You are previewing Accountants' Handbook, Volume One, Financial Accounting and General Topics, 12th Edition.
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Accountants' Handbook, Volume One, Financial Accounting and General Topics, 12th Edition

Book Description

This highly regarded reference is relied on by a considerable part of the accounting profession in their day-to-day work. This comprehensive resource is widely recognized and relied on as a single reference source that provides answers to all reasonable questions on accounting and financial reporting asked by accountants, auditors, bankers, lawyers, financial analysts, and other preparers and users of accounting information. The new edition reflects the new FASB Codification, and includes expanded coverage of fair value and guidance on developing fair value estimates, fraud risk and exposure, healthcare, and IFRS.

Table of Contents

  1. Cover
  2. Update Service
  3. Title Page
  4. Copyright
  5. Preface
  6. About the Editor
  7. About the Contributors
  8. Chapter 1: Financial Accounting and Auditing Organizations
    1. 1.1 Role of Financial Accounting and Auditing in the U.S. Economy
    2. 1.2 Accounting Standards in the United States
    3. 1.3 Role of the Securities and Exchange Commission
    4. 1.4 Financial Accounting Standards Board
    5. 1.5 Governmental Accounting Standards Board
    6. 1.6 Federal Accounting Standards Advisory Board
    7. 1.7 American Institute of Certified Public Accountants
    8. 1.8 U.S. Auditing Standards
    9. 1.9 Public Company Accounting Oversight Board
    10. 1.10 American Institute of Certified Public Accountants
    11. 1.11 State Boards and Other Organizations
    12. 1.12 Government Accountability Office
    13. 1.13 Role of International Financial Accounting and Auditing Institutions
    14. 1.14 International Accounting Standards Board
    15. 1.15 International Organization of Securities Commissions
    16. 1.16 European Union
    17. 1.17 International Auditing—International Federation of Accountants
    18. 1.18 Summary and Commentary
    19. 1.19 Additional Reading
    20. 1.20 Selected Web Sites
  9. Chapter 2: Framework of Financial Accounting Concepts and Standards: A Historical Perspective
    1. 2.1 Financial Accounting and Reporting
    2. 2.2 Why We Have a Conceptual Framework
    3. 2.3 Financial Accounting Standards Board's Conceptual Framework
  10. Chapter 3: Future Directions in Financial Accounting Standards: The Potential Role of International Accounting Standards
    1. 3.1 Introduction
    2. 3.2 Necessary Transition Period
    3. 3.3 Case for Adopting One Set of Principles-Based Standards
    4. 3.4 Historical Perspective
    5. 3.5 Formation and Structure of the IASB
    6. 3.6 Structure and Process of the IASB
    7. 3.7 Standards in Force
    8. 3.8 Impediments to Implementation
    9. 3.9 Myths and Misconceptions about International Standards
    10. 3.10 Sources and Suggested References
  11. Chapter 4: Financial Statements: Form and Content
    1. 4.1 Introduction
    2. 4.2 Principles Underlying Financial Statements
    3. 4.3 Balance Sheet
    4. 4.4 Income Statement
    5. 4.5 Statement of Stockholders' Equity
    6. 4.6 Statement of Cash Flows
    7. 4.7 Articulation of Financial Statements
    8. 4.8 Financial Statement Disclosure
    9. 4.9 Limitations of Financial Statements
    10. 4.10 International Perspective
    11. 4.11 References to the Historical Accounting Literature
  12. Chapter 5: Securities and Exchange Commission Reporting Requirements
    1. 5.1 Securities and Exchange Commission
    2. 5.2 Securities Act of 1933
