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Accountants' Handbook, Volume One, Financial Accounting and General Topics, 12th Edition

by D. R. Carmichael, Lynford Graham

June 2012

Intermediate to advanced

944 pages

44h 11m

English

Wiley

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Cover
Update Service
Title Page
Copyright
Preface
About the Editor
About the Contributors
Chapter 1: Financial Accounting and Auditing Organizations
1.1 Role of Financial Accounting and Auditing in the U.S. Economy1.2 Accounting Standards in the United States1.3 Role of the Securities and Exchange Commission1.4 Financial Accounting Standards Board1.5 Governmental Accounting Standards Board1.6 Federal Accounting Standards Advisory Board1.7 American Institute of Certified Public Accountants1.8 U.S. Auditing Standards1.9 Public Company Accounting Oversight Board1.10 American Institute of Certified Public Accountants1.11 State Boards and Other Organizations1.12 Government Accountability Office1.13 Role of International Financial Accounting and Auditing Institutions1.14 International Accounting Standards Board1.15 International Organization of Securities Commissions1.16 European Union1.17 International Auditing—International Federation of Accountants1.18 Summary and Commentary1.19 Additional Reading1.20 Selected Web Sites
Chapter 2: Framework of Financial Accounting Concepts and Standards: A Historical Perspective
2.1 Financial Accounting and Reporting2.2 Why We Have a Conceptual Framework2.3 Financial Accounting Standards Board's Conceptual Framework
Chapter 3: Future Directions in Financial Accounting Standards: The Potential Role of International Accounting Standards
3.1 Introduction3.2 Necessary Transition Period3.3 Case for Adopting One Set of Principles-Based Standards3.4 Historical Perspective3.5 Formation and Structure of the IASB3.6 Structure and Process of the IASB3.7 Standards in Force3.8 Impediments to Implementation3.9 Myths and Misconceptions about International Standards3.10 Sources and Suggested References

