Intermediate Accounting

Cover......Page 1
Title Page......Page 5
Copyright......Page 6
Brief Contents......Page 7
Contents......Page 16
We Can Do Better......Page 28
Accounting and Capital Allocation......Page 30
Objective of Financial Reporting......Page 31
What Do the Numbers Mean? Don't Forget Stewardship......Page 32
Securities and Exchange Commission (SEC)......Page 33
American Institute of Certified Public Accountants (AICPA)......Page 35
Financial Accounting Standards Board (FASB)......Page 36
Generally Accepted Accounting Principles......Page 39
FASB Codification......Page 40
GAAP in a Political Environment......Page 42
The Expectations Gap......Page 43
Financial Reporting Challenges......Page 44
International Accounting Standards......Page 46
Conclusion......Page 47
FASB Codification......Page 49
IFRS Insights......Page 57
What Is It?......Page 66
Need for a Conceptual Framework......Page 68
Development of a Conceptual Framework......Page 69
Overview of the Conceptual Framework......Page 70
Qualitative Characteristics of Accounting Information......Page 71
What Do the Numbers Mean? Living in a Material World......Page 74
What Do the Numbers Mean? Show Me the Earnings!......Page 76
Basic Elements......Page 78
Third Level: Recognition and Measurement Concepts......Page 79
What Do the Numbers Mean? Whose Company Is It?......Page 80
Basic Principles of Accounting......Page 82
Cost Constraint......Page 87
Summary of the Structure......Page 89
FASB Codification......Page 91
IFRS Insights......Page 104
Needed: A Reliable Information System......Page 108
Basic Terminology......Page 110
Debits and Credits......Page 111
The Accounting Equation......Page 112
Financial Statements and Ownership Structure......Page 114
Identifying and Recording Transactions and Other Events......Page 115
Journalizing......Page 117
Posting......Page 118
Adjusting Entries......Page 122
What Do the Numbers Mean? Am I Covered?......Page 133
Preparing Financial Statements......Page 134
Closing......Page 136
Reversing Entries-An Optional Step......Page 139
Income Statement......Page 140
Balance Sheet......Page 141
Closing Entries......Page 143
APPENDIX 3A Cash-Basis Accounting versus Accrual-Basis Accounting......Page 144
Conversion from Cash Basis to Accrual Basis......Page 146
Service Revenue Computation......Page 147
Operating Expense Computation......Page 148
Theoretical Weaknesses of the Cash Basis......Page 149
Illustration of Reversing Entries-Accruals......Page 150
Illustration of Reversing Entries-Deferrals......Page 151
Summary of Reversing Entries......Page 152
Adjustments Entered on the Worksheet......Page 153
Income Statement and Balance Sheet Columns......Page 155
Preparing Financial Statements from a Worksheet......Page 156
IFRS Insights......Page 179
Financial Statements Are Changing......Page 184
Limitations of the Income Statement......Page 186
Quality of Earnings......Page 187
Elements of the Income Statement......Page 188
Intermediate Components of the Income Statement......Page 190
Condensed Income Statements......Page 192
Single-Step Income Statements......Page 193
Reporting Various Income Items......Page 194
Unusual Gains and Losses......Page 195
Discontinued Operations......Page 196
Extraordinary Items......Page 199
What Do the Numbers Mean? Extraordinary Times......Page 201
Summary of Various Income Items......Page 202
Earnings per Share......Page 203
Accounting Changes and Errors......Page 205
Retained Earnings Statement......Page 207
Comprehensive Income......Page 208
Evolving Issue Income Reporting......Page 211
FASB Codification......Page 214
IFRS Insights......Page 231
Hey, It Doesn't Balance!......Page 238
Limitations of the Balance Sheet......Page 240
Classification in the Balance Sheet......Page 241
What Do the Numbers Mean? "Show Me the Assets!"......Page 250
Balance Sheet Format......Page 252
Purpose of the Statement of Cash Flows......Page 254
Content and Format of the Statement of Cash Flows......Page 255
Overview of the Preparation of the Statement of Cash Flows......Page 256
Usefulness of the Statement of Cash Flows......Page 258
What Do the Numbers Mean? "There Ought to Be a Law"......Page 261
Supplemental Disclosures......Page 262
