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· 분류 : 외국도서 > 경제경영 > 재무/회계 > 일반
· ISBN : 9781118098615
· 쪽수 : 1020쪽
목차
1 INTRODUCTION TO BUSINESS COMBINATIONS AND THE CONCEPTUAL FRAMEWORK 1
Learning Objectives 1
Planning M&A in a Changing Environment and Under Changing Accounting Requirements 4
Nature of the Combination 5
Business Combinations: Why? Why Not? 7
Business Combinations: Historical Perspective 10
Terminology and Types of Combinations 14
Takeover Premiums 17
Avoiding the Pitfalls before the Deal 18
Determining Price and Method of Payment in Business Combinations 20
Alternative Concepts of Consolidated Financial Statements 25
FASB’s Conceptual Framework 29
FASB Codification (Source of GAAP) 36
Summary 41
Appendix: Evaluating Firm Performance 42
Questions 49
Analyzing Financial Statements 49
Exercises 51
ASC (Accounting Standards Codification) Exercises 53
2 ACCOUNTING FOR BUSINESS COMBINATIONS 54
Learning Objectives 54
Historical Perspective on Business Combinations 54
Pro Forma Statements and Disclosure Requirement 63
Explanation and Illustration of Acquisition Accounting 65
Contingent Consideration in an Acquisition 70
Leveraged Buyouts 75
IFRS versus U.S. GAAP 76
Summary 77
Appendix A: Deferred Taxes in Business Combinations 79
Questions 81
Analyzing Financial Statements 82
Exercises 84
ASC Exercises 90
Problems 91
3 CONSOLIDATED FINANCIAL STATEMENTS—DATE OF ACQUISITION 96
Learning Objectives 96
Definitions of Subsidiary and Control 98
Requirements for the Inclusion of Subsidiaries in the Consolidated Financial Statements 102
Reasons for Subsidiary Companies 103
Consolidated Financial Statements 103
Investments at the Date of Acquisition 105
Consolidated Balance Sheets: The Use of Workpapers 106
A Comprehensive Illustration—More than One Subsidiary Company 123
Limitations of Consolidated Statements 125
Summary 128
Appendix A: Deferred Taxes on the Date of Acquisition 129
Accounting for Uncertain Tax Positions 130
Appendix B: Consolidation of Variable Interest Entities 132
Questions 134
Analyzing Financial Statements 135
Exercises 136
ASC Exercises 141
Problems 142
4 CONSOLIDATED FINANCIAL STATEMENTS AFTER ACQUISITION 149
Learning Objectives 149
Accounting for Investments by the Cost, Partial Equity, and Complete Equity Methods 150
Consolidated Statements after Acquisition—Cost Method 158
Recording Investments in Subsidiaries—Equity Method (Partial or Complete) 170
Elimination of Intercompany Revenue and Expense Items 180
Interim Acquisitions of Subsidiary Stock 182
Consolidated Statement of Cash Flows 194
Illustration of Preparation of a Consolidated Statement of Cash Flows—Year of Acquisition 197
Compare U.S. GAAP and IFRS Regarding Equity Method 201
Summary 202
Appendix A: Alternative Workpaper Format 203
Appendix B: Deferred Tax Consequences When Affiliates File Separate Income Tax Returns—Undistributed Income 205
Consolidated Tax Returns—Affiliated Companies (80% or More Ownership Levels) 206
Separate Tax Returns—Deferred Tax Consequences Arising Because of Undistributed Subsidiary Income 206
The Cost Method—Separate Tax Returns 207
Undistributed Income Is Expected to Be Realized When the Subsidiary Is Sold 209
The Partial and Complete Equity Methods—Separate Tax Returns 209
Questions 211
Analyzing Financial Statements 212
Exercises 214
ASC Exercises 220
Problems 221
5 ALLOCATION AND DEPRECIATION OF DIFFERENCES BETWEEN IMPLIED AND BOOK VALUES 234
Learning Objectives 234
Allocation of the Difference Between Implied and Book Values to Assets and Liabilities of Subsidiary—Acquisition Date 236
Effect of Allocation and Depreciation of Differences Between Implied and Book Values on Consolidated Net Income—Year Subsequent to Acquisition 243
Consolidated Statements Workpaper—Investment Recorded Using the Cost Method 248
Cost Method Analysis of Controlling and Noncontrolling Interests in Consolidated Net Income and Retained Earnings 257
Consolidated Statements Workpaper—Investment Recorded Using Partial Equity Method 259
Partial Equity Method Analysis of Controlling and Noncontrolling Interests in Consolidated Net Income and Retained Earnings 267
