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This is the unbound, loose-leaf version of Intermediate Accounting, 17th Edition, Volume 2. This book is written by industry thought leaders, Kieso, Weygandt, and Warfield and is developed around one simple proposition: create great accountants. Upholding industry standards, this edition incorporates new data analytics content and up-to-date coverage of leases, revenue recognition, financial instruments, and US GAAP & IFRS. While maintaining its reputation for accuracy, comprehensiveness, and accessibility, Intermediate Accounting drives results by helping students build professional competencies through reliable problem material.
Contents
15 Stockholders' Equity 15-1
It's a Global Market 15-1
Corporate Capital 15-3
Corporate Form 15-3
What Do the Numbers Mean? 1209 North Orange Street 15-3
Components of Stockholders' Equity 15-5
Issuance of Stock 15-6
What Do the Numbers Mean? The Case of the Disappearing Receivable 15-9
Preferred Stock 15-10
What Do the Numbers Mean? A Class (B) Act 15-12
Reacquisition of Shares 15-12
Purchase of Treasury Stock 15-14
Sale of Treasury Stock 15-15
Retiring Treasury Stock 15-16
What Do the Numbers Mean? Buybacks—Good or Bad? 15-16
Dividend Policy 15-17
Financial Condition and Dividend Distributions 15-17
Types of Dividends 15-18
Stock Dividends and Stock Splits 15-21
What Do the Numbers Mean? Splitsville 15-23
Presentation and Analysis of Stockholders' Equity 15-25
Presentation 15-25
Analysis 15-27
Appendix 15A: Dividend Preferences and Book Value per Share 15-29
Dividend Preferences 15-29
Book Value per Share 15-30
Analytics in Action 15-51
FAS B Codification and Exercises 15-52
IFRS Insights 15-52
16 Dilutive Securities and Earnings per Share 16-1
Kicking the Habit 16-1
Dilutive Securities 16-3
Debt and Equity 16-3
Accounting for Convertible Debt 16-3
Convertible Preferred Stock 16-5
What Do the Numbers Mean? How Low Can You Go? 16-6
Stock Warrants 16-6
Stock Warrants Issued with Other Securities 16-7
Rights to Subscribe to Additional Shares 16-9
Evolving Issue is That All Debt? 16-9
Stock Compensation Plans 16-10
Measurement—Stock Compensation 16-11
What Do the Numbers Mean? What's the Debate About? 16-12
Recognition—Stock Compensation 16-13
Restricted Stock 16-14
Employee Stock-Purchase Plans 16-16
Disclosure of Compensation Plans 16-16
Basic Earnings per Share 16-18
Earnings per Share—Simple Capital Structure 16-19
Comprehensive Example 16-21
Diluted Earnings per Share 16-22
Diluted EPS—Convertible Securities 16-23
Diluted EPS—Options and Warrants 16-25
Contingent Issue Agreement 16-26
Antidilution Revisited 16-26
EPS Presentation and Disclosure 16-27
Summary of EPS Computation 16-29
What Do the Numbers Mean? Pro Forma EPS Confusion 16-30
Appendix 16A: Accounting for Stock-Appreciation Rights 16-30
SARs—Share-Based Equity Awards 16-31
SARs—Share-Based Liability Awards 16-31
Stock-Appreciation Rights Example 16-32
Appendix 16B: Comprehensive Earnings per Share Example 16-33
Diluted Earnings per Share 16-34
FAS B Codification and Exercises 16-57
IFRS Insights 16-58
17 Investments 17-1
Winners and Losers 17-1
Investments in Debt Securities 17-2
Debt Investment Classifications 17-3
Held-to-Maturity Securities (Amortized Cost) 17-4
Available-for-Sale Securities (Fair Value Through Other Comprehensive Income) 17-6
Trading Securities (Fair Value Through Net Income) 17-10
What Do the Numbers Mean? To Have and to Hold 17-11
Investments in Equity Securities 17-11
Holdings of Less Than 20% 17-12
Holdings Between 20% and 50% (Equity Method) 17-14
Holdings of More Than 50% (Consolidation) 17-16
