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Wiley CPAexcel Exam Review July 2020 Study Guide Financial Accounting and Reporting
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Author Biography
Table of Contents
About the Authors xi
About the Financial Accounting Professors xiii
Welcome to Financial Accounting and Reporting xv
Conceptual Framework and Financial Reporting 1
Financial Accounting Standards Board (FASB) 2
Overview of US GAAP 2
FASB and Standard Setting 2
Accrual Accounting 7
Financial Accounting Standards Codification 13
Conceptual Framework of Financial Reporting by Business Enterprises 17
Objectives and Qualitative Characteristics 17
Assumptions and Accounting Principles 20
Constraints and Present Value 24
Fair Value Framework 27
Fair Value Framework—Introduction and Definitions 27
Recognition and Measurement 31
Inputs and Hierarchy 34
Disclosure Requirements 36
International Financial Reporting Standards (IFRS) 40
IASB Accounting Standards 40
IASB Framework 45
IFRS for SMEs 49
IFRS—General-Purpose Financial Statements 52
General-Purpose Financial Statements 59
Overview—General-Purpose Financial Statements 59
Income Statement 64
Balance Sheet/Statement of Financial Position 70
Statement of Comprehensive Income 77
Statement of Changes in Equity 81
Statement of Cash Flows 84
Sources and Uses of Cash 84
Operating, Investing, and Financing Activities 87
Operating Cash Flows—Indirect Method 95
Notes to Financial Statements 103
Notes to Financial Statements 103
Risks and Uncertainties 109
Subsequent Events 114
Exit or Disposal Activities and Discontinued Operations 117
Evaluating Financial Statements 122
Ratios—Liquidity/Solvency and Operational 122
Ratios—Profitability and Equity 126
Consolidated Financial Statements 129
Introduction to Consolidated Financial Statements 129
Consolidating Process 133
Consolidation at Acquisition 133
Consolidation Subsequent to Acquisition 140
Consolidation Less than 100% Ownership 145
Intercompany (I/C) Transactions and Balances 150
Intercompany (I/C) Transactions and Balances—Introduction 150
Intercompany (I/C) Inventory Transactions 153
Intercompany (I/C) Fixed Asset Transactions 163
Intercompany (I/C) Bond Transactions 175
IFRS—Consolidations 183
Combined Financial Statements 188
Variable Interest Entities (VIEs) 190
Public Company Reporting Topics (SEC, EPS, Interim, and Segment) 192
U.S. Securities and Exchange Commission (SEC) 192
SEC—Role and Standard-Setting Process 192
SEC Reporting Requirements 195
Earnings Per Share 200
Introduction to Earnings per Share 200
Basic Earnings per Share 203
Diluted Earnings per Share 207
Earnings per Share and IFRS 217
Segment Reporting 218
Interim Financial Reporting 222
Interim Reporting Principles 222
Interim Reporting—Details and IFRS 226
Special-Purpose Frameworks 231
Cash, Modified Cash, Income Tax 231
Private Company Council 235
Select Financial Statement Accounts 239
Cash and Cash Equivalents 240
Cash 240
Bank Reconciliations 243
Receivables 246
Accounts Receivable—Accounting and Reporting 246
Uncollectible—Direct Write-Off and Allowance 249
Allowance—Income Statement and Balance Sheet Approach 251
Notes Receivable 256
Criteria for Sale of Receivables 260
Factoring, Assignment, and Pledging 263
Notes Receivable—Impairment 266
Inventory 268
Introduction to Inventory 268
Periodic Inventory System and Cost-Flow Assumption 272
Perpetual Inventory System and Cost-Flow Assumption 279
Evaluation of FIFO and LIFO 283
Dollar-Value LIFO 286
Gross Margin and Relative Sales Value Method 290
Retail Inventory Method 293
Dollar-Value LIFO Retail 298
Subsequent Measurement of Inventory 300
Inventory Errors 304
Losses on Purchase Commitments 306
Inventory and IFRS 308
Property, Plant and Equipment 310
Categories and Presentation 310
Capitalized Costs 311
Valuation 313
Interest Capitalization Basics 316
Interest Capitalization Limits 319
Post-Acquisition Expenditures 324
Non-Accelerated Depreciation Methods 326
Accelerated Depreciation Methods 329
Natural Resources 333
Impairment—Assets for Use and Held-for-Sale 337
Impairment and IFRS 341
PPE and IFRS 343
Nonmonetary Exchange 346
Commercial Substance 346
No Commercial Substance 349
Nonmonetary Exchanges and IFRS 352
Investments 353
Introduction—Investments in Equity and Debt Securities 353
Investments in Equity Securities 358
Equity Investments at Fair Value 358
Equity Investments at Cost 362
Equity Investments Using Equity Method Accounting 366
Investments in Debt Securities 374
Debt Investments at Fair Value 374
Debt Investments at Amortized Cost 384
Investor Stock Dividends, Splits, and Rights 387
Comparison and Transfers of Investments 390
IFRS—Investments in Equity and Debt Securities 398
Intangible Assets—Goodwill and Other 402
Introduction to Intangible Assets 402
Goodwill 408
Research and Development Costs 413
Software Costs 416
Intangibles and IFRS 421
Payables and Accrued Liabilities 423
Current Liabilities 423
