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• COVER
• TITLE PAGE
• COPYRIGHT
• ABOUT THE AUTHORS
• PREFACE
• WHAT’S NEW IN THE TEXT?
• OTHER HIGHLIGHTED FEATURES OF THE TEXT
• SUPPLEMENTS
• ACKNOWLEDGMENTS
• 1 INTRODUCTION TO BUSINESS COMBINATIONS AND THE CONCEPTUAL FRAMEWORK
• 1.1 GROWTH THROUGH MERGERS
• 1.2 NATURE OF THE COMBINATION
• 1.3 BUSINESS COMBINATIONS: WHY? WHY NOT?
• 1.4 BUSINESS COMBINATIONS: HISTORICAL PERSPECTIVE
• 1.5 TERMINOLOGY AND TYPES OF COMBINATIONS
• 1.6 TAKEOVER PREMIUMS
• 1.7 AVOIDING THE PITFALLS BEFORE (AND AFTER) THE DEAL
• 1.8 DETERMINING PRICE AND METHOD OF PAYMENT IN BUSINESS COMBINATIONS
• 1.9 ALTERNATIVE CONCEPTS OF CONSOLIDATED FINANCIAL STATEMENTS
• 1.10 FASB’S CONCEPTUAL FRAMEWORK
• SUMMARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• ASC EXERCISES:
• NOTES
• 2 ACCOUNTING FOR BUSINESS COMBINATIONS
• 2.1 ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS: CURRENT STATUS AND BACKGROUND
• 2.2 ILLUSTRATION OF ACQUISITION ACCOUNTING
• 2.3 BARGAIN PURCHASE ACCOUNTING ILLUSTRATION (PURCHASE PRICE BELOW FAIR VALUE OF IDENTIFIABLE NET ASSETS)
• 2.4 MEASUREMENT PERIOD AND MEASUREMENT PERIOD ADJUSTMENTS
• 2.5 GOODWILL IMPAIRMENT TEST
• 2.6 CONTINGENT CONSIDERATION (EARNOUTS)
• 2.7 PRO FORMA STATEMENTS AND DISCLOSURE REQUIREMENT
• 2.8 LEVERAGED BUYOUTS
• SUMMARY
• APPENDIX 2A—DEFERRED TAXES IN BUSINESS COMBINATIONS
• PROBLEM
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 3 CONSOLIDATED FINANCIAL STATEMENTS—DATE OF ACQUISITION
• 3.1 DEFINITIONS OF SUBSIDIARY AND CONTROL
• 3.2 REQUIREMENTS FOR THE INCLUSION OF SUBSIDIARIES IN THE CONSOLIDATED FINANCIAL STATEMENTS
• 3.3 REASONS FOR SUBSIDIARY COMPANIES
• 3.4 CONSOLIDATED FINANCIAL STATEMENTS
• 3.5 INVESTMENTS AT THE DATE OF ACQUISITION
• 3.6 CONSOLIDATED BALANCE SHEETS: THE USE OF WORKPAPERS
• 3.7 A COMPREHENSIVE ILLUSTRATION—MORE THAN ONE SUBSIDIARY COMPANY
• 3.8 LIMITATIONS OF CONSOLIDATED STATEMENTS
• SUMMARY
• APPENDIX 3A DEFERRED TAXES ON THE DATE OF ACQUISITION
• APPENDIX 3B CONSOLIDATION OF VARIABLE INTEREST ENTITIES
• EXERCISES
• PROBLEM
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 4 CONSOLIDATED FINANCIAL STATEMENTS AFTER ACQUISITION
• 4.1 ACCOUNTING FOR INVESTMENTS BY THE COST, PARTIAL EQUITY, AND COMPLETE EQUITY METHODS
• 4.2 CONSOLIDATED STATEMENTS AFTER ACQUISITION—COST METHOD
• 4.3 RECORDING INVESTMENTS IN SUBSIDIARIES—EQUITY METHOD (PARTIAL OR COMPLETE)
• 4.4 ELIMINATION OF INTERCOMPANY REVENUE AND EXPENSE ITEMS
• 4.5 INTERIM ACQUISITIONS OF SUBSIDIARY STOCK
• 4.6 CONSOLIDATED STATEMENT OF CASH FLOWS
• 4.7 ILLUSTRATION OF PREPARATION OF A CONSOLIDATED STATEMENT OF CASH FLOWS—YEAR OF ACQUISITION
• SUMMARY
• APPENDIX—4A DEFERRED TAX CONSEQUENCES WHEN AFFILIATES FILE SEPARATE INCOME TAX RETURNS—UNDISTRIBUTED INCOME
• EXERCISE
• PROBLEMS
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 5 ALLOCATION AND DEPRECIATION OF DIFFERENCES BETWEEN IMPLIED AND BOOK VALUES