What Do the Numbers Mean? Who's in Control Here? 17-16
Other Financial Reporting Issues 17-17
Fair Value Option 17-17
Evolving Issue Fair Value Controversy 17-18
Impairment of Value 17-18
Reclassification Adjustments 17-21
Transfers Related to Debt Securities 17-24
Summary of Reporting Treatment of Securities 17-25
What Do The Numbers Mean? So You Think It is Easy? 17-26
Appendix 17A: Accounting for Derivative Instruments 17-26
Defining Derivatives 17-27
Who Uses Derivatives, and Why? 17-27
Producers and Consumers 17-27
Speculators and Arbitrageurs 17-28
Basic Principles in Accounting for Derivatives 17-29
Example of Derivative Financial Instrument—Speculation 17-29
Differences Between Traditional and Derivative Financial Instruments 17-31
Derivatives Used for Hedging 17-32
What Do the Numbers Mean? Risky Business 17-33
Fair Value Hedge 17-33
Cash Flow Hedge 17-35
Other Reporting Issues 17-37
Embedded Derivatives 17-37
Qualifying Hedge Criteria 17-38
Summary of Derivatives Accounting 17-39
Comprehensive Hedge Accounting Example 17-40
Fair Value Hedge 17-40
Financial Statement Presentation of an Interest Rate Swap 17-42
Controversy and Concluding Remarks 17-43
Appendix 17B: Fair Value Disclosures 17-43
Disclosure of Fair Value Information: Financial Instruments 17-44
Disclosure of Fair Values: Impaired Assets or Liabilities 17-46
Conclusion 17-47
FAS B Codification and Exercises 17-70
IFRS Insights 17-71
18 Revenue Recognition 18-1
It's Back 18-1
Fundamentals of Revenue Recognition 18-3
Background 18-3
New Revenue Recognition Standard 18-4
Overview of the Five-Step Process: Boeing Example 18-4
Extended Example of the Five-Step Process: BEAN 18-5
The Five-Step Process Revisited 18-9
Identifying the Contract with Customers—Step 1 18-9
Identifying Separate Performance Obligations—Step 2 18-10
Determining the Transaction Price—Step 3 18-11
Allocating the Transaction Price to Separate Performance Obligations—Step 4 18-15
Recognizing Revenue When (or as) Each Performance Obligation is Satisfied—Step 5 18-17
Summary 18-18
Accounting for Revenue Recognition Issues 18-19
Sales Returns and Allowances 18-19
Repurchase Agreements 18-22
Bill-and-Hold Arrangements 18-24
Principal-Agent Relationships 18-24
Consignments 18-25
What Do the Numbers Mean? Grossed Out 18-27
Warranties 18-27
Nonrefundable Upfront Fees 18-29
Summary 18-29
Presentation and Disclosure 18-30
Presentation 18-30
Disclosure 18-34
Evolving Issue Revenue: "It's Like An Octopus" 18-35
Appendix 18A: Long-Term Construction Contracts 18-36
Revenue Recognition over Time 18-36
Percentage-of-Completion Method 18-37
Completed-Contract Method 18-42
Long-Term Contract Losses 18-43
Appendix 18B: Revenue Recognition for Franchises 18-46
Franchise Accounting 18-47
Recognition of Franchise Rights Revenue over Time 18-49
FAS B Codification and Exercises 18-76
19 Accounting for Income Taxes 19-1
Taxes Are A-Changing 19-1
Fundamentals of Accounting for Income Taxes 19-3
Future Taxable Amounts and Deferred Taxes 19-4
What Do the Numbers Mean? "Real Liabilities" 19-8
Future Deductible Amounts and Deferred Taxes 19-8
What Do the Numbers Mean? "Real Assets" 19-11
Deferred Tax Asset—Valuation Allowance 19-11
Additional Considerations 19-12
Income Statement Presentation 19-12
Specific Differences 19-13
Tax Rate Considerations 19-16
What Do the Numbers Mean? Global Tax Rates 19-17
What Do the Numbers Mean? Lower Tax Rate—Good or Bad? 19-18
Accounting for Net Operating Losses 19-18
Loss Carryforward 19-19
Loss Carryforward Example 19-19
What Do the Numbers Mean? NOLs: Good News or Bad? 19-23
Financial Statement Presentation 19-23
Balance Sheet 19-23
Note Disclosure 19-24
