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Intermediate Accounting, 15th Edition

Book Description

Kieso, Weygandt and Warfield's Intermediate Accounting continues to set the standard for intermediate accounting students and professionals in the field. The Fifteenth edition builds on this legacy through new innovative student focused pedagogy in the book itself and with online support.

Kieso maintains the qualities for which the text is globally recognized, including its reputation for accuracy, comprehensiveness, accessibility, and quality problem material that best prepares students for success on the CPA exam. The Fifteenth edition offers the most up to date coverage of IFRS and US GAAP in a presentational format suited to the complex challenges of teaching intermediate in these changing times.

The WileyPLUS homework and learning platform is better than it has ever been for Kieso, with a multitude of new assessment items, multimedia resources, and enhanced functionality to ensure students will do real accounting and get real results. There have also never been so many options for accessing content, from several online only options, premium value print and digital formats, and custom versions designed to fit your needs perfectly.

Table of Contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. Brief Contents
  5. Author Commitment
  6. From the Authors
  7. What's New?
  8. Content Changes by Chapter
  9. Teaching and Learning Supplementary Material
  10. Contents
  11. Acknowledgments
  12. Chapter 1: Financial Accounting and Accounting Standards
    1. We Can Do Better
    2. Financial Statements and Financial Reporting
    3. Parties Involved in Standard-Setting
    4. Generally Accepted Accounting Principles
    5. Issues in Financial Reporting
    6. FASB Codification
    7. IFRS Insights
  13. Chapter 2: Conceptual Framework for Financial Reporting
    1. What Is It?
    2. Conceptual Framework
    3. First Level: Basic Objective
    4. Second Level: Fundamental Concepts
    5. Third Level: Recognition and Measurement Concepts
    6. FASB Codification
    7. IFRS Insights
  14. Chapter 3: The Accounting Information System
    1. Needed: A Reliable Information System
    2. Accounting Information System
    3. The Accounting Cycle
    4. Financial Statements for a Merchandising Company
    5. APPENDIX 3A Cash-Basis Accounting versus Accrual-Basis Accounting
    6. Conversion from Cash Basis to Accrual Basis
    7. Theoretical Weaknesses of the Cash Basis
    8. APPENDIX 3B Using Reversing Entries
    9. Illustration of Reversing Entries—Accruals
    10. Illustration of Reversing Entries—Deferrals
    11. Summary of Reversing Entries
    12. APPENDIX 3C Using a Worksheet: The Accounting Cycle Revisited
    13. Worksheet Columns
    14. Adjustments Entered on the Worksheet
    15. Preparing Financial Statements from a Worksheet
    16. IFRS Insights
  15. Chapter 4: Income Statement and Related Information
    1. Financial Statements Are Changing
    2. Income Statement
    3. Format of the Income Statement
    4. Reporting Various Income Items
    5. Other Reporting Issues
    6. FASB Codification
    7. IFRS Insights
  16. Chapter 5: Balance Sheet and Statement of Cash Flows
    1. Hey, It Doesn't Balance!
    2. Balance Sheet
    3. Statement of Cash Flows
    4. Additional Information
    5. APPENDIX 5A Ratio Analysis—A Reference
    6. Using Ratios to Analyze Performance
    7. APPENDIX 5B Specimen Financial Statements: The Procter & Gamble Company
    8. FASB Codification
    9. IFRS Insights
  17. Chapter 6: Accounting and the Time Value of Money
    1. How Do I Measure That?
    2. Basic Time Value Concepts
    3. Single-Sum Problems
    4. Annuities
    5. More Complex Situations
    6. Present Value Measurement
    7. FASB Codification
  18. Chapter 7: Cash and Receivables
    1. Please Release Me?
    2. Cash
    3. Accounts Receivable
    4. Notes Receivable
