Intermediate Accounting IFRS Edition Third Edition DONALD

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Periodicity Assumption 2 15, 1 Financial Reporting and Accrual Basis of Accounting 2 15. Accounting Standards 1 1 Measurement Recognition and Disclosure. Concepts 2 16, REVOLUTION IN INTERNATIONAL FINANCIAL Basic Principles of Accounting 2 16. REPORTING 1 2 Cost Constraint 2 20, Global Markets 1 3 What Do the Numbers Mean Let s Be Prudent 2 21. Financial Statements and Financial Reporting 1 4 Summary oftheStructure 2 21. Accounting and Capital Allocation 1 4 Evolving Issue A Revised Conceptual Framework 2 22. High Quality Standards 1 5,Global Accounting Insights 2 37. Objective of Financial Reporting 1 6,General Purpose Financial Statements 1 6.
Equity Investors and Creditors 1 6,3 The Accounting Information. What Do the Numbers Mean Don t Forget,Stewardship 1 6 System 3 1. Entity Perspective 1 6, Decision Usefulness 1 7 NEEDED A RELIABLE INFORMATION SYSTEM 3 2. Standard Setting Organizations 1 7 Accounting Information System 3 3. International Organization of Securities Basic Terminology 3 4. Commissions IOSCO 1 8 Debits and Credits 3 4, What Do the Numbers Mean How Is It Going 1 8 The Accounting Equation 3 5. International Accounting Standards Board IASB 1 9 Financial Statements and Ownership Structure 3 7. Hierarchy of IFRS 1 11 The Accounting Cycle 3 8, Financial Reporting Challenges 1 12 Record and Summarize Basic Transactions 3 10.
IFRS in a Political Environment 1 12 Journalizing 3 10. What Do the Numbers Mean Fair Consequences 1 13 Posting 3 11. The Expectations Gap 1 13 Chart ofAccounts 3 12, Significant Financial Reporting Issues 1 14 The Recording Process lllustrated 3 13. Ethics in the Environment of Financial Accounting 1 14 Trial Balance 3 18. International Convergence 1 15 What Do the Numbers Mean Charge Management 3 19. What Do the Numbers Mean Can You Do That 1 15 Identify and Prepare Adjusting Entries 3 19. Conclusion 1 16 Typesof Adjusting Entries 3 20, Global Accounting Insights 1 24 Adjusting Entries for Deferrals 3 20. Adjusting Entries for Accruals 3 25,Adjusted Trial Balance 3 29. 2 Conceptual Framework for Preparing Financial Statements 3 30. Financial Reporting 2 1 What Do the Numbers Mean 24 7 Accounting 3 31. Closing 3 32,WHAT IS IT 2 2 Post Closing Trial Balance 3 33. Reversing Entries An Optional Step 3 34,Conceptual Framework 2 3.
Need for a Conceptual Framework 2 3 What Do the Numbers Mean Hey It s Complicated 3 35. The Accounting Cycle Summarized 3 35, What Do the Numbers Mean What s Your Principle 2 4. Development of a Conceptual Framework 2 4 Financial Statements for a Merchandising Company 3 36. Overview of the Conceptual Framework 2 5 Income Statement 3 36. Basic Objective 2 6 Retained Earnings Statement 3 36. Statement of Financial Position 3 37,Fundamental Concepts 2 6. Closing Entries 3 38, Qualitative Characteristics of Accounting Information 2 6. Appendix 3A Cash Basis Accounting versus Accrual Basis. What Do the Numbers Mean Unfaithful For 20 Years 2 10. Accounting 3 38, What Do the Numbers Mean Show Me the Earnings 2 12. Basic Elements 2 12 Conversion from Cash Basis to Accrual Basis 3 40. Service Revenue Computation 3 41,Assumptions 2 13,Operating Expense Computation 3 41.
