenue When (or as) Each Performance Obligation Is Satisfied—Step 5 897
Summary 898
Other Revenue Recognition Issues 899
Right of Return 899
Repurchase Agreements 901
What Do the Numbers Mean? No Take-Backs 902
Bill-and-Hold Arrangements 902
Principal-Agent Relationships 903
What Do the Numbers Mean? Grossed Out 904
Consignments 904
Warranties 906
Non-Refundable Upfront Fees 907
Summary 907
Presentation and Disclosure 908
Presentation 908
Disclosure 911
Evolving Issue Ch, Ch, Ch Changes in Revenue Recognition 912
APPENDIX 18A Long-Term Construction Contracts 913
Revenue Recognition over Time 913
Percentage-of-Completion Method 915
Cost-Recovery (Zero-Profit) Method 920
Long-Term Contract Losses 921
APPENDIX 18B Revenue Recognition for Franchises 925
Franchise Accounting 926
Recognition of Franchise Rights Revenue over Time 928
Authoritative Literature 930
Chapter 19
Accounting for Income Taxes 954
Safe (Tax) Haven?
Fundamentals of Accounting for Income Taxes 956
Future Taxable Amounts and Deferred Taxes 957
What Do the Numbers Mean? “Real Liabilities” 960
Future Deductible Amounts and Deferred Taxes 961
What Do the Numbers Mean? “Real Assets” 963
Deferred Tax Asset (Non-Recognition) 963
Income Statement Presentation 964
Specific Differences 965
Tax Rate Considerations 968
What Do the Numbers Mean? Global Tax Rates 969
Accounting for Net Operating Losses 970
Loss Carryback 970
Loss Carryforward 970
Loss Carryback Example 971
Loss Carryforward Example 971
Financial Statement Presentation 975
Statement of Financial Position 975
Income Statement 976
Tax Reconciliation 978
What Do the Numbers Mean? The Tax Twist 979
Review of the Asset-Liability Method 980
Global Accounting Insights 982
APPENDIX 19A Comprehensive Example of Interperiod Tax Allocation 985
First Year-2014 985
Taxable Income and Income Taxes Payable-2014 986
Computing Deferred Income Taxes—End of2014 986
Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes-2014 987
Financial Statement Presentation-2014 988
Second Year-2015 988
Taxable Income and Income Taxes Payable-2015 989
Computing Deferred Income Taxes—End of2015 990
Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes-2015 990
Financial Statement Presentation-2015 991
Authoritative Literature 992
Chapter 20
Accounting for Pensions and Postretirement Benefits 1010
Pension Peril
Nature of Pension Plans 1012
Defined Contribution Plan 1013
Defined Benefit Plan 1013
What Do the Numbers Mean? Which Plan Is Right for You? 1014
The Role of Actuaries in Pension Accounting 1015
Accounting for Pensions 1016
Measures of the Pension Liability 1016
Net Defined Benefit Obligation (Asset) 1017
Reporting Changes in the Defined Benefit Obligation (Asset) 1018
Plan Assets and Actual Return 1020
Using a Pension Worksheet 1021
2015 Entries and Worksheet 1022
Past Service Cost 1024
2016 Entries and Worksheet 1025
Remeasurements 1026
2017 Entries and Worksheet 1027
What Do the Numbers Mean? Roller Coaster 1029
Reporting Pension Plans in Financial Statements 1030
Within the Financial Statements 1030
Within the Notes to the Financial Statements 1033
Other Postretirement Benefits 1034
Concluding Observations 1035
What Do the Numbers Mean? How’s Your Volatility? 1035
Global Accounting Insights 1036 Authoritative Literature 1039
Chapter 21
Accounting for Leases 1058
More Companies Ask, “Why Buy?” The Leasing Environment 1060 Who Are the Players? 1060
Advantages of Leasing 1061
What Do the Numbers Mean? Off-Balance-Sheet Financing 1063
Conceptual Nature of a Lease 1064
Accounting by the Lessee 1065
Capitalization Criteria 1066
Asset and Liability Accounted for Differently 1069
Finance Lease Method (Lessee) 1070
Operating Method (Lessee) 1072
Comparison of Finance Lease with Operating Lease 1072
Accounting by the Lessor 1073
Economics of Leasing 1074
Classification of Leases by the Lessor 1074
Direct-Financing Method (Lessor) 1075
Operating Method (Lessor) 1078
Special Accounting Problems 1078
Residual Values 1079
Sales-Type Leases (Lessor) 1084
Bargain-Purchase Option (Lessee) 1087
Initial Direct Costs (Lessor) 1087
Current versus Non-Current 1088
Disclosing Lease Data 1089
Unresolved Lease Accounting Problems 1091
Evolving Issue Lease Accounting—If It Quacks Like a Duck 1093