Specific Current Liabilities 426
Compensated Absences 428
Asset Retirement Obligations and Environmental Liabilities 432
Contingencies, Commitments, and Guarantees (Provisions) 435
Contingent Liability Principles 435
Examples of Contingent Liabilities and Additional Aspects 438
IFRS—Contingencies 441
Long-Term Debt (Financial Liabilities) 443
Notes Payable 443
Bonds Payable 449
Bond Accounting Principles 449
Bond Complications 453
Bond Fair Value Option, International 456
Modification and Debt Retirement 460
Refinancing Short-Term Obligations 460
Debt Retirement 462
Troubled Debt 464
Debt Covenant Compliance 471
Distinguishing Liabilities from Equity 476
Equity 480
Owners’ Equity Basics 480
Stock Issuance 489
Preferred Stock 494
Treasury Stock 497
Dividends 502
Stock Dividends and Splits 506
Dividend Allocation 509
Stock Rights, Retained Earnings 512
Book Value per Share 517
Select Transactions 521
Revenue Recognition 522
Five Steps of Revenue Recognition 522
Determining Transaction Price 527
Allocating Transaction Price 532
Special Issues in Revenue Recognition 535
Contract Modifications and Other Considerations 541
Accounting for Construction Contracts 549
Employee/Retiree Benefit Plans 557
Pension Principles, Reporting 557
Pension Expense Basics 562
Pension Expense, Delayed Recognition 566
Pension Plan Reporting, International 575
Postretirement Benefits 578
Share-Based Payments 584
Stock Options 584
Stock Awards 592
Stock Appreciation Rights 596
Income Taxes 599
Income Tax Basics 599
Permanent Differences 602
Temporary Differences 604
Tax Accrual Entry 610
Interperiod Tax Allocation Process 614
Valuation Allowance for Deferred Tax Assets 618
Uncertain Tax Positions 620
Net Operating Losses 623
Accounting Changes and Error Corrections 628
Types of Changes and Accounting Approaches 628
Retrospective Application 632
Prospective Application 635
Accounting Errors—Restatement 638
Business Combinations 643
Introduction to Business Combinations 643
Acquisition Method of Accounting 648
Introduction to Acquisition Method of Accounting 648
Determining the Cost of the Business Acquired 652
Recognizing/Measuring Assets, Liabilities, and Noncontrolling Interest 656
Recognizing/Measuring Goodwill or Bargain Purchase Amount 661
Post-Acquisition Issues 664
Disclosure Requirements—Acquisition Method 668
Recording Business Combinations 670
IFRS—Business Combinations 681
Financial Instruments 684
Financial Instruments Introduction 684
IFRS—Financial Instruments 687
Financial Instruments Disclosures 692
Derivatives and Hedging 695
Derivatives Introduction 695
Hedging Introduction 701
Fair Value Hedges 706
Cash-Flow Hedges 710
Foreign Currency Hedges 714
Effectiveness and Disclosure 716
IFRS—Hedging 720
Foreign Currency Denominated Transactions 723
Introduction and Definitions 723
Import Transactions 728
Export Transactions 731
Foreign Currency Hedges 734
Introduction to Forward and Option Contracts 734
Natural (Economic) Hedge 739
Hedging Forecasted Transactions and Firm Commitment 743
Hedging Asset/Liability, Available for Sale, and Foreign Operations 747
Speculation and Summary 750
Conversion of Foreign Financial Statements 752
Introduction to Conversion of Foreign Financial Statements 752
Conversion Using Translation 754
Conversion Using Remeasurement 757
Remeasurement, Translation, and IFRS 761
Leases 763
Background, Short-Term Leases, and Operating Leases 763
Finance Lease Basics 769
Finance Lease—Lessee 774
Sales-Type Leases 780
Direct Financing Leases—Lessor 785
Sale Leasebacks and Disclosures 791
Additional Aspects of Leases 796
Not-for-Profit Organizations 801
Introduction to Types of Not-for-Profit Entities and Standard Setting 801
Financial Reporting 803
Donations, Pledges, Contributions, and Net Assets 811
Special Issues—Recent Developments 818
Special Industries: Healthcare and Colleges 822
Healthcare Organizations 822
Colleges and Universities 828
State and Local Governments 833
State and Local Government Concepts 834
Introduction to Governmental Organizations 834
GASB Concepts Statements 837
Fund Accounting 843
Measurement Focus Basis of Accounting 849
Budgetary Accounting 854
Encumbrance Accounting 857
Deferred Outflows and Deferred Inflows of Resources 862
Net Position and Fund Balance 868
Governmental Funds 872
Proprietary Funds 889
Fiduciary Funds 894
Format and Content of Comprehensive Annual Financial Report (CAFR) 914
The Comprehensive Annual Financial Report 914
Determining the Financial Reporting Entity 929
Major Funds and Fund-Level Reporting 933
Deriving Government-Wide Financial Statements from Fund-Level Financial Statements 935
Typical Items and Specific Types of Transactions and Events 941
Interfund Transactions, Construction Projects, and Infrastructure 941
Long-Term Liabilities Other Than Bonded Debt 947
Terminology and Nonexchange Transactions 952
Special Items—Recent Developments 962
Index 965
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