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Accountants' Handbook, Volume Two, Special Industries and Special Topics, 12th Edition

by D. R. Carmichael, Lynford Graham

June 2012

Intermediate to advanced

864 pages

39h 22m

English

Wiley

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22.1 What Are They? And Why Do We Need Them?22.2 Practical Tips22.3 Rules and Guidance in Presenting Asset Values22.4 Rules and Guidance in Presenting Liabilities22.5 Provision for Income Taxes22.6 Statement of Changes in Net Worth22.7 Disclosures22.8 Compilation22.9 Review22.10 Audits22.11 Reports22.12 Compiled Statements Only for Client Internal Use22.13 Sources and Suggested References
23.1 History of Accounting for Stock-Based Compensation23.2 Accounting for Stock-Based Compensation23.3 Estimating Fair Value23.4 Special Topics23.5 Disclosure23.6 Accounting Standards Codification23.7 International Perspective23.8 Sources and Suggested References
24.1 Introduction24.2 Why the Trend Toward Fair Value Accounting?24.3 History and Evolution of Fair Value24.4 Fair Value Measurements Standards and Concepts24.5 Fair Value Option24.6 Auditing Fair Value Measurements24.7 Conclusion

25.1 Introduction25.2 Standards of Value25.3 Auditing Guidance25.4 Business Valuation Basics25.5 Business Valuation Methods25.6 Discounts and Premiums25.7 What a Valuation Report Should Contain25.8 Intangible Assets—ASC 805/350 Issues25.9 Does It All Add Up?25.10 Credentials of a Valuation AnalystAppendix A BVR's Glossary of Business Valuation Terms, 2009Appendix B Additional Sources of Study
26.1 Overview26.2 Definition of a Derivative26.3 Exemptions26.4 Embedded Derivative Instruments26.5 Accounting Treatment26.6 Disclosures26.7 International Financial Reporting Standards and Derivatives26.8 Sources and Suggested References
27.1 Background, Environment, and Overview27.2 Sponsor Accounting27.3 Sponsor Accounting for Nonrecurring Events27.4 Sponsor Accounting for Nonqualified Plans27.5 Plan Accounting27.6 Accounting for Postretirement Benefits Other Than Pensions27.7 Employers' Accounting for Postemployment Benefits27.8 Sources and Suggested References27.9 Appendix
28.1 Not-for-Profit Accounting Environment28.2 Not-for-Profit Accounting Principles and Reporting Practices28.3 Specific Types of Organizations28.4 Audit Considerations for a Not-for-Profit Organization28.5 Sources and Suggested ReferencesAppendix 28.1: Factors to Be Considered in Distinguishing Contracts for the Purchase of Goods or Services from Restricted GrantsAppendix 28.2: Factors to Be Considered in Assessing Whether Contributed Services Require Specialized SkillsAppendix 28.3: List of Factors to Be Considered in Determining Whether an Organization Would Typically Need to Purchase Services if Not Provided by DonationAppendix 28.4: Factors to Be Considered in Assessing Whether a Donor Has Made a Bona Fide Pledge to a DoneeAppendix 28.5: List of Factors to Be Considered in Deciding Whether a Gift or Pledge Subject to Donor Stipulations Is Conditional or RestrictedAppendix 28.6: Consideration of Whether Items May Be Reported as Operating or NonoperatingAppendix 28.7: Not-for-Profit Accounting Literature: Cross-References Between the ASC Topics and Previous Guidance
29.1 Questions Answered by CVR Analysis29.2 Analysis of Revenues29.3 Analysis of Cost Behavior29.4 CVR Analysis with Variable Revenue Only29.5 Break-Even Analysis29.6 CVR Analysis with Fixed Revenue Only29.7 CVR Analysis with Variable and Fixed Revenues29.8 Program Mix Analysis29.9 Management Options29.10 Sources and Suggested References
30.1 Overview30.2 Banks and Savings Institutions
30.4 Investment Companies30.5 Sources and Suggested References
31.1 Real Estate Industry31.2 Real Estate Transactions31.3 Capitalized Cost of Real Estate31.4 Allocation of Costs31.5 Valuation Issues31.6 Construction Revenue Recognition31.7 Operations of Properties in Use31.8 Accounting for Investments in Real Estate Ventures31.9 Financial Reporting31.10 Sources and Suggested References
32.1 Federal Government Organization32.2 Federal Financial Management32.3 Federal Financial Reporting32.4 Federal Budget Process32.5 Auditing in the Federal Government32.6 Emerging Issues32.7 ConclusionAppendix A: Selected Financial Management LegislationAppendix B: Important Budgetary Accounting Terms