    5. Special Issues
    6. APPENDIX 7A Cash Controls
    7. Using Bank Accounts
    8. The Imprest Petty Cash System
    9. Physical Protection of Cash Balances
    10. Reconciliation of Bank Balances
    11. APPENDIX 7B Impairments of Receivables
    12. Impairment Measurement and Reporting
    13. FASB Codification
    14. IFRS Insights
  19. Chapter 8: Valuation of Inventories: A Cost-Basis Approach
    1. To Switch or Not to Switch
    2. Inventory Issues
    3. Physical Goods Included in Inventory
    4. Costs Included in Inventory
    5. Which Cost Flow Assumption to Adopt?
    6. Special Issues Related to LIFO
    7. Basis for Selection of Inventory Method
    8. FASB Codification
  20. Chapter 9: Inventories: Additional Valuation Issues
    1. Not What It Seems to Be
    2. Lower-of-Cost-or-Market
    3. Valuation Bases
    4. The Gross Profit Method of Estimating Inventory
    5. Retail Inventory Method
    6. Presentation and Analysis
    7. APPENDIX 9A LIFO Retail Methods
    8. Stable Prices—LIFO Retail Method
    9. Fluctuating Prices—Dollar-Value LIFO Retail Method
    10. Subsequent Adjustments Under Dollar-Value LIFO Retail
    11. Changing from Conventional Retail to LIFO
    12. FASB Codification
    13. IFRS Insights
  21. Chapter 10: Acquisition and Disposition of Property, Plant, and Equipment
    1. Watch Your Spending
    2. Property, Plant, and Equipment
    3. Valuation of Property, Plant, and Equipment
    4. Costs Subsequent to Acquisition
    5. Disposition of Property, Plant, and Equipment
    6. FASB Codification
  22. Chapter 11: Depreciation, Impairments, and Depletion
    1. Here Come the Write-Offs
    2. Depreciation—A Method of Cost Allocation
    3. Impairments
    4. Depletion
    5. Presentation and Analysis
    6. APPENDIX 11A Income Tax Depreciation
    7. Modified Accelerated Cost Recovery System
    8. Optional Straight-Line Method
    9. Tax versus Book Depreciation
    10. FASB Codification
    11. IFRS Insights
  23. Chapter 12: Intangible Assets
    1. Is This Sustainable?
    2. Intangible Asset Issues
    3. Types of Intangible Assets
    4. Impairment of Intangible Assets
    5. Research and Development Costs
    6. Presentation of Intangibles and Related Items
    7. FASB Codification
    8. IFRS Insights
  24. Chapter 13: Current Liabilities and Contingencies
    1. Now You See It, Now You Don't
    2. Current Liabilities
    3. Contingencies
    4. Presentation and Analysis
    5. FASB Codification
    6. IFRS Insights
  25. Chapter 14: Long-Term Liabilities
    1. Going Long
    2. Bonds Payable
    3. Long-Term Notes Payable
    4. Reporting and Analyzing Liabilities
    5. APPENDIX 14A Troubled-Debt Restructurings
    6. Settlement of Debt
    7. Modification of Terms
    8. Concluding Remarks
    9. FASB Codification
    10. IFRS Insights
  26. Chapter 15: Stockholders’ Equity
    1. It's a Global Market
    2. The Corporate Form of Organization
    3. Corporate Capital
    4. Preferred Stock
    5. Dividend Policy
    6. Presentation and Analysis of Stockholders’ Equity
    7. APPENDIX 15A Dividend Preferences and Book Value per Share
    8. Dividend Preferences
    9. Book Value per Share
    10. FASB Codification
    11. IFRS Insights
  27. Chapter 16: Dilutive Securities and Earnings per Share
    1. Kicking the Habit
    2. Dilutive Securities
    3. Accounting for Stock Compensation
    4. Computing Earnings per Share
    5. APPENDIX 16A Accounting for Stock-Appreciation Rights
    6. SARS—Share-Based Equity Awards
    7. SARS—Share-Based Liability Awards
    8. Stock-Appreciation Rights Example
    9. APPENDIX 16B Comprehensive Earnings per Share Example
    10. Diluted Earnings per Share
    11. FASB Codification
    12. IFRS Insights
  28. Chapter 17: Investments
    1. What to Do?
    2. Investments in Debt Securities
    3. Investments in Equity Securities
    4. Additional Measurement Issues
