Intermediate accounting:
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston [u.a.]
Irwin McGraw-Hill
1998
|
| Edition: | 4. ed., internat. ed. |
| Series: | The Irwin/McGraw-Hill series in intermediate accounting and financial reporting
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | Getr. Zählung graph. Darst. |
| ISBN: | 0256168253 0071152377 |
Staff View
MARC
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| 245 | 1 | 0 | |a Intermediate accounting |c Thomas R. Dyckman ; Roland E. Dukes ; Charles J. Davis |
| 250 | |a 4. ed., internat. ed. | ||
| 264 | 1 | |a Boston [u.a.] |b Irwin McGraw-Hill |c 1998 | |
| 300 | |a Getr. Zählung |b graph. Darst. | ||
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Record in the Search Index
| _version_ | 1804138154852089856 |
|---|---|
| adam_text | I BRIEF CONTENTS I PART I FOUNDATION AND REVIEW 1 The Environment of Accounting
2 The FASB s Conceptual Framework of
Accounting
3 Review: The Accounting Information
Processing System
4 Review: The Income Statement and the
Retained Earnings Statement
5 Review: The Balance Sheet and the
Statement of Cash Flows
6 Interest: Concepts of Future and Present
Value
| PART II ASSET RECOGNITION AND MEASUREMENT
7 Revenue and Expense Recognition
8 Cash and Receivables
9 Inventory: Basic Valuation Methods
10 Inventory: Alternative Valuation
Methods
II Operational Assets: Acquisition,
Disposal, and Exchange
12 Operational Assets: Depreciation and
Impairment
13 Intangible Assets and Natural Resources
14 Investments in Debt and Equity
Securities
)
I
I PART HI LIABILITIES 15 Short-Term Liabilities
16 Long-Term Liabilities
17 Accounting for Leases
18 Accounting for Pensions and
Other Postemployment Benefits
19 Accounting for Income Taxes
| PART IV OWNER S EQUITY 20 Corporations: Contributed Capital
21 Corporations: Retained
Earnings and Stock Options
22 Earnings per Share
| PARTY SPECIAL TOPICS 23 Statement of Cash Flows
24 Accounting Changes and Error
Corrections
25 Special Topics: Disclosures, Segment
Reporting, and Interim Reporting
xix
I CONTENTS I PART I FOUNDATION AND REVIEW 1
1 The Environment of Accounting 2
Introduction 2
The Nature of Financial Accounting 4
External versus Internal Accounting
Information 4
Objective of Financial Reporting for External
Decision Makers 4
Professional Accounting 5
The Interaction of Financial Accounting with Its
Environment 7
The Need for Financial Reporting
Standards 8
The Evolution of the Current Standard-Setting
Process 10
The Financial Accounting Standards Board 10
Board Pronouncements 11
What Are GAAP? 13
Official Accounting Pronouncements Related to
GAAP 13
The Hierarchy of Accounting Standards for
Financial Reporting 14
Impact of Other Organizations on GAAP 14
The Internal Revenue Service 14
American Institute of Certified Public
Accountants 15
Securities and Exchange Commission 16
American Accounting Association 16
Governmental Accounting Standards
Board 17
Financial Executives Institute and Institute of
Management Accountants 17
Other Groups 17
Attaining Consensus in a Political
Environment 17
Ethics and Financial Reporting 21
Summary of Key Points 22
Review Problem 23
2 The FASB s Conceptual Framework of
Accounting 29
Introduction 29
The FASB s Conceptual Framework 30
Overview of the FASB s Conceptual Framework
of Accounting 31
SFAC No. 1: Objectives of Financial Reporting by
Business Enterprises 32
Users of Financial Statements 32
Financial Reporting Objectives 33
SFAC No. 2: Qualitative Characteristics of
Accounting Information 34
I
SFAC No. 5: Recognition and Measurement in
Financial Statements of Business
Enterprises 36
Recognition Criteria 36
Measurement Criteria 36
Environmental Assumptions 36
Implementation Guidelines 38
Implementation Constraints 42
General-Purpose Financial Statements 44
Acceptance of SFAC No. 5 44
SFAC No. 6: Elements of Financial Statements of
Business Enterprises 44
Summary of Key Points 48
Review Problem 48
Appendix: Comprehensive Income (not currently
GAAP) 49
3 Review: The Accounting Information
Processing System 61
Introduction 61
Accounts and Transaction Recording 62
The AIS and the Accounting Cycle 64
Step 1: Identify Transactions or Events to Be
Recorded 64
Step 2: Journalize Transactions and
Events 66
Step 3: Post from Journals to Ledger 66
Step 4: Prepare Unadjusted Trial Balance 67
Step 5: Journalize and Post Adjusting Journal
Entries 69
Deferrals 69
Accruals 71
Other Adjusting Entries 71
Step 6: Prepare Adjusted Trial Balance 75
Step 7: Prepare Financial Statements 76
Step 8: Journalize and Post Closing Journal
Entries 77
Income Statement Accounts 77
Dividends 79
Step 9: Prepare Post-Closing Trial Balance 79
Step 10: Journalize and Post Reversing Journal
Entries 79
Deferred Item—Expedient Method 80
Accrued Item 80
Beyond the Primary Financial Statements 81
The Management Discussion and Analysis
Section 81
Summary of Key Points 82
Review Problem 83
Appendix 3A: Worksheets, the Accounting Cycle,
and Interim Reporting 86
Appendix 3B: Control Accounts, Subsidiary
Ledgers, and Special Journals 90
xxi
xxii CONTENTS
4 Review: The Income Statement and the
Retained Earnings Statement 113
Introduction 113
What the Income Statement Represents 115
Format Issues Evolving from General
Practice 117
General Formats of the Income
Statement 117
The Choice between Single- and Multiple-Step
Formats 119
Format Issues Governed by Accounting
Pronouncements 121
Reporting Extraordinary Items 122
Reporting Unusual or Infrequent Gains and
Losses 124
Reporting Discontinued Operations 124
Reporting Accounting Changes 131
Disclosure Guidelines for the Income
Statement 134
Earnings per Share 134
Retained Earnings Statement 136
Prior Period Adjustments 137
Appropriations of and Restrictions on Retained
Earnings 137
Summary of Key Points 139
Review Problem 139
Appendix: Conceptual Issues in the Determination
of Income 141
5 Review: The Balance Sheet and the
Statement of Cash Flows 163
Introduction 163
The Balance Sheet 165
Format of the Balance Sheet 165
Basic Definitions and Classifications 167
Assets 169
Liabilities 172
Owners Equity 173
Additional Reporting Issues 175
Offsetting Assets and Liabilities 175
Loss and Gain Contingencies 175
Valuations Reported in the Balance Sheet 176
Terminology 177
Comparative Statements 177
Subsequent Events 178
Disclosure Notes 179
The Auditors Report 179
Usefulness of the Balance Sheet 181
Limitations of the Balance Sheet 182
The Statement of Cash Flows 183
Basic Definitions 183
Statement Formats 186
Usefulness of the Statement of Cash Flows 188
Ratio Analysis 188
Ratios that Measure Liquidity (Solvency) 189
Ratios that Measure Efficiency (Activity) 190
Ratios that Measure Equity Position and
Coverage 190
Ratios that Measure Profitability 190
Summary of Key Points 192
Review Problem 192
6 Interest: Concepts of Future and
Present Value 216
Introduction 216
Time Value of Money 217
Basic Interest Concepts 217
Concept of Interest 217
Consistent Interest Periods and
Rates 218
Simple versus Compound Interest 218
Overview of Future Value and Present
Value 219
Single Principal Amount 220
Annuity Amount 220
The Ordinary Annuity and the Annuity
Due 220
Future Value and Present Value Tables and
Formulas 220
Values of a Single Payment 221
Future Value of 1 221
Present Value of 1 222
Future Value and Present Value of 1: Calculation
Methods Compared and Computed 222
Accounting Applications of a Single
Payment 224
Future Value of a Single Payment 224
Determining an Unknown Interest Rate or
Unknown Number of Periods 225
Interpolation of Table Values 225
Present Value of a Single Payment 226
Determining the Interest Rate 227
Values of an Annuity 227
Future Value of an Ordinary Annuity 227
Present Value of an Ordinary Annuity 228
Future Value of an Annuity Due 229
Present Value of an Annuity Due 230
Accounting Applications of an Annuity 230
Future Value of an Annuity 231
Determination of Other Values Related to the
Future Value of an Annuity 233
