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• Title Page
• Dedication
• Brief Contents
• Contents
• Acknowledgments
• Chapter 1 Financial Reporting and Accounting Standards
• Revolution in International Financial Reporting
• Global Markets
• Financial Statements and Financial Reporting
• Accounting and Capital Allocation
• High-Quality Standards
• Objective of Financial Reporting
• General-Purpose Financial Statements
• Equity Investors and Creditors
• What Do the Numbers Mean? Don’t Forget Stewardship
• Entity Perspective
• Decision-Usefulness
• Standard-Setting Organizations
• International Organization of Securities Commissions (IOSCO)
• What Do the Numbers Mean? How Is It Going?
• International Accounting Standards Board (IASB)
• Hierarchy of IFRS
• Financial Reporting Challenges
• IFRS in a Political Environment
• What Do the Numbers Mean? Fair Consequences?
• The Expectations Gap
• Significant Financial Reporting Issues
• Ethics in the Environment of Financial Accounting
• International Convergence
• Conclusion
• Global Accounting Insights
• Authoritative Literature
• Chapter 2 Conceptual Framework for Financial Reporting
• What Is It?
• Conceptual Framework
• Need for a Conceptual Framework
• What Do the Numbers Mean? What’s Your Principle?
• Development of a Conceptual Framework
• Overview of the Conceptual Framework
• First Level: Basic Objective
• Second Level: Fundamental Concepts
• Qualitative Characteristics of Accounting Information
• What Do the Numbers Mean? Unfaithful–For 20 Years
• Basic Elements
• Third Level: Recognition, Measurement, and Disclosure Concepts
• Basic Assumptions
• Basic Principles of Accounting
• Cost Constraint
• What Do the Numbers Mean? Let’s Be Prudent
• Summary of the Structure
• Global Accounting Insights
• Authoritative Literature
• Chapter 3 The Accounting Information System
• Needed: A Reliable Information System
• Accounting Information System
• Basic Terminology
• Debits and Credits
• The Accounting Equation
• Financial Statements and Ownership Structure
• The Accounting Cycle
• Identifying and Recording Transactions and Other Events
• Journalizing
• Posting
• Trial Balance
• What Do the Numbers Mean? Change Management
• Adjusting Entries
• Adjusted Trial Balance
• Preparing Financial Statements
• What Do the Numbers Mean? 24/7 Accounting
• Closing
• Post-Closing Trial Balance
• Reversing Entries–An Optional Step
• What Do the Numbers Mean? Hey, It’s Complicated
• The Accounting Cycle Summarized
• Financial Statements for a Merchandising Company
• Income Statement
• Retained Earnings Statement
• Statement of Financial Position
• Closing Entries
• Global Accounting Insights
• APPENDIX 3A Cash-Basis Accounting versus Accrual-Basis Accounting
• Conversion from Cash Basis to Accrual Basis
• Service Revenue Computation
• Operating Expense Computation
• Theoretical Weaknesses of the Cash Basis
• APPENDIX 3B Using Reversing Entries
• Illustration of Reversing Entries–Accruals
• Illustration of Reversing Entries–Deferrals
• Summary of Reversing Entries
• APPENDIX 3C Using a Worksheet: The Accounting Cycle Revisited
• Worksheet Columns
• Trial Balance Columns
• Adjustments Columns
• Adjustments Entered on the Worksheet
• Adjusted Trial Balance
• Income Statement and Statement of Financial Position Columns
• Preparing Financial Statements from a Worksheet
• Chapter 4 Income Statement and Related Information
• Financial Statements Are Changing
• Income Statement
• Usefulness of the Income Statement
• Limitations of the Income Statement
• Quality of Earnings
• What Do the Numbers Mean? Four: The Loneliest Number
• Format of the Income Statement
• Elements of the Income Statement
• Intermediate Components of the Income Statement
• Illustration
• Condensed Income Statements
• What Do the Numbers Mean? You May Need a Map
• Reporting Within the Income Statement
• Gross Profit
• Income from Operations
• What Do the Numbers Mean? Are One-Time Charges Bugging You?