• 5.1 COMPUTATION AND ALLOCATION OF THE DIFFERENCE BETWEEN IMPLIED AND BOOK VALUES TO ASSETS AND LIABILITIES OF SUBSIDIARY—ACQUISITION DATE
• 5.2 EFFECT OF DIFFERENCES BETWEEN IMPLIED AND BOOK VALUES ON CONSOLIDATED NET INCOME—YEAR SUBSEQUENT TO ACQUISITION
• 5.3 CONSOLIDATED STATEMENTS WORKPAPER—USING THE COST METHOD
• 5.4 CONTROLLING AND NONCONTROLLING INTERESTS IN CONSOLIDATED NET INCOME AND RETAINED EARNINGS—USING THE COST METHOD
• 5.5 CONSOLIDATED STATEMENTS WORKPAPER—USING PARTIAL EQUITY METHOD
• 5.6 CONTROLLING AND NONCONTROLLING INTERESTS IN CONSOLIDATED NET INCOME AND RETAINED EARNINGS—USING PARTIAL EQUITY METHOD
• 5.7 CONSOLIDATED STATEMENTS WORKPAPER—USING COMPLETE EQUITY METHOD
• 5.8 CONTROLLING INTEREST IN CONSOLIDATED NET INCOME AND RETAINED EARNINGS—USING COMPLETE EQUITY METHOD
• 5.9 ADDITIONAL CONSIDERATIONS RELATING TO TREATMENT OF DIFFERENCE BETWEEN IMPLIED AND BOOK VALUES
• 5.10 PUSH DOWN ACCOUNTING
• SUMMARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 6 ELIMINATION OF UNREALIZED PROFIT ON INTERCOMPANY SALES OF INVENTORY
• 6.1 EFFECTS OF INTERCOMPANY SALES OF MERCHANDISE ON THE DETERMINATION OF CONSOLIDATED BALANCES
• 6.2 COST METHOD: CONSOLIDATED STATEMENTS WORKPAPER—UPSTREAM SALES
• 6.3 COST METHOD—ANALYSIS OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
• 6.4 CONSOLIDATED STATEMENTS WORKPAPER—PARTIAL EQUITY METHOD
• 6.5 PARTIAL EQUITY METHOD—ANALYSIS OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
• 6.6 CONSOLIDATED STATEMENTS WORKPAPER—COMPLETE EQUITY METHOD
• 6.7 COMPLETE EQUITY METHOD—ANALYSIS OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
• 6.8 SUMMARY OF WORKPAPER ENTRIES RELATING TO INTERCOMPANY SALES OF INVENTORY
• 6.9 INTERCOMPANY PROFIT PRIOR TO PARENT-SUBSIDIARY AFFILIATION
• SUMMARY
• APPENDIX 6A—DEFERRED TAXES AND INTERCOMPANY SALES OF INVENTORY
• PROBLEMS
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 7 ELIMINATION OF UNREALIZED GAINS OR LOSSES ON INTERCOMPANY SALES OF PROPERTY AND EQUIPMENT
• 7.1 INTERCOMPANY SALES OF LAND (NONDEPRECIABLE PROPERTY)
• 7.2 INTERCOMPANY SALES OF DEPRECIABLE PROPERTY (MACHINERY, EQUIPMENT, AND BUILDINGS)
• 7.3 CONSOLIDATED STATEMENTS WORKPAPER—COST AND PARTIAL EQUITY METHODS
• 7.4 CALCULATION OF CONSOLIDATED NET INCOME AND CONSOLIDATED RETAINED EARNINGS
• 7.5 CONSOLIDATED STATEMENTS WORKPAPER—COMPLETE EQUITY METHOD
• 7.6 CALCULATION AND ALLOCATION OF CONSOLIDATED NET INCOME; CONSOLIDATED RETAINED EARNINGS: COMPLETE EQUITY METHOD
• 7.7 SUMMARY OF WORKPAPER ENTRIES RELATING TO INTERCOMPANY SALES OF EQUIPMENT
• 7.8 INTERCOMPANY INTEREST, RENTS, AND SERVICE FEES
• SUMMARY
• APPENDIX A—DEFERRED TAXES CONSEQUENCES RELATED TO INTERCOMPANY SALES OF EQUIPMENT
• PROBLEMS
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 8 CHANGES IN OWNERSHIP INTEREST
• 8.1 CHANGES IN OWNERSHIP
• 8.2 PARENT ACQUIRES SUBSIDIARY STOCK THROUGH SEVERAL OPEN-MARKET PURCHASES—COST METHOD
• 8.3 PARENT SELLS SUBSIDIARY STOCK INVESTMENT ON THE OPEN MARKET—COST METHOD
• 8.4 EQUITY METHOD—PURCHASES AND SALES OF SUBSIDIARY STOCK BY THE PARENT