What Do the Numbers Mean? What About Your Commitments?......Page 264
Techniques of Disclosure......Page 265
Evolving Issue Balance Sheet Reporting: Gross or Net?......Page 269
Using Ratios to Analyze Performance......Page 271
APPENDIX 5B Specimen Financial Statements: The Procter & Gamble Company......Page 273
FASB Codification......Page 281
IFRS Insights......Page 303
How Do I Measure That?......Page 312
Applications of Time Value Concepts......Page 314
The Nature of Interest......Page 315
Compound Interest......Page 316
What Do the Numbers Mean? A Pretty Good Start......Page 317
Single-Sum Problems......Page 320
Future Value of a Single Sum......Page 321
Present Value of a Single Sum......Page 322
Solving for Other Unknowns in Single-Sum Problems......Page 324
Annuities......Page 325
Future Value of an Ordinary Annuity......Page 326
What Do the Numbers Mean? Don't Wait to Make That Contribution!......Page 328
Future Value of an Annuity Due......Page 329
Examples of Future Value of Annuity Problems......Page 330
Present Value of an Ordinary Annuity......Page 332
Present Value of an Annuity Due......Page 334
Examples of Present Value of Annuity Problems......Page 335
Deferred Annuities......Page 337
Valuation of Long-Term Bonds......Page 339
Effective-Interest Method of Amortization of Bond Discount or Premium......Page 340
Present Value Measurement......Page 341
Example of Expected Cash Flow......Page 342
FASB Codification......Page 346
Please Release Me?......Page 370
Reporting Cash......Page 372
Summary of Cash-Related Items......Page 374
Accounts Receivable......Page 375
Recognition of Accounts Receivable......Page 377
Valuation of Accounts Receivable......Page 378
What Do the Numbers Mean? I'm Still Waiting......Page 384
Recognition of Notes Receivable......Page 385
Valuation of Notes Receivable......Page 389
Special Issues......Page 390
Disposition of Accounts and Notes Receivable......Page 391
What Do the Numbers Mean? Return to Lender......Page 397
Presentation and Analysis......Page 398
Evolving Issue A Cure for "Too Little, Too Late"?......Page 400
Using Bank Accounts......Page 402
The Imprest Petty Cash System......Page 403
Reconciliation of Bank Balances......Page 404
APPENDIX 7B Impairments of Receivables......Page 407
Impairment Loss Example......Page 408
What Do the Numbers Mean? Lost in Translation......Page 409
FASB Codification......Page 411
IFRS Insights......Page 434
To Switch or Not to Switch......Page 440
Classification......Page 442
Inventory Cost Flow......Page 443
Inventory Control......Page 445
Basic Issues in Inventory Valuation......Page 446
Goods in Transit......Page 447
Special Sales Agreements......Page 448
Effect of Inventory Errors......Page 449
Costs Included in Inventory......Page 451
Treatment of Purchase Discounts......Page 452
What Do the Numbers Mean? You May Need a Map......Page 453
Specific Identification......Page 454
Average-Cost......Page 455
First-In, First-Out (FIFO)......Page 456
Last-In, First-Out (LIFO)......Page 457
LIFO Reserve......Page 458
What Do the Numbers Mean? Comparing Apples to Apples......Page 459
LIFO Liquidation......Page 460
Dollar-Value LIFO......Page 461
Comparison of LIFO Approaches......Page 466
Major Advantages of LIFO......Page 467
Major Disadvantages of LIFO......Page 468
Basis for Selection of Inventory Method......Page 469
Inventory Valuation Methods-Summary Analysis......Page 471
FASB Codification......Page 475
Not What It Seems to Be......Page 498
Lower-of-Cost-or-Market......Page 500
Ceiling and Floor......Page 501
How Lower-of-Cost-or-Market Works......Page 502
Methods of Applying Lower-of-Cost-or-Market......Page 503
Recording "Market" Instead of Cost......Page 504
Use of an Allowance......Page 505
What Do the Numbers Mean? "Put It in Reverse"......Page 506
Valuation at Net Realizable Value......Page 507
Valuation Using Relative Sales Value......Page 508
Purchase Commitments-A Special Problem......Page 509
The Gross Profit Method of Estimating Inventory......Page 511
Computation of Gross Profit Percentage......Page 512
Retail Inventory Method......Page 514
Retail-Method Concepts......Page 515
Retail Inventory Method with Markups and Markdowns-Conventional Method......Page 516