• Income before Income Tax
• Net Income
• Allocating to Non-Controlling Interest
• Earnings per Share
• Discontinued Operations
• Intraperiod Tax Allocation
• Summary
• What Do the Numbers Mean? Different Income Concepts
• Other Reporting Issues
• Accounting Changes and Errors
• Retained Earnings Statement
• Comprehensive Income
• Evolving Issue Income Reporting
• Statement of Changes in Equity
• Global Accounting Insights
• Authoritative Literature
• Chapter 5 Statement of Financial Position and Statement of Cash Flows
• Hey, It Doesn’t Balance!
• Statement of Financial Position
• Usefulness of the Statement of Financial Position
• Limitations of the Statement of Financial Position
• Classification in the Statement of Financial Position
• What Do the Numbers Mean? What Comes First?
• Statement of Financial Position Format
• What Do the Numbers Mean? Warning Signals
• Statement of Cash Flows
• Purpose of the Statement of Cash Flows
• What Do the Numbers Mean? Watch That Cash Flow
• Content and Format of the Statement of Cash Flows
• Overview of the Preparation of the Statement of Cash Flows
• Usefulness of the Statement of Cash Flows
• Additional Information
• Notes to the Financial Statements
• Techniques of Disclosure
• Other Guidelines
• Evolving Issue Statement of Financial Position Reporting: Gross or Net?
• Global Accounting Insights
• APPENDIX 5A Ratio Analysis–A Reference
• Using Ratios to Analyze Performance
• Authoritative Literature
• Chapter 6 Accounting and the Time Value of Money
• How Do I Measure That?
• Basic Time Value Concepts
• Applications of Time Value Concepts
• The Nature of Interest
• Simple Interest
• Compound Interest
• What Do the Numbers Mean? A Pretty Good Start
• Fundamental Variables
• Single-Sum Problems
• Future Value of a Single Sum
• Present Value of a Single Sum
• Solving for Other Unknowns in Single-Sum Problems
• Annuities
• Future Value of an Ordinary Annuity
• Future Value of an Annuity Due
• Examples of Future Value of Annuity Problems
• Present Value of an Ordinary Annuity
• What Do the Numbers Mean? Up in Smoke
• Present Value of an Annuity Due
• Examples of Present Value of Annuity Problems
• More Complex Situations
• Deferred Annuities
• Valuation of Long-Term Bonds
• Effective-Interest Method of Amortization of Bond Discount or Premium
• Present Value Measurement
• Choosing an Appropriate Interest Rate
• Example of Expected Cash Flow
• Authoritative Literature
• Chapter 7 Cash and Receivables
• No-Tell Nortel
• Cash
• What Is Cash?
• Reporting Cash
• Summary of Cash-Related Items
• What Do the Numbers Mean? Deep Pockets
• Accounts Receivable
• Recognition of Accounts Receivable
• Valuation of Accounts Receivable
• Impairment Evaluation Process
• Notes Receivable
• Recognition of Notes Receivable
• Valuation of Notes Receivable
• What Do the Numbers Mean? Economic Consequences and Write-Offs
• Special Issues Related to Receivables
• Fair Value Option
• Derecognition of Receivables
• Evolving Issue A Cure for “Too Little, Too Late”?
• Presentation and Analysis
• Global Accounting Insights
• APPENDIX 7A Cash Controls
• Using Bank Accounts
• The Imprest Petty Cash System
• Physical Protection of Cash Balances
• Reconciliation of Bank Balances
• APPENDIX 7B Impairments of Receivables
• Impairment Measurement and Reporting
• Impairment Loss Example
• Recording Impairment Losses
• Recovery of Impairment Loss
• Authoritative Literature
• Chapter 8 Valuation of Inventories: A Cost-Basis Approach
• It Should Be Easy, but It Isn’t!