Present Value of an Annuity 233
Determination of Other Values Related to the
Present Value of an Annuity 235
Using Multiple Present and Future
Values 235
Summary Table 237
Summary of Key Points 238
Review Problem 239
Appendix: Present and Future Value Interest
Tables 240
Contents
|PART n ASSET RECOGNITION AND
MEASUREMENT 261
7 Revenue and Expense Recognition 262
Introduction 262
The Concepts of Revenue and Expense 264
The Earnings Process 264
The Recognition Process 265
The Revenue Principle 266
Revenue Recognized at Delivery
(Point of Sale) 268
Revenue Recognition before Delivery 268
Guidance on the Choice between the Two
Methods 269
Measuring Progress toward Completion 269
Illustration of Alternative Methods of Accounting
for Long-Term Contracts 270
Review Problem: Revenue Recognition after
Delivery 278
Revenue Recognition When Right of Return
Exists 279
Installment Sales Method of Revenue
Recognition 281
The Cost Recovery Method 288
Review Problem 290
Alternative Methods of Revenue Recognition before
Delivery 292
Completion of Production 292
Accretion Basis 292
Discovery Basis 292
Revenue Recognition for Service Sales 293
Specific Performance Method 293
Proportional Performance Method 294
Completed-Performance Method 294
Collection Method 294
Expense Recognition 295
Matching: An Implementation Principle 295
Direct Expenses 296
Indirect Expenses 296
Recognition of Gains and Losses 296
Ethical Considerations 297
Summary of Key Points 298
8 Cash and Receivables 311
Introduction 311
Accounting for Cash 312
Characteristic of Cash and Cash
Equivalents 312
Internal Controls for Cash 313
Petty Cash Funds 314
Control of Cash through Bank Accounts 315
Accounting for Receivables 319
Recognition and Measurement of
Accounts Receivable 319
xxiii
Measurement of Uncollectible Accounts
Receivable 322
Events and Accounting Entries for Uncollectible
Accounts—The Allowance Method 322
Estimating Bad Debt Expense—The Allowance
Method 323
Direct Write-Off of Uncollectible Accounts 327
Use of Accounts Receivable to Obtain Immediate
Cash 327
Factoring Accounts Receivable 328
Assignment and Pledging of Accounts
Receivable 332
Disclosure of Accounts Receivable Financing
Arrangements 334
Recognition and Measurement of Notes
Receivable 334
Notes Receivable Accounting Illustrations 336
Accounting for Loan Impairments 339
Discounting Notes Receivable 343
Dishonored Notes 345
Summary of Key Points 346
Review Problem 347
9 Inventory: Basic Valuation Methods 374
Introduction 374
The Importance of Inventories 374
Inventory Categories 376
Items Included in Inventory 377
Components of Inventory Cost 379
Freight-In (Freight on Purchases) 379
Purchase Discounts (Cash Discounts on Credit
Purchases) 379
Inventory Recording Methods 379
Periodic Inventory System 379
Perpetual Inventory System 381
Accounting for Periodic and Perpetual
Systems 381
Measurement of Inventory Values for Accounting
Purposes 385
Allocation of Costs to Inventory and Cost of
Goods Sold 385
Inventory Cost Flow Methods 386
Underlying Concepts of Cost Flow 386
Reporting Inventories 387
Specific Cost Identification Method 387
Average Cost Method 388
First-In, First-Out Cost Method 390
Last-In, First-Out Method 392
Comparison of LIFO with FIFO 393
LIFO: Special Topics 395
Adoption of LIFO 395
LIFO Liquidation 396
Management Selection of LIFO versus FIFO
397
Pooled LIFO 399
Dollar Value LIFO Method 401
xxiv CONTENTS
Dollar Value LIFO Concepts 401
Applying the DV LIFO Method: A Simple
Example 402
Comprehensive Dollar-Value LIFO:
Example 403
Dollar Value LIFO: Complications 403
Decreases in the Value of the Inventory Valued at
Base-Year Prices 404
Advantages of DV LIFO 405
Summary of Key Points 406
Review Problem 406
10 Inventory: Alternative Valuation Methods
430
Introduction 430
LCM Inventory Valuation Method 431
Net Realizable Value and Net Realizable Value
Less a Normal Profit Margin 432
Establishing Inventory Valuations under
LCM 433
Applications of the LCM Rule 435
Accounting Problems in Applying LCM 435
The Use of LCM for Tax Reporting 440
Review Problem 440
Gross Margin Method and Inventory
Estimation 441
The Retail Inventory Method and Inventory
Estimation 443
Markups and Markdowns 444
Application of the Retail Inventory
Method 445
Retail Method, FIFO with LCM,
Illustrated 446
Retail Method, Average Cost with LCM,
Illustrated 446
Special Items Related to the Retail Method 447
Review Problem 449
Using the Retail Inventory Method with DV
LIFO 449
The Need for a Physical Count of
Inventory 450
Evaluation of the Retail Inventory Method 450
Uses of the Retail Inventory Method 452
Review Problem 453
Additional Inventory Issues 454
Methods of Inventory Valuation 454
Relative Sales Value Method 456
Losses on Purchase Commitments 456
Effects of Inventory Errors 458
Summary of Key Points 460
Review Problem 460
11 Operational Assets: Acquisition, Disposal,
and Exchange 486
Introduction 486
Valuation of Plant Assets at Acquisition 487
Classifying Operational Assets 487
General Principles for the Valuation of Plant
Assets 488
Accounting for Noncash Acquisitions of Plant
Assets 494
Plant Assets Purchased on Credit 494
Plant Assets Acquired in Exchange for Equity
Securities 495
Donated Assets 496
Self-Constructed Assets 497
Capitalization of Interest during Construction 499
Avoidable Interest 500
Qualifying Assets 500
Qualifying Expenditures 501
Conditions for Capitalizing Interest 501
Calculating Capitalized Interest 501
Effect of Interest Capitalization on Financial
Ratios 504
Accounting for Disposals of Plant Assets 504
Disposal by Donation 505
Reclassification of Plant Assets Removed from
Service 506
Accounting for Exchanges of Nonmonetary
Assets 506
A General Valuation Principle 506
Gain or Loss on Exchange 507
Recognition of Gains and Losses on
Exchange 507
Fair Value Determination 508
Examples of Nonmonetary Asset Exchanges 508
Evaluation of Accounting for Nonmonetary
Exchanges 511
Post-Acquisition Expenditures 511
General Accounting Principles 511
Maintenance and Ordinary Repairs 512
Improvements, Replacements, and Extraordinary
Repairs 512
Additions 513
Rearrangements and Other Adjustments 514
Summary of Key Points 514
Review Problem 515
Appendix: Interest Capitalization Complications
516
12 Operational Assets: Depreciation and
Impairment 540
Introduction 540
Depreciation Concepts 541
Terminology 541
Nature of Depreciation 542
Factors in Determining Depreciation Expense
543
Depreciation Methods 544
Straight-Line Method 545
Methods Based on Inputs and Outputs 545
Accelerated Depreciation Methods 547
Contents
Tax Depreciation Methods 549
Present-Value-Based Depreciation Methods 551
Effect of Depreciation on Financial Ratios 552
Depreciation Disclosures and Policy 552
Diversity of Practice 553
Early Warning Disclosures 554
Depreciation, Cash Row, and Dividend
Policy 554
Depreciation and Price-Level Changes 556
Additional Depreciation Issues 556
Fractional-Year Depreciation 556
Depreciation of Post-Acquisition Costs 558
Depreciation Systems 559
Impairment of Plant Assets 561
Accounting Guidelines of SFAS No. 121 562
Implementation of SFAS No. 121 566
Restructuring Charges 567
Summary of Key Points 569
Review Problem 570
Appendix 12A: Casualty Insurance 571
Appendix 12B: Effects of Price-Level Changes 574
13 Intangible Assets and Natural Resources
593
Introduction 593
Intangible Assets 594
Classification of Intangible Assets 594
Basic Principles of Accounting for Intangible
Assets 595
Exchangeable Intangible Assets 597
Patents 597
Copyrights 598
Trademarks and Trade Names 598
Franchise Rights 599
Leasehold Improvements 599
Separately Identifiable but Not Exchangeable
Intangible Assets 599
Deferred Charges 599
Startup Costs 600
Organization Costs 600
Stock Issuance Costs 600
Goodwill: An Unidentifiable Intangible Asset 601
Conceptual Nature of Goodwill 601
Measuring Goodwill 601
Negative Goodwill 604
Amortizing Goodwill 605
Disclosures and Reporting of Intangible Assets 606
Research and Development Costs 607