    3. 5.3 Securities Exchange Act of 1934
    4. 5.4 Form 10-K and Regulations S-X and S-K
    5. 5.5 Form 10-Q
    6. 5.6 Form 8-K
    7. 5.7 Proxy Statements
  13. Chapter 6: Management Discussion and Analysis
    1. 6.1 Overview
    2. 6.2 Current Guidance
    3. 6.3 Related Accounting Literature
    4. 6.4 External Auditor Involvement
  14. Chapter 7: Introduction to Internal Control Assessment and Reporting
    1. 7.1 Introduction
    2. 7.2 Definition of Internal Control
    3. 7.3 Management's Required Reports on Internal Control
    4. 7.4 Management Certifications
    5. 7.5 Independent Auditor's Responsibilities
    6. 7.6 Audit Standards
    7. 7.7 Top-Down, Risk-Based Approach for Evaluating Internal Control
    8. 7.8 Coordinating with the Independent Auditors
    9. 7.9 A New Era
  15. Chapter 8: Accounting for Business Combinations
    1. 8.1 Background
    2. 8.2 Scope
    3. 8.3 Acquisition Method of Accounting
    4. 8.4 Leveraged Buyout
    5. 8.5 Sources and Suggested References
  16. Chapter 9: Consolidation, Translation, and the Equity Method
    1. 9.1 Overview
    2. 9.2 Foreign Currency Translation
    3. 9.3 Equity Method
    4. 9.4 Historical Summary of Major Pronouncements
    5. 9.5 Sources and Suggested References
  17. Chapter 10: Analyzing Financial Statements
    1. 10.1 Scope of Financial Statement Analysis
    2. 10.2 Income Statement Analysis
    3. 10.3 Accounting and Reporting Issues
    4. 10.4 Balance Sheet Analysis
    5. 10.5 Cash Flow Analysis
    6. 10.6 Integrated Analysis of Financial Statements
    7. 10.7 Fixed Income Analysis
    8. 10.8 Finance Company Debt Analysis
    9. 10.9 Key Ratios
    10. 10.10 Sources and Suggested References
  18. Chapter 11: Cash, Loans, and Investments
    1. 11.1 Introduction to Cash
    2. 11.2 Accounting for and Reporting Cash
    3. 11.3 Loans
    4. 11.4 Debt Securities
    5. 11.5 Equity Securities
    6. 11.6 Sources and Suggested References
  19. Chapter 12: Revenues and Receivables
    1. 12.1 Nature and Measurement of Revenue
    2. 12.2 Nature and Significance of Receivables
    3. 12.3 Criteria for Recognizing Revenue
    4. 12.4 Types of Revenue Transactions
    5. 12.5 Revenue Adjustments and Aftercosts
    6. 12.6 Ancillary Revenue
    7. 12.7 Statement Presentation
    8. 12.8 Sources and Suggested References
  20. Chapter 13: Inventory
    1. 13.1 Overview
    2. 13.2 Essential Inventory Concepts
    3. 13.3 Types of Inventory
    4. 13.4 Determining Physical Quantities
    5. 13.5 Valuation Methods
    6. 13.6 Flow of Costs
    7. 13.7 Control Objectives and Procedures
    8. 13.8 Financial Statement Disclosure Requirements
    9. 13.9 International Standards on Inventory Accounting
    10. 13.10 Sources and Suggested References
  21. Chapter 14: Goodwill and Other Intangible Assets
    1. 14.1 Characterization of Intangible Assets
    2. 14.2 Accounting and Financial Management Overview
    3. 14.3 Initial Recognition and Measurement of Intangible Assets
    4. 14.4 Accounting for Intangible Assets
    5. 14.5 Certain Identifiable Intangible Assets
    6. 14.6 Intangible Assets in Specialized Industries
    7. 14.7 Accounting for Goodwill
    8. 14.8 Deferred Income Taxes
    9. 14.9 Financial Statement Presentation
    10. 14.10 Disclosures
    11. 14.11 Effective Date and Transition Provisions of SFAS No. 142 (ASC 350)
    12. 14.12 Sources and Suggested References
  22. Chapter 15: Leases
    1. 15.1 Introduction and Background Information
    2. 15.2 Accounting Issues and Pronouncements
    3. 15.3 Operating Leases
    4. 15.4 Capital Leases