What Do the Numbers Mean? Imagination at Work 19-25
Income Statement 19-26
Evolving Issue Uncertain Tax Positions 19-28
The Asset-Liability Method 19-28
Appendix 19A: Comprehensive Example of Interperiod Tax Allocation 19-30
First Year—2019 19-30
Taxable Income and Income Taxes Payable—2019 19-31
Computing Deferred Income Taxes—End of 2019 19-31
Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes—2019 19-32
Financial Statement Presentation—2019 19-33
Second Year—2020 19-34
Taxable Income and Income Taxes Payable—2020 19-34
Computing Deferred Income Taxes—End of 2020 19-35
Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes—2020 19-35
Financial Statement Presentation—2020 19-36
Appendix 19B: Accounting for Net Operating Loss Carrybacks 19-36
Loss Carryback 19-37
Loss Carryback Example 19-37
Loss Carryback with Carryforward 19-38
FAS B Codification and Exercises 19-59
IFRS Insights 19-60
20 Accounting for Pensions and Postretirement Benefits 20-1
Where Have All the Pensions Gone? 20-2
Fundamentals of Pension Plan Accounting 20-3
Defined Contribution Plan 20-4
Defined Benefit Plan 20-5
What Do the Numbers Mean? Which Plan is Right for You? 20-6
The Role of Actuaries in Pension Accounting 20-6
Measures of the Liability 20-7
What Do the Numbers Mean? Roller Coaster 20-8
Components of Pension Expense 20-9
Using a Pension Worksheet 20-11
2020 Entries and Worksheet 20-12
Funded Status 20-13
Prior Service Cost (PSC) 20-13
Amortization 20-14
2021 Entries and Worksheet 20-15
Gains and Losses 20-17
Smoothing Unexpected Gains and Losses on Plan Assets 20-17
What Do the Numbers Mean? Pension Costs Ups and Downs 20-18
Smoothing Unexpected Gains and Losses on the Pension Liability 20-18
Corridor Amortization 20-18
Evolving Issue Bye Bye Corridor 20-21
2022 Entries and Worksheet 20-21
2023 Entries and Worksheet—A Comprehensive Example 20-23
Reporting Pension Plans in Financial Statements 20-25
Assets and Liabilities 20-25
Net Income 20-26
Comprehensive Income 20-27
Within the Notes to the Financial Statements 20-28
Special Issues 20-31
What Do the Numbers Mean? Who Guarantees the Guarantor? 20-32
Concluding Observations 20-34
Appendix 20A: Accounting for Postretirement Benefits 20-34
Accounting Guidance 20-34
Differences Between Pension Benefits and Healthcare Benefits 20-35
What Do the Numbers Mean? OPEBs—How Big Are They? 20-36
Postretirement Benefits Accounting Provisions 20-36
Obligations Under Postretirement Benefits 20-36
Postretirement Expense 20-37
Illustrative Accounting Entries 20-38
2020 Entries and Worksheet 20-38
Recognition of Gains and Losses 20-39
2021 Entries and Worksheet 20-40
Amortization of Net Gain or Loss in 2022 20-41
Disclosures in Notes to the Financial Statements 20-41
Actuarial Assumptions and Conceptual Issues 20-43
What Do the Numbers Mean? Want Some Bad News? 20-43
FAS B Codification and Exercises 20-67
IFRS Insights 20-68
21 Accounting for Leases 21-1
Times Are A-Changing 21-1
The Leasing Environment 21-3
A Look at the Lessee 21-3
Advantages of Leasing—Lessees 21-4
A Look at the Lessor 21-4
Advantages of Leasing—Lessors 21-5
What Do the Numbers Mean? Residual Value Regret 21-6
Conceptual Nature of a Lease 21-6
Finance and Operating Leases (Lessee) 21-7
Lease Classification 21-7
Accounting for Finance Leases 21-11
Lessee Accounting for Finance Leases: An Example 21-11
Lessor Accounting for Sales-Type Leases 21-14
What Do the Numbers Mean? Not So Fast 21-15
Sales-Type Lease Example 21-16
Accounting for Operating Leases 21-18
Lessee Accounting for Operating Leases 21-18
Lessor Accounting for Operating Leases 21-21
Special Lease Accounting Problems 21-22
Residual Values 21-23