Global Accounting Insights 1094
APPENDIX 21A Examples of Lease Arrangements 1097
Example 1: Harmon, Inc. 1098
Example 2: Arden’s Oven Co. 1099
Example 3: Mendota Truck Inc. 1100
Example 4: Appleland Computer 1100
APPENDIX 21B Sale-Leasebacks 1101
Determining Asset Use 1102
Lessee 1102
Lessor 1102
Sale-Leaseback Example 1102
Authoritative Literature 1104
Chapter 22
Accounting Changes and Error Analysis 1124
Needed: Valid Comparisons
Accounting Changes 1126
Changes in Accounting Policy 1126
What Do the Numbers Mean? Comparison Challenges—Squared 1128
Retrospective Accounting Change Approach 1128
Direct and Indirect Effects of Changes 1137
Impracticability 1138
Changes in Accounting Estimates 1138
Prospective Reporting 1139
Disclosures 1140
Accounting Errors 1140
Example of Error Correction 1141
What Do the Numbers Mean? Guard the Financial Statements! 1144
Summary of Accounting Changes and Correction of Errors 1144
Motivations for Change of Accounting Policy 1145
Error Analysis 1147
Statement of Financial Position Errors 1147
Income Statement Errors 1147
Statement of Financial Position and Income Statement Errors 1148
Comprehensive Example: Numerous Errors 1152
Preparation of Financial Statements with Error Corrections 1154
Global Accounting Insights 1156
Authoritative Literature 1158
Chapter 23
Statement of Cash Flows 1180
Show Me the Money!
Preparation of the Statement of Cash Flows 1182
Usefulness of the Statement of Cash Flows 1182
Classification of Cash~Flows 1183
Cash and Cash Equivalents 1184
What Do the Numbers Mean? How’s My Cash Flow? 1185
Format of the Statement of Cash Flows 1185
Steps in Preparation 1186
Illustrations—Tax Consultants Inc. 1187
Step 1: Determine the Change in Cash 1187
Step 2: Determine Net Cash Flow from Operating Activities 1188
Step 3: Determine Net Cash Flows from Investing and Financing Activities 1189
Statement of Cash Flows-2015 1190 Illustration-2016 1190
Illustration-2017 1193
Sources of Information for the Statement of Cash Flows 1197
Net Cash Flow from Operating Activities—Direct Method 1197
Evolving Issue Direct versus Indirect 1203
Special Problems in Statement Preparation 1203
Adjustments to Net Income 1203
Accounts Receivable (Net) 1206
Other Working Capital Changes 1208
Net Losses 1208
Disclosures 1209
What Do the Numbers Mean? Better than ROA? 1211
Use of a Worksheet 1212
Preparation of the Worksheet 1213
Analysis of Transactions 1213
Preparation of Final Statement 1220
Global Accounting Insights 1220
Authoritative Literature 1223
Chapter 24
Presentation and Disclosure in Financial Reporting 1250
We Need Better, Not More
Full Disclosure Principle 1252
Increase in Reporting Requirements 1253
Differential Disclosure 1253
Notes to the Financial Statements 1254
Accounting Policies 1254
Common Notes 1256
What Do the Numbers Mean? Footnote Secrets 1257
Disclosure Issues 1258
Disclosure of Special Transactions or Events 1258
Events after the Reporting Period (Subsequent Events) 1259
Reporting for Diversified (Conglomerate) Companies 1261
Interim Reports 1266
Auditor’s and Management’s Reports 1270
Auditor’s Report 1270
What Do the Numbers Mean? Heart of the Matter 1274
Management’s Reports 1274
Current Reporting Issues 1277
Reporting on Financial Forecasts and Projections 1277
What Do the Numbers Mean? Global Forecasts 1279
Internet Financial Reporting 1280
Fraudulent Financial Reporting 1280
Criteria for Making Accounting and Reporting Choices 1282
Evolving Issue Disclosure Overload 1283 Global Accounting Insights
APPENDIX 24A Basic Financial Statement
Analysis 1287
Perspective on Financial Statement Analysis 1288
Ratio Analysis 1288
Limitations of Ratio Analysis 1290
Comparative Analysis 1291
Percentage (Common-Size) Analysis 1292
APPENDIX 24B First-Time Adoption of IFRS 1294
General Guidelines 1295
Relevant Dates 1295
Implementation Steps 1296
Opening IFRS Statement of Financial Position 1296
Exemptions from Retrospective Treatment 1297
Presentation and Disclosure 1299
Summary 1300
Authoritative Literature 1301
Appendix A Specimen Financial Statements: Marks and Spencer Group plc A-1 Appendix B Specimen Financial Statements: adidas AG B-1
Appendix C Specimen Financial Statements: Puma SE C-1
Index 1-1
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