Accounting for Computer Software Costs 609
Capitalization of Computer Software Costs 609
Amortization for Capitalized Computer Software
Costs 611
Disclosures of Computer Software Costs 612
Accounting for Natural Resources 613
Depletion Base 613
Depletion Base and Depletion Rate 615
XXV
Change in Estimate 616
Depletion for Income Tax Reporting 616
Determining Exploration Costs to Capitalize for
Oil and Gas Companies 616
Summary of Key Points 620
Review Problem 621
Appendix: Estimating Goodwill 622
14 Investments in Debt and Equity
Securities 647
Introduction 647
Why Invest in Financial Instruments? 648
Accounting Issues 649
Overview: Classifying Investments 649
Debt or Equity? 650
Classification of Investments in Equity
Securities 651
Classification of Investments in Debt
Securities 652
Fair Value Method: Trading Securities and
Securities Available for Sale 653
Definitions 653
Acquisition of Trading Securities and Securities
Available for Sale 653
Basket Purchases of Securities 654
Recording Fair Value as Post-Acquisition Carrying
Value 655
Recording Investment Income 656
Rationale for Different Treatments of Holding
Gains or Losses 657
Reclassifications of TS and SAS
Investments 657
Sales of TS and SAS Investments 659
Impairments of TS and SAS
Investments 659
Investment Income of Debt Securities Acquired at
a Premium or Discount 660
Disclosures for Investments Accounted for by the
Fair Value Method 661
Tax Effects 661
Review Problem 662
Cost and Amortized Cost Methods 664
Cost Method: For Investments in Equity
Securities with No Readily Determinable
Fair Value 664
Amortized Cost Method: For Held-to-Maturity
Debt Securities 665
Equity Method: Investments in Equity Securities
Resulting in Significant Influence over the
Investee 666
Conceptual Basis Underlying the Equity
Method 667
Equity Method Illustrated 668
Summary of the Equity Method 671
Changing between the Fair Value Method and the
Equity Method 672
xxvi CONTENTS
Disclosures Required for Investments Accounted
for by the Equity Method 674
Disclosures of Fair Values of Other Financial
Instruments 674
Definition of Financial Instrument 674
Disclosures Regarding Risks of Off-Balance-Sheet
Financial Instruments 675
Special Problems in Accounting for Equity
Investments 676
Investment Revenue 676
Stock Split of Investment Shares 678
Stock Rights on Investment Shares 678
Summary of Key Points 680
Review Problem 681
Appendix 14A: Financial Instruments 683
Appendix 14B: Other Investments and Funds 689
| PARTm LIABILITIES 713
15 Short-Term Liabilities 714
Introduction 714
What Is a Liability? 715
What Is a Current Liability? 717
Accounts Payable 717
Short-Term Notes Payable 717
Cash and Scrip Dividends Payable 720
Accrued Liabilities 720
Advances and Returnable Deposits 720
Unearned Revenues 721
Taxes 721
Conditional Payments 724
Current Maturities of Long-Term Debt 726
Obligations Callable on Demand by the
Creditor 726
Short-Term Obligations Expected to Be
Refinanced 727
Accounting for Contingencies 728
Loss Contingencies That Require Accrual and the
Recognition of a Liability 729
Loss Contingencies that Are Disclosed Only
in Notes 731
Gain Contingencies 731
Executory Contracts 731
Accounting for Environmental Liabilities 732
Summary of Key Points 733
Review Problem 734
Appendix: SFAS No. 112—Employers Accounting
for Postemployment Benefits 735
16 Long-Term Liabilities 758
Introduction 758
Characteristics and Valuation of Long-Term
Liabilities 759
The Measurement and Valuation of Long-Term
Liabilities 760
Bonds Payable 760
Classification of Bonds 762
Valuation of Bonds Payable 762
Fundamental Bond Accounting Principles 765
Review Problem 770
Additional Issues in Accounting for Bonds 771
Bond Issue Costs 771
Bonds Issued between Interest Dates 772
Review Problem 774
Debt Securities with Equity Rights 775
Bonds with Detachable Stock Purchase
Warrants 775
Convertible Bonds 776
Accounting and Reporting for Convertible
Bonds 777
Induced Conversion of Convertible Debt 778
Debt Extinguishment 779
Extinguishment of Bonds by Open-Market
Purchase or Exercise of Call Privilege 781
Extinguishment of Bonds by Refunding 783
Summary of Gain and Loss Classification 784
Review Problem 784
Long-Term Notes 785
Off-Balance-Sheet Financing and Disclosures for
Long-Term Liabilities 787
Unconditional Purchase Obligations 787
Disclosures for Financial Instruments 787
Summary of Key Points 790
Review Problem 791
Appendix 16A: Troubled Debt Restructure 792
Appendix 16B: Accounting for Serial Bonds 798
Appendix 16C: Accounting Principles for
Investments in Debt Securities Held to
Maturity 800
17 Accounting for Leases 821
Introduction 821
Basic Lease Accounting Issues 822
The Lease from the Lessee s Viewpoint 823
The Lease from the Lessor s Viewpoint 825
Advantages of Leasing 826
Disadvantages of Leasing 826
Accounting for Operating Leases 827
Accounting for Capital Leases 828
Accounting for Capital Leases: Lessee 829
Review Problem 833
Accounting for Capital Leases: Lessor 833
Termination of Lease Agreements 835
Lease Entries under an Ordinary Annuity 836
Review Problem 837
Special Issues in Accounting for Capital Leases 838
Bargain Purchase Options 838
Bargain Renewal Options 840
Residual Values 840
Contents
Different Interest Rates 847
Depreciation of a Leased Asset by the
Lessee 849
Executory and Initial Direct Costs 849
Review Problem 851
Sale-Leaseback Arrangements 851
Classification of Lease Receivables and
Payables 854
Lease Disclosure Requirements 856
A Continuing Issue 857
Summary of Key Points 858
Review Problem 859
Appendix: Other Types of Leases 861
18 Accounting for Pensions and Other
Postemployment Benefits 886
Introduction 886
Pension Plan Fundamentals 887
Types,of Pension Plans 888
Vesting of Benefits 889
Pension Plan Funding 889
Role of Actuaries 889
Regulation of Private Pension Plan
Funding 890
Minimum Vesting Standards 890
Minimum Funding Standards 890
Summary of Current Pension Accounting 890
Measuring Pension Expense in Defined
Benefit Plans 891
Recognizing Pension Liabilities in Defined
Benefit Plans 891
Measuring Pension Expense and Pension
Obligations 891
Discount Rate 891
Pension Expense 893
Service Cost: Component 1 of Pension
Expense 893
Interest Cost and Actual Return: Components
2 and 3 of Pension Expense, Second
Year 896
Review Problem 899
Components 4, 5, and 6 of Pension Expense;
General Considerations 900
Prior Service Cost: Component 4 of Pension
Expense 901
Gains and Losses: Component 5 of Pension
Expense 904
Review Problem 910
Transition Amount: Component 6 of Pension
Expense 911
Coca-Cola s Pension Expense 913
Additional Minimum Pension Liability 913
Total Minimum Liability 914
Additional Minimum Pension Liability 914
xxvii
Adjusting the Accounts 916
Coca-Cola s Pension Liabilities 917
Review Problem 917
Additional Issues in Pension
Accounting 918
SFAS No. 87: A Compromise 918
Settlements, Curtailments, Termination Benefits,
and Asset Reversions 919
Comprehensive Case and Pension
Disclosures 920
Comprehensive Case 920
Required Footnote Disclosures for Denned Benefit
Plans 926
Other Pension Disclosures 927
Summary of Key Points 928
Review Problem 928
Appendix: Accounting for Postretirement Benefits
Other than Pensions 931
19 Accounting for Income Taxes 970
Introduction 970
Conceptual Issues 971
Why Income Taxes? 971
Defining Taxable Income and Pretax Accounting
Income 971
Two Types of Differences 971
The No-Allocation Method 976
The Allocation Method of Accounting for Temporary
Differences 977
Asset/Liability Method 977
Terminology and Definitions 979
Implementation Procedures 980
Identifying Future Taxable and Deductible
Amounts 983
Illustrations of Deferred Tax Assets and Deferred
Tax Liabilities 984
Review Problem 989
Net Operating Losses 990
Carrybacks and Carryforwards of Net Operating
Losses 990
Accounting for NOLs 991
A Limitation on Deferred Tax Assets 993
Evidence to Consider in Determining Whether a
Valuation Allowance Is Needed 993
Tax-Planning Strategies 998