• 8.5 PARENT SELLS SUBSIDIARY STOCK INVESTMENT ON THE OPEN MARKET
• 8.6 SUBSIDIARY ISSUES STOCK
• SUMMARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTE
• 9 INSOLVENCY—LIQUIDATION AND REORGANIZATION
• 9.1 CONTRACTUAL AGREEMENTS
• 9.2 BANKRUPTCY
• 9.3 LIQUIDATION (CHAPTER 7)
• 9.4 REORGANIZATION UNDER THE REFORM ACT (CHAPTER 11)
• 9.5 TRUSTEE ACCOUNTING AND REPORTING
• 9.6 BANKRUPTCY PREDICTION MODELS
• SUMMARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 10 INTERNATIONAL FINANCIAL REPORTING STANDARDS
• 10.1 THE INCREASING IMPORTANCE OF INTERNATIONAL ACCOUNTING STANDARDS
• 10.2 HISTORICAL PERSPECTIVE
• 10.3 GAAP HIERARCHY—U.S. VERSUS IFRS
• 10.4 SIMILARITIES AND DIFFERENCES BETWEEN U.S. GAAP AND IFRS
• 10.5 BUSINESS COMBINATION AND CONSOLIDATION—U.S. GAAP VERSUS IFRS
• 10.6 INTERNATIONAL CONVERGENCE ISSUES
• SUMMARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 11 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS AND HEDGING FOREIGN EXCHANGE RISK
• 11.1 EXCHANGE RATES—MEANS OF TRANSLATION
• 11.2 MEASURED VERSUS DENOMINATED
• 11.3 FOREIGN CURRENCY TRANSACTIONS
• 11.4 USING FORWARD CONTRACTS AS A HEDGE
• SUMMARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 12 TRANSLATION OF FINANCIAL STATEMENTS OF FOREIGN AFFILIATES
• 12.1 ACCOUNTING FOR OPERATIONS IN FOREIGN COUNTRIES
• 12.2 TRANSLATING FINANCIAL STATEMENTS OF FOREIGN AFFILIATES
• 12.3 OBJECTIVES OF TRANSLATION
• 12.4 TRANSLATION METHODS
• 12.5 IDENTIFYING THE FUNCTIONAL CURRENCY
• 12.6 TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS
• 12.7 TRANSLATION OF FOREIGN FINANCIAL STATEMENTS ILLUSTRATED
• 12.8 FINANCIAL STATEMENT DISCLOSURE
• 12.9 CONSTANT CURRENCY NON-GAAP ADJUSTMENTS
• SUMMARY
• APPENDIX12A—ACCOUNTING FOR A FOREIGN AFFILIATE AND PREPARATION OF CONSOLIDATED STATEMENTS WORKPAPER ILLUSTRATED
• APPENDIX 12B—PREPARING THE CONSOLIDATED STATEMENT OF CASH FLOWS WHEN THE CONSOLIDATED ENTITY INCLUDES A FOREIGN SUBSIDIARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 13 REPORTING FOR SEGMENTS AND FOR INTERIM FINANCIAL PERIODS
• 13.1 NEED FOR DISAGGREGATED FINANCIAL DATA
• 13.2 STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING
• 13.3 INTERIM FINANCIAL REPORTING
• SUMMARY
• APPENDIX—THE DIFFERENCE BETWEEN REPORTABLE SEGMENTS AND REPORTING UNITS
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 14 PARTNERSHIPS: FORMATION, OPERATION, AND OWNERSHIP CHANGES
• 14.1 PARTNERSHIP DEFINED
• 14.2 REASONS FOR FORMING A PARTNERSHIP
• 14.3 CHARACTERISTICS OF A PARTNERSHIP
• 14.4 PARTNERSHIP AGREEMENT
• 14.5 ACCOUNTING FOR A PARTNERSHIP
• 14.6 SPECIAL PROBLEMS IN ALLOCATION OF INCOME AND LOSS
• 14.7 FINANCIAL STATEMENT PRESENTATION
• 14.8 CHANGES IN THE OWNERSHIP OF THE PARTNERSHIP
• 14.9 SECTION A: ADMISSION OF A NEW PARTNER (NOT A BUSINESS COMBINATION)
• 14.10 SECTION B: ADMISSION OF A NEW PARTNER THAT QUALIFIES AS A BUSINESS COMBINATION: GAAP REQUIRES GOODWILL METHOD
• 14.11 SECTION C: WITHDRAWAL OF A PARTNER
• SUMMARY
• QUESTIONS