Chapter 4: Financial Statements: Form and Content
4.1 Introduction4.2 Principles Underlying Financial Statements4.3 Balance Sheet4.4 Income Statement4.5 Statement of Stockholders' Equity4.6 Statement of Cash Flows4.7 Articulation of Financial Statements4.8 Financial Statement Disclosure4.9 Limitations of Financial Statements4.10 International Perspective4.11 References to the Historical Accounting Literature
Chapter 5: Securities and Exchange Commission Reporting Requirements
5.1 Securities and Exchange Commission5.2 Securities Act of 19335.3 Securities Exchange Act of 19345.4 Form 10-K and Regulations S-X and S-K5.5 Form 10-Q5.6 Form 8-K5.7 Proxy Statements
Chapter 6: Management Discussion and Analysis
6.1 Overview6.2 Current Guidance6.3 Related Accounting Literature6.4 External Auditor Involvement
Chapter 7: Introduction to Internal Control Assessment and Reporting
7.1 Introduction7.2 Definition of Internal Control7.3 Management's Required Reports on Internal Control7.4 Management Certifications7.5 Independent Auditor's Responsibilities7.6 Audit Standards7.7 Top-Down, Risk-Based Approach for Evaluating Internal Control7.8 Coordinating with the Independent Auditors7.9 A New Era
Chapter 8: Accounting for Business Combinations
8.1 Background8.2 Scope8.3 Acquisition Method of Accounting8.4 Leveraged Buyout8.5 Sources and Suggested References
Chapter 9: Consolidation, Translation, and the Equity Method
9.1 Overview9.2 Foreign Currency Translation9.3 Equity Method9.4 Historical Summary of Major Pronouncements9.5 Sources and Suggested References
Chapter 10: Analyzing Financial Statements
10.1 Scope of Financial Statement Analysis10.2 Income Statement Analysis10.3 Accounting and Reporting Issues10.4 Balance Sheet Analysis10.5 Cash Flow Analysis10.6 Integrated Analysis of Financial Statements10.7 Fixed Income Analysis10.8 Finance Company Debt Analysis10.9 Key Ratios10.10 Sources and Suggested References
Chapter 11: Cash, Loans, and Investments
11.1 Introduction to Cash11.2 Accounting for and Reporting Cash11.3 Loans11.4 Debt Securities11.5 Equity Securities11.6 Sources and Suggested References
Chapter 12: Revenues and Receivables
12.1 Nature and Measurement of Revenue12.2 Nature and Significance of Receivables12.3 Criteria for Recognizing Revenue12.4 Types of Revenue Transactions12.5 Revenue Adjustments and Aftercosts12.6 Ancillary Revenue12.7 Statement Presentation12.8 Sources and Suggested References
Chapter 13: Inventory
13.1 Overview13.2 Essential Inventory Concepts13.3 Types of Inventory13.4 Determining Physical Quantities13.5 Valuation Methods13.6 Flow of Costs13.7 Control Objectives and Procedures13.8 Financial Statement Disclosure Requirements13.9 International Standards on Inventory Accounting13.10 Sources and Suggested References
Chapter 14: Goodwill and Other Intangible Assets
14.1 Characterization of Intangible Assets14.2 Accounting and Financial Management Overview14.3 Initial Recognition and Measurement of Intangible Assets14.4 Accounting for Intangible Assets14.5 Certain Identifiable Intangible Assets14.6 Intangible Assets in Specialized Industries14.7 Accounting for Goodwill14.8 Deferred Income Taxes14.9 Financial Statement Presentation14.10 Disclosures14.11 Effective Date and Transition Provisions of SFAS No. 142 (ASC 350)14.12 Sources and Suggested References
Chapter 15: Leases
15.1 Introduction and Background Information15.2 Accounting Issues and Pronouncements15.3 Operating Leases15.4 Capital Leases15.5 Direct Financing Leases15.6 Sales-Type Leases15.7 Sale or Assignment of a Lease or of Property Subject to a Lease Accounted for as a Sales-Type or Direct Financing Lease15.8 Leveraged Leases15.9 Real Estate Leases15.10 Selected Issues in Lease Accounting15.11 Examples of Lease Disclosure15.12 FASB Adds Lease Accounting Back on Its Agenda15.13 Sources and Suggested References
Chapter 16: Property, Plant, Equipment, and Depreciation
16.1 Nature of Property, Plant, and Equipment16.2 Cost16.3 Impairment of Value16.4 Expenditures During Ownership16.5 Disposals16.6 Asset Retirement Obligations16.7 Depreciation16.8 Service Life16.9 Depreciation Base16.10 Depreciation Methods16.11 Depreciation Rates16.12 Depreciation for Tax Purposes16.13 Financial Statement Presentation and Disclosure16.14 Sources and Suggested References
Chapter 17: Accounting for Income Taxes
17.1 Accounting Recognition of Income Taxes17.2 Applying FASB ASC 74017.3 FASB ASC 740-10: Accounting for Uncertainty in Income Taxes17.4 Financial Reporting17.5 Accounting for Income Taxes in Interim Periods17.6 International Financial Reporting Standards17.7 Sources and Suggested References17.8 Valuable Web Sites
Chapter 18: Liabilities
18.1 Nature of Liabilities18.2 Interest18.3 Current Liabilities18.4 Nature and Issue of Bonds Payable18.5 Bond Interest Payments, Premium, and Discount Amortization18.6 Bond Redemption, Refunding, and Conversion18.7 Statement Presentation of Long-Term Debt18.8 Other Long-Term Liabilities18.9 Financial Instruments With Characteristics of Both Liabilities and Equity18.10 Restructuring and Extinguishment of Liabilities18.11 Accounting for Selected Financing Instruments18.12 Fair Value Option18.13 International Perspective18.14 Predecessor Literature and Other Reference Materials
Chapter 19: Shareholders' Equity
19.1 The Corporation19.2 Shares of Stock19.3 Issuance of Stock19.4 Common Stock Adjustments19.5 Reacquisition and Retirement of Capital Stock19.6 Share-Based Payments19.7 Retained Earnings19.8 Other Items Affecting Stockholders' Equity19.9 Disclosure of Information about Capital Structure19.10 Sources and Suggested References
Chapter 20: Partnerships and Joint Ventures
20.1 Nature and Organization of The Partnership Entity20.2 Accounting for Partnership Operations20.3 Accounting for Changes in Firm Membership20.4 Incorporation of a Partnership20.5 Partnership Realization and Liquidation20.6 Limited Partnerships20.7 Nonpublic Investment Partnerships20.8 Joint Ventures20.9 Sources and Suggested References
Chapter 21: Prospective Financial Statements
21.1 Types of Prospective Financial Statements21.2 Limitations on the Use of Prospective Financial Statements21.3 Developing Prospective Financial Statements21.4 Presentation and Disclosure of Prospective Financial Statements21.5 Types of Accountants' Services21.6 Compilation Services21.7 Examination Services21.8 Agreed-Upon Procedures21.9 Internal Use Services21.10 Sources and Suggested References
Index

Content preview from Accountants' Handbook, Volume One, Financial Accounting and General Topics, 12th Edition

Chapter 21

Prospective Financial Statements

Don M. Pallais, CPA

21.1 Types of Prospective Financial Statements

(a) Definitions

(i) Financial Forecasts

(ii) Financial Projections

(b) Other Presentations That Look Like Prospective Financial Statements

(i) Presentations for Wholly Expired Periods

(ii) Partial Presentations

(iii) Pro Formas

(iv) Financial Analyses

21.2 Limitations on the Use of Prospective Financial Statements

(a) How Prospective Financial Statements Are Used

(b) General Use

(d) Internal Use

21.3 Developing Prospective Financial Statements

(a) General Guidelines

(b) Identifying Key Factors

(i) Mathematical Models

(ii) Length of the Prospective Period

(d) Assembling the Prospective Financial Statements

21.4 Presentation and Disclosure of Prospective Financial Statements

(a) Authoritative Guidance

(b) Form of Prospective Financial Statements

(i) Amounts Presented

(ii) Titles

(i) Description of the Presentation

(ii) Significant Assumptions

(iii) Significant Accounting Principles

(iv) Other Matters

21.5 Types of Accountants' Services

(a) Objective of Accountants' Services

(b) Standard Accountants' Services

(i) Prospective Financial Statements

(ii) Third-Party Use

(iii) Assemble and Submit

(d) Prohibited Engagements

(e) Materiality

(f) Securities and Exchange Commission Perspective

(i) Compilations in Securities and Exchange Commission Filings

(ii) Independence

(g) Internal Revenue Service Perspective ...

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Accountants' Handbook, Volume One, Financial Accounting and General Topics, 12th Edition

by D. R. Carmichael, Lynford Graham

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.