• Inventory Issues
• Classification
• Inventory Cost Flow
• Inventory Control
• Basic Issues in Inventory Valuation
• Physical Goods Included in Inventory
• Goods in Transit
• Consigned Goods
• Special Sales Agreements
• What Do the Numbers Mean? No Parking!
• Effect of Inventory Errors
• Costs Included in Inventory
• Product Costs
• Period Costs
• Treatment of Purchase Discounts
• Which Cost Flow Assumption to Adopt?
• Specific Identification
• Average-Cost
• First-In, First-Out (FIFO)
• Inventory Valuation Methods–Summary Analysis
• APPENDIX 8A LIFO Cost Flow Assumption
• Last-In, First-Out (LIFO)
• Inventory Valuation Methods–Summary Analysis
• Authoritative Literature
• Chapter 9 Inventories: Additional Valuation Issues
• Not What It Seems to Be
• Lower-of-Cost-or-Net Realizable Value (LCNRV)
• Net Realizable Value
• Illustration of LCNRV
• Methods of Applying LCNRV
• Recording Net Realizable Value Instead of Cost
• Use of an Allowance
• Recovery of Inventory Loss
• Evaluation of the LCNRV Rule
• Valuation Bases
• Special Valuation Situations
• Valuation Using Relative Standalone Sales Value
• Purchase Commitments–A Special Problem
• The Gross Profit Method of Estimating Inventory
• Computation of Gross Profit Percentage
• Evaluation of Gross Profit Method
• What Do the Numbers Mean? The Squeeze
• Retail Inventory Method
• Retail-Method Concepts
• Retail Inventory Method with Markups and Markdowns–Conventional Method
• Special Items Relating to Retail Method
• Evaluation of Retail Inventory Method
• Presentation and Analysis
• Presentation of Inventories
• Analysis of Inventories
• Global Accounting Insights
• Authoritative Literature
• Chapter 10 Acquisition and Disposition of Property, Plant, and Equipment
• Watch Your Spending
• Property, Plant, and Equipment
• Acquisition of Property, Plant, and Equipment
• Cost of Land
• Cost of Buildings
• Cost of Equipment
• Self-Constructed Assets
• Interest Costs During Construction
• Observations
• What Do the Numbers Mean? What’s in Your Interest?
• Valuation of Property, Plant, and Equipment
• Cash Discounts
• Deferred-Payment Contracts
• Lump-Sum Purchases
• Issuance of Shares
• Exchanges of Non-Monetary Assets
• Government Grants
• Costs Subsequent to Acquisition
• Additions
• What Do the Numbers Mean? Disconnected
• Improvements and Replacements
• Rearrangement and Reorganization
• Repairs
• Summary of Costs Subsequent to Acquisition
• Disposition of Property, Plant, and Equipment
• Sale of Plant Assets
• Involuntary Conversion
• Authoritative Literature
• Chapter 11 Depreciation, Impairments, and Depletion
• Here Come the Write-Offs
• Depreciation–A Method of Cost Allocation
• Factors Involved in the Depreciation Process
• Methods of Depreciation
• Component Depreciation
• Special Depreciation Issues
• What Do the Numbers Mean? Depreciation Choices
• Impairments
• Recognizing Impairments
• Impairment Illustrations
• Reversal of Impairment Loss
• Cash-Generating Units
• Impairment of Assets to Be Disposed Of
• Depletion
• Establishing a Depletion Base
• Write-Off of Resource Cost
• Estimating Recoverable Reserves
• Liquidating Dividends
• Presentation on the Financial Statements
• Revaluations
• Recognizing Revaluations
• Revaluation Issues
• What Do the Numbers Mean? To Revalue or Not
• Presentation and Analysis
• Presentation of Property, Plant, Equipment, and Mineral Resources
• Analysis of Property, Plant, and Equipment
• Global Accounting Insights
• APPENDIX 11A Revaluation of Property, Plant, and Equipment
• Revaluation of Land
• Revaluation–2015: Valuation Increase
• Revaluation–2016: Decrease below Historical Cost
• Revaluation–2017: Recovery of Impairment Loss
• Revaluation of Depreciable Assets
• Revaluation–2015: Valuation Increase
• Revaluation–2016: Decrease below Historical Cost
• Revaluation–2017: Recovery of Impairment Loss
• Authoritative Literature
• Chapter 12 Intangible Assets
• Is This Sustainable?