Review Problem 999
Financial Statement Presentation and
Disclosures 1001
Intraperiod Tax Allocation 1004
Additional Disclosures 1004
Summary of Key Points 1004
Review Problem 1005
Appendix: Investment Tax Credit and Additional
Conceptual Issues 1008
xxviii CONTENTS
| PART IV OWNER S EQUITY 1025
20 Corporations: Contributed Capital 1026
Introduction 1026
Contributed Capital at the Formation of a
Corporation 1027
Formation of a Corporation 1027
Characteristics of Capital Stock 1028
Concepts and Definitions Fundamental to
Corporate Equity Accounting 1029
Stockholders Equity: Terminology
Issues 1030
Advantages and Disadvantages of the Corporate
Form of Organization 1031
Features of Equity Securities 1032
Par Value Stock 1032
Nopar Stock 1032
Legal Capital 1033
Common Stock 1033
Preferred Stock 1033
Accounting for Stock Issuance and Related
Transactions 1037
Accounting for the Issuance of Par Value
Stock 1038
Accounting for the Issuance of Nopar
Stock 1038
Capital Stock Sold on a Subscription
Basis 1038
Issuance of Capital Stock for Noncash
Assets 1041
Special Sales of Capital Stock 1042
Assessments on Capital Stock 1043
Stock Issue Costs 1043
Unrealized Capital 1043
Accounting for Reacquisition of
Stock 1044
Treasury Stock 1044
Recording and Reporting Treasury Stock
Transactions 1045
Formal Retirement of Treasury Stock 1049
Restriction of Retained Earnings for Treasury
Stock 1049
Retirement of Callable and Redeemable
Stock 1049
Accounting for Conversions, Changes in Par Value,
and Contributed Capital 1051
Conversion of Convertible Preferred
Stock 1051
Changing Par Value 1052
Additional Contributed Capital 1052
Stockholders Equity and Financial Statement
Analysis 1052
Summary of Key Points 1054
Review Problem 1055
21 Corporations: Retained Earnings
and Stock Options 1073
Introduction 1073
Disposition of Earnings 1074
Characteristics of Retained Earnings 1075
Nature of Dividends 1075
Relevant Dividend Rates 1075
Legality of Dividends 1076
Types of Dividends 1077
Cash Dividends 1077
Property Dividends 1077
Liquidating Dividends 1078
Scrip Dividends 1079
Stock Dividends 1080
Special Stock Dividends 1082
Dividends and Treasury Stock 1082
Fractional Share Rights 1083
Cash Payments in Lieu of Fractional Share
Rights 1084
Stock Splits 1084
Appropriations and Restrictions of Retained
Earnings 1085
Retained Earnings Statements 1086
Stock Rights and Warrants 1086
Accounting for Stock Rights 1088
Review Problem 1089
Stock-Based Compensation Plans 1092
Overview of Accounting Issues 1092
Accounting for Noncompensatory Stock Option
Plans 1094
Accounting for Compensatory Stock Option Plans
under APB Opinion No. 25 1095
Lapse of Stock Options 1099
Stock Appreciation Rights under APB Opinion
No. 25 1102
Accounting for Stock Options under SFAS
No.123 1104
Overview: Measuring the Fair Value of Fixed
Stock Options 1104
Total Compensation Cost under SFAS
No. 123 1105
Accounting for Fixed Stock Options under SFAS
No. 123 1106
Accounting for Performance Options under SFAS
No. 123 1110
Required Disclosures 1113
Summary of Key Points 1116
Review Problem 1117
Appendix 21 A: Quasi Reorganizations 1119
Appendix 21B: Determining Fair Value of
Options 1120
22 Earnings per Share 1142
Introduction 1142
Significance of Earnings per Share 1143
Contents
A Framework for Calculating EPS 1144
Types of Capital Structures 1144
Calculations for Earnings per Share 1146
EPS Disclosures 1146
Computing Earnings per Share for Simple Capital
Structures: Basic Earnings per Share 1147
Adjustments to the Numerator 1147
Adjustments to the Denominator: The Weighted-
Average Calculation 1148
Stock Dividends and Splits 1149
Contingent Shares 1150
Review Problem 1151
Computing Earnings per Share for Complex Capital
Structures: Diluted Earnings per Share 1152
Potentially Issuable Shares 1153
Review Problem 1155
Review Problem 1160
Dilution-Antidilution Method 1160
Review Problem 1163
Earnings per Share and Related Disclosures 1163
A Final Comment 1165
Summary of Key Points 1166
Review Problem 1167
Appendix: A Closer Look at the Treasury Stock
Method 1167
| PARTY Special Topics 1185
23 Statement of Cash Flows 1186
Introduction 1186
Cash Flow Reporting: Development and
Usefulness 1187
The Trend toward Cash Flows 1187
Usefulness of Cash Flow Information 1188
The Statement of Cash Flows and the Requirements
of SFASNo. 95 1189
Cash and Cash Equivalents 1191
Cash Flow Categories 1192
Noncash Activities 1194
Gross and Net Cash Hows 1195
Cash Flow per Share 1195
Review Problem 1195
Preparing the SCF 1196
Format-Free Approach: Direct Method 1196
Additional Examples of Operating
Cash Hows: Direct Method 1200
Format-Free Approach: Indirect Method and
Reconciliation of Net Income and Operating
Cash How 1201
Additional Examples of Reconciling
Adjustments 1203
Comparison of Direct and Indirect
Methods 1204
Disclosure Requirements of SFAS No. 95 1205
xxix
Review Problem 1206
The Spreadsheet Approach 1206
Spreadsheet Approach Example: The Simple
Company 1207
Analyzing More Complex Situations 1209
Issues in Cash Flow Reporting 1214
Cash or Accrual Information 1214
Classification of Cash Flows 1214
Direct or Indirect Method? 1215
Summary of Key Points 1216
Review Problem 1217
Appendix: Comprehensive Example 1220
24 Accounting Changes and Error
Corrections 1259
Introduction 1259
Accounting Changes: Reporting Issues and
Approaches 1260
Types of Accounting Changes 1260
Objectives of Reporting Accounting
Changes 1261
Accounting Principle Changes 1261
Approaches to Reporting Accounting
Changes 1262
General Application of the Three
Approaches 1265
Changes in Reporting Entity 1265
Justification for Accounting Changes 1266
Comparative Statements 1267
Summary of Accounting Changes 1267
Correction of Accounting Errors 1267
Classification of Accounting Errors 1268
The All-inclusive Concept of Income and Prior
Period Adjustments 1271
Correcting Entries and Analysis 1271
Detailed Reporting Guidelines and
Examples 1273
Current Approach 1273
Retroactive Approach 1277
Prospective Approach 1282
Analysis and Reporting of Prior Period
Adjustments 1283
Accounting Changes: An Evaluation 1284
Motivations for Accounting Changes 1285
Stock Prices and Economic
Consequences 1286
Summary of Key Points 1287
Review Problem 1287
25 Disclosures, Segment Reporting, and
Interim Reporting 1303
Introduction 1303
Full Disclosure 1304
Financial Reporting Requirements of the
SEC 1305
xxx CONTENTS
Form 10-K 1306
Management Discussion and Analysis 1306
Disagreements on Accounting Disclosures 1307
Notes to Financial Statements 1307
Summary of Significant Accounting
Policies 1307
Other Notes to Financial Statements 1308
Special Transactions and Events 1308
Fraudulent Financial Reporting 1310
Segment Reporting 1311
Definition of Reportable Operating
Segments 1312
Required Segment Disclosures 1314
Other Firm-Wide Disclosures 1316
Interim Reports 1318
Interim Reporting and Segment Reporting 1318
Issues in Interim Reporting 1318
Interim Reporting Illustrated 1320
Summary of Key Points 1321
Annual Report—The Coca-Cola Company AR-1
Company Name Index 1-1
Subject Index 1-4
|
| adam_txt |
I BRIEF CONTENTS I PART I FOUNDATION AND REVIEW 1 The Environment of Accounting
2 The FASB's Conceptual Framework of
Accounting
3 Review: The Accounting Information
Processing System
4 Review: The Income Statement and the
Retained Earnings Statement
5 Review: The Balance Sheet and the
Statement of Cash Flows
6 Interest: Concepts of Future and Present
Value
| PART II ASSET RECOGNITION AND MEASUREMENT
7 Revenue and Expense Recognition
8 Cash and Receivables
9 Inventory: Basic Valuation Methods
10 Inventory: Alternative Valuation
Methods
II Operational Assets: Acquisition,
Disposal, and Exchange
12 Operational Assets: Depreciation and
Impairment
13 Intangible Assets and Natural Resources
14 Investments in Debt and Equity
Securities
)
I
I PART HI LIABILITIES 15 Short-Term Liabilities
16 Long-Term Liabilities
17 Accounting for Leases
18 Accounting for Pensions and
