Book description
Building upon previous editions of Advanced Accounting, author Debra C. Jeter continues to deliver a balanced and detailed approach to the conceptual and technical aspects of advanced accounting. This new and enhanced edition features more in-depth information about international accounting, the upcoming globalization of accounting standards, changes with FASB's, and the latest developments and differences between U.S. GAAP and IFRS. As always, the text also includes comprehensive coverage of all three methods of consolidated financial reporting (cost, partial equity, complete equity).
Table of contents
- Cover Page
- Title Page
- Copyright
- ABOUT THE AUTHORS
- PREFACE
- Contents
-
1 INTRODUCTION TO BUSINESS COMBINATIONS AND THE CONCEPTUAL FRAMEWORK
- LEARNING OBJECTIVES
- PLANNING M&A IN A CHANGING ENVIRONMENT AND UNDER CHANGING ACCOUNTING REQUIREMENTS
- NATURE OF THE COMBINATION
- BUSINESS COMBINATIONS: WHY? WHY NOT?
- BUSINESS COMBINATIONS: HISTORICAL PERSPECTIVE
- TERMINOLOGY AND TYPES OF COMBINATIONS
- TAKEOVER PREMIUMS
- AVOIDING THE PITFALLS BEFORE THE DEAL
- DETERMINING PRICE AND METHOD OF PAYMENT IN BUSINESS COMBINATIONS
- ALTERNATIVE CONCEPTS OF CONSOLIDATED FINANCIAL STATEMENTS
- FASB'S CONCEPTUAL FRAMEWORK
- FASB CODIFICATION (SOURCE OF GAAP)
- Summary
- APPENDIX Evaluating Firm Performance
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC (Accounting Standards Codification) Exercises
-
2 ACCOUNTING FOR BUSINESS COMBINATIONS
- LEARNING OBJECTIVES
- HISTORICAL PERSPECTIVE ON BUSINESS COMBINATIONS
- PRO FORMA STATEMENTS AND DISCLOSURE REQUIREMENT
- EXPLANATION AND ILLUSTRATION OF ACQUISITION ACCOUNTING
- CONTINGENT CONSIDERATION IN AN ACQUISITION
- LEVERAGED BUYOUTS
- IFRS VERSUS U.S. GAAP
- Summary
- APPENDIX A Deferred Taxes in Business Combinations
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
3 CONSOLIDATED FINANCIAL STATEMENTS—DATE OF ACQUISITION
- LEARNING OBJECTIVES
- DEFINITIONS OF SUBSIDIARY AND CONTROL
- REQUIREMENTS FOR THE INCLUSION OF SUBSIDIARIES IN THE CONSOLIDATED FINANCIAL STATEMENTS
- REASONS FOR SUBSIDIARY COMPANIES
- CONSOLIDATED FINANCIAL STATEMENTS
- INVESTMENTS AT THE DATE OF ACQUISITION
- CONSOLIDATED BALANCE SHEETS: THE USE OF WORKPAPERS
- A COMPREHENSIVE ILLUSTRATION—MORE THAN ONE SUBSIDIARY COMPANY
- LIMITATIONS OF CONSOLIDATED STATEMENTS
- Summary
- APPENDIX A Deferred Taxes on the Date of Acquisition
- ACCOUNTING FOR UNCERTAIN TAX POSITIONS
- APPENDIX B Consolidation of Variable Interest Entities
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
4 CONSOLIDATED FINANCIAL STATEMENTS AFTER ACQUISITION
- LEARNING OBJECTIVES
- ACCOUNTING FOR INVESTMENTS BY THE COST, PARTIAL EQUITY, AND COMPLETE EQUITY METHODS
- CONSOLIDATED STATEMENTS AFTER ACQUISITION—COST METHOD
- RECORDING INVESTMENTS IN SUBSIDIARIES—EQUITY METHOD (PARTIAL OR COMPLETE)
- ELIMINATION OF INTERCOMPANY REVENUE AND EXPENSE ITEMS
- INTERIM ACQUISITIONS OF SUBSIDIARY STOCK
- CONSOLIDATED STATEMENT OF CASH FLOWS
- ILLUSTRATION OF PREPARATION OF A CONSOLIDATED STATEMENT OF CASH FLOWS—YEAR OF ACQUISITION
- COMPARE U.S. GAAP AND IFRS REGARDING EQUITY METHOD
- Summary
- APPENDIX A Alternative Workpaper Format
- APPENDIX B Deferred Tax Consequences When Affiliates File Separate Income Tax Returns—Undistributed Income