• Intangible Asset Issues
• Characteristics
• Valuation
• Amortization of Intangibles
• Types of Intangible Assets
• Marketing-Related Intangible Assets
• What Do the Numbers Mean? Keep Your Hands Off My Intangible!
• Customer-Related Intangible Assets
• Artistic-Related Intangible Assets
• Contract-Related Intangible Assets
• Technology-Related Intangible Assets
• What Do the Numbers Mean? Patents–Strategic Lifeblood
• Goodwill
• Impairment of Intangible Assets
• Impairment of Limited-Life Intangibles
• Reversal of Impairment Loss
• Impairment of Indefinite-Life Intangibles Other Than Goodwill
• Impairment of Goodwill
• Research and Development Costs
• What Do the Numbers Mean? Global R&D Incentives
• Identifying R&D Activities
• Accounting for R&D Activities
• Evolving Issue Recognition of R&D and Internally Generated Intangibles
• Costs Similar to R&D Costs
• What Do the Numbers Mean? Branded
• Presentation of Intangibles and Related Items
• Presentation of Intangible Assets
• Presentation of Research and Development Costs
• Global Accounting Insights
• Authoritative Literature
• Chapter 13 Current Liabilities, Provisions, and Contingencies
• Now You See It, Now You Don’t
• Current Liabilities
• Accounts Payable
• Notes Payable
• Current Maturities of Long-Term Debt
• Short-Term Obligations Expected to Be Refinanced
• What Do the Numbers Mean? Going, Going, Gone
• Dividends Payable
• Customer Advances and Deposits
• Unearned Revenues
• Sales and Value-Added Taxes Payable
• Employee-Related Liabilities
• Provisions
• Recognition of a Provision
• Measurement of Provisions
• Common Types of Provisions
• What Do the Numbers Mean? Frequent Flyers
• Disclosures Related to Provisions
• Contingencies
• Contingent Liabilities
• Contingent Assets
• Presentation and Analysis
• Presentation of Current Liabilities
• Analysis of Current Liabilities
• Evolving Issue Greenhouse Gases: Let’s Be Standard-Setters
• Authoritative Literature
• Chapter 14 Non-Current Liabilities
• Going Long
• Bonds Payable
• Issuing Bonds
• Types and Ratings of Bonds
• What Do the Numbers Mean? All About Bonds
• Valuation of Bonds Payable
• What Do the Numbers Mean? How about a 100-Year Bond?
• Effective-Interest Method
• What Do the Numbers Mean? Your Debt Is Killing My Equity
• Long-Term Notes Payable
• Notes Issued at Face Value
• Notes Not Issued at Face Value
• Special Notes Payable Situations
• Mortgage Notes Payable
• Special Issues Related to Non-Current Liabilities
• Extinguishment of Non-Current Liabilities
• Fair Value Option
• Off-Balance-Sheet Financing
• Evolving Issue Off-and-On Reporting
• Presentation and Analysis
• Global Accounting Issues
• Authoritative Literature
• Chapter 15 Equity
• It’s a Global Market
• The Corporate Form of Organization
• Corporate Law
• Share System
• Variety of Ownership Interests
• What Do the Numbers Mean? A Class (B) Act
• Equity
• Issuance of Shares
• Reacquisition of Shares
• What Do the Numbers Mean? Signals to Buy?
