Financial Accounting with International Financial Reporting Standards

Häftad, Engelska, 2018

Av Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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While there is growing interest in IFRS within the US, interest outside the US has exploded. Weygandt's fourth edition of Financial Accounting: IFRS highlights the integration of more US GAAP rules, a desired feature as more foreign companies find the United States to be their largest market. The highly anticipated new edition retains each of the key features (e.g. TOC, writing style, pedagogy, robust EOC) on which users of Weygandt Financial have come to rely, while putting the focus on international companies/examples, discussing financial accounting principles and procedures within the context of IFRS, and providing EOC exercises and problems that present students with foreign currency examples instead of solely U.S. dollars.

Produktinformation

Utgivningsdatum2018-08-28
Mått216 x 274 x 31 mm
Vikt1 701 g
FormatHäftad
SpråkEngelska
Antal sidor864
Upplaga4
FörlagJohn Wiley & Sons Inc
ISBN9781119504306

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Entreprenörskap inom Ekonomi och ledarskap
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1 Accounting in Action 1-1Knowing the Numbers 1-1Accounting Activities and Users 1-3Three Activities 1-3Who Uses Accounting Data 1-4The Building Blocks of Accounting 1-6Ethics in Financial Reporting 1-6Accounting Standards 1-7Measurement Principles 1-8Assumptions 1-8The Accounting Equation 1-10Assets 1-11Liabilities 1-11Equity 1-11Analyzing Business Transactions 1-13Accounting Transactions 1-13Transaction Analysis 1-14Summary of Transactions 1-19Financial Statements 1-20Income Statement 1-22Retained Earnings Statement 1-22Statement of Financial Position 1-22Statement of Cash Flows 1-23Comprehensive Income Statement 1-23Appendix 1A: Career Opportunities in Accounting 1-25Public Accounting 1-25Private Accounting 1-26Governmental Accounting 1-26Forensic Accounting 1-26A Look at U.S. GAAP 1-462 The Recording Process 2-1Accidents Happen: Bank of Taiwan 2-1Accounts, Debits, and Credits 2-2The Account 2-2Debits and Credits 2-3Equity Relationships 2-6Summary of Debit/Credit Rules 2-6The Journal 2-7The Recording Process 2-7The Journal 2-8The Ledger and Posting 2-10The Ledger 2-10Posting 2-12Chart of Accounts 2-13The Recording Process Illustrated 2-13Summary Illustration of Journalizing and Posting 2-19The Trial Balance 2-21Limitations of a Trial Balance 2-22Locating Errors 2-22Currency Signs and Underlining 2-22A Look at U.S. GAAP 2-463 Adjusting the Accounts 3-1What Was Your Profit?: Cadbury 3-1Accrual-Basis Accounting and Adjusting Entries 3-2Fiscal and Calendar Years 3-3Accrual- versus Cash-Basis Accounting 3-3Recognizing Revenues and Expenses 3-3The Need for Adjusting Entries 3-5Types of Adjusting Entries 3-5Adjusting Entries for Deferrals 3-6Prepaid Expenses 3-6Unearned Revenues 3-10Adjusting Entries for Accruals 3-13Accrued Revenues 3-13Accrued Expenses 3-14Summary of Basic Relationships 3-17Adjusted Trial Balance and Financial Statements 3-20Preparing the Adjusted Trial Balance 3-21Preparing Financial Statements 3-21Appendix 3A: Alternative Treatment of Deferrals 3-24Prepaid Expenses 3-25Unearned Revenues 3-26Summary of Additional Adjustment Relationships 3-27Appendix 3B: Financial Reporting Concepts 3-28Qualities of Useful Information 3-28Assumptions in Financial Reporting 3-28Principles in Financial Reporting 3-29Cost Constraint 3-30A Look at