    5. Reclassifications and Transfers
    6. APPENDIX 17A Accounting for Derivative Instruments
    7. Defining Derivatives
    8. Who Uses Derivatives, and Why?
    9. Basic Principles in Accounting for Derivatives
    10. Derivatives Used for Hedging
    11. Other Reporting Issues
    12. Comprehensive Hedge Accounting Example
    13. Controversy and Concluding Remarks
    14. APPENDIX 17B Variable-Interest Entities
    15. What About GAAP?
    16. Consolidation of Variable-Interest Entities
    17. APPENDIX 17C Fair Value Disclosures
    18. Disclosure of Fair Value Information: Financial Instruments
    19. Disclosure of Fair Values: Impaired Assets or Liabilities
    20. Conclusion
    21. FASB Codification
    22. IFRS Insights
  29. Chapter 18: Revenue Recognition
    1. It's Back
    2. Overview of Revenue Recognition
    3. Revenue Recognition at Point of Sale (Delivery)
    4. Revenue Recognition before Delivery
    5. Revenue Recognition after Delivery
    6. APPENDIX 18A Revenue Recognition for Franchises
    7. Initial Franchise Fees
    8. Continuing Franchise Fees
    9. Bargain Purchases
    10. Options to Purchase
    11. Franchisor's Cost
    12. Disclosures of Franchisors
    13. FASB Codification
    14. IFRS Insights
  30. Chapter 19: Accounting for Income Taxes
    1. How Much Is Enough?
    2. Fundamentals of Accounting for Income Taxes
    3. Accounting for Net Operating Losses
    4. Financial Statement Presentation
    5. Review of the Asset-Liability Method
    6. APPENDIX 19A Comprehensive Example of Interperiod Tax Allocation
    7. First Year—2013
    8. Second Year—2014
    9. FASB Codification
    10. IFRS Insights
  31. Chapter 20: Accounting for Pensions and Postretirement Benefits
    1. Where Have All the Pensions Gone?
    2. Nature of Pension Plans
    3. Accounting for Pensions
    4. Using a Pension Worksheet
    5. Reporting Pension Plans in Financial Statements
    6. APPENDIX 20A Accounting for Postretirement Benefits
    7. Accounting Guidance
    8. Differences Between Pension Benefits and Healthcare Benefits
    9. Postretirement Benefits Accounting Provisions
    10. Illustrative Accounting Entries
    11. Disclosures in Notes to the Financial Statements
    12. Actuarial Assumptions and Conceptual Issues
    13. FASB Codification
    14. IFRS Insights
  32. Chapter 21: Accounting for Leases
    1. More Companies Ask, “Why Buy?”
    2. The Leasing Environment
    3. Accounting by the Lessee
    4. Accounting by the Lessor
    5. Special Lease Accounting Problems
    6. APPENDIX 21A Sale-Leasebacks
    7. Determining Asset Use
    8. Sale-Leaseback Example
    9. FASB Codification
    10. IFRS Insights
  33. Chapter 22: Accounting Changes and Error Analysis
    1. In the Dark
    2. Accounting Changes
    3. Changes in Accounting Principle
    4. Changes in Accounting Estimates
    5. Changes in Reporting Entity
    6. Accounting Errors
    7. Error Analysis
    8. APPENDIX 22A Changing from or to the Equity Method
    9. Change from the Equity Method
    10. Change to the Equity Method
    11. FASB Codification
    12. IFRS Insights
  34. Chapter 23: Statement of Cash Flows
    1. Show Me the Money!
    2. Preparation of the Statement of Cash Flows
    3. Illustrations—Tax Consultants Inc.
    4. Special Problems in Statement Preparation
    5. Use of a Worksheet
    6. FASB Codification
    7. IFRS Insights
  35. Chapter 24: Full Disclosure in Financial Reporting
    1. High-Quality Financial Reporting—Always in Fashion
    2. Full Disclosure Principle
    3. Notes to the Financial Statements
    4. Disclosure Issues
    5. Auditor's and Management's Reports
    6. Current Reporting Issues
    7. APPENDIX 24A Basic Financial Statement Analysis
    8. Perspective on Financial Statement Analysis
    9. Ratio Analysis
    10. Comparative Analysis
    11. Percentage (Common-Size) Analysis
    12. FASB Codification
    13. IFRS Insights
  36. Index