The impact of GAAP on financial analysis: interpretations and applications for commercial and investment banking
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York u.a.
Quorum Books
1991
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| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Literaturverz. S. [453] - 454 |
| Beschreibung: | XXIX, 458 S. |
| ISBN: | 0899306071 |
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| 245 | 1 | 0 | |a The impact of GAAP on financial analysis |b interpretations and applications for commercial and investment banking |c Alexander John Sannella |
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| 264 | 1 | |a New York u.a. |b Quorum Books |c 1991 | |
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| 650 | 4 | |a Corporations |z United States |x Accounting | |
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| adam_text | Contents
EXHIBITS xix
PREFACE AND ACKNOWLEDGEMENTS xxvii
1. AN INTRODUCTION TO GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES AND THEIR IMPLICATIONS
FOR CREDIT AND FINANCIAL ANALYSIS 1
INTRODUCTION 1
GAAP DEFINED 1
GAAP versus Tax Accounting 2
Reference to GAAP in the Annual Report 2
THE QUALITY OF ACCOUNTING INFORMATION AND
ACCOUNTING RISK 4
SOURCES OF GAAP 9
The Financial Accounting Standards Board
(FASB): (1973 Present) 9
The Accounting Principles Board (APB):
(1959 1973) 10
The Committee on Accounting Procedure
(CAP): (1939 1959) 10
Other Sources of GAAP 11
THE THREE BASIC GENERAL PURPOSE FINANCIAL
STATEMENTS AND THEIR RELATED CONCEPTS 12
viii Contents
The Three Basic General Purpose Financial
Statements 12
The Balance Sheet or the Statement of
Financial Position 12
The Income Statement, Statement of Profit
and Loss or Statement of Operations 14
Statement of Cash Flows 15
Illustration of Articulation Between the General
Electric Financial Statements 17
THE CONCEPTUAL FOUNDATION OF FINANCIAL
STATEMENTS PREPARED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES 20
Concepts Related to the Balance Sheet 20
The Historical Cost Concept 20
The Going Concern Concept 20
Conservatism 21
The Business Entity Concept 21
Concepts Related to the Income Statement 21
The Revenue Realization Concept 21
The Matching Principle 22
The Cash versus the Accrual Basis of Accounting 22
ORGANIZATION OF THE TEXT 22
PART I: AN ANALYSIS OF CORPORATE FINANCIAL
POSITION 25
2. CORPORATE ASSETS: SPECIAL ACCOUNTING AND
REPORTING ISSUES 27
INTRODUCTION 27
THE CURRENT ASSET SECTION OF THE BALANCE
SHEET 27
Cash 28
Accounts Receivable and the Bad Debt Expense 29
The Direct Write Off Method 31
The Allowance Method 31
Other Issues in Accounting for Receivables 36
Pledging Assigning and Factoring Accounts
Receivable 36
Imputed Interest on Sales Using Notes Receivable 38
Investments in Marketable Securities 39
Portfolio Classification 39
Contents ix
Temporary Market Fluctuations in the Value of the
Aggregate Portfolio 39
Permanent and Significant Declines in the Value of
an Individual Security 40
Transfers of Individual Securities Between
Portfolios 40
The Mark to Market Proposal 43
Inventories 43
Units Included in Ending Inventory 43
Determination of Unit Cost 48
The Allocation of Unit Cost to the Items Included
in Ending Inventory 48
LIFO and Taxes 56
The AICPA s LIFO Issues Paper 57
Restatement of Inventory From LIFO to FIFO 58
The Lower of Cost or Market Rule for Inventory
(LCM) 65
NONCURRENT ASSETS 66
Tangible Fixed Assets 66