U.S. GAAP 3-564 Completing the Accounting Cycle 4-1Speaking the Same Language: IASB 4-1The Worksheet 4-3Steps in Preparing a Worksheet 4-3Preparing Financial Statements from a Worksheet 4-10Preparing Adjusting Entries from a Worksheet 4-11Closing the Books 4-11Preparing Closing Entries 4-12Posting Closing Entries 4-14Preparing a Post-Closing Trial Balance 4-16The Accounting Cycle and Correcting Entries 4-19Summary of the Accounting Cycle 4-19Reversing Entries—An Optional Step 4-19Correcting Entries—An Avoidable Step 4-19Classified Statement of Financial Position 4-23Intangible Assets 4-24Property, Plant, and Equipment 4-25Long-Term Investments 4-25Current Assets 4-25Equity 4-26Non-Current Liabilities 4-27Current Liabilities 4-27Appendix 4A: Reversing Entries 4-29Reversing Entries Example 4-29A Look at U.S. GAAP 4-575 Accounting for Merchandise Operations 5-1Who Doesn’t Shop?: Carrefour 5-1Merchandising Operations and Inventory Systems 5-3Operating Cycles 5-3Flow of Costs 5-4Recording Purchases Under a Perpetual System 5-6Freight Costs 5-8Purchase Returns and Allowances 5-9Purchase Discounts 5-9Summary of Purchasing Transactions 5-10Recording Sales Under a Perpetual System 5-11Sales Returns and Allowances 5-12Sales Discounts 5-13The Accounting Cycle for a Merchandising Company 5-14Adjusting Entries 5-15Closing Entries 5-15Summary of Merchandising Entries 5-16Financial Statements for a Merchandiser 5-17Income Statement 5-17Classified Statement of Financial Position 5-21Appendix 5A: Worksheet for a Merchandising Company 5-23Using a Worksheet 5-23Appendix 5B: Periodic Inventory System 5-24Determining Cost of Goods Sold Under a Periodic System 5-25Recording Merchandise Transactions 5-25Recording Purchases of Merchandise 5-26Recording Sales of Merchandise 5-27Journalizing and Posting Closing Entries 5-27Using a Worksheet 5-29A Look at U.S. GAAP 5-546 Inventories 6-1“Where is That Spare Bulldozer Blade?”: Komatsu 6-1Classifying and Determining Inventory 6-2Classifying Inventory 6-2Determining Inventory Quantities 6-4Inventory Methods and Financial Effects 6-6Specific Identification 6-7Cost Flow Assumptions 6-7Financial Statement and Tax Effects of Cost Flow Methods 6-11Using Inventory Cost Flow Methods Consistently 6-12Effects of Inventory Errors 6-13Income Statement Effects 6-13Statement of Financial Position Effects 6-14Inventory Statement Presentation and Analysis 6-15Presentation 6-15Lower-of-Cost-or-Net Realizable Value 6-15Analysis 6-16Appendix 6A: Inventory Cost Flow Methods in Perpetual Inventory Systems 6-18First-In, First-Out (FIFO) 6-18Average-Cost 6-19Appendix 6B: Estimating Inventories 6-19Gross Profit Method 6-20Retail Inventory Method 6-21Appendix 6C: LIFO Inventory Method 6-22A Look at U.S. GAAP 6-447 Fraud, Internal Control, and Cash 7-1Minding the Money at Nick’s: Nick’s Steakhouse and Pizza 7-1Fraud and Internal Control 7-2Fraud 7-3Internal Control 7-3Principles of Internal Control Activities 7-4Limitations of Internal Control 7-10Cash Controls 7-10Cash Receipts Controls 7-11Cash Disbursements Controls 7-13Petty Cash Fund 7-15Control Features of a Bank Account 7-18Making Bank Deposits 7-18Writing Checks 7-19Electronic Funds Transfer (EFT) System 7-20Bank Statements 7-20Reconciling the Bank Account 7-21Reporting Cash 7-26Cash Equivalents 7-26Restricted Cash 7-26A Look at U.S. GAAP 7-468 Accounting for Receivables 8-1Are You Going to Pay Me—or Not?: BNP Paribas 8-1Recognition of Accounts Receivable 8-2Types of Receivables 8-3Recognizing Accounts Receivable 8-3Valuation and