Evaluation of Retail Inventory Method......Page 519
Presentation of Inventories......Page 520
Analysis of Inventories......Page 521
Stable Prices-LIFO Retail Method......Page 523
Fluctuating Prices-Dollar-Value LIFO Retail Method......Page 524
Subsequent Adjustments Under Dollar-Value LIFO Retail......Page 526
Changing from Conventional Retail to LIFO......Page 527
FASB Codification......Page 530
IFRS Insights......Page 551
Watch Your Spending......Page 562
Acquisition of Property, Plant, and Equipment......Page 564
Cost of Buildings......Page 565
Self-Constructed Assets......Page 566
Interest Costs During Construction......Page 567
What Do the Numbers Mean? What's in Your Interest?......Page 572
Deferred-Payment Contracts......Page 573
Lump-Sum Purchases......Page 574
Issuance of Stock......Page 575
Exchanges of Nonmonetary Assets......Page 576
Accounting for Contributions......Page 581
Costs Subsequent to Acquisition......Page 582
What Do the Numbers Mean? Disconnected......Page 583
Improvements and Replacements......Page 584
Repairs......Page 585
Sale of Plant Assets......Page 586
Miscellaneous Problems......Page 587
FASB Codification......Page 590
Here Come the Write-Offs......Page 614
Factors Involved in the Depreciation Process......Page 616
Methods of Depreciation......Page 618
Special Depreciation Methods......Page 621
What Do the Numbers Mean? Decelerating Depreciation......Page 623
Special Depreciation Issues......Page 624
Recognizing Impairments......Page 627
Measuring Impairments......Page 628
Impairment of Assets to Be Disposed Of......Page 629
Depletion......Page 630
Establishing a Depletion Base......Page 631
Write-Off of Resource Cost......Page 632
Liquidating Dividends......Page 633
Continuing Controversy......Page 634
Presentation of Property, Plant, Equipment, and Natural Resources......Page 635
Analysis of Property, Plant, and Equipment......Page 637
Tax Lives (Recovery Periods)......Page 640
Example of MACRS......Page 641
Optional Straight-Line Method......Page 642
Tax versus Book Depreciation......Page 643
FASB Codification......Page 644
IFRS Insights......Page 663
Is This Sustainable?......Page 674
Valuation......Page 676
Amortization of Intangibles......Page 677
Marketing-Related Intangible Assets......Page 679
Customer-Related Intangible Assets......Page 680
Contract-Related Intangible Assets......Page 681
Technology-Related Intangible Assets......Page 682
What Do the Numbers Mean? Patent Battles......Page 683
Goodwill......Page 684
Impairment of Indefinite-Life Intangibles Other Than Goodwill......Page 688
Impairment of Goodwill......Page 689
Impairment Summary......Page 690
Research and Development Costs......Page 691
Identifying R&D Activities......Page 692
Costs Similar to R&D Costs......Page 693
Presentation of Intangible Assets......Page 696
Presentation of Research and Development Costs......Page 698
Evolving Issue Recognition of R&D and Internally Generated Intangibles......Page 699
FASB Codification......Page 702
IFRS Insights......Page 719
Now You See It, Now You Don't......Page 726
Current Liabilities......Page 728
Notes Payable......Page 729
Short-Term Obligations Expected to Be Refinanced......Page 731
Customer Advances and Deposits......Page 733
What Do the Numbers Mean? Microsoft's Liabilities-Good or Bad?......Page 734
Income Taxes Payable......Page 735
Employee-Related Liabilities......Page 736
Gain Contingencies......Page 741
Loss Contingencies......Page 742
What Do the Numbers Mean? Frequent Flyers......Page 748
Presentation of Current Liabilities......Page 752
Presentation of Contingencies......Page 754
Analysis of Current Liabilities......Page 755
Evolving Issue Greenhouse Gases: Let's Be Standard-Setters......Page 756
FASB Codification......Page 759
IFRS Insights......Page 779
Going Long......Page 788
Types of Bonds......Page 790
What Do the Numbers Mean? All About Bonds......Page 791
Valuation of Bonds Payable-Discount and Premium......Page 792
Bonds Issued at Discount or Premium on Interest Date......Page 794
Effective-Interest Method......Page 796
Costs of Issuing Bonds......Page 800
Extinguishment of Debt......Page 801
Long-Term Notes Payable......Page 802