Characteristics of Tangible Fixed Assets 66
Plant Asset Accounting at Acquisition 69
Plant Asset Accounting Subsequent to Acquisition 70
The Nature of Depreciation 70
Illustration of the GAAP Depreciation Methods 71
Optimal Point to Switch From Accelerated to Straight
Line Depreciation 76
Estimated Measures of Plant Age 76
Capitalization or Interest 79
Qualifying Assets 81
Expenditures on Which Interest Should Be Computed 81
The Rate of Interest 82
Period of Interest Capitalization 82
Other Issues 83
Illustration of Interest Capitalization 83
Other Noncurrent Assets: Deferred Charges 85
INTANGIBLE ASSETS 85
Introduction 85
Amortization of Intangible Assets 87
Special Cases: Research and Development Costs and
Computer Software Costs 87
Research and Development Costs (R D) 87
Research Costs and Patents 93
Computer Software Costs 93
NATURAL RESOURCES 94
x Contents
Introduction 94
Accounting for Natural Resources 96
The Cost of a Natural Resource: The Depletion
Base 96
Alternative Accounting Treatments of Exploration
Costs 97
The Oil and Gas Controversy 97
CASE 2.1. JOHNSON AND JOHNSON AND SUBSIDIARIES:
RESTATEMENT OF LIFO TO FIFO 108
CASE 12. MATRIX CORPORATION: ACCOUNTING FOR
MARKETABLE SECURITIES 111
3. ANALYTICAL ISSUES IN ACCOUNTING FOR CORPORATE
DEBT AND STOCKHOLDERS EQUITY 115
ANALYSIS OF CORPORATE DEBT 115
Introduction H5
Classification of Corporate Debt H5
Current Liabilities H5
Long Term or Noncurrent Liabilities 116
Accounting Limbo H6
Contingent Liabilities H7
Special Issues in Accounting for Current Liabilities 117
Short Term Debt Expected to be Refinanced H7
Classification of Obligations that are Callable by
the Creditor j^
Analysis of Short Tenn Debt |~
Accounting for Long Term Debt
Basic Issues in Accounting for Bonds Payable vlJ
Illustration of Accounting for Bonds Sold at a Discount 125
Nature of the Discount
The Straight Line Method of Amortization *
The Effective Interest Rate Method of Amortization l^o
Illustration of Accounting for Bonds Sold at a Premium 1^
Nature of the Premium
The Effective Interest Rate Method of Amortization ^
Bond Issue Costs
SPECIAL ISSUES RELATING TO CORPORATE DEBT 133
Early Extinguishment of Debt 135
In Substance Defeasance
The Principles of Fund Accounting ^
Legal and Tax Considerations
In Substance Defeasance The Exxon Case
Contents xi
Advantages and Disadvantages of Defeasance 139
Professional Standards Governing Defeasance 139
Interest Rate Swaps 140
Interest Rate Swap Illustration 142
Professional Standards on Swap Accounting 144
Accounting for a Troubled Debt Restructuring 145
Basic Forms of Restructuring 145
Accounting for a Debt Restructuring Bargain
Settlement 146
Settlement by an Asset Transfer 146
Illustration: Settlement by an Asset Transfer to the
Creditor 146
Settlement by a Transfer of an Equity Interest to the
Creditor 146
Illustration: Settlement by a Transfer of an Equity
Interest to the Creditor 147
Accounting for a Debt Restructuring—Modification 147
Recognition of the Gain or Loss 147
Nonrecognition of the Gain or Loss 147
Illustration: Modification with Gain and Loss
Recognition 148
Illustration: Modification with Nonrecognition of the
Gain and Loss 149
Disclosure Requirements Under SFAS 15 152
The Rationale Behind SFAS 15 s Treatment of
Modification 153
Analysis of Pension Obligations 153
The Actuarial Present Value of the Pension Obligation 155
Different Measures of the A ctuarial Pension Obligation 155
Other Actuarial Considerations 156