Economic Entity Assumption 2 13, Going Cancern Assumption 2 14 Theoretical Weaknesses of the Cash Basis 3 43. Monetary Unit Assumption 2 14 Appendix 3B Using Reversing Entries 3 43. xii Contents,Illustration of Reversing Entries Accruals 3 43. 5 Statement of Financial Position,Illustration of Reversing Entries Deferrals 3 44. Summary of Reversing Entries 3 45 and Statement of Cash Flows 5 1. Appendix 3C Using A Worksheet The Accounting Cycle. HEY IT DOESN T BALANCE 5 1,Revisited 3 46,Statement of Financial Position 5 3. Worksheet Columns 3 46, Usefulness of the Statement of Financial Position 5 3.
Trial Balance Columns 3 46, Limitations of the Statement of Financial Position 5 4. Adjustments Columns 3 46, Classification in the Statement of Financial Position 5 5. Adjustments Entered on the Worksheet 3 46, Adjusted Trial Balance 3 48 What Do the Numbers Mean What Comes First 5 6. Income Statement and Statement Preparation of the Statement of Financial Position 5 14. of Financial Position Columns 3 48 What Do the Numbers Mean Warning Signals 5 14. Preparing Financial Statements from a Worksheet 3 49 Statement of Cash Flows 5 16. Global Accounting Insights 3 72 Purpose of the Statement of Cash Flows 5 16. Content of the Statement of Cash Flows 5 16, What Do the Numbers Mean Watch That Cash Flow 5 17. 4 Income Statement Preparation of the Statement of Cash Flows 5 18. and Related Information 4 1 Usefulness of the Statement of Cash Flows 5 21. Additional Information 5 24, FINANCIAL STATEMENTS ARE CHANGING 4 2 Notes to the Financial Statements 5 24.
Income Statement 4 3 Techniques of Disclosure 5 27. Usefulness of the Income Statement 4 3 Other Guidelines 5 28. Limitations of the Income Statement 4 4 Evolving Issue Statement of Financial Position Reporting. Quality of Earnings 4 4 Gross or Net 5 29, What Do the Numbers Mean Four The Loneliest Appendix 5A Ratio Analysis A Reference 5 30. Number 4 5 Using Ratios to Analyze Performance 5 30. Content and Format of the Income Statement 4 5 Global Accounting Insights 5 56. Elements of the Income Statement 4 5, Intermediate Components of the Income Statement 4 6. Condensed Income Statements 4 8 6 Accounting and the Time. What Do the Numbers Mean You May Need a Map 4 8 Value of Money 6 1. Reporting Various Income Items 4 9,Gross Profit 4 9 HOW DO I MEASURE THAT 6 2. Income from Operations 4 9 Basic Time Value Concepts 6 3. What Do the Numbers Mean Are One Time Charges Applications of Time Value Concepts 6 3. Bugging You 4 12 The Nature of Interest 6 4,Income Before Income Tax 4 12 Simple Interest 6 5. Net Income 4 13 Compound Interest 6 5, Earnings per Share 4 13 What Do the Numbers Mean A Pretty Good Start 6 6.
Discontinued Operations 4 14 Fundamental Variables 6 8. Allocation to Non Controlling Interest 4 17 Single Sum Problems 6 9. Summary 4 17 Future Value of a Single Sum 6 9, What Do the Numbers Mean Different Income Present Value of a Single Sum 6 11. Concepts 4 18 Solving for Other Unknowns, Accounting Changes and Errors 4 19 in Single Sum Problems 6 12. Changes in Accounting Principle 4 19 Annuities Future Value 6 14. Changes in Accounting Estimates 4 20 Future Value of an Ordinary Annuity 6 14. Corrections of Errors 4 20 Future Value of an Annuity Due 6 16. Summary 4 20 Examples of Future Value of Annuity Problems 6 18. Related Equity Statements 4 21 Annuities Present Value 6 19. Retained Earnings Statement 4 21 Present Value of an Ordinary Annuity 6 19. Comprehensive Income Statement 4 22 What Do the Numbers Mean Up in Smoke 6 21. Evolving Issue Income Reporting 4 23 Present Value of an Annuity Due 6 21. Statement of Changes in Equity 4 24 Examples of Present Value of Annuity Problems 6 22. Global Accounting Insights 4 43 Other Time Value of Money Issues 6 24. Deferred Annuities 6 24,Contents xiii, Valvation of Long Term Bonds 6 26 Effect of Inventory Errors 8 17. Effective Interest Method of Amortization Ending Inventory Misstated 8 17. of Bond Discount or Premium 6 27 Purchases and Inventory Misstated 8 18. Present Value Measurement 6 28 Appendix 8A LIFO Cost Flow Assumption 8 19. Last In First Out LIFO 8 19,Inventory Valuation Methods Summary Analysis 8 20. 7 Cash and Receivables 7 1,NO TELL NORTEL 7 1 9 Inventories Additional.