Notes Not Issued at Face Value......Page 803
Special Notes Payable Situations......Page 805
Fair Value Option......Page 808
Off-Balance-Sheet Financing......Page 809
What Do the Numbers Mean? Obligated......Page 811
Presentation and Analysis of Long-Term Debt......Page 812
Evolving Issue Fair Value of Liabilities: Pick a Number, Any Number......Page 814
APPENDIX 14A Troubled-Debt Restructurings......Page 816
Granting of Equity Interest......Page 817
Example 1-No Gain for Debtor......Page 818
Example 2-Gain for Debtor......Page 821
Concluding Remarks......Page 822
FASB Codification......Page 824
IFRS Insights......Page 841
It's a Global Market......Page 846
What Do the Numbers Mean? 1209 North Orange Street......Page 848
Capital Stock or Share System......Page 849
Corporate Capital......Page 850
Issuance of Stock......Page 851
Reacquisition of Shares......Page 855
What Do the Numbers Mean? Buybacks-Good or Bad?......Page 856
Features of Preferred Stock......Page 860
Accounting for and Reporting Preferred Stock......Page 862
Financial Condition and Dividend Distributions......Page 863
Types of Dividends......Page 864
Stock Dividends and Stock Splits......Page 867
What Do the Numbers Mean? Splitsville......Page 870
Disclosure of Restrictions on Retained Earnings......Page 872
Presentation......Page 873
Analysis......Page 875
Dividend Preferences......Page 878
Book Value per Share......Page 879
FASB Codification......Page 882
IFRS Insights......Page 900
Kicking the Habit......Page 908
Accounting for Convertible Debt......Page 910
Convertible Preferred Stock......Page 912
Stock Warrants......Page 913
Evolving Issue Is That All Debt?......Page 916
Stock-Option Plans......Page 919
Restricted Stock......Page 920
Employee Stock-Purchase Plans......Page 922
Debate over Stock-Option Accounting......Page 923
Computing Earnings per Share......Page 925
Earnings per Share-Simple Capital Structure......Page 926
Earnings per Share-Complex Capital Structure......Page 930
What Do the Numbers Mean? Pro Forma EPS Confusion......Page 937
APPENDIX 16A Accounting for Stock-Appreciation Rights......Page 939
SARS-Share-Based Liability Awards......Page 940
Stock-Appreciation Rights Example......Page 941
APPENDIX 16B Comprehensive Earnings per Share Example......Page 942
Diluted Earnings per Share......Page 944
FASB Codification......Page 949
IFRS Insights......Page 967
What to Do?......Page 976
Debt Investment Classifications......Page 978
Held-to-Maturity Securities......Page 979
Available-for-Sale Securities......Page 981
Trading Securities......Page 985
Investments in Equity Securities......Page 986
Holdings of Less Than 20%......Page 987
Holdings Between 20% and 50%......Page 990
Holdings of More Than 50%......Page 992
Fair Value Option......Page 993
Evolving Issue Fair Value Controversy......Page 994
Impairment of Value......Page 995
Reclassification Adjustments......Page 996
Transfers Between Categories......Page 1000
Evolving Issue Classification and Measurement-The Long Road......Page 1001
Defining Derivatives......Page 1003
Producers and Consumers......Page 1004
Speculators and Arbitrageurs......Page 1005
Example of Derivative Financial Instrument-Speculation......Page 1006
Derivatives Used for Hedging......Page 1009
Fair Value Hedge......Page 1010
Cash Flow Hedge......Page 1013
Qualifying Hedge Criteria......Page 1015
Summary of Derivatives Accounting......Page 1016
Comprehensive Hedge Accounting Example......Page 1017
Fair Value Hedge......Page 1018
Financial Statement Presentation of an Interest Rate Swap......Page 1020
Controversy and Concluding Remarks......Page 1021
APPENDIX 17B Variable-Interest Entities......Page 1022
Consolidation of Variable-Interest Entities......Page 1023
Some Examples......Page 1024
APPENDIX 17C Fair Value Disclosures......Page 1025
Disclosure of Fair Value Information: Financial Instruments......Page 1026
Conclusion......Page 1029
FASB Codification......Page 1031
IFRS Insights......Page 1052
It's Back......Page 1066
Overview of Revenue Recognition......Page 1068
Guidelines for Revenue Recognition......Page 1069
Departures from the Sale Basis......Page 1070
Revenue Recognition at Point of Sale (Delivery)......Page 1071