Accounting for Pension Obligations 157
Comprehensive Pension Illustration 160
Analysis of the Pension Obligation 167
Accounting for Postretirement Benefits 171
Redeemable Preferred Stock 172
ANALYSIS OF STOCKHOLDERS EQUITY 173
Objectives of Accounting for Stockholders Equity 173
Classes of Capital Stock 174
Issuance or Capital Stock 175
Capital Stock Issued Through Subscriptions 175
Other Sources of Contributed Capital 177
Accounting for Stock Dividends 177
Accounting for Treasury Stock Transactions 178
The Retained Earnings Section 179
Prior Period Adjustments 179
Contents
Appropriations of Retained Earnings igg
Other Adjustments to Total Stockholders Equity 180
CASE 3.1. J. C. PENNEY COMPANY, INC.: ACCOUNTING
FOR LONG TERM DEBT 185
PART II: AN ANALYSIS OF CRITICAL ISSUES IN
CORPORATE FINANCIAL REPORTING 191
4. ACCOUNTING FOR INCOME TAXES 193
INTRODUCTION 193
INTERPERIOD TAX ALLOCATION 194
BOOK TAX DIFFERENCES AND ACCOUNTING FOR
DEFERRED INCOME TAXES 196
Permanent Differences 197
Examples of Permanent Differences 197
An Illustration of Permanent Differences 197
Temporary (Timing) Differences 198
Examples of Temporary Differences 198
Computation of Income Tax Expense with Both
Permanent and Temporary Book Tax Differences 199
THE FASB STATEMENT NO. 96 APPROACH 200
Basic Deferred Tax Liability Illustration 201
Basic Deferred Tax Asset Illustration 203
EXTENSIONS OF THE BASIC ACCOUNTING FOR
DEFERRED TAXES 207
The Liability Method 207
Future Tax Rates 207
Revision of Future Tax Rates 208
Balance Sheet Classification of Deferred Income
Taxes 209
The Net Operating Loss (NOL) 210
Tax Law 210
Limitation of the NOL Carryforward Benefits 211
Illustration of the NOL Tax Provisions 211
Accounting for the NOL Under SFAS 96 213
Accounting for the NOL Carryback 213
Accounting for the NOL Carryforward 214
Recognition of the NOL Carryforward Benefit in
the Year in Which Income is Earned 214
Contents xiii
Recognition of the NOL Carryforward Benefit in
the Year of the Loss 215
THE SCHEDULING REQUIREMENTS OF SFAS 96
AND THE EFFECTS OF SCHEDULING ON THE
RECOGNITION OF THE DEFERRED TAX ASSET 218
Illustration of Scheduling 219
THE ALTERNATIVE MINIMUM TAX (AMT) 221
Basic AMT Illustration 223
OTHER ISSUES IN ACCOUNTING FOR TAXES 225
Disclosure Requirements 225
Tax Planning Strategies 226
ANALYTICAL ISSUES RELATED TO ACCOUNTING
FOR INCOME TAXES 226
CASE 4.1. EMERY AIR FREIGHT: BASIC ANALYSIS
OF DEFERRED INCOME TAXES 232
5. AN ANALYSIS OF INTERCORPORATE INVESTMENTS 239
LONG TERM INVESTMENTS IN EQUITY SECURITIES:
AN INTRODUCTION 239
THE EQUITY METHOD OF ACCOUNTING FOR
INTERCORPORATE INVESTMENTS 240
Illustration: Cost versus Equity Valuation 245
Disclosures Under the Equity Method 245
Special Considerations Under the Equity Method 248
Provision for Income Taxes 248
Changing Methods 254
Negative Carrying Value Under the Equity Method 254
Majority Owned Nonhomogeneous Subsidiaries 254
BUSINESS COMBINATIONS 258
Consolidated Financial Statements 258
The Consolidated Balance Sheet 258
The Consolidated Income Statement 259
Special Issues in Consolidated Financial Statements 259
Reasons for Not Consolidating Subsidiaries 259
Accounting for Taxes on Undistributed Subsidiary
Earnings 262
Debt on the Consolidated Balance Sheet 262
XIV Contents
Methods of Accounting for Business Combinations 262
The Purchase Method 262
The Pooling of Interests Method 263
Professional Pronouncements Regarding Business
Combinations 264