Other Postemployment Benefits
19 Accounting for Income Taxes
| PART IV OWNER'S EQUITY 20 Corporations: Contributed Capital
21 Corporations: Retained
Earnings and Stock Options
22 Earnings per Share
| PARTY SPECIAL TOPICS 23 Statement of Cash Flows
24 Accounting Changes and Error
Corrections
25 Special Topics: Disclosures, Segment
Reporting, and Interim Reporting
xix
I CONTENTS I PART I FOUNDATION AND REVIEW 1
1 The Environment of Accounting 2
Introduction 2
The Nature of Financial Accounting 4
External versus Internal Accounting
Information 4
Objective of Financial Reporting for External
Decision Makers 4
Professional Accounting 5
The Interaction of Financial Accounting with Its
Environment 7
The Need for Financial Reporting
Standards 8
The Evolution of the Current Standard-Setting
Process 10
The Financial Accounting Standards Board 10
Board Pronouncements 11
What Are GAAP? 13
Official Accounting Pronouncements Related to
GAAP 13
The Hierarchy of Accounting Standards for
Financial Reporting 14
Impact of Other Organizations on GAAP 14
The Internal Revenue Service 14
American Institute of Certified Public
Accountants 15
Securities and Exchange Commission 16
American Accounting Association 16
Governmental Accounting Standards
Board 17
Financial Executives Institute and Institute of
Management Accountants 17
Other Groups 17
Attaining Consensus in a Political
Environment 17
Ethics and Financial Reporting 21
Summary of Key Points 22
Review Problem 23
2 The FASB's Conceptual Framework of
Accounting 29
Introduction 29
The FASB 's Conceptual Framework 30
Overview of the FASB's Conceptual Framework
of Accounting 31
SFAC No. 1: Objectives of Financial Reporting by
Business Enterprises 32
Users of Financial Statements 32
Financial Reporting Objectives 33
SFAC No. 2: Qualitative Characteristics of
Accounting Information 34
I
SFAC No. 5: Recognition and Measurement in
Financial Statements of Business
Enterprises 36
Recognition Criteria 36
Measurement Criteria 36
Environmental Assumptions 36
Implementation Guidelines 38
Implementation Constraints 42
General-Purpose Financial Statements 44
Acceptance of SFAC No. 5 44
SFAC No. 6: Elements of Financial Statements of
Business Enterprises 44
Summary of Key Points 48
Review Problem 48
Appendix: Comprehensive Income (not currently
GAAP) 49
3 Review: The Accounting Information
Processing System 61
Introduction 61
Accounts and Transaction Recording 62
The AIS and the Accounting Cycle 64
Step 1: Identify Transactions or Events to Be
Recorded 64
Step 2: Journalize Transactions and
Events 66
Step 3: Post from Journals to Ledger 66
Step 4: Prepare Unadjusted Trial Balance 67
Step 5: Journalize and Post Adjusting Journal
Entries 69
Deferrals 69
Accruals 71
Other Adjusting Entries 71
Step 6: Prepare Adjusted Trial Balance 75
Step 7: Prepare Financial Statements 76
Step 8: Journalize and Post Closing Journal
Entries 77
Income Statement Accounts 77
Dividends 79
Step 9: Prepare Post-Closing Trial Balance 79
Step 10: Journalize and Post Reversing Journal
Entries 79
Deferred Item—Expedient Method 80
Accrued Item 80
Beyond the Primary Financial Statements 81
The Management Discussion and Analysis
Section 81
Summary of Key Points 82
Review Problem 83
Appendix 3A: Worksheets, the Accounting Cycle,
and Interim Reporting 86
Appendix 3B: Control Accounts, Subsidiary
Ledgers, and Special Journals 90
xxi
xxii CONTENTS
4 Review: The Income Statement and the
Retained Earnings Statement 113
Introduction 113
What the Income Statement Represents 115
Format Issues Evolving from General
Practice 117
General Formats of the Income
Statement 117
The Choice between Single- and Multiple-Step
Formats 119
Format Issues Governed by Accounting
Pronouncements 121
Reporting Extraordinary Items 122
Reporting Unusual or Infrequent Gains and
Losses 124
Reporting Discontinued Operations 124
Reporting Accounting Changes 131
Disclosure Guidelines for the Income
Statement 134
Earnings per Share 134
Retained Earnings Statement 136
Prior Period Adjustments 137
Appropriations of and Restrictions on Retained
Earnings 137
Summary of Key Points 139
Review Problem 139
Appendix: Conceptual Issues in the Determination
of Income 141
5 Review: The Balance Sheet and the
Statement of Cash Flows 163
Introduction 163
The Balance Sheet 165
Format of the Balance Sheet 165
Basic Definitions and Classifications 167
Assets 169
Liabilities 172
Owners' Equity 173
Additional Reporting Issues 175
Offsetting Assets and Liabilities 175
Loss and Gain Contingencies 175
Valuations Reported in the Balance Sheet 176
Terminology 177
Comparative Statements 177
Subsequent Events 178
Disclosure Notes 179
The Auditors' Report 179
Usefulness of the Balance Sheet 181
Limitations of the Balance Sheet 182
The Statement of Cash Flows 183
Basic Definitions 183
Statement Formats 186
Usefulness of the Statement of Cash Flows 188
Ratio Analysis 188
Ratios that Measure Liquidity (Solvency) 189
Ratios that Measure Efficiency (Activity) 190
Ratios that Measure Equity Position and
Coverage 190
Ratios that Measure Profitability 190
Summary of Key Points 192
Review Problem 192
6 Interest: Concepts of Future and
Present Value 216
Introduction 216
Time Value of Money 217
Basic Interest Concepts 217
Concept of Interest 217
Consistent Interest Periods and
Rates 218
Simple versus Compound Interest 218
Overview of Future Value and Present
Value 219
Single Principal Amount 220
Annuity Amount 220
The Ordinary Annuity and the Annuity
Due 220
Future Value and Present Value Tables and
Formulas 220
Values of a Single Payment 221
Future Value of 1 221
Present Value of 1 222
Future Value and Present Value of 1: Calculation
Methods Compared and Computed 222
Accounting Applications of a Single
Payment 224
Future Value of a Single Payment 224
Determining an Unknown Interest Rate or
Unknown Number of Periods 225
Interpolation of Table Values 225
Present Value of a Single Payment 226
Determining the Interest Rate 227
Values of an Annuity 227
Future Value of an Ordinary Annuity 227
Present Value of an Ordinary Annuity 228
Future Value of an Annuity Due 229
Present Value of an Annuity Due 230
Accounting Applications of an Annuity 230
Future Value of an Annuity 231
Determination of Other Values Related to the
Future Value of an Annuity 233
Present Value of an Annuity 233
Determination of Other Values Related to the
Present Value of an Annuity 235
Using Multiple Present and Future
Values 235
Summary Table 237
Summary of Key Points 238
Review Problem 239
Appendix: Present and Future Value Interest
Tables 240
Contents
|PART n ASSET RECOGNITION AND
MEASUREMENT 261
7 Revenue and Expense Recognition 262
Introduction 262
The Concepts of Revenue and Expense 264
The Earnings Process 264
The Recognition Process 265
The Revenue Principle 266
Revenue Recognized at Delivery
(Point of Sale) 268
Revenue Recognition before Delivery 268
Guidance on the Choice between the Two
Methods 269
Measuring Progress toward Completion 269
Illustration of Alternative Methods of Accounting
for Long-Term Contracts 270
Review Problem: Revenue Recognition after
Delivery 278
Revenue Recognition When Right of Return
Exists 279
Installment Sales Method of Revenue
Recognition 281
The Cost Recovery Method 288
Review Problem 290
Alternative Methods of Revenue Recognition before
Delivery 292
Completion of Production 292
Accretion Basis 292
Discovery Basis 292
Revenue Recognition for Service Sales 293
Specific Performance Method 293
Proportional Performance Method 294
Completed-Performance Method 294
Collection Method 294
Expense Recognition 295
Matching: An Implementation Principle 295
Direct Expenses 296
Indirect Expenses 296
Recognition of Gains and Losses 296
Ethical Considerations 297
Summary of Key Points 298
8 Cash and Receivables 311
Introduction 311
Accounting for Cash 312
Characteristic of Cash and Cash
Equivalents 312
Internal Controls for Cash 313
Petty Cash Funds 314
Control of Cash through Bank Accounts 315
Accounting for Receivables 319