Sales with Discounts......Page 1072
Sales with Right of Return......Page 1073
Sales with Buybacks......Page 1075
Principal-Agent Relationships......Page 1076
What Do the Numbers Mean? Grossed Out......Page 1077
What Do the Numbers Mean? No Take-Backs......Page 1079
Multiple-Deliverable Arrangements......Page 1080
Summary......Page 1082
Revenue Recognition before Delivery......Page 1083
Percentage-of-Completion Method......Page 1084
Completed-Contract Method......Page 1089
Long-Term Contract Losses......Page 1090
What Do the Numbers Mean? Less Conservative......Page 1093
Installment-Sales Method......Page 1094
Cost-Recovery Method......Page 1103
Deposit Method......Page 1104
Summary and Concluding Remarks......Page 1105
APPENDIX 18A Revenue Recognition for Franchises......Page 1107
Example of Entries for Initial Franchise Fee......Page 1108
Bargain Purchases......Page 1109
Disclosures of Franchisors......Page 1110
FASB Codification......Page 1112
IFRS Insights......Page 1135
How Much Is Enough?......Page 1142
Fundamentals of Accounting for Income Taxes......Page 1144
Future Taxable Amounts and Deferred Taxes......Page 1145
What Do the Numbers Mean? "Real Liabilities"......Page 1148
Future Deductible Amounts and Deferred Taxes......Page 1149
Deferred Tax Asset-Valuation Allowance......Page 1151
Income Statement Presentation......Page 1152
Specific Differences......Page 1153
Tax Rate Considerations......Page 1156
What Do the Numbers Mean? Global Tax Rates......Page 1157
Loss Carryforward......Page 1158
Loss Carryback Example......Page 1159
Loss Carryforward Example......Page 1160
Balance Sheet......Page 1164
What Do the Numbers Mean? Imagination at Work......Page 1166
Income Statement......Page 1167
Evolving Issue Uncertain Tax Positions......Page 1169
Review of the Asset-Liability Method......Page 1170
First Year-2013......Page 1173
Computing Deferred Income Taxes-End of 2013......Page 1174
Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes-2013......Page 1175
Financial Statement Presentation-2013......Page 1176
Second Year-2014......Page 1177
Computing Deferred Income Taxes-End of 2014......Page 1178
Financial Statement Presentation-2014......Page 1179
FASB Codification......Page 1182
IFRS Insights......Page 1201
Where Have All the Pensions Gone?......Page 1208
Nature of Pension Plans......Page 1210
Defined Benefit Plan......Page 1211
What Do the Numbers Mean? Which Plan Is Right for You?......Page 1212
Alternative Measures of the Liability......Page 1213
Components of Pension Expense......Page 1215
2014 Entries and Worksheet......Page 1218
Amortization of Prior Service Cost (PSC)......Page 1220
2015 Entries and Worksheet......Page 1221
Gain or Loss......Page 1223
What Do the Numbers Mean? Pension Costs Ups and Downs......Page 1224
Corridor Amortization......Page 1225
2016 Entries and Worksheet......Page 1228
Reporting Pension Plans in Financial Statements......Page 1230
Within the Financial Statements......Page 1231
Within the Notes to the Financial Statements......Page 1233
Example of Pension Note Disclosure......Page 1234
2017 Entries and Worksheet-A Comprehensive Example......Page 1236
Special Issues......Page 1237
What Do the Numbers Mean? Who Guarantees the Guarantor?......Page 1239
Concluding Observations......Page 1241
Accounting Guidance......Page 1243
Differences Between Pension Benefits and Healthcare Benefits......Page 1244
Postretirement Benefits Accounting Provisions......Page 1245
Postretirement Expense......Page 1246
2014 Entries and Worksheet......Page 1247
2015 Entries and Worksheet......Page 1249
Amortization of Net Gain or Loss in 2016......Page 1250
Actuarial Assumptions and Conceptual Issues......Page 1251
What Do the Numbers Mean? Want Some Bad News?......Page 1253
FASB Codification......Page 1255
IFRS Insights......Page 1276
More Companies Ask, "Why Buy?"......Page 1294
Who Are the Players?......Page 1296
Advantages of Leasing......Page 1298
Conceptual Nature of a Lease......Page 1299
Accounting by the Lessee......Page 1300
Capitalization Criteria......Page 1301
Capital Lease Method (Lessee)......Page 1304
What Do the Numbers Mean? Restatements on the Menu......Page 1307
Comparison of Capital Lease with Operating Lease......Page 1308