• EXERCISES
• PROBLEMS
• NOTES
• 15 PARTNERSHIP LIQUIDATION
• 15.1 STEPS IN THE LIQUIDATION PROCESS
• 15.2 PRIORITIES OF PARTNERSHIP AND PERSONAL CREDITORS
• 15.3 SIMPLE LIQUIDATION ILLUSTRATED
• 15.4 INSTALLMENT LIQUIDATION
• 15.5 INCORPORATION OF A PARTNERSHIP
• SUMMARY
• QUESTIONS
• EXERCISES
• PROBLEMS
• NOTES
• 16 INTRODUCTION TO FUND ACCOUNTING
• 16.1 CLASSIFICATIONS OF NONBUSINESS ORGANIZATIONS
• 16.2 DISTINCTIONS BETWEEN NONBUSINESS ORGANIZATIONS AND PROFIT-ORIENTED ENTERPRISES
• 16.3 FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR NONBUSINESS ORGANIZATIONS
• 16.4 FUND ACCOUNTING
• 16.5 COMPREHENSIVE ILLUSTRATION—GENERAL FUND
• 16.6 REPORTING INVENTORY AND PREPAYMENTS IN THE FINANCIAL STATEMENTS
• 16.7 RECENT PROPOSAL BY THE GASB
• SUMMARY
• APPENDIX 16A
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 17 INTRODUCTION TO ACCOUNTING FOR STATE AND LOCAL GOVERNMENTAL UNITS
• 17.1 THE HISTORY OF GENERALLY ACCEPTED GOVERNMENTAL ACCOUNTING STANDARDS
• 17.2 THE STRUCTURE OF GOVERNMENTAL ACCOUNTING
• 17.3 GOVERNMENTAL FUND ENTITIES
• 17.4 PROPRIETARY FUNDS
• 17.5 FIDUCIARY FUNDS
• 17.6 CAPITAL ASSETS AND LONG-TERM DEBT
• 17.7 EXTERNAL REPORTING REQUIREMENTS (GASB STATEMENT NO. 34)
• 17.8 GOVERNMENT FUND-BASED REPORTING
• 17.9 GOVERNMENT-WIDE REPORTING
• SUMMARY
• APPENDIX 17A—GOVERNMENT-WIDE FINANCIAL STATEMENTS—CITY OF ATLANTA
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 18 ACCOUNTING FOR NONGOVERNMENT NONBUSINESS ORGANIZATIONS: COLLEGES AND UNIVERSITIES, HOSPITALS AND OTHER HEALTH CARE ORGANIZATIONS
• 18.1 SOURCES OF GENERALLY ACCEPTED ACCOUNTING STANDARDS FOR NONGOVERNMENT NONBUSINESS ORGANIZATIONS
• 18.2 FINANCIAL REPORTING FOR NOT-FOR-PROFIT ENTITIES
• 18.3 FUND ACCOUNTING AND ACCRUAL ACCOUNTING
• 18.4 CONTRIBUTIONS
• 18.5 ACCOUNTING FOR CURRENT FUNDS
• 18.6 ACCOUNTING FOR PLANT FUNDS
• 18.7 ACCOUNTING FOR ENDOWMENT FUNDS
• 18.8 ACCOUNTING FOR INVESTMENTS
• 18.9 ACCOUNTING FOR LOAN FUNDS
• 18.10 ACCOUNTING FOR AGENCY (CUSTODIAL) FUNDS
• 18.11 ACCOUNTING FOR ANNUITY AND LIFE INCOME FUNDS
• 18.12 ISSUES RELATING TO COLLEGES AND UNIVERSITIES
• SUMMARY
• APPENDIX 18A
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• 19 INTERCOMPANY BOND HOLDINGS AND MISCELLANEOUS TOPICS—CONSOLIDATED FINANCIAL STATEMENTS
• 19.1 INTERCOMPANY BOND HOLDINGS
• 19.2 ACCOUNTING FOR BONDS—A REVIEW
• 19.3 CONSTRUCTIVE GAIN OR LOSS ON INTERCOMPANY BOND HOLDINGS
• 19.4 ACCOUNTING FOR INTERCOMPANY BONDS ILLUSTRATED
• 19.5 BOOK ENTRY RELATED TO BOND INVESTMENT
• 19.6 INTERIM PURCHASE OF INTERCOMPANY BONDS
• 19.7 NOTES RECEIVABLE DISCOUNTED
• 19.8 STOCK DIVIDENDS ISSUED BY A SUBSIDIARY COMPANY
• 19.9 DIVIDENDS FROM PREACQUISITION EARNINGS
• 19.10 SUBSIDIARY WITH BOTH PREFERRED AND COMMON STOCK OUTSTANDING
• 19.11 CONSOLIDATING A SUBSIDIARY WITH PREFERRED STOCK OUTSTANDING
• SUMMARY
• QUESTIONS
• ANALYZING FINANCIAL STATEMENTS
• EXERCISES
• PROBLEMS
• NOTES
• GLOSSARY
• APPENDIX PV: TABLES OF PRESENT VALUES
• INDEX
• END USER LICENSE AGREEMENT