Recognition and Measurement of
Accounts Receivable 319
xxiii
Measurement of Uncollectible Accounts
Receivable 322
Events and Accounting Entries for Uncollectible
Accounts—The Allowance Method 322
Estimating Bad Debt Expense—The Allowance
Method 323
Direct Write-Off of Uncollectible Accounts 327
Use of Accounts Receivable to Obtain Immediate
Cash 327
Factoring Accounts Receivable 328
Assignment and Pledging of Accounts
Receivable 332
Disclosure of Accounts Receivable Financing
Arrangements 334
Recognition and Measurement of Notes
Receivable 334
Notes Receivable Accounting Illustrations 336
Accounting for Loan Impairments 339
Discounting Notes Receivable 343
Dishonored Notes 345
Summary of Key Points 346
Review Problem 347
9 Inventory: Basic Valuation Methods 374
Introduction 374
The Importance of Inventories 374
Inventory Categories 376
Items Included in Inventory 377
Components of Inventory Cost 379
Freight-In (Freight on Purchases) 379
Purchase Discounts (Cash Discounts on Credit
Purchases) 379
Inventory Recording Methods 379
Periodic Inventory System 379
Perpetual Inventory System 381
Accounting for Periodic and Perpetual
Systems 381
Measurement of Inventory Values for Accounting
Purposes 385
Allocation of Costs to Inventory and Cost of
Goods Sold 385
Inventory Cost Flow Methods 386
Underlying Concepts of Cost Flow 386
Reporting Inventories 387
Specific Cost Identification Method 387
Average Cost Method 388
First-In, First-Out Cost Method 390
Last-In, First-Out Method 392
Comparison of LIFO with FIFO 393
LIFO: Special Topics 395
Adoption of LIFO 395
LIFO Liquidation 396
Management Selection of LIFO versus FIFO
397
Pooled LIFO 399
Dollar Value LIFO Method 401
xxiv CONTENTS
Dollar Value LIFO Concepts 401
Applying the DV LIFO Method: A Simple
Example 402
Comprehensive Dollar-Value LIFO:
Example 403
Dollar Value LIFO: Complications 403
Decreases in the Value of the Inventory Valued at
Base-Year Prices 404
Advantages of DV LIFO 405
Summary of Key Points 406
Review Problem 406
10 Inventory: Alternative Valuation Methods
430
Introduction 430
LCM Inventory Valuation Method 431
Net Realizable Value and Net Realizable Value
Less a Normal Profit Margin 432
Establishing Inventory Valuations under
LCM 433
Applications of the LCM Rule 435
Accounting Problems in Applying LCM 435
The Use of LCM for Tax Reporting 440
Review Problem 440
Gross Margin Method and Inventory
Estimation 441
The Retail Inventory Method and Inventory
Estimation 443
Markups and Markdowns 444
Application of the Retail Inventory
Method 445
Retail Method, FIFO with LCM,
Illustrated 446
Retail Method, Average Cost with LCM,
Illustrated 446
Special Items Related to the Retail Method 447
Review Problem 449
Using the Retail Inventory Method with DV
LIFO 449
The Need for a Physical Count of
Inventory 450
Evaluation of the Retail Inventory Method 450
Uses of the Retail Inventory Method 452
Review Problem 453
Additional Inventory Issues 454
Methods of Inventory Valuation 454
Relative Sales Value Method 456
Losses on Purchase Commitments 456
Effects of Inventory Errors 458
Summary of Key Points 460
Review Problem 460
11 Operational Assets: Acquisition, Disposal,
and Exchange 486
Introduction 486
Valuation of Plant Assets at Acquisition 487
Classifying Operational Assets 487
General Principles for the Valuation of Plant
Assets 488
Accounting for Noncash Acquisitions of Plant
Assets 494
Plant Assets Purchased on Credit 494
Plant Assets Acquired in Exchange for Equity
Securities 495
Donated Assets 496
Self-Constructed Assets 497
Capitalization of Interest during Construction 499
Avoidable Interest 500
Qualifying Assets 500
Qualifying Expenditures 501
Conditions for Capitalizing Interest 501
Calculating Capitalized Interest 501
Effect of Interest Capitalization on Financial
Ratios 504
Accounting for Disposals of Plant Assets 504
Disposal by Donation 505
Reclassification of Plant Assets Removed from
Service 506
Accounting for Exchanges of Nonmonetary
Assets 506
A General Valuation Principle 506
Gain or Loss on Exchange 507
Recognition of Gains and Losses on
Exchange 507
Fair Value Determination 508
Examples of Nonmonetary Asset Exchanges 508
Evaluation of Accounting for Nonmonetary
Exchanges 511
Post-Acquisition Expenditures 511
General Accounting Principles 511
Maintenance and Ordinary Repairs 512
Improvements, Replacements, and Extraordinary
Repairs 512
Additions 513
Rearrangements and Other Adjustments 514
Summary of Key Points 514
Review Problem 515
Appendix: Interest Capitalization Complications
516
12 Operational Assets: Depreciation and
Impairment 540
Introduction 540
Depreciation Concepts 541
Terminology 541
Nature of Depreciation 542
Factors in Determining Depreciation Expense
543
Depreciation Methods 544
Straight-Line Method 545
Methods Based on Inputs and Outputs 545
Accelerated Depreciation Methods 547
Contents
Tax Depreciation Methods 549
Present-Value-Based Depreciation Methods 551
Effect of Depreciation on Financial Ratios 552
Depreciation Disclosures and Policy 552
Diversity of Practice 553
Early Warning Disclosures 554
Depreciation, Cash Row, and Dividend
Policy 554
Depreciation and Price-Level Changes 556
Additional Depreciation Issues 556
Fractional-Year Depreciation 556
Depreciation of Post-Acquisition Costs 558
Depreciation Systems 559
Impairment of Plant Assets 561
Accounting Guidelines of SFAS No. 121 562
Implementation of SFAS No. 121 566
Restructuring Charges 567
Summary of Key Points 569
Review Problem 570
Appendix 12A: Casualty Insurance 571
Appendix 12B: Effects of Price-Level Changes 574
13 Intangible Assets and Natural Resources
593
Introduction 593
Intangible Assets 594
Classification of Intangible Assets 594
Basic Principles of Accounting for Intangible
Assets 595
Exchangeable Intangible Assets 597
Patents 597
Copyrights 598
Trademarks and Trade Names 598
Franchise Rights 599
Leasehold Improvements 599
Separately Identifiable but Not Exchangeable
Intangible Assets 599
Deferred Charges 599
Startup Costs 600
Organization Costs 600
Stock Issuance Costs 600
Goodwill: An Unidentifiable Intangible Asset 601
Conceptual Nature of Goodwill 601
Measuring Goodwill 601
Negative Goodwill 604
Amortizing Goodwill 605
Disclosures and Reporting of Intangible Assets 606
Research and Development Costs 607
Accounting for Computer Software Costs 609
Capitalization of Computer Software Costs 609
Amortization for Capitalized Computer Software
Costs 611
Disclosures of Computer Software Costs 612
Accounting for Natural Resources 613
Depletion Base 613
Depletion Base and Depletion Rate 615
XXV
Change in Estimate 616
Depletion for Income Tax Reporting 616
Determining Exploration Costs to Capitalize for
Oil and Gas Companies 616
Summary of Key Points 620
Review Problem 621
Appendix: Estimating Goodwill 622
14 Investments in Debt and Equity
Securities 647
Introduction 647
Why Invest in Financial Instruments? 648
Accounting Issues 649
Overview: Classifying Investments 649
Debt or Equity? 650
Classification of Investments in Equity
Securities 651
Classification of Investments in Debt
Securities 652
Fair Value Method: Trading Securities and
Securities Available for Sale 653
Definitions 653
Acquisition of Trading Securities and Securities
Available for Sale 653
Basket Purchases of Securities 654
Recording Fair Value as Post-Acquisition Carrying
Value 655
Recording Investment Income 656
Rationale for Different Treatments of Holding
Gains or Losses 657
Reclassifications of TS and SAS
Investments 657
Sales of TS and SAS Investments 659
Impairments of TS and SAS
Investments 659
Investment Income of Debt Securities Acquired at
a Premium or Discount 660
Disclosures for Investments Accounted for by the
Fair Value Method 661
Tax Effects 661
Review Problem 662
Cost and Amortized Cost Methods 664
Cost Method: For Investments in Equity
Securities with No Readily Determinable
Fair Value 664
Amortized Cost Method: For Held-to-Maturity
Debt Securities 665
Equity Method: Investments in Equity Securities