The 12 Opinion 16 Criteria for a Pooling of Interests 265
Relevance of the Provisions of Opinion 16 267
Tax Considerations 268
Accounting for Goodwill 268
Negative Goodwill 268
Illustration of the Purchase and the Pooling of
Interests Methods 269
Other Issues in Business Combinations 273
Push Down Accounting 273
Disclosure Requirements 21A
Disclosures Under the Purchase Method 275
Disclosures Under the Pooling of Interests Method 275
CASE 5.1. XEROX CORPORATION: CONSOLIDATION OF
FINANCE SUBSIDIARIES 277
CASE 5.2. MCCORMICK AND COMPANY, INC.: PURCHASE
VERSUS POOLING OF INTERESTS 284
6. COMPUTING EARNINGS PER SHARE 287
INTRODUCTION 287
BASIC CONCEPTS IN COMPUTING EPS 288
The Basic or Unadjusted EPS 288
Preferred Dividend Requirements 288
The Weighted Average Number of Common Shares
Outstanding 288
Basic Weighted Average Number of Shares: No
Stock Dividends or Stock Splits 289
Weighted Average Number of Shares: With Stock
Dividends or Stock Splits 289
The Effect of Mergers and Acquisitions on EPS 290
SIMPLE AND COMPLEX CAPITAL STRUCTURES 291
Simple Capital Structure 291
Complex Capital Structure 291
The Three Percent Materiality Test 291
The Dual Presentation 292
Primary EPS 292
Implementation Issues for the Yield Test 292
Contents xv
Fully Diluted EPS 293
The If Converted Assumption Revisited 293
Basic EPS Illustration 295
Solution 295
THE TREASURY STOCK METHOD FOR THE ASSUMED
EXERCISE OF OPTIONS AND WARRANTS 296
The Treasury Stock Method 297
EPS Illustration: The Treasury Stock Method 298
Solution 299
OTHER ISSUES IN REPORTING EPS 302
Contingent Share Arrangements 302
Disclosure Requirements 302
ANALYTICAL ISSUES IN THE EPS COMPUTATION 303
Use of the EPS Computation in Credit and Financial
Analysis: Proforma Financial Information 305
Evaluation of Financing Alternatives: Proforma
EPS Computations 305
CASE 6.1. THE SEAGRAM COMPANY LIMITED:
EARNINGS PER SHARE RECONSTRUCTING THE
OPINION IS EARNINGS PER SHARE DISCLOSURE
FROM ANNUAL REPORT INFORMATION 308
7. ACCOUNTING FOR LEASES 315
INTRODUCTION 315
ACCOUNTING FOR LEASES: THE THEORY
UNDERLYING SFAS 13 315
Lessee Accounting: Criteria for Use of the
Capitalization Method 316
Financial Statement Implications: Capital Versus
Operating Leases 318
Lessee Disclosure Requirements 320
Lessor Accounting: A Brief Overview 321
Lessor Accounting: Criteria for Use of the Capitalization
Method 323
Financial Statement Implications: Capital versus
Operating Leases 323
Lessor Disclosure Requirements 324
LEASE ACCOUNTING ILLUSTRATED 324
Data for the Illustration 324
XVI Contents
Solution 325
Relevant Provisions ofSFAS 13 326
Lease Classification: Lessee 327
Lease Classification: Lessor 327
Accounting for the Lease 327
THE CAPITALIZATION OF OPERATING LEASES FOR
THE LESSEE: A DISCOUNTED CASH FLOW APPROACH 330
An Alternative Approach to Capitalizing Operating
Leases 331
The Required Variables 331
Using the Implicit A verage Interest Rate 331
An Illustration of the DCF Approach to Capitalization
of Operating Leases 332
Calculating the Average Discount Rate 332
Applicability to Future Lease Payments 335
Applying the Rating Agency Approach 335
A SHORTCUT DCF APPROACH 335
Conclusions: The DCF Approach 336
CASE 7.1. MATRIX CORPORATION: CAPITALIZATION
OF OPERATING LEASES FOR THE LESSEE NO CAPITAL
LEASE TRANSACTIONS 338
CASE 72. MCI COMMUNICATIONS CORPORATION:
CAPITALIZATION OF OPERATING LEASES FOR THE
LESSEE CAPITAL LEASE TRANSACTIONS 342
PART III: FULL DISCLOSURE IN CORPORATE