- Consolidated Tax Returns—Affiliated Companies (80% or More Ownership Levels)
- Separate Tax Returns—Deferred Tax Consequences Arising Because of Undistributed Subsidiary Income
- The Cost Method—Separate Tax Returns
- Undistributed Income Is Expected to Be Realized When the Subsidiary Is Sold
- The Partial and Complete Equity Methods—Separate Tax Returns
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
5 ALLOCATION AND DEPRECIATION OF DIFFERENCES BETWEEN IMPLIED AND BOOK VALUES
- LEARNING OBJECTIVES
- ALLOCATION OF THE DIFFERENCE BETWEEN IMPLIED AND BOOK VALUES TO ASSETS AND LIABILITIES OF SUBSIDIARY—ACQUISITION DATE
- EFFECT OF ALLOCATION AND DEPRECIATION OF DIFFERENCES BETWEEN IMPLIED AND BOOK VALUES ON CONSOLIDATED NET INCOME—YEAR SUBSEQUENT TO ACQUISITION
- CONSOLIDATED STATEMENTS WORKPAPER—INVESTMENT RECORDED USING THE COST METHOD
- COST METHOD ANALYSIS OF CONTROLLING AND NONCONTROLLING INTERESTS IN CONSOLIDATED NET INCOME AND RETAINED EARNINGS
- CONSOLIDATED STATEMENTS WORKPAPER—INVESTMENT RECORDED USING PARTIAL EQUITY METHOD
- PARTIAL EQUITY METHOD ANALYSIS OF CONTROLLING AND NONCONTROLLING INTERESTS IN CONSOLIDATED NET INCOME AND RETAINED EARNINGS
- CONSOLIDATED STATEMENTS WORKPAPER—INVESTMENT RECORDED USING COMPLETE EQUITY METHOD
- COMPLETE EQUITY METHOD ANALYSIS OF CONTROLLING INTEREST IN CONSOLIDATED NET INCOME AND RETAINED EARNINGS
- ADDITIONAL CONSIDERATIONS RELATING TO TREATMENT OF DIFFERENCE BETWEEN IMPLIED AND BOOK VALUES
- PUSH DOWN ACCOUNTING
- IFRS vs U.S. GAAP ON RESEARCH & DEVELOPMENT COSTS
- Summary
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
6 ELIMINATION OF UNREALIZED PROFIT ON INTERCOMPANY SALES OF INVENTORY
- LEARNING OBJECTIVES
- EFFECTS OF INTERCOMPANY SALES OF MERCHANDISE ON THE DETERMINATION OF CONSOLIDATED BALANCES
- COST METHOD: CONSOLIDATED STATEMENTS WORKPAPER—UPSTREAM SALES
- COST METHOD—ANALYSIS OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
- CONSOLIDATED STATEMENTS WORKPAPER—PARTIAL EQUITY METHOD
- PARTIAL EQUITY METHOD—ANALYSIS OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
- CONSOLIDATED STATEMENTS WORKPAPER—COMPLETE EQUITY METHOD
- COMPLETE EQUITY METHOD—ANALYSIS OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
- SUMMARY OF WORKPAPER ENTRIES RELATING TO INTERCOMPANY SALES OF INVENTORY
- INTERCOMPANY PROFIT PRIOR TO PARENT–SUBSIDIARY AFFILIATION
- Summary
- APPENDIX Deferred Taxes and Intercompany Sales of Inventory
- DEFERRED TAX CONSEQUENCES ARISING BECAUSE OF UNREALIZED INTERCOMPANY PROFIT
- INTERCOMPANY SALES OF INVENTORY—COST AND PARTIAL EQUITY METHOD
- UNDISTRIBUTED SUBSIDIARY INCOME—IMPACT OF UNREALIZED INTERCOMPANY PROFIT ON THE CALCULATION OF DEFERRED TAXES
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
7 ELIMINATION OF UNREALIZED GAINS OR LOSSES ON INTERCOMPANY SALES OF PROPERTY AND EQUIPMENT
- LEARNING OBJECTIVES
- INTERCOMPANY SALES OF LAND (NONDEPRECIABLE PROPERTY)
- INTERCOMPANY SALES OF DEPRECIABLE PROPERTY (MACHINERY, EQUIPMENT, AND BUILDINGS)
- CONSOLIDATED STATEMENTS WORKPAPER—COST AND PARTIAL EQUITY METHODS
- CALCULATION OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
- CONSOLIDATED STATEMENTS WORKPAPER—COMPLETE EQUITY METHOD
- CALCULATION AND ALLOCATION OF CONSOLIDATED NET INCOME; CONSOLIDATED RETAINED EARNINGS: COMPLETE EQUITY METHOD
- SUMMARY OF WORKPAPER ENTRIES RELATING TO INTERCOMPANY SALES OF EQUIPMENT