Cash 7 2 Valuation Issues 9 1,Reporting Cash 7 3, Summary of Cash Related Items 7 4 NOT WHAT IT SEEMS TOBE 9 2. What Do the Numbers Mean Deep Pockets 7 5 Lower of Cost or Net Realizable Value LCNRV 9 3. Receivables 7 6 Net Realizable Value 9 3, Recognition of Accounts Receivable 7 6 Illustration of LCNRV 9 3. Measurement of the Transaction Price 7 7 Methods ofApplying LCNRV 9 4. Variable Consideration 7 7 Recording Net Realizable Value Instead of Cost 9 5. Valuation of Accounts Receivable 7 10 Use of an Allowance 9 6. Direct Write Off Method for Uncollectible Accounts 7 10 Recovery of Inventory Loss 9 6. Allowance Method for Uncollectible Accounts 7 11 Evaluation of the LCNRV Rule 9 7. Notes Receivable 7 14 Valuation Bases 9 7, Recognition of Notes Receivable 7 14 Net Realizable Value 9 7. Valuation of Notes Receivable 7 18 Relative Standalone Sates Value 9 10. Purchase Commitments A Special Problem 9 11, What Do the Numbers Mean Economic Consequences and. The Gross Profit Method of Estimating Inventory 9 12. Write Offs 7 18,Computation of Gross Profit Percentage 9 13.
Other Issues Related to Receivables 7 19 Evaluation of Gross Profit Method 9 15. Derecognition of Receivables 7 19,What Do the Numbers Mean The Squeeze 9 15. Presentation and Analysis 7 23,Retail Inventory Method 9 15. What Do the Numbers Mean I m Stil Waiting 7 25,Retail Method Concepts 9 16. Appendix 7A Cash Controls 7 26 Retail Inventory Method with Markups. Using Bank Accounts 7 26 and Markdowns Conventional Method 9 17. The Imprest Petty Cash System 7 27 Special Items Relating to Retail Method 9 19. Physical Protection of Cash Balances 7 28 Evaluation of Retail Inventory Method 9 20. Reconciliation of Bank Balances 7 28 Presentation and Analysis 9 20. Global Accounting Insights 7 56 Presentation of Inventories 9 21. Analysis of Inventories 9 22,Global Accounting Insights 9 42. 8 Valuation of Inventories,10 Acquisition and Disposition.
A Cost Basis Approach 8 1,of Property Plant and,IT SHOULD BE EASY BUT IT ISN T 8 1 Equipment 10 1. Inventory Issues 8 3,Classification 8 3 WATCH YOUR SPENDING 10 1. Inventory Cost Flow 8 4 Property Plant and Equipment 10 3. Inventory Control 8 6 Acquisition of Property Plant and Equipment 10 3. Determining Cost of Goods Sold 8 7 Cost of Land 10 4. What Do the Numbers Mean Staying Lean 8 7 Cost of Buildings 10 5. Goods and Costs Included in Inventory 8 7 Cost of Equipment 10 5. Goods Included in Inventory 8 7 Self Constructed Assets 10 5. What Do the Numbers Mean No Parking 8 10 Interest Costs D ring Construction 10 6. Costs Included in Inventory 8 10 Qualifying Assets 10 7. Which Cost Flow Assumption to Adopt 8 12 Capitalization Period 10 7. Specific Identification 8 12 Amount to Capitalize 10 7. Average Cost 8 13 Comprehensive Example of Interest Capitalization 10 9. First In First Out FIFO 8 14 Special Issues Related to Interest Capitalization 10 11. Inventory Valuation Methods Summary Observations 10 11. Analysis 8 16 What Do the Numbers Mean What s in Your Interest 10 11. xiv Contents, Valuation of Property Plant and Equipment 10 12 Revaluation of Depreciable Assets 11 29. Cash Discounts 10 12 Revaluation 2019 Valuation Increase 11 29. Deferred Payment Contracts 10 12 Revaluation 2020 Decrease below Historical Cost 11. Lump Sum Purchases 10 13 Revaluation 2021 Recovery of Impairment Loss 11 32. Issuance of Shares 10 14 Global Accounting Insights 11 55. Exchanges of Non Monetary Assets 10 14,Government Grants 10 17. Costs Subsequent to Acquisition 10 21 12 Intangible Assets 12 1. Additions 10 21, Improvements and Replacements 10 21 IS THIS SUSTAINABLE 12 1.