FINANCIAL REPORTING 349
8. SPECIAL INCOME STATEMENT ITEMS AND OTHER
ISSUES IN FULL DISCLOSURE 351
INTRODUCTION 351
SPECIAL INCOME STATEMENT ITEMS 353
Accounting for Extraordinary Items 353
Events and Transactions that are Unusual in
Nature or Infrequent in Occurrence but Not Both 355
Reporting Issues 355
Analytical Issues 358
Accounting for Discontinued Operations 358
Illustration: Limited Phase Out Period 361
Illustration: Extended Phase Out Period 362
Contents „„
Disclosure Requirements 363
Qualifying for Discontinued Operations Treatment 364
Analytical Issues 364
Accounting Changes 368
Change in Accounting Estimate 368
Change in Accounting Principle 369
Types of Changes in Accounting Principle 369
Accounting for a Change in Accounting Principle 370
Footnote Disclosures 370
Cumulative Effect Type Change 371
Retroactive Effect Type Change 372
Illustration 372
A Change to the LIFO Method of Inventory Valuation ill
Rationale for Different Types of Changes in
Accounting Principle 377
Analytical Issues 377
ACCOUNTING FOR CONTINGENCIES 379
Introduction 379
Accounting for Gain Contingencies 380
Accounting for Loss Contingencies 380
Recognition of the Loss Contingency in the
Financial Statements 380
Footnote Disclosure of Loss Contingencies 380
Loss Contingencies Without Disclosure 380
Analytical Issues 383
OTHER ISSUES IN FULL DISCLOSURE 385
Related Party Transactions 385
Segment Reporting 385
Major Analytical Issues in the Application of SFAS 14 387
Definition of an Industry Segment 387
The Allocation of Common or Mnt Costs 390
Interim Reporting 390
The Discrete View versus the Integral View of
Reporting 391
The Discrete View 391
The Integral View 391
CASE 8.1. RCA: ACCOUNTING CHANGES USE OF
DISCLOSURES FOR A CUMULATIVE EFFECT TYPE AND A
RETROACTIVE EFFECT TYPE CHANGE IN PRINCIPLE 393
9. THE STATEMENT OF CASH FLOWS: PREPARATION
AND ANALYSIS 397
xviii
Contents
INTRODUCTION 397
A NEW STANDARD FOR CASH FLOW REPORTING 398
The Need for a New Standard for Cash Flow
Reporting 398
The Objectives of Cash Flow Reporting Under
SFAS 95 398
Changes in Terminology 399
Classification of Cash Flows by Activity or Function 400
Operating Activities 400
Investing Activities 401
Financing Activities 401
Gross versus Net Presentation for Financing and
Investing Activities and the Application of SFAS 95
to Financial Institutions 402
Cash Flow Classifications Involving Multiple
Activities 403
Significant Events Not Affecting Cash Flows 403
PREPARATION OF THE CASH FLOW STATEMENT:
REPORTING FORMATS 403
The Indirect Method: The Reconciliation Format 403
The Direct Method: The Income Statement Format 405
Determination of Operating Cash Flow line Items
Under the Direct Method 406
Comparison of the Reporting Formats 408
SFAS 95 Disclosure Requirements 408
Foreign Currency Cash Flows Under SFAS 95 408
PREPARATION OF THE CASH FLOW STATEMENT:
AN ILLUSTRATION 409
AN ANALYSIS OF THE CASH FLOW STATEMENT 418
Usefulness of the Cash Flow Statement 418
Some Analytical Problems 419
CASE 9.1. AMERICA WEST AIRLINES, INC.: THE CASH
FLOW STATEMENT CONVERTING THE INDIRECT REPORTING
FORMAT TO THE DIRECT REPORTING FORMAT 421
APPENDIX: SOLUTIONS TO CASES 425
BIBLIOGRAPHY 453
INDEX 455
Exhibits
Chapter 1
EXHIBIT 1.1: Sample Disclosure: General Electric Company:
Independent Auditor s Report 3
EXHIBIT 12 : Sample Disclosure: General Electric Company:
Accounting Policies Footnote 5
EXHIBIT 13 : Sample Disclosure: General Electric Company:
Statement of Financial Position 13
EXHIBIT 1.4 : Sample Disclosure: General Electric Company:
Statement of Earnings 1 r
EXHIBIT 1.5 : Sample Disclosure: General Electric Company:
Statement of Cash Flows ] 8
Chapter 2
EXHIBIT 2.1: Sample Disclosure: Newell Company and
Subsidiaries: Compensating Balance Footnote
Disclosure M)
** Exhibits
EXHIBIT 22 : Illustration: Comparison of the Direct Write
Off and the Allowance Methods of Accounting for
the Bad Debts Expense 34
EXHIBIT 23: Illustration: The Lower of Cost or Market Rule
for Marketable Equity Securities 44
EXHIBIT 2.4 : Sample Disclosure: Loral Corporation and
Subsidiaries: Balance Sheet and Footnote
Disclosures of Marketable Securities 46
EXHIBIT 2.5 : Illustration: Diagram of the Allocation Problem
in Inventory 50
EXHIBIT 2.6 : Illustration: Basic Inventory Methods Under a
Periodic Inventory System 52
EXHIBIT 2.7 : Illustration: Restatement of Inventory from the
LIFO to the FIFO Basis for Ashland Oil, Inc. and
Subsidiaries 60
EXHIBIT 2.8 : Sample Disclosure: Ashland Oil, Inc. and
Subsidiaries: Consolidated Statements of Income,
Assets Section of the Consolidated Balance Sheet
and Inventory Footnote 62
EXHIBIT 2.9 : Illustration: Lower of Cost or Market Rule for
Inventory 67
EXHIBIT 2.10: Illustration: Basic GAAP Depreciation Methods
and the Optimal Point to Switch Depreciation
Methods for State and Local Tax Purposes 73
EXHIBIT 2.11: Illustration: Analytical Measures of Plant Age
for General Electric Company 77
EXHIBIT 2.12: Sample Disclosure: General Electric Company:
Footnote Disclosure of Capitalized Interest 86
EXHIBIT 2.13: Sample Disclosure: Data General Corporation:
Disclosure of Research and Development Expense on
the Statement of Income 89
Exhibits xxi
EXHIBIT 2.14: Sample Disclosure: NBI Incorporated: Footnote
Disclosure of Research and Development Activity 90
EXHIBIT 2.15: Illustration: Capitalization of Research and
Development Costs for Data General Corporation 91
EXHIBIT 2.16: Sample Disclosure: Wang Laboratories Incorporated:
Footnote Disclosure of Deferred Computer Software
Costs 95
EXHIBIT 2.17: Sample Disclosure: Exxon Corporation: Footnote
Disclosure of Supplemental Information on Oil and
Gas Exploration and Production Activities 100
Chapter 3
EXHIBIT 3.1: Sample Disclosure: Ashland Oil: Liabilities
and Stockholders Equity Section of the Balance
Sheet 118
EXHIBIT 32 : Illustration: Discount Amortization Table
Under the Effective Interest Rate Method 128
EXHIBIT 3 3 : Illustration: Premium Amortization Table Under
the Effective Interest Rate Method 131
EXHIBIT 3.4 : Sample Disclosure: Sterling Software, Inc.:
Consolidated Statements of Income and Footnote
Disclosure of an Early Extinguishment of Debt 136
EXHIBIT 3.5 : Sample Disclosure: Exxon Corporation and
PepsiCo, Inc.: Footnote Disclosure of an
In Substance Defeasance Transaction 141
EXHIBIT 3.6 : Illustration: Coopers and Lybrand Interest
Rate Swap Example 143
EXHIBIT 3.7 : Illustration: Amortization Table After
Modification of a Troubled Debt 1 5 1
EXHIBIT 3.8: Data for Pension Illustration 161
EXHIBIT 3.9 : Illustration: Financial Statement Presentation
of Pension Information 166
xxii Exhibits
EXHIBIT 3.10: Illustration: SFAS 87 Pension Footnote
Disclosure 163
EXHIBIT 3.11: Sample Disclosure: Cooper Industries, Inc.:
SFAS 87 Footnote Disclosure for Defined Benefit
Pension Plans 169
EXHIBIT 3.12: Sample Disclosure: Squibb Corporation and
Consolidated Subsidiaries: Balance Sheet