Disposition of Accounts Receivable 8-5Valuing Accounts Receivable 8-5Disposing of Accounts Receivable 8-11Notes Receivable 8-13Determining the Maturity Date 8-14Computing Interest 8-15Recognizing Notes Receivable 8-15Valuing Notes Receivable 8-16Disposing of Notes Receivable 8-16Presentation and Analysis 8-18Presentation 8-19Analysis 8-19A Look at U.S. GAAP 8-389 Plant Assets, Natural Resources, and Intangible Assets 9-1How Much for a Ride to the Beach?: Rent-A-Wreck 9-1Plant Asset Expenditures 9-2Determining the Cost of Plant Assets 9-3Expenditures During Useful Life 9-5Depreciation Methods 9-7Factors in Computing Depreciation 9-8Depreciation Methods 9-8Component Depreciation 9-13Depreciation and Income Taxes 9-13Revaluation of Plant Assets 9-13Revising Periodic Depreciation 9-14Plant Asset Disposals 9-15Retirement of Plant Assets 9-16Sale of Plant Assets 9-16Natural Resources and Intangible Assets 9-18Natural Resources and Depletion 9-18Intangible Assets 9-20Statement Presentation and Analysis 9-23Presentation 9-23Analysis 9-24Appendix 9A: Exchange of Plant Assets 9-24Loss Treatment 9-25Gain Treatment 9-25A Look at U.S. GAAP 9-4710 Current Liabilities 10-1Financing His Dreams: Wilbert Murdock 10-1Accounting for Current Liabilities 10-2What is a Current Liability? 10-2Notes Payable 10-3Value-Added and Sales Taxes Payable 10-4Unearned Revenues 10-5Salaries and Wages 10-5Current Maturities of Long-Term Debt 10-7Reporting and Analyzing Current Liabilities 10-8Reporting Uncertainty 10-8Reporting of Current Liabilities 10-9Analysis of Current Liabilities 10-10A Look at U.S. GAAP 10-2611 Non-Current Liabilities 11-1Are We Living on Borrowed Time? 11-1Overview of Bonds 11-2Types of Bonds 11-3Issuing Procedures 11-3Bond Trading 11-3Determining the Market Price of a Bond 11-4Bond Transactions 11-6Issuing Bonds at Face Value 11-6Discount or Premium on Bonds 11-7Issuing Bonds at a Discount 11-8Issuing Bonds at a Premium 11-9Redeeming Bonds 11-10Accounting for Non-Current Liabilities 11-11Long-Term Notes Payable 11-11Lease Liabilities 11-13Reporting and Analyzing Non-Current Liabilities 11-14Presentation 11-14Analysis 11-14Debt and Equity Financing 11-15Appendix 11A: Eff ective-Interest Method of Bond Amortization 11-17Amortizing Bond Discount 11-17Amortizing Bond Premium 11-19Appendix 11B: Straight-Line Amortization 11-20Amortizing Bond Discount 11-20Amortizing Bond Premium 11-21A Look at U.S. GAAP 11-3812 Corporations: Organization, Share Transactions, and Equity 12-1To the Victor Go the Spoils: adidas 12-1The Corporate Form of Organization 12-2Characteristics of a Corporation 12-3Forming a Corporation 12-5Shareholder Rights 12-5Share Issue Considerations 12-7Corporate Capital 12-9Accounting for Share Transactions 12-10Accounting for Ordinary Shares 12-10Accounting for Preference Shares 12-12Accounting for Treasury Shares 12-13Dividends and Splits 12-16Accounting for Cash Dividends 12-17Dividend Preferences 12-18Accounting for Share Dividends 12-21Accounting for Share Splits 12-23Reporting and Analyzing Equity 12-24Retained Earnings 12-24Presentation of Statement of Financial Position 12-26Analysis 12-27Appendix 12A: Statement of Changes in Equity 12-28Appendix 12B: Book Value—Another per Share Amount 12-29Book Value per Share 12-29Book Value versus Market Price 12-30A Look at U.S. GAAP 12-5513 Investments 13-1Playing for Fun and Profit: Sony 13-1Debt Investments 13-2Why Companies Invest 13-2Accounting for Debt Investments 13-4Share Investments 13-6Holdings of Less than 20% 13-6Holdings Between 20% and 