Evolving Issue Are You Liable?......Page 1309
Economics of Leasing......Page 1310
Classification of Leases by the Lessor......Page 1311
Direct-Financing Method (Lessor)......Page 1312
Special Lease Accounting Problems......Page 1315
Residual Values......Page 1316
Sales-Type Leases (Lessor)......Page 1322
Initial Direct Costs (Lessor)......Page 1324
Current versus Noncurrent......Page 1325
Disclosing Lease Data......Page 1326
Unresolved Lease Accounting Problems......Page 1328
Evolving Issue Lease Accounting-If It Quacks Like a Duck......Page 1329
APPENDIX 21A Sale-Leasebacks......Page 1332
Lessee......Page 1333
Sale-Leaseback Example......Page 1334
FASB Codification......Page 1339
IFRS Insights......Page 1357
In the Dark......Page 1368
Changes in Accounting Principle......Page 1370
Retrospective Accounting Change Approach......Page 1372
What Do the Numbers Mean? Change Management......Page 1374
Direct and Indirect Effects of Changes......Page 1381
Impracticability......Page 1382
Prospective Reporting......Page 1383
Disclosures......Page 1384
Accounting Errors......Page 1385
Example of Error Correction......Page 1387
Summary of Accounting Changes and Correction of Errors......Page 1389
What Do the Numbers Mean? Can I Get My Money Back?......Page 1390
Motivations for Change of Accounting Method......Page 1391
Balance Sheet Errors......Page 1392
Balance Sheet and Income Statement Errors......Page 1393
Comprehensive Example: Numerous Errors......Page 1396
What Do the Numbers Mean? Guard the Financial Statements!......Page 1398
Preparation of Financial Statements with Error Corrections......Page 1399
Dividends in Excess of Earnings......Page 1403
Change to the Equity Method......Page 1404
FASB Codification......Page 1407
IFRS Insights......Page 1430
Show Me the Money!......Page 1436
Usefulness of the Statement of Cash Flows......Page 1438
Classification of Cash Flows......Page 1439
What Do the Numbers Mean? How's My Cash Flow?......Page 1440
Steps in Preparation......Page 1441
Illustrations-Tax Consultants Inc.......Page 1442
Step 2: Determine Net Cash Flow from Operating Activities......Page 1443
Step 3: Determine Net Cash Flows from Investing and Financing Activities......Page 1445
Illustration-2014......Page 1446
Illustration-2015......Page 1449
Sources of Information for the Statement of Cash Flows......Page 1452
Net Cash Flow from Operating Activities-Direct Method......Page 1454
Evolving Issue Direct versus Indirect......Page 1459
Special Problems in Statement Preparation......Page 1460
Adjustments to Net Income......Page 1461
Accounts Receivable (Net)......Page 1464
What Do the Numbers Mean? Not What It Seems......Page 1465
Net Losses......Page 1466
Significant Noncash Transactions......Page 1467
What Do the Numbers Mean? Cash Flow Tool......Page 1468
Use of a Worksheet......Page 1469
Analysis of Transactions......Page 1470
Preparation of Final Statement......Page 1477
FASB Codification......Page 1480
IFRS Insights......Page 1506
High-Quality Financial Reporting-Always in Fashion......Page 1512
Full Disclosure Principle......Page 1514
Differential Disclosure......Page 1515
Evolving Issue Disclosure-Quantity and Quality......Page 1516
Common Notes......Page 1517
Disclosure of Special Transactions or Events......Page 1519
Post-Balance-Sheet Events (Subsequent Events)......Page 1521
Reporting for Diversified (Conglomerate) Companies......Page 1523
Interim Reports......Page 1527
Evolving Issue It's Faster but Is It Better?......Page 1533
Auditor's Report......Page 1534
Management's Reports......Page 1537
Reporting on Financial Forecasts and Projections......Page 1539
What Do the Numbers Mean? Global Forecasts......Page 1541
Internet Financial Reporting......Page 1542
Fraudulent Financial Reporting......Page 1543
What Do the Numbers Mean? Disclosure Overload......Page 1545
Criteria for Making Accounting and Reporting Choices......Page 1546
Perspective on Financial Statement Analysis......Page 1548
Ratio Analysis......Page 1549
Limitations of Ratio Analysis......Page 1550
Comparative Analysis......Page 1552
Percentage (Common-Size) Analysis......Page 1553
FASB Codification......Page 1556
IFRS Insights......Page 1574
Index......Page 1585