- INTERCOMPANY INTEREST, RENTS, AND SERVICE FEES
- Summary
- APPENDIX Deferred Tax Consequences Related to Intercompany Sales of Equipment
- IMPACT OF UNREALIZED INTERCOMPANY PROFIT ON THE CALCULATION OF DEFERRED TAX CONSEQUENCES RELATED TO UNDISTRIBUTED SUBSIDIARY INCOME
- CALCULATIONS (AND ALLOCATION) OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
8 CHANGES IN OWNERSHIP INTEREST
- LEARNING OBJECTIVES
- PARENT ACQUIRES SUBSIDIARY STOCK THROUGH SEVERAL OPEN-MARKET PURCHASES—COST METHOD
- PARENT SELLS SUBSIDIARY STOCK INVESTMENT ON THE OPEN MARKET—COST METHOD
- EQUITY METHOD—PURCHASES AND SALES OF SUBSIDIARY STOCK BY THE PARENT
- PARENT SELLS SUBSIDIARY STOCK INVESTMENT ON THE OPEN MARKET—COST METHOD
- SUBSIDIARY ISSUES STOCK
- Summary
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
9 INTERCOMPANY BOND HOLDINGS AND MISCELLANEOUS TOPICS—CONSOLIDATED FINANCIAL STATEMENTS
- LEARNING OBJECTIVES
- INTERCOMPANY BOND HOLDINGS
- ACCOUNTING FOR BONDS—A REVIEW
- CONSTRUCTIVE GAIN OR LOSS ON INTERCOMPANY BOND HOLDINGS
- ACCOUNTING FOR INTERCOMPANY BONDS ILLUSTRATED
- BOOK ENTRY RELATED TO BOND INVESTMENT
- INTERIM PURCHASE OF INTERCOMPANY BONDS
- NOTES RECEIVABLE DISCOUNTED
- STOCK DIVIDENDS ISSUED BY A SUBSIDIARY COMPANY
- DIVIDENDS FROM PREACQUISITION EARNINGS
- SUBSIDIARY WITH BOTH PREFERRED AND COMMON STOCK OUTSTANDING
- CONSOLIDATING A SUBSIDIARY WITH PREFERRED STOCK OUTSTANDING
- Summary
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
- 10 INSOLVENCY—LIQUIDATION AND REORGANIZATION
-
11 INTERNATIONAL FINANCIAL REPORTING STANDARDS
- LEARNING OBJECTIVES
- THE INCREASING IMPORTANCE OF INTERNATIONAL ACCOUNTING STANDARDS
- THE ROAD TO CONVERGENCE—U.S. GAAP AND IFRS
- SIGNIFICANT SIMILARITIES AND DIFFERENCES BETWEEN U.S. GAAP AND IFRS
- GAAP HIERARCHY—U.S. VERSUS IFRS
- LONG-TERM CONVERGENCE ISSUES—FASB AND IASB
- LEASE ACCOUNTING CONVERGENCE
- Revenue Recognition Convergence
- Financial Statement Presentation
- CURRENT AND POTENTIAL CHANGES TO FINANCIAL STATEMENTS
- INTERNATIONAL CONVERGENCE ISSUES
- AMERICAN DEPOSITORY RECEIPTS: AN OVERVIEW
- Summary
- Appendix A: List of Current International Financial Reporting Standards, Issued by IASC and IASB
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
- 12 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS AND HEDGING FOREIGN EXCHANGE RISK
-
13 TRANSLATION OF FINANCIAL STATEMENTS OF FOREIGN AFFILIATES
- LEARNING OBJECTIVES
- ACCOUNTING FOR OPERATIONS IN FOREIGN COUNTRIES
- TRANSLATING FINANCIAL STATEMENTS OF FOREIGN AFFILIATES
- OBJECTIVES OF TRANSLATION— SFAS No. 52 [ASC 830–30]
- TRANSLATION METHODS
- IDENTIFYING THE FUNCTIONAL CURRENCY
- TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS
- TRANSLATION OF FOREIGN FINANCIAL STATEMENTS ILLUSTRATED
- FINANCIAL STATEMENT DISCLOSURE
- HISTORICAL DEVELOPMENTS OF ACCOUNTING STANDARDS
- Summary
- APPENDIX Accounting for a Foreign Affiliate and Preparation of Consolidated Statements Workpaper Illustrated
- DATE OF ACQUISITION
- ACCOUNTING FOR AN INVESTMENT IN A FOREIGN AFFILIATE—AFTER ACQUISITION
- CONSOLIDATION WHEN THE TEMPORAL METHOD OF TRANSLATION IS USED
- REMEASUREMENT AND TRANSLATION OF FOREIGN CURRENCY TRANSACTIONS
- INTERCOMPANY RECEIVABLES AND PAYABLES
- ELIMINATION OF INTERCOMPANY PROFIT
- LIQUIDATION OF A FOREIGN INVESTMENT