50% 13-7Holdings of More than 50% 13-8Valuing and Reporting Investments 13-10Categories of Securities 13-10Statement of Financial Position Presentation 13-16Presentation of Realized and Unrealized Gain or Loss 13-17Classified Statement of Financial Position 13-17Appendix 13A: Preparing Consolidated Financial Statements 13-19Consolidated Statement of Financial Position 13-19Consolidated Income Statement 13-23A Look at U.S. GAAP 13-4014 Statement of Cash Flows 14-1What Should We Do with This Cash?: Keyence 14-1Statement of Cash Flows: Usefulness and Format 14-3Usefulness of the Statement of Cash Flows 14-3Classification of Cash Flows 14-3Significant Non-Cash Activities 14-5Format of the Statement of Cash Flows 14-5Preparing the Statement of Cash Flows—Indirect Method 14-7Indirect and Direct Methods 14-8Indirect Method—Computer Services International 14-8Step 1: Operating Activities 14-9Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 14-12Step 2: Investing and Financing Activities 14-13Step 3: Net Change in Cash 14-14Using Cash Flows to Evaluate a Company 14-17Free Cash Flow 14-17Appendix 14A: Statement of Cash Flows—Direct Method 14-19Step 1: Operating Activities 14-21Step 2: Investing and Financing Activities 14-25Step 3: Net Change in Cash 14-26Appendix 14B: Statement of Cash Flows—T-Account Approach 14-26A Look at U.S. GAAP 14-5015 Financial Analysis: The Big Picture 15-1Making Money the Old-Fashioned Way: Li Ka-shing 15-1Basics of Financial Statement Analysis 15-2Need for Comparative Analysis 15-3Tools of Analysis 15-3Horizontal Analysis 15-3Vertical Analysis 15-6Ratio Analysis 15-9Liquidity Ratios 15-9Profitability Ratios 15-13Solvency Ratios 15-16Summary of Ratios 15-18Sustainable Income 15-20Discontinued Operations 15-21Changes in Accounting Principle 15-22Comprehensive Income 15-22A Look at U.S. GAAP 15-48Appendix A Specimen Financial Statements: Taiwan Semiconductor Manufacturing Company, Limited A-1Appendix B Specimen Financial Statements: Nestlé SA B-1Appendix C Specimen Financial Statements: Delfi Limited C-1Appendix D Specimen Financial Statements: Apple Inc. D-1Appendix E Time Value of Money E-1Interest and Future Values E-1Nature of Interest E-1Future Value of a Single Amount E-3Future Value of an Annuity E-5Present Value Concepts E-7Present Value Variables E-7Present Value of a Single Amount E-7Present Value of an Annuity E-9Time Periods and Discounting E-11Present Value of a Long-Term Note or Bond E-11Using Financial Calculators E-14Present Value of a Single Sum E-14Present Value of an Annuity E-15Useful Applications of the Financial Calculator E-16Appendix F Accounting for Partnerships F-1Forming a Partnership F-2Characteristics of Partnerships F-2Organizations with Partnership Characteristics F-3Advantages and Disadvantages of Partnerships F-4The Partnership Agreement F-5Accounting for a Partnership Formation F-5Accounting for Net Income or Net Loss F-6Dividing Net Income or Net Loss F-6Partnership Financial Statements F-9Liquidation of a Partnership F-10No Capital Deficiency F-11Capital Deficiency F-12Admissions and Withdrawals of Partners F-15Admission of a Partner F-15Withdrawal of a Partner F-18Appendix G Subsidiary Ledgers and Special Journals G-1Subsidiary Ledgers G-1Subsidiary Ledger Example G-2Advantages of Subsidiary Ledgers G-3Special Journals G-4Sales Journal G-4Cash Receipts Journal G-7Purchases Journal G-10Cash Payments Journal G-13Effects of Special Journals on the General Journal G-15Cybersecurity: A Final Comment G-16Company Index I-1Subject Index I-3