• What Do the Numbers Mean? Buyback Volatility
• Preference Shares
• Features of Preference Shares
• Accounting for and Reporting of Preference Shares
• Dividend Policy
• Financial Condition and Dividend Distributions
• Types of Dividends
• Share Dividends and Share Splits
• What Do the Numbers Mean? Dividends Up, Dividends Down
• Disclosure of Restrictions on Retained Earnings
• Presentation and Analysis of Equity
• Presentation of Equity
• Analysis
• Global Accounting Insights
• APPENDIX 15A Dividend Preferences and Book Value per Share
• Dividend Preferences
• Book Value per Share
• Authoritative Literature
• Chapter 16 Dilutive Securities and Earnings per Share
• Kicking the Habit
• Dilutive Securities and Compensation Plans
• Debt and Equity
• Convertible Debt
• Convertible Preference Shares
• What Do the Numbers Mean? How Low Can You Go?
• Share Warrants
• Accounting for Share Compensation
• Debate over Share-Option Accounting
• Computing Earnings per Share
• Earnings per Share–Simple Capital Structure
• Earnings per Share–Complex Capital Structure
• Global Accounting Insights
• APPENDIX 16A Accounting for Share-Appreciation Rights
• SARS–Share-Based Equity Awards
• SARS–Share-Based Liability Awards
• Share-Appreciation Rights Example
• APPENDIX 16B Comprehensive Earnings per Share Example
• Diluted Earnings per Share
• Authoritative Literature
• Chapter 17 Investments
• What to Do?
• Accounting for Financial Assets
• Measurement Basis–A Closer Look
• Debt Investments
• Debt Investments–Amortized Cost
• Debt Investments–Fair Value
• What Do the Numbers Mean? What Is Fair Value?
• Fair Value Option
• Summary of Debt Investment Accounting
• Equity Investments
• Holdings of Less Than 20%
• Holdings Between 20% and 50%
• Holdings of More Than 50%
• What Do the Numbers Mean? Who’s in Control Here?
• Other Reporting Issues
• Impairment of Value
• Transfers Between Categories
• Evolving Issue Fair Value Controversy
• Summary of Reporting Treatment of Investments
• Global Accounting Insights
• APPENDIX 17A Accounting for Derivative Instruments
• Defining Derivatives
• Who Uses Derivatives, and Why?
• Producers and Consumers
• Speculators and Arbitrageurs
• Basic Principles in Accounting for Derivatives
• Derivative Financial Instrument (Speculation)
• Differences Between Traditional and Derivative Financial Instruments
• Derivatives Used for Hedging
• What Do the Numbers Mean? Risky Business
• Fair Value Hedge
• Cash Flow Hedge
• Other Reporting Issues
• Embedded Derivatives
• Qualifying Hedge Criteria
• Summary of Derivatives Accounting
• Comprehensive Hedge Accounting Example
• Fair Value Hedge
• Financial Statement Presentation of an Interest Rate Swap
• Controversy and Concluding Remarks
• APPENDIX 17B Fair Value Disclosures
• Disclosure of Fair Value Information: Financial Instruments
• Disclosure of Fair Values: Impaired Assets or Liabilities
• Conclusion
• Authoritative Literature
• Chapter 18 Revenue Recognition
• It’s Back
• Overview of Revenue Recognition
• Background
• New Revenue Recognition Standard
• The Five-Step Process
• Identifying the Contract with Customers–Step 1
• Identifying Separate Performance Obligations–Step 2
• Determining the Transaction Price–Step 3
• Allocating the Transaction Price to Separate Performance Obligations–Step 4
• Recognizing Revenue When (or as) Each Performance Obligation Is Satisfied–Step 5
• Summary
• Other Revenue Recognition Issues
• Right of Return
• Repurchase Agreements
• What Do the Numbers Mean? No Take-Backs
• Bill-and-Hold Arrangements
• Principal-Agent Relationships
• What Do the Numbers Mean? Grossed Out
• Consignments
• Warranties
• Non-Refundable Upfront Fees
• Summary
• Presentation and Disclosure
• Presentation
• Disclosure
• Evolving Issue Ch, Ch, Ch Changes in Revenue Recognition
• APPENDIX 18A Long-Term Construction Contracts
• Revenue Recognition over Time
• Percentage-of-Completion Method
• Cost-Recovery (Zero-Profit) Method
• Long-Term Contract Losses
• APPENDIX 18B Revenue Recognition for Franchises
• Franchise Accounting
• Recognition of Franchise Rights Revenue over Time
• Authoritative Literature
• Chapter 19 Accounting for Income Taxes
• Safe (Tax) Haven?