Consolidated Statements Workpaper—Investment Recorded Using Complete Equity Method 269
Complete Equity Method Analysis of Controlling Interest in Consolidated Net Income and Retained Earnings 277
Additional Considerations Relating to Treatment of Difference Between Implied and Book Values 278
Push Down Accounting 287
IFRS vs. U.S. GAAP on Research & Development Costs 292
Summary 293
Questions 294
Analyzing Financial Statements 296
Exercises 297
ASC Exercises 303
Problems 303
6 ELIMINATION OF UNREALIZED PROFIT ON INTERCOMPANY SALES OF INVENTORY 320
Learning Objectives 320
Effects of Intercompany Sales of Merchandise on the Determination of Consolidated Balances 321
Cost Method: Consolidated Statements Workpaper—Upstream Sales 331
Cost Method—Analysis of Consolidated Net Income and Consolidated Retained Earnings 337
Consolidated Statements Workpaper—Partial Equity Method 340
Partial Equity Method—Analysis of Consolidated Net Income and Consolidated Retained Earnings 344
Consolidated Statements Workpaper—Complete Equity Method 345
Complete Equity Method—Analysis of Consolidated Net Income and Consolidated Retained Earnings 350
Summary of Workpaper Entries Relating to Intercompany Sales of Inventory 350
Intercompany Profit Prior to Parent–Subsidiary Affiliation 351
Summary 352
Appendix: Deferred Taxes and Intercompany Sales of Inventory 353
Deferred Tax Consequences Arising Because of Unrealized Intercompany Profit 353
Intercompany Sales of Inventory—Cost and Partial Equity Method 354
Undistributed Subsidiary Income—Impact of Unrealized Intercompany Profit on the Calculation of Deferred Taxes 356
Questions 359
Analyzing Financial Statements 360
Exercises 362
ASC Exercises 365
Problems 365
7 ELIMINATION OF UNREALIZED GAINS OR LOSSES ON INTERCOMPANY SALES OF PROPERTY AND EQUIPMENT 380
Learning Objectives 380
Intercompany Sales of Land (Nondepreciable Property) 381
Intercompany Sales of Depreciable Property (Machinery, Equipment, and Buildings) 384
Consolidated Statements Workpaper—Cost and Partial Equity Methods 392
Calculation of Consolidated Net Income and Consolidated Retained Earnings 401
Consolidated Statements Workpaper—Complete Equity Method 405
Calculation and Allocation of Consolidated Net Income; Consolidated Retained Earnings: Complete Equity Method 411
Summary of Workpaper Entries Relating to Intercompany Sales of Equipment 411
Intercompany Interest, Rents, and Service Fees 411
Summary 415
Appendix: Deferred Tax Consequences Related to Intercompany Sales of Equipment 416
Impact of Unrealized Intercompany Profit on the Calculation of Deferred Tax Consequences Related to Undistributed Subsidiary Income 418
Calculations (and Allocation) of Consolidated Net Income and Consolidated Retained Earnings 419
Questions 421
Analyzing Financial Statements 421
Exercises 422
ASC Exercises 425
Problems 425
8 CHANGES IN OWNERSHIP INTEREST 437
Learning Objectives 437
Parent Acquires Subsidiary Stock Through Several Open-Market Purchases—Cost Method 439
Parent Sells Subsidiary Stock Investment on the Open Market—Cost Method 443
Equity Method—Purchases and Sales of Subsidiary Stock by the Parent 447
Parent Sells Subsidiary Stock Investment on the Open Market—Cost Method 451
Subsidiary Issues Stock 453
Summary 463
Questions 464
Analyzing Financial Statements 464
Exercises 465
ASC Exercises 468
Problems 468
9 INTERCOMPANY BOND HOLDINGS AND MISCELLANEOUS TOPICS—CONSOLIDATED FINANCIAL STATEMENTS 477
Learning Objectives 477
Intercompany Bond Holdings 478
Accounting for Bonds—A Review 479
Constructive Gain or Loss on Intercompany Bond Holdings 480
Accounting for Intercompany Bonds Illustrated 483
Book Entry Related to Bond Investment 484
Interim Purchase of Intercompany Bonds 500
Notes Receivable Discounted 501
Stock Dividends Issued by a Subsidiary Company 503
Dividends from Preacquisition Earnings 507
Subsidiary with Both Preferred and Common Stock Outstanding 508
Consolidating a Subsidiary with Preferred Stock Outstanding 511
Summary 522
Questions 523
Analyzing Financial Statements 524
Exercises 526
