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• Cover
• Title Page
• DEDICATED TO
• Copyright
• From the Authors
• About the Authors
• New to This Edition
• Proven Pedagogical Framework
• Acknowledgments
• CHAPTER 1: Financial Reporting and Accounting Standards
• Global Markets
• Objective of Financial Reporting
• Standard-Setting Organizations
• Financial Reporting Challenges
• Review and Practice
• Global Accounting Insights
• CHAPTER 2: Conceptual Framework for Financial Reporting
• Conceptual Framework
• Fundamental Concepts
• Assumptions
• Measurement, Recognition, and Disclosure Concepts
• Review and Practice
• Global Accounting Insights
• CHAPTER 3: The Accounting Information System
• Accounting Information System
• Record and Summarize Basic Transactions
• Identify and Prepare Adjusting Entries
• Preparing Financial Statements
• Financial Statements for a Merchandising Company
• APPENDIX 3A: Cash-Basis Accounting versus Accrual-Basis Accounting
• Conversion from Cash Basis to Accrual Basis
• 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
• Preparing Financial Statements from a Worksheet
• Review and Practice
• Global Accounting Insights
• CHAPTER 4: Income Statement and Related Information
• Income Statement
• Content and Format of the Income Statement
• Reporting Various Income Items
• Accounting Changes and Errors
• Related Equity Statements
• Review and Practice
• Global Accounting Insights
• CHAPTER 5: Statement of Financial Position and Statement of Cash Flows
• Statement of Financial Position
• Preparation of the Statement of Financial Position
• Statement of Cash Flows
• Additional Information
• APPENDIX 5A: Ratio Analysis—A Reference
• Using Ratios to Analyze Performance
• Review and Practice
• Global Accounting Insights
• CHAPTER 6: Accounting and the Time Value of Money
• Basic Time Value Concepts
• Single-Sum Problems
• Annuities (Future Value)
• Annuities (Present Value)
• Other Time Value of Money Issues
• Review and Practice
• CHAPTER 7: Cash and Receivables
• Cash
• Receivables
• Valuation of Accounts Receivable
• Notes Receivable
• Other Issues Related to Receivables
• APPENDIX 7A: Cash Controls
• Using Bank Accounts
• The Imprest Petty Cash System
• Physical Protection of Cash Balances
• Reconciliation of Bank Balances
• Review and Practice
• Global Accounting Insights
• CHAPTER 8: Valuation of Inventories: A Cost-Basis Approach
• Inventory Issues
• Goods and Costs Included in Inventory
• Which Cost Flow Assumption to Adopt?
• Effect of Inventory Errors
• APPENDIX 8A: LIFO Cost Flow Assumption
• Last-In, First-Out (LIFO)
• Inventory Valuation Methods—Summary Analysis
• Review and Practice
• CHAPTER 9: Inventories: Additional Valuation Issues
• Lower-of-Cost-or-Net Realizable Value (LCNRV)
• Valuation Bases
• The Gross Profit Method of Estimating Inventory
• Retail Inventory Method
• Presentation and Analysis
• Review and Practice
• Global Accounting Insights
• CHAPTER 10: Acquisition and Disposition of Property, Plant, and Equipment
• Property, Plant, and Equipment
• Borrowing Costs During Construction
• Valuation of Property, Plant, and Equipment
• Costs Subsequent to Acquisition
• Disposition of Property, Plant, and Equipment
• Review and Practice
• CHAPTER 11: Depreciation, Impairments, and Depletion
• Depreciation—A Method of Cost Allocation
• Other Depreciation Issues
• Impairments
• Depletion
• Revaluations
• Presentation and Analysis
• APPENDIX 11A: Revaluation of Property, Plant, and Equipment
• Revaluation of Land
• Revaluation of Depreciable Assets
• Review and Practice
• Global Accounting Insights
• CHAPTER 12: Intangible Assets
• Intangible Asset Issues
• Types of Intangible Assets
• Goodwill
• Impairment and Presentation of Intangible Assets
• Research and Development Costs
• Review and Practice
• Global Accounting Insights
• CHAPTER 13: Current Liabilities, Provisions, and Contingencies
• Current Liabilities
• Provisions
• Contingencies
• Presentation and Analysis
• Review and Practice
• CHAPTER 14: Non-Current Liabilities
• Bonds Payable
• Long-Term Notes Payable
• Extinguishment of Non-Current Liabilities
• Presentation and Analysis
• Review and Practice
• Global Accounting Insights
• CHAPTER 15: Equity
• Corporate Capital
• Reacquisition of Shares
• Dividend Policy
• Presentation and Analysis of Equity
• APPENDIX 15A: Dividend Preferences and Book Value per Share
• Dividend Preferences
• Book Value per Share
• Review and Practice
• Global Accounting Insights
• CHAPTER 16: Dilutive Securities and Earnings per Share
• Dilutive Securities
• Share Warrants
• Share Compensation Plans
• Basic Earnings per Share
• Diluted Earnings per Share
• 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
• Review and Practice
• Global Accounting Insights
• CHAPTER 17: Investments
• Debt Investments
• Equity Investments
• Other Reporting Issues
• APPENDIX 17A: Accounting for Derivative Instruments
• Defining Derivatives
• Who Uses Derivatives, and Why?