Disclosure of Foreign Currency Valuation
Adjustments 182
EXHIBIT 3.13: Sample Disclosure: 3M Company: Supplementary
Footnote Disclosure of a Statement of
Stockholders Equity 183
Chapter 4
EXHIBIT 4.1: Illustration: Deferred Tax Liability Without
Permanent Differences 202
EXHIBIT 42 : Illustration: Deferred Tax Liability With
Permanent Differences 204
EXHIBIT 43 : Sample Disclosure: Mentor Corporation: Income
Statement and Balance Sheet Presentation of Income
Taxes and the SFAS % Footnote Disclosure 227
Chapter 5
EXHIBIT 5.1: Illustration: Cost versus the Equity Method of
Accounting 246
EXHIBIT 5.2 : Sample Disclosure: Xerox Corporation: Balance
Sheets, Statements of Income and Footnotes Relating
to Investments Carried at Equity 249
EXHIBIT 53 : Illustration: Proforma Effects of Consolidation
of Nonhomogeneous Subsidiaries 256
Exhibits xxiii
EXHIBIT 5.4 : Sample Disclosure: General Electric Company:
Transitional Statement of Financial Position
in the Year of Adoption of SFAS 94 257
EXHIBIT 5.5: Sample Disclosure: General Electric Company:
Minority Interest in the Statement of Financial
Position 260
EXHIBIT 5.6 : Sample Disclosure: General Electric Company:
Minority Interest in the Statement of Earnings 261
EXHIBIT 5.7 : Illustration: Pooling of Interests versus the
Purchase Method of Accounting 270
Chapter 6
EXHIBIT 6.1: Adjustments to Basic EPS: Unadjusted to Primary
to Fully Diluted 294
EXHIBIT 62 : Sample Disclosure: Goodyear Tire and Rubber
Company and Subsidiaries: Consolidated Statement
of Income, Per Share Presentation and EPS Footnote 304
Chapter 7
EXHIBIT 7.1: Sample Disclosure: The Allen Group,
Incorporated: Lessee Footnote Disclosure Under
SFAS 13 322
EXHIBIT 12 : Sample Disclosure: Jiffy Lube International,
Incorporated and Subsidiaries: Lessor Footnote
Disclosure Under SFAS 13 325
EXHIBIT 7.3 : Illustration: National Data Corporation: SFAS
13 Footnote Disclosure 333
EXHIBIT 7.4 : Capitalization or Operating Leases: National
Data Corporation 1985 Annual Report 334
iaiv Exhibits
Chapter 8
EXHIBIT 8.1: Sample Disclosure: Squibb Corporation and
Subsidiaries: Extraordinary Item Disclosures
Under Opinion 30 356
EXHIBIT 8.2 : Sample Disclosure: Whittaker Corporation and
Consolidated Subsidiaries: Disclosure of Unusual
or Infrequent Items Under Opinion 30 359
EXHIBIT 83 : Sample Disclosure: PepsiCo, Inc. and
Subsidiaries: Discontinued Operations
Disclosure Under Opinion 30 365
EXHIBIT 8.4 : Sample Disclosure: USX Corporation and
Subsidiary Companies: Disclosure of a
Cumulative—Effect Type Accounting Change Under
Opinion 20 373
EXHIBIT 8.5 : Illustration: CSN Corporation: Income
Statement and Footnote Disclosure for a
Cumulative Effect Type Accounting Change 376
EXHIBIT 8.6 : Illustration: CSN Corporation: Computation of
the Proforma Income Information for a
Cumulative Effect Type Accounting Change 378
EXHIBIT 8.7 : Sample Disclosure: National Fuel Gas Company:
Contingent Liability Disclosure Under SFAS 5 381
EXHIBIT 8.8 : Sample Disclosure: Contingent Liability
Disclosures Under SFAS 5: No Material Effect
on Consolidated Financial Position 384
EXHIBIT 8.9: Sample Disclosure: Panco Equipment
Corporation: Related Party Transactions 386
EXHIBIT 8.10: Sample Disclosure: Avon Products, Inc. and
Subsidiaries: Line of Business Disclosures
Under SFAS 14 388
Exhibits xxv
Chapter 9
EXHIBIT 9.1: Sample Disclosure: Quaker State Corporation
and Subsidiaries: Statement of Cash Flows—