• Fundamentals of Accounting for Income Taxes
• Future Taxable Amounts and Deferred Taxes
• What Do the Numbers Mean? “Real Liabilities”
• Future Deductible Amounts and Deferred Taxes
• What Do the Numbers Mean? “Real Assets”
• Deferred Tax Asset (Non-Recognition)
• Income Statement Presentation
• Specific Differences
• Tax Rate Considerations
• What Do the Numbers Mean? Global Tax Rates
• Accounting for Net Operating Losses
• Loss Carryback
• Loss Carryforward
• Loss Carryback Example
• Loss Carryforward Example
• Financial Statement Presentation
• Statement of Financial Position
• Income Statement
• Tax Reconciliation
• What Do the Numbers Mean? The Tax Twist
• Review of the Asset-Liability Method
• Global Accounting Insights
• APPENDIX 19A Comprehensive Example of Interperiod Tax Allocation
• First Year–2014
• Taxable Income and Income Taxes Payable–2014
• Computing Deferred Income Taxes–End of 2014
• Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes–2014
• Financial Statement Presentation–2014
• Second Year–2015
• Taxable Income and Income Taxes Payable–2015
• Computing Deferred Income Taxes–End of 2015
• Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes–2015
• Financial Statement Presentation–2015
• Authoritative Literature
• Chapter 20 Accounting for Pensions and Postretirement Benefits
• Pension Peril
• Nature of Pension Plans
• Defined Contribution Plan
• Defined Benefit Plan
• What Do the Numbers Mean? Which Plan Is Right for You? 1014
• The Role of Actuaries in Pension Accounting
• Accounting for Pensions
• Measures of the Pension Liability
• Net Defined Benefit Obligation (Asset)
• Reporting Changes in the Defined Benefit Obligation (Asset)
• Plan Assets and Actual Return
• Using a Pension Worksheet
• 2015 Entries and Worksheet
• Past Service Cost
• 2016 Entries and Worksheet
• Remeasurements
• 2017 Entries and Worksheet
• What Do the Numbers Mean? Roller Coaster
• Reporting Pension Plans in Financial Statements
• Within the Financial Statements
• Within the Notes to the Financial Statements
• Other Postretirement Benefits
• Concluding Observations
• What Do the Numbers Mean? How’s Your Volatility?
• Global Accounting Insights
• Authoritative Literature
• Chapter 21 Accounting for Leases
• More Companies Ask, “Why Buy?”
• The Leasing Environment
• Who Are the Players?
• Advantages of Leasing
• What Do the Numbers Mean? Off-Balance-Sheet Financing
• Conceptual Nature of a Lease
• Accounting by the Lessee
• Capitalization Criteria
• Asset and Liability Accounted for Differently
• Finance Lease Method (Lessee)
• Operating Method (Lessee)
• Comparison of Finance Lease with Operating Lease
• Accounting by the Lessor
• Economics of Leasing
• Classification of Leases by the Lessor
• Direct-Financing Method (Lessor)
• Operating Method (Lessor)
• Special Accounting Problems
• Residual Values
• Sales-Type Leases (Lessor)
• Bargain-Purchase Option (Lessee)
• Initial Direct Costs (Lessor)
• Current versus Non-Current
• Disclosing Lease Data
• Unresolved Lease Accounting Problems
• Evolving Issue Lease Accounting–If It Quacks Like a Duck
• Global Accounting Insights
• APPENDIX 21A Examples of Lease Arrangements
• Example 1: Harmon, Inc.
• Example 2: Arden’s Oven Co.
• Example 3: Mendota Truck Inc.