• Basic Principles in Accounting for Derivatives
• Derivatives Used for Hedging
• Other Reporting Issues
• Comprehensive Hedge Accounting Example
• 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
• Review and Practice
• Global Accounting Insights
• CHAPTER 18: Revenue Recognition
• Fundamentals of Revenue Recognition
• The Five-Step Process Revisited
• Accounting for Revenue Recognition Issues
• Presentation and Disclosure
• APPENDIX 18A: Long-Term Construction Contracts
• Revenue Recognition over Time
• APPENDIX 18B: Revenue Recognition for Franchises
• Franchise Accounting
• Recognition of Franchise Rights Revenue over Time
• Review and Practice
• CHAPTER 19: Accounting for Income Taxes
• Fundamentals of Accounting for Income Taxes
• Additional Issues
• Accounting for Net Operating Losses
• Financial Statement Presentation
• APPENDIX 19A: Comprehensive Example of Interperiod Tax Allocation
• First Year—2021
• Second Year—2022
• APPENDIX 19B: Accounting for Net Operating Loss Carrybacks
• Loss Carryback
• Review and Practice
• Global Accounting Insights
• CHAPTER 20: Accounting for Pensions and Postretirement Benefits
• Fundamentals of Pension Plan Accounting
• Using a Pension Worksheet
• Past Service Cost
• Remeasurements
• Reporting Pension Plans in Financial Statements
• Review and Practice
• Global Accounting Insights
• CHAPTER 21: Accounting for Leases
• The Leasing Environment
• Lessee Accounting
• Lessor Accounting
• Special Lease Accounting Problems
• Appendix 21A: Sale-Leasebacks
• Accounting Issues in Sale-Leaseback Transactions
• Sale-Leaseback Example
• Appendix 21B: Comprehensive Example
• Lease Terms: Scenario 1
• Lease Terms: Scenario 2
• Review and Practice
• Global Accounting Insights
• CHAPTER 22: Accounting Changes and Error Analysis
• Accounting Changes
• Changes in Accounting Estimates
• Accounting Errors
• Error Analysis
• Review and Practice
• Global Accounting Insights
• CHAPTER 23: Statement of Cash Flows
• The Statement of Cash Flows
• Preparing the Statement of Cash Flows
• Special Problems in Statement Preparation
• Use of a Worksheet
• Review and Practice
• Global Accounting Insights
• CHAPTER 24: Presentation and Disclosure in Financial Reporting
• Full Disclosure Principle
• Disclosure Issues
• Auditor’s and Management’s Reports
• Current Reporting Issues
• Appendix 24A: Basic Financial Statement Analysis
• Perspective on Financial Statement Analysis
• Ratio Analysis
• Comparative Analysis
• Percentage (Common-Size) Analysis
• Appendix 24B: First-Time Adoption of IFRS
• General Guidelines
• Implementation Steps
• Summary
• Review and Practice
• Global Accounting Insights
• Appendix A: Specimen Financial Statements: Marks and Spencer Group plc
• Appendix B: Specimen Financial Statements: adidas AG
• Appendix C: Specimen Financial Statements: Puma Group
• Company Index
• Subject Index
• End User License Agreement