Indirect Reporting Format 404
EXHIBIT 92 : Illustration: The Gibson Corporation:
Statements of Income and Retained Earnings 410
EXHIBIT 9 J : Illustration: The Gibson Corporation:
Statement of Financial Position 411
EXHIBIT 9.4: Illustration: The Gibson Corporation: Analysis
of Changes in Statement of Financial Position
(Balance Sheet) Items 412
EXHIBIT 9.5 : Illustration: The Gibson Corporation:
Statement of Cash Flows Direct Reporting
Format 415
EXHIBIT 9.6: Illustration: The Gibson Corporation:
Statement of Cash Flows Indirect Reporting
Format 417
|
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| indexdate | 2024-07-09T16:30:14Z |
| institution | BVB |
| isbn | 0899306071 |
| language | English |
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| spelling | Sannella, Alexander J. Verfasser aut The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking Alexander John Sannella 1. publ. New York u.a. Quorum Books 1991 XXIX, 458 S. txt rdacontent n rdamedia nc rdacarrier Literaturverz. S. [453] - 454 Accounting Standards United States Corporations United States Accounting Financial statements Bilanz (DE-588)4006566-2 gnd rswk-swf Bilanzierungsgrundsätze (DE-588)4069454-9 gnd rswk-swf Buchführungsgrundsätze (DE-588)4069703-4 gnd rswk-swf Rechnungswesen (DE-588)4048732-5 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Buchführungsgrundsätze (DE-588)4069703-4 s DE-604 Rechnungswesen (DE-588)4048732-5 s Bilanzierungsgrundsätze (DE-588)4069454-9 s Bilanz (DE-588)4006566-2 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003429532&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sannella, Alexander J. The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking Accounting Standards United States Corporations United States Accounting Financial statements Bilanz (DE-588)4006566-2 gnd Bilanzierungsgrundsätze (DE-588)4069454-9 gnd Buchführungsgrundsätze (DE-588)4069703-4 gnd Rechnungswesen (DE-588)4048732-5 gnd |
| subject_GND | (DE-588)4006566-2 (DE-588)4069454-9 (DE-588)4069703-4 (DE-588)4048732-5 (DE-588)4078704-7 |
| title | The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking |
| title_auth | The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking |
| title_exact_search | The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking |
| title_full | The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking Alexander John Sannella |
| title_fullStr | The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking Alexander John Sannella |
| title_full_unstemmed | The impact of GAAP on financial analysis interpretations and applications for commercial and investment banking Alexander John Sannella |
| title_short | The impact of GAAP on financial analysis |
| title_sort | the impact of gaap on financial analysis interpretations and applications for commercial and investment banking |
| title_sub | interpretations and applications for commercial and investment banking |
| topic | Accounting Standards United States Corporations United States Accounting Financial statements Bilanz (DE-588)4006566-2 gnd Bilanzierungsgrundsätze (DE-588)4069454-9 gnd Buchführungsgrundsätze (DE-588)4069703-4 gnd Rechnungswesen (DE-588)4048732-5 gnd |
| topic_facet | Accounting Standards United States Corporations United States Accounting Financial statements Bilanz Bilanzierungsgrundsätze Buchführungsgrundsätze Rechnungswesen USA |
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