Resulting in Significant Influence over the
Investee 666
Conceptual Basis Underlying the Equity
Method 667
Equity Method Illustrated 668
Summary of the Equity Method 671
Changing between the Fair Value Method and the
Equity Method 672
xxvi CONTENTS
Disclosures Required for Investments Accounted
for by the Equity Method 674
Disclosures of Fair Values of Other Financial
Instruments 674
Definition of Financial Instrument 674
Disclosures Regarding Risks of Off-Balance-Sheet
Financial Instruments 675
Special Problems in Accounting for Equity
Investments 676
Investment Revenue 676
Stock Split of Investment Shares 678
Stock Rights on Investment Shares 678
Summary of Key Points 680
Review Problem 681
Appendix 14A: Financial Instruments 683
Appendix 14B: Other Investments and Funds 689
| PARTm LIABILITIES 713
15 Short-Term Liabilities 714
Introduction 714
What Is a Liability? 715
What Is a Current Liability? 717
Accounts Payable 717
Short-Term Notes Payable 717
Cash and Scrip Dividends Payable 720
Accrued Liabilities 720
Advances and Returnable Deposits 720
Unearned Revenues 721
Taxes 721
Conditional Payments 724
Current Maturities of Long-Term Debt 726
Obligations Callable on Demand by the
Creditor 726
Short-Term Obligations Expected to Be
Refinanced 727
Accounting for Contingencies 728
Loss Contingencies That Require Accrual and the
Recognition of a Liability 729
Loss Contingencies that Are Disclosed Only
in Notes 731
Gain Contingencies 731
Executory Contracts 731
Accounting for Environmental Liabilities 732
Summary of Key Points 733
Review Problem 734
Appendix: SFAS No. 112—Employers' Accounting
for Postemployment Benefits 735
16 Long-Term Liabilities 758
Introduction 758
Characteristics and Valuation of Long-Term
Liabilities 759
The Measurement and Valuation of Long-Term
Liabilities 760
Bonds Payable 760
Classification of Bonds 762
Valuation of Bonds Payable 762
Fundamental Bond Accounting Principles 765
Review Problem 770
Additional Issues in Accounting for Bonds 771
Bond Issue Costs 771
Bonds Issued between Interest Dates 772
Review Problem 774
Debt Securities with Equity Rights 775
Bonds with Detachable Stock Purchase
Warrants 775
Convertible Bonds 776
Accounting and Reporting for Convertible
Bonds 777
Induced Conversion of Convertible Debt 778
Debt Extinguishment 779
Extinguishment of Bonds by Open-Market
Purchase or Exercise of Call Privilege 781
Extinguishment of Bonds by Refunding 783
Summary of Gain and Loss Classification 784
Review Problem 784
Long-Term Notes 785
Off-Balance-Sheet Financing and Disclosures for
Long-Term Liabilities 787
Unconditional Purchase Obligations 787
Disclosures for Financial Instruments 787
Summary of Key Points 790
Review Problem 791
Appendix 16A: Troubled Debt Restructure 792
Appendix 16B: Accounting for Serial Bonds 798
Appendix 16C: Accounting Principles for
Investments in Debt Securities Held to
Maturity 800
17 Accounting for Leases 821
Introduction 821
Basic Lease Accounting Issues 822
The Lease from the Lessee's Viewpoint 823
The Lease from the Lessor's Viewpoint 825
Advantages of Leasing 826
Disadvantages of Leasing 826
Accounting for Operating Leases 827
Accounting for Capital Leases 828
Accounting for Capital Leases: Lessee 829
Review Problem 833
Accounting for Capital Leases: Lessor 833
Termination of Lease Agreements 835
Lease Entries under an Ordinary Annuity 836
Review Problem 837
Special Issues in Accounting for Capital Leases 838
Bargain Purchase Options 838
Bargain Renewal Options 840
Residual Values 840
Contents
Different Interest Rates 847
Depreciation of a Leased Asset by the
Lessee 849
Executory and Initial Direct Costs 849
Review Problem 851
Sale-Leaseback Arrangements 851
Classification of Lease Receivables and
Payables 854
Lease Disclosure Requirements 856
A Continuing Issue 857
Summary of Key Points 858
Review Problem 859
Appendix: Other Types of Leases 861
18 Accounting for Pensions and Other
Postemployment Benefits 886
Introduction 886
Pension Plan Fundamentals 887
Types,of Pension Plans 888
Vesting of Benefits 889
Pension Plan Funding 889
Role of Actuaries 889
Regulation of Private Pension Plan
Funding 890
Minimum Vesting Standards 890
Minimum Funding Standards 890
Summary of Current Pension Accounting 890
Measuring Pension Expense in Defined
Benefit Plans 891
Recognizing Pension Liabilities in Defined
Benefit Plans 891
Measuring Pension Expense and Pension
Obligations 891
Discount Rate 891
Pension Expense 893
Service Cost: Component 1 of Pension
Expense 893
Interest Cost and Actual Return: Components
2 and 3 of Pension Expense, Second
Year 896
Review Problem 899
Components 4, 5, and 6 of Pension Expense;
General Considerations 900
Prior Service Cost: Component 4 of Pension
Expense 901
Gains and Losses: Component 5 of Pension
Expense 904
Review Problem 910
Transition Amount: Component 6 of Pension
Expense 911
Coca-Cola's Pension Expense 913
Additional Minimum Pension Liability 913
Total Minimum Liability 914
Additional Minimum Pension Liability 914
xxvii
Adjusting the Accounts 916
Coca-Cola's Pension Liabilities 917
Review Problem 917
Additional Issues in Pension
Accounting 918
SFAS No. 87: A Compromise 918
Settlements, Curtailments, Termination Benefits,
and Asset Reversions 919
Comprehensive Case and Pension
Disclosures 920
Comprehensive Case 920
Required Footnote Disclosures for Denned Benefit
Plans 926
Other Pension Disclosures 927
Summary of Key Points 928
Review Problem 928
Appendix: Accounting for Postretirement Benefits
Other than Pensions 931
19 Accounting for Income Taxes 970
Introduction 970
Conceptual Issues 971
Why Income Taxes? 971
Defining Taxable Income and Pretax Accounting
Income 971
Two Types of Differences 971
The No-Allocation Method 976
The Allocation Method of Accounting for Temporary
Differences 977
Asset/Liability Method 977
Terminology and Definitions 979
Implementation Procedures 980
Identifying Future Taxable and Deductible
Amounts 983
Illustrations of Deferred Tax Assets and Deferred
Tax Liabilities 984
Review Problem 989
Net Operating Losses 990
Carrybacks and Carryforwards of Net Operating
Losses 990
Accounting for NOLs 991
A Limitation on Deferred Tax Assets 993
Evidence to Consider in Determining Whether a
Valuation Allowance Is Needed 993
Tax-Planning Strategies 998
Review Problem 999
Financial Statement Presentation and
Disclosures 1001
Intraperiod Tax Allocation 1004
Additional Disclosures 1004
Summary of Key Points 1004
Review Problem 1005
Appendix: Investment Tax Credit and Additional
Conceptual Issues 1008
xxviii CONTENTS
| PART IV OWNER'S EQUITY 1025
20 Corporations: Contributed Capital 1026
Introduction 1026
Contributed Capital at the Formation of a
Corporation 1027
Formation of a Corporation 1027
Characteristics of Capital Stock 1028
Concepts and Definitions Fundamental to
Corporate Equity Accounting 1029
Stockholders' Equity: Terminology
Issues 1030
Advantages and Disadvantages of the Corporate
Form of Organization 1031
Features of Equity Securities 1032
Par Value Stock 1032
Nopar Stock 1032
Legal Capital 1033
Common Stock 1033
Preferred Stock 1033
Accounting for Stock Issuance and Related
Transactions 1037
Accounting for the Issuance of Par Value
Stock 1038
Accounting for the Issuance of Nopar
Stock 1038
Capital Stock Sold on a Subscription
Basis 1038
Issuance of Capital Stock for Noncash
Assets 1041
Special Sales of Capital Stock 1042
Assessments on Capital Stock 1043
Stock Issue Costs 1043
Unrealized Capital 1043
Accounting for Reacquisition of
Stock 1044
Treasury Stock 1044
Recording and Reporting Treasury Stock
Transactions 1045
Formal Retirement of Treasury Stock 1049
Restriction of Retained Earnings for Treasury
Stock 1049
Retirement of Callable and Redeemable
Stock 1049
Accounting for Conversions, Changes in Par Value,
and Contributed Capital 1051
Conversion of Convertible Preferred
Stock 1051
Changing Par Value 1052
Additional Contributed Capital 1052
Stockholders' Equity and Financial Statement