• Example 4: Appleland Computer
• APPENDIX 21B Sale-Leasebacks
• Determining Asset Use
• Lessee
• Lessor
• Sale-Leaseback Example
• Authoritative Literature
• Chapter 22 Accounting Changes and Error Analysis
• Needed: Valid Comparisons
• Accounting Changes
• Changes in Accounting Policy
• What Do the Numbers Mean? Comparison Challenges–Squared
• Retrospective Accounting Change Approach
• Direct and Indirect Effects of Changes
• Impracticability
• Changes in Accounting Estimates
• Prospective Reporting
• Disclosures
• Accounting Errors
• Example of Error Correction
• What Do the Numbers Mean? Guard the Financial Statements!
• Summary of Accounting Changes and Correction of Errors
• Motivations for Change of Accounting Policy
• Error Analysis
• Statement of Financial Position Errors
• Income Statement Errors
• Statement of Financial Position and Income Statement Errors
• Comprehensive Example: Numerous Errors
• Preparation of Financial Statements with Error Corrections
• Global Accounting Insights
• Authoritative Literature
• Chapter 23 Statement of Cash Flows
• Show Me the Money!
• Preparation of the Statement of Cash Flows
• Usefulness of the Statement of Cash Flows
• Classification of Cash Flows
• Cash and Cash Equivalents
• What Do the Numbers Mean? How’s My Cash Flow?
• Format of the Statement of Cash Flows
• Steps in Preparation
• Illustrations–Tax Consultants Inc.
• Step 1: Determine the Change in Cash
• Step 2: Determine Net Cash Flow from Operating Activities
• Step 3: Determine Net Cash Flows from Investing and Financing Activities
• Statement of Cash Flows–2015
• Illustration–2016
• Illustration–2017
• Sources of Information for the Statement of Cash Flows
• Net Cash Flow from Operating Activities–Direct Method
• Evolving Issue Direct versus Indirect
• Special Problems in Statement Preparation
• Adjustments to Net Income
• Accounts Receivable (Net)
• Other Working Capital Changes
• Net Losses
• Disclosures
• What Do the Numbers Mean? Better than ROA?
• Use of a Worksheet
• Preparation of the Worksheet
• Analysis of Transactions
• Preparation of Final Statement
• Global Accounting Insights
• Authoritative Literature
• Chapter 24 Presentation and Disclosure in Financial Reporting
• We Need Better, Not More
• Full Disclosure Principle
• Increase in Reporting Requirements
• Differential Disclosure
• Notes to the Financial Statements
• Accounting Policies
• Common Notes
• What Do the Numbers Mean? Footnote Secrets
• Disclosure Issues
• Disclosure of Special Transactions or Events
• Events after the Reporting Period (Subsequent Events)
• Reporting for Diversified (Conglomerate) Companies
• Interim Reports
• Auditor’s and Management’s Reports
• Auditor’s Report
• What Do the Numbers Mean? Heart of the Matter
• Management’s Reports
• Current Reporting Issues
• Reporting on Financial Forecasts and Projections
• What Do the Numbers Mean? Global Forecasts
• Internet Financial Reporting
• Fraudulent Financial Reporting
• Criteria for Making Accounting and Reporting Choices
• Evolving Issue Disclosure Overload
• Global Accounting Insights
• APPENDIX 24A Basic Financial Statement Analysis
• Perspective on Financial Statement Analysis
• Ratio Analysis
• Limitations of Ratio Analysis
• Comparative Analysis
• Percentage (Common-Size) Analysis
• APPENDIX 24B First-Time Adoption of IFRS
• General Guidelines
• Relevant Dates
• Implementation Steps
• Opening IFRS Statement of Financial Position
• Exemptions from Retrospective Treatment
• Presentation and Disclosure
• Summary
• Authoritative Literature
• Appendix A Specimen Financial Statements: Marks and Spencer Group plc
• Appendix B Specimen Financial Statements: adidas AG
• Appendix C Specimen Financial Statements: Puma SE
• Index
• EULA