ASC Exercises 530
Problems 530
10 INSOLVENCY—LIQUIDATION AND REORGANIZATION 542
Learning Objectives 542
Contractual Agreements 543
Bankruptcy 545
Liquidation (Chapter 7) 550
Reorganization Under the Reform Act (Chapter 11) 551
Trustee Accounting and Reporting 562
Realization and Liquidation Account 565
Summary 571
Questions 572
Analyzing Financial Statements 572
Exercises 577
ASC Exercises 581
Problems 581
11 INTERNATIONAL FINANCIAL REPORTING STANDARDS 588
Learning Objectives 588
The Increasing Importance of International Accounting Standards 588
The Road to Convergence—U.S. GAAP and IFRS 589
Significant Similarities and Differences Between U.S. GAAP and IFRS 594
GAAP Hierarchy—U.S. versus IFRS 595
Long-Term Convergence Issues—FASB and IASB 605
Lease Accounting Convergence 605
Revenue Recognition Convergence 607
Financial Statement Presentation 609
Potential Changes to Financial Statements 610
International Convergence Issues 614
American Depository Receipts: An Overview 617
Summary 620
Appendix A: List of Current International Financial Reporting Standards, Issued by IASC and IASB 621
Questions 622
Analyzing Financial Statements 623
Exercises 625
ASC Exercises 627
Problems 627
12 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS AND HEDGING FOREIGN EXCHANGE RISK 631
Learning Objectives 631
Exchange Rates—Means of Translation 632
Measured versus Denominated 635
Foreign Currency Transactions 635
Using Forward Contracts as a Hedge 645
Summary 664
Questions 665
Analyzing Financial Statements 666
Exercises 666
ASC Exercises 674
Problems 674
13 TRANSLATION OF FINANCIAL STATEMENTS OF FOREIGN AFFILIATES 682
Learning Objectives 682
Accounting for Operations in Foreign Countries 683
Translating Financial Statements of Foreign Affiliates 684
Objectives of Translation—SFAS No. 52 [ASC 830–30] 685
Translation Methods 686
Identifying the Functional Currency 687
Translation of Foreign Currency Financial Statements 689
Translation of Foreign Financial Statements Illustrated 693
Financial Statement Disclosure 702
Historical Developments of Accounting Standards 704
Summary 706
Appendix: Accounting for a Foreign Affiliate and Preparation of Consolidated Statements Workpaper Illustrated 707
Date of Acquisition 707
Accounting for an Investment in a Foreign Affiliate—After Acquisition 708
Consolidation When the Temporal Method of Translation Is Used 709
Remeasurement and Translation of Foreign Currency Transactions 711
Intercompany Receivables and Payables 712
Elimination of Intercompany Profit 712
Liquidation of a Foreign Investment 713
Questions 714
Analyzing Financial Statements 714
Exercises 716
ASC Exercises 723
Problems 723
14 REPORTING FOR SEGMENTS AND FOR INTERIM FINANCIAL PERIODS 733
Learning Objectives 733
Need for Disaggregated Financial Data 734
Standards of Financial Accounting and Reporting 734
International Accounting Standards Board (IASB) Position On Segment Reporting 746
Interim Financial Reporting 747
Summary 756
Appendix: GE Segmental Disclosures, 2010 Annual Report (partial) 758
Basic for Presentation 760
Questions 761
Exercises 764
ASC Exercises 768
Problems 768
15 PARTNERSHIPS: FORMATION, OPERATION, AND OWNERSHIP CHANGES 773
Learning Objectives 773
Partnership Defined 774
Reasons for Forming a Partnership 776
Characteristics of a Partnership 776
Partnership Agreement 779
Accounting for a Partnership 780
Special Problems in Allocation of Income and Loss 788
Financial Statement Presentation 790
Changes in the Ownership of the Partnership 791
Section A: Admission of a New Partner 793
Section B: Withdrawal of a Partner 800
Summary 804
Questions 805
Exercises 806
ASC Exercises 812
Problems 813
16 PARTNERSHIP LIQUIDATION 820
Learning Objectives 820
Steps in the Liquidation Process 821
Priorities of Partnership and Personal Creditors 823
Simple Liquidation Illustrated 825
Installment Liquidation 827
Incorporation of a Partnership 836
Summary 838
Questions 839
Exercises 839
ASC Exercises 844
Problems 845
Glossary G-1
Appendix ASC: Researching the FASB Codification A-1
Appendix PV: Tables of Present Value A-8
Index I-1