33.1 Introduction33.2 Nature and Organization of State and Local Government Activities33.3 Source of Accounting Principles for State and Local Government Accounting33.4 Governmental Accounting Principles and Practices33.5 Basic Financial Statements Required for Special-Purpose Governments33.6 Accounting Principles and Practices—Public Colleges and Universities33.7 Audits of Governmental Units33.8 Concluding Remarks33.9 Sources and Suggested ReferencesAppendix Pronouncements on State and Local Government Accounting
34.1 Introduction34.2 Oil and Gas Exploration and Producing Operations34.3 Accounting for Joint Operations34.4 Acceptable Accounting Methods34.5 Accounting for Natural Gas Imbalances34.6 Hard-Rock Mining34.7 Accounting for Mining Costs34.8 Accounting for Mining Revenues34.9 Supplementary Financial Statement Information—Ore Reserves34.10 Accounting for Income Taxes34.11 Financial Statement Disclosures34.12 Sources and Suggested References
35.1 The Health Care Industry35.2 Authoritative Pronouncements35.3 Accounting Principles35.4 Special Accounting Problems of Specific Types of Providers35.5 Financial Statements35.6 Statutory/Regulatory Reporting Issues35.7 Sources and Suggested References
36.1 Nature and Characteristics of Regulated Utilities36.2 History of Regulation36.3 Regulatory Commission Jurisdictions36.4 Traditional Rate-Making Process36.5 Interrelationship of Regulatory Reporting and Financial Reporting36.6 Accounting Standards Codification 980, Regulated Operations36.7 ASC Topic 980-360-35, Cost Disallowances36.8 ASC Topic 980-340, Other Assets and Deferred Costs36.9 Discontinuation of Rate-Regulated Accounting: ASC Topic 980-2036.10 Other Specialized Utility Accounting Practices36.11 Sources and Suggested References
37.1 History of Guidance37.2 Revenue Reporting37.3 Costs and Expenses37.4 Presentation and Disclosure
38.1 Estates—Legal Background38.2 Accounting for Estates38.3 Trusts and Trustees—Legal Background38.4 Accounting for Trusts38.5 Sources and Suggested References
39.1 Overview39.2 Alternatives Available to Troubled Companies39.3 General Provisions of Bankruptcy Code39.4 Handling of Claims Under Chapter 1139.5 Operating Under Chapter 1139.6 Chapter 11 Plan39.7 Reporting Requirements in Bankruptcy Cases39.8 Sources and Suggested References
40.1 Introduction40.2 Types of Fraud40.3 Fighting Fraud: An Overview40.4 Fraud Detection: The Earliest Approaches40.5 Fraud Detection: The Red-Flag Approach40.6 Management and the Board of Directors40.7 Relationships with Others40.8 Organization and Industry40.9 Financial Results and Operating Characteristics40.10 Strategic Fraud Detection40.11 Conclusion
41.1 Introduction41.2 Accountant's Role in Dispute Resolution Proceedings41.3 Accountant's Role in Investigations and Compliance Matters41.4 Globalization Impact
42.1 Computers? Now, That Changes Everything!42.2 Shift to Digital Data Storage and Communication42.3 Increasing Data Volumes42.4 Increased Value of Digital Data42.5 Going After Evidence42.6 The Legal Setting42.7 Today's Use of Electronic Discovery Techniques42.8 More/Better Substantive Information (Metadata)42.9 Audit Trails (Traffic Data)42.10 Faster/Better/Cheaper42.11 Role of Computer Forensics42.12 Evidence Preservation42.13 Physical Imaging versus Logical Backups42.14 Forensic Recordkeeping42.15 Acquisition Notes42.16 Chain-of-Custody Documentation42.17 Analysis Workpapers42.18 Get the “Whole Enchilada”42.19 Evidence Discovery42.20 Data Searching42.21 Deleted/Slack/Unallocated Space42.22 Conclusion
43.1 Introduction43.2 Methodology and Overview of Observations and Conclusions43.3 Expert Witness Challenges and Exclusions: 2000–200243.4 Reasons Financial Experts Were Excluded: Relevance, Reliability, and Qualifications43.5 Exclusion of Plaintiff Financial Experts43.6 Types of Financial Experts Excluded43.7 June 30, 2003 Update: Observations43.8 Summary and Conclusions43.9 Final Comments Relevant to the Certified Public Accountant Designation

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