Rearrangement and Reorganization 10 22 Intangible Asset Issues 12 2. Repairs 10 22 Characteristics 12 2, What Do the Numbers Mean Disconnected 10 23 Valuation 12 3. Summary of Costs Subsequent to Acquisition 10 23 Amortization of Intangibles 12 4. Disposition of Property Plant and Equipment 10 24 Types of Intangible Assets 12 5. Sale of Plant Assets 10 24 Marketing Related Intangible Assets 12 6. Involuntary Conversion 10 24 What Do the Numbers Mean Keep Your Hands Off My. Intangible 12 6,Customer Related Intangible Assets 12 6. 11 Depreciation Impairments Artistic Related Intangible Assets 12 7. and Depletion 11 1 Contract Related Intangible Assets 12 8. Technology Related Intangible Assets 12 8, HERE COME THE WRITE OFFS 11 2 What Do the Numbers Mean Patent Batties 12 9. Depreciation A Method of Cost Allocation 11 3 What Do the Numbers Mean Patents Strategie. Factors Involved in the Depreciation Process 11 4 Lifeblood 12 10. Methods of Depreciation 11 5 Goodwill 12 10, Other Depreciation Issues 11 8 Impairment and Presentation of Intangible Assets 12 13. Component Depreciation 11 8 Impairment of Limited Life Intangibles 12 14. Depreciation and Partial Periods 11 9 Reversal of Impairment Loss 12 14. Depreciation and Replacement of Property Impairment of Indefinite Life Intangibles. Plant and Equipment 11 10 OtherThan Goodwill 12 15. Revision of Depreciation Rates 11 10 Impairment of Goodwill 12 15. What Do the Numbers Mean Depreciation Choices 11 11 Presentation of Intangible Assets 12 16. Impairments 11 12 Research and Development Costs 12 18. Recognizing Impairments 11 12 What Do the Numbers Mean Global R D Incentives 12 18. Impairment lllustrations 11 13 Identifying R D Activities 12 19. Reversalof Impairment Loss 11 14 Accounting for R D Activities 12 20. Cash Generating Units 11 15 Evolving Issue Recognition of R D and Internally Generated. Impairment of Assets to Be Disposed Of 11 15,Intangibles 12 21.
Depletion 11 16 Costs Similar to R D Costs 12 21,Establishing a Depletion Base 11 17. What Do the Numbers Mean Branded 12 22,Write Offof ResourceCost 11 18. Presentation of Research and Development Costs 12 23. Estimating Recoverable Reserves 11 19, Liquidating Dividends 11 19 Global Accounting Insights 12 42. Intermediate Accounting IFRS Edition Third Edition DONALD E KIESO PHD CPA Northern Illinois University DeKalb Illinois JERRY J WEYGANDT PHD CPA University of Wisconsin Madison Madison Wisconsin TERRY D WARFIELD PHD University of Wisconsin Madison Madison Wisconsin WlLEY Contents 1 Financial Reporting and Accounting Standards 1 1 REVOLUTION IN INTERNATIONAL FINANCIAL REPORTING 1

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