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
14 REPORTING FOR SEGMENTS AND FOR INTERIM FINANCIAL PERIODS
- LEARNING OBJECTIVES
- NEED FOR DISAGGREGATED FINANCIAL DATA
- STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING
- INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) POSITION ON SEGMENT REPORTING
- INTERIM FINANCIAL REPORTING
- Summary
- APPENDIX GE Segmental Disclosures, 2010 Annual Report (partial)
- Basic for Presentation
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
15 PARTNERSHIPS: FORMATION, OPERATION, AND OWNERSHIP CHANGES
- LEARNING OBJECTIVES
- PARTNERSHIP DEFINED
- REASONS FOR FORMING A PARTNERSHIP
- CHARACTERISTICS OF A PARTNERSHIP
- PARTNERSHIP AGREEMENT
- ACCOUNTING FOR A PARTNERSHIP
- SPECIAL PROBLEMS IN ALLOCATION OF INCOME AND LOSS
- FINANCIAL STATEMENT PRESENTATION
- CHANGES IN THE OWNERSHIP OF THE PARTNERSHIP
- SECTION A: ADMISSION OF A NEW PARTNER
- SECTION B: WITHDRAWAL OF A PARTNER
- Summary
- QUESTIONS
- EXERCISES
- ASC Exercises
- PROBLEMS
- 16 PARTNERSHIP LIQUIDATION
-
17 INTRODUCTION TO FUND ACCOUNTING
- LEARNING OBJECTIVES
- CLASSIFICATIONS OF NONBUSINESS ORGANIZATIONS
- DISTINCTIONS BETWEEN NONBUSINESS ORGANIZATIONS AND PROFIT-ORIENTED ENTERPRISES
- FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR NONBUSINESS ORGANIZATIONS
- FUND ACCOUNTING
- REPORTING INVENTORY AND PREPAYMENTS IN THE FINANCIAL STATEMENTS
- Summary
- APPENDIX City of Atlanta Partial Financial Statements
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
18 INTRODUCTION TO ACCOUNTING FOR STATE AND LOCAL GOVERNMENTAL UNITS
- LEARNING OBJECTIVES
- THE HISTORY OF GENERALLY ACCEPTED GOVERNMENTAL ACCOUNTING STANDARDS
- THE STRUCTURE OF GOVERNMENTAL ACCOUNTING
- GOVERNMENTAL FUND ENTITIES
- PROPRIETARY FUNDS
- FIDUCIARY FUNDS
- CAPITAL ASSETS AND LONG-TERM DEBT
- EXTERNAL REPORTING REQUIREMENTS ( GASB STATEMENT No. 34 )
- GOVERNMENT FUND-BASED REPORTING
- GOVERNMENT-WIDE REPORTING
- MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)
- INTERFUND ACTIVITY
- Summary
- APPENDIX A Government-wide Financial Statements City of Atlanta
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
-
19 ACCOUNTING FOR NONGOVERNMENT NONBUSINESS ORGANIZATIONS: COLLEGES AND UNIVERSITIES, HOSPITALS AND OTHER HEALTH CARE ORGANIZATIONS
- LEARNING OBJECTIVES
- SOURCES OF GENERALLY ACCEPTED ACCOUNTING STANDARDS FOR NONGOVERNMENT NONBUSINESS ORGANIZATIONS
- FUND ACCOUNTING
- ACCRUAL BASIS OF ACCOUNTING
- CLASSIFICATION OF REVENUE AND EXPENSE
- ACCOUNTING FOR CURRENT FUNDS
- CONTRIBUTIONS
- ACCOUNTING FOR PLANT FUNDS
- ACCOUNTING FOR ENDOWMENT FUNDS
- ACCOUNTING FOR INVESTMENTS
- ACCOUNTING FOR LOAN FUNDS
- ACCOUNTING FOR AGENCY (CUSTODIAL) FUNDS
- ACCOUNTING FOR ANNUITY AND LIFE INCOME FUNDS
- ISSUES RELATING TO COLLEGES AND UNIVERSITIES
- ISSUES RELATING TO HOSPITALS
- Summary
- APPENDIX Sample Financial Statements for Private Educational Institutions
- QUESTIONS
- ANALYZING FINANCIAL STATEMENTS
- EXERCISES
- ASC Exercises
- PROBLEMS
- GLOSSARY
- APPENDIX ASC: RESEARCHING THE FASB CODIFICATION
- APPENDIX PV: TABLES OF PRESENT VALUES
- INDEX
Product information
- Title: Advanced Accounting, 5th Edition
- Author(s):
- Release date: December 2011
- Publisher(s): Wiley
- ISBN: 9781118022290
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