Analysis 1052
Summary of Key Points 1054
Review Problem 1055
21 Corporations: Retained Earnings
and Stock Options 1073
Introduction 1073
Disposition of Earnings 1074
Characteristics of Retained Earnings 1075
Nature of Dividends 1075
Relevant Dividend Rates 1075
Legality of Dividends 1076
Types of Dividends 1077
Cash Dividends 1077
Property Dividends 1077
Liquidating Dividends 1078
Scrip Dividends 1079
Stock Dividends 1080
Special Stock Dividends 1082
Dividends and Treasury Stock 1082
Fractional Share Rights 1083
Cash Payments in Lieu of Fractional Share
Rights 1084
Stock Splits 1084
Appropriations and Restrictions of Retained
Earnings 1085
Retained Earnings Statements 1086
Stock Rights and Warrants 1086
Accounting for Stock Rights 1088
Review Problem 1089
Stock-Based Compensation Plans 1092
Overview of Accounting Issues 1092
Accounting for Noncompensatory Stock Option
Plans 1094
Accounting for Compensatory Stock Option Plans
under APB Opinion No. 25 1095
Lapse of Stock Options 1099
Stock Appreciation Rights under APB Opinion
No. 25 1102
Accounting for Stock Options under SFAS
No.123 1104
Overview: Measuring the Fair Value of Fixed
Stock Options 1104
Total Compensation Cost under SFAS
No. 123 1105
Accounting for Fixed Stock Options under SFAS
No. 123 1106
Accounting for Performance Options under SFAS
No. 123 1110
Required Disclosures 1113
Summary of Key Points 1116
Review Problem 1117
Appendix 21 A: Quasi Reorganizations 1119
Appendix 21B: Determining Fair Value of
Options 1120
22 Earnings per Share 1142
Introduction 1142
Significance of Earnings per Share 1143
Contents
A Framework for Calculating EPS 1144
Types of Capital Structures 1144
Calculations for Earnings per Share 1146
EPS Disclosures 1146
Computing Earnings per Share for Simple Capital
Structures: Basic Earnings per Share 1147
Adjustments to the Numerator 1147
Adjustments to the Denominator: The Weighted-
Average Calculation 1148
Stock Dividends and Splits 1149
Contingent Shares 1150
Review Problem 1151
Computing Earnings per Share for Complex Capital
Structures: Diluted Earnings per Share 1152
Potentially Issuable Shares 1153
Review Problem 1155
Review Problem 1160
Dilution-Antidilution Method 1160
Review Problem 1163
Earnings per Share and Related Disclosures 1163
A Final Comment 1165
Summary of Key Points 1166
Review Problem 1167
Appendix: A Closer Look at the Treasury Stock
Method 1167
| PARTY Special Topics 1185
23 Statement of Cash Flows 1186
Introduction 1186
Cash Flow Reporting: Development and
Usefulness 1187
The Trend toward Cash Flows 1187
Usefulness of Cash Flow Information 1188
The Statement of Cash Flows and the Requirements
of SFASNo. 95 1189
Cash and Cash Equivalents 1191
Cash Flow Categories 1192
Noncash Activities 1194
Gross and Net Cash Hows 1195
Cash Flow per Share 1195
Review Problem 1195
Preparing the SCF 1196
Format-Free Approach: Direct Method 1196
Additional Examples of Operating
Cash Hows: Direct Method 1200
Format-Free Approach: Indirect Method and
Reconciliation of Net Income and Operating
Cash How 1201
Additional Examples of Reconciling
Adjustments 1203
Comparison of Direct and Indirect
Methods 1204
Disclosure Requirements of SFAS No. 95 1205
xxix
Review Problem 1206
The Spreadsheet Approach 1206
Spreadsheet Approach Example: The Simple
Company 1207
Analyzing More Complex Situations 1209
Issues in Cash Flow Reporting 1214
Cash or Accrual Information 1214
Classification of Cash Flows 1214
Direct or Indirect Method? 1215
Summary of Key Points 1216
Review Problem 1217
Appendix: Comprehensive Example 1220
24 Accounting Changes and Error
Corrections 1259
Introduction 1259
Accounting Changes: Reporting Issues and
Approaches 1260
Types of Accounting Changes 1260
Objectives of Reporting Accounting
Changes 1261
Accounting Principle Changes 1261
Approaches to Reporting Accounting
Changes 1262
General Application of the Three
Approaches 1265
Changes in Reporting Entity 1265
Justification for Accounting Changes 1266
Comparative Statements 1267
Summary of Accounting Changes 1267
Correction of Accounting Errors 1267
Classification of Accounting Errors 1268
The All-inclusive Concept of Income and Prior
Period Adjustments 1271
Correcting Entries and Analysis 1271
Detailed Reporting Guidelines and
Examples 1273
Current Approach 1273
Retroactive Approach 1277
Prospective Approach 1282
Analysis and Reporting of Prior Period
Adjustments 1283
Accounting Changes: An Evaluation 1284
Motivations for Accounting Changes 1285
Stock Prices and Economic
Consequences 1286
Summary of Key Points 1287
Review Problem 1287
25 Disclosures, Segment Reporting, and
Interim Reporting 1303
Introduction 1303
Full Disclosure 1304
Financial Reporting Requirements of the
SEC 1305
xxx CONTENTS
Form 10-K 1306
Management Discussion and Analysis 1306
Disagreements on Accounting Disclosures 1307
Notes to Financial Statements 1307
Summary of Significant Accounting
Policies 1307
Other Notes to Financial Statements 1308
Special Transactions and Events 1308
Fraudulent Financial Reporting 1310
Segment Reporting 1311
Definition of Reportable Operating
Segments 1312
Required Segment Disclosures 1314
Other Firm-Wide Disclosures 1316
Interim Reports 1318
Interim Reporting and Segment Reporting 1318
Issues in Interim Reporting 1318
Interim Reporting Illustrated 1320
Summary of Key Points 1321
Annual Report—The Coca-Cola Company AR-1
Company Name Index 1-1
Subject Index 1-4 |
| any_adam_object | 1 |
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| author | Dyckman, Thomas R. Dukes, Roland E. Davis, Charles Joseph 1950- |
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| callnumber-first | H - Social Science |
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| dewey-full | 657/.04421 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 657 - Accounting |
| dewey-raw | 657/.044 21 |
| dewey-search | 657/.044 21 |
| dewey-sort | 3657 244 221 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 4. ed., internat. ed. |
| format | Book |
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| index_date | 2024-07-02T22:31:51Z |
| indexdate | 2024-07-09T21:23:41Z |
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| series2 | The Irwin/McGraw-Hill series in intermediate accounting and financial reporting |
| spelling | Dyckman, Thomas R. Verfasser aut Intermediate accounting Thomas R. Dyckman ; Roland E. Dukes ; Charles J. Davis 4. ed., internat. ed. Boston [u.a.] Irwin McGraw-Hill 1998 Getr. Zählung graph. Darst. txt rdacontent n rdamedia nc rdacarrier The Irwin/McGraw-Hill series in intermediate accounting and financial reporting Accounting Rechnungslegung (DE-588)4128343-0 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf 1\p (DE-588)4123623-3 Lehrbuch gnd-content USA (DE-588)4078704-7 g Rechnungslegung (DE-588)4128343-0 s 2\p DE-604 Dukes, Roland E. Verfasser (DE-588)173200672 aut Davis, Charles Joseph 1950- Verfasser (DE-588)170272133 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016836798&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Dyckman, Thomas R. Dukes, Roland E. Davis, Charles Joseph 1950- Intermediate accounting Accounting Rechnungslegung (DE-588)4128343-0 gnd |
| subject_GND | (DE-588)4128343-0 (DE-588)4078704-7 (DE-588)4123623-3 |
| title | Intermediate accounting |
| title_auth | Intermediate accounting |
| title_exact_search | Intermediate accounting |
| title_exact_search_txtP | Intermediate accounting |
| title_full | Intermediate accounting Thomas R. Dyckman ; Roland E. Dukes ; Charles J. Davis |
| title_fullStr | Intermediate accounting Thomas R. Dyckman ; Roland E. Dukes ; Charles J. Davis |
| title_full_unstemmed | Intermediate accounting Thomas R. Dyckman ; Roland E. Dukes ; Charles J. Davis |
| title_short | Intermediate accounting |
| title_sort | intermediate accounting |
| topic | Accounting Rechnungslegung (DE-588)4128343-0 gnd |
| topic_facet | Accounting Rechnungslegung USA Lehrbuch |
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