    5. 15.5 Direct Financing Leases
    6. 15.6 Sales-Type Leases
    7. 15.7 Sale or Assignment of a Lease or of Property Subject to a Lease Accounted for as a Sales-Type or Direct Financing Lease
    8. 15.8 Leveraged Leases
    9. 15.9 Real Estate Leases
    10. 15.10 Selected Issues in Lease Accounting
    11. 15.11 Examples of Lease Disclosure
    12. 15.12 FASB Adds Lease Accounting Back on Its Agenda
    13. 15.13 Sources and Suggested References
  23. Chapter 16: Property, Plant, Equipment, and Depreciation
    1. 16.1 Nature of Property, Plant, and Equipment
    2. 16.2 Cost
    3. 16.3 Impairment of Value
    4. 16.4 Expenditures During Ownership
    5. 16.5 Disposals
    6. 16.6 Asset Retirement Obligations
    7. 16.7 Depreciation
    8. 16.8 Service Life
    9. 16.9 Depreciation Base
    10. 16.10 Depreciation Methods
    11. 16.11 Depreciation Rates
    12. 16.12 Depreciation for Tax Purposes
    13. 16.13 Financial Statement Presentation and Disclosure
    14. 16.14 Sources and Suggested References
  24. Chapter 17: Accounting for Income Taxes
    1. 17.1 Accounting Recognition of Income Taxes
    2. 17.2 Applying FASB ASC 740
    3. 17.3 FASB ASC 740-10: Accounting for Uncertainty in Income Taxes
    4. 17.4 Financial Reporting
    5. 17.5 Accounting for Income Taxes in Interim Periods
    6. 17.6 International Financial Reporting Standards
    7. 17.7 Sources and Suggested References
    8. 17.8 Valuable Web Sites
  25. Chapter 18: Liabilities
    1. 18.1 Nature of Liabilities
    2. 18.2 Interest
    3. 18.3 Current Liabilities
    4. 18.4 Nature and Issue of Bonds Payable
    5. 18.5 Bond Interest Payments, Premium, and Discount Amortization
    6. 18.6 Bond Redemption, Refunding, and Conversion
    7. 18.7 Statement Presentation of Long-Term Debt
    8. 18.8 Other Long-Term Liabilities
    9. 18.9 Financial Instruments With Characteristics of Both Liabilities and Equity
    10. 18.10 Restructuring and Extinguishment of Liabilities
    11. 18.11 Accounting for Selected Financing Instruments
    12. 18.12 Fair Value Option
    13. 18.13 International Perspective
    14. 18.14 Predecessor Literature and Other Reference Materials
  26. Chapter 19: Shareholders' Equity
    1. 19.1 The Corporation
    2. 19.2 Shares of Stock
    3. 19.3 Issuance of Stock
    4. 19.4 Common Stock Adjustments
    5. 19.5 Reacquisition and Retirement of Capital Stock
    6. 19.6 Share-Based Payments
    7. 19.7 Retained Earnings
    8. 19.8 Other Items Affecting Stockholders' Equity
    9. 19.9 Disclosure of Information about Capital Structure
    10. 19.10 Sources and Suggested References
  27. Chapter 20: Partnerships and Joint Ventures
    1. 20.1 Nature and Organization of The Partnership Entity
    2. 20.2 Accounting for Partnership Operations
    3. 20.3 Accounting for Changes in Firm Membership
    4. 20.4 Incorporation of a Partnership
    5. 20.5 Partnership Realization and Liquidation
    6. 20.6 Limited Partnerships
    7. 20.7 Nonpublic Investment Partnerships
    8. 20.8 Joint Ventures
    9. 20.9 Sources and Suggested References
  28. Chapter 21: Prospective Financial Statements
    1. 21.1 Types of Prospective Financial Statements
    2. 21.2 Limitations on the Use of Prospective Financial Statements
    3. 21.3 Developing Prospective Financial Statements
    4. 21.4 Presentation and Disclosure of Prospective Financial Statements
    5. 21.5 Types of Accountants' Services
    6. 21.6 Compilation Services
    7. 21.7 Examination Services
    8. 21.8 Agreed-Upon Procedures
    9. 21.9 Internal Use Services
    10. 21.10 Sources and Suggested References
  29. Index