Other Lease Adjustments 21-27
Bargain Purchase Options 21-29
Short-Term Leases 21-30
Presentation, Disclosure, and Analysis 21-30
Evolving Issue Bring It On! 21-34
Appendix 21A: Sale-Leasebacks 21-35
Accounting Issues in Sale-Leaseback Transactions 21-35
Sale Transaction 21-36
Financing Transaction (Failed Sale) 21-36
Sale-Leaseback Example 21-37
Appendix 21B: Direct Financing Lease (Lessor) 21-39
Direct Finance Lease Accounting 21-39
Direct Financing Lease Example 21-40
Appendix 21C: Comprehensive Examples 21-44
Lease Terms: Scenario 1 21-44
Lease Classification 21-44
Accounting for Finance Lease 21-45
Lease Terms: Scenario 2 21-46
Lease Classification 21-47
Lessee Accounting—Operating Lease 21-47
Lessor Accounting—Operating Lease 21-50
FAS B Codification and Exercises 21-79
IFRS Insights 21-80
22 Accounting Changes and Error Analysis 22-1
In the Dark 22-2
Accounting Changes 22-3
Background 22-3
Changes in Accounting Principle 22-4
What Do the Numbers Mean? Quite a Change 22-5
What Do the Numbers Mean? Change Management 22-7
Impracticability 22-14
Other Accounting Changes 22-15
Changes in Accounting Estimates 22-16
What Do the Numbers Mean? Why Now? 22-18
Changes in Reporting Entity 22-18
Accounting Errors 22-19
What Do the Numbers Mean? Can I Get My Money Back? 22-20
Example of Error Correction 22-20
Summary of Accounting Changes and Correction of Errors 22-22
What Do the Numbers Mean? What's Your Motivation? 22-24
Error Analysis 22-24
Balance Sheet Errors 22-25
Income Statement Errors 22-25
Balance Sheet and Income Statement Errors 22-25
Comprehensive Example: Numerous Errors 22-28
What Do the Numbers Mean? Guard the Financial Statements! 22-30
Preparation of Financial Statements with Error Corrections 22-31
Appendix 22A: Changing from or to the Equity Method 22-33
Change from the Equity Method 22-33
Dividends in Excess of Earnings 22-33
Change to the Equity Method 22-34
FAS B Codification and Exercises 22-60
IFRS Insights 22-61
23 Statement of Cash Flows 23-1
Show Me the Money! 23-1
Statement of Cash Flows 23-3
Usefulness of the Statement of Cash Flows 23-3
Classification of Cash Flows 23-4
What Do the Numbers Mean? How's My Cash Flow? 23-5
Format of the Statement of Cash Flows 23-6
Preparing the Statement of Cash Flows 23-6
Illustrations—Tax Consultants Inc. 23-7
What Do the Numbers Mean? Earnings and Cash Flow Management? 23-9
Sources of Information for the Statement of Cash Flows 23-17
Net Cash Flow from Operating Activities—Direct Method 23-17
Evolving Issue Direct versus Indirect 23-22
Special Problems in Statement Preparation 23-24
Adjustments to Net Income 23-24
Accounts Receivable (Net) 23-27
What Do the Numbers Mean? Not What It Seems 23-29
Other Working Capital Changes 23-29
Net Losses 23-30
Significant Noncash Transactions 23-31
What Do the Numbers Mean? Better Than ROA? 23-32
Use of a Worksheet 23-32
Preparation of the Worksheet 23-34
Analysis of Transactions 23-37
Preparation of Final Statement 23-40
FAS B Codification and Exercises 23-69
IFRS Insights 23-70
24 Full Disclosure in Financial Reporting 24-1
High-Quality Financial Reporting—Always in Fashion 24-2
Full Disclosure Principle 24-3
Increase in Reporting Requirements 24-4
Differential Disclosure 24-5
Evolving Issue Disclosure—Quantity and Quality 24-6
Notes to the Financial Statements 24-6
What Do the Numbers Mean? Footnote Secrets 24-8
Disclosure Issues 24-8
Related Parties 24-8
Post-Balance-Sheet Events (Subsequent Events) 24-9
Reporting for Diversified (Conglomerate) Companies 24-11
Interim Reports 24-15
Evolving Issue It's Faster but is It Better? 24-20
Auditor's and Management's Reports 24-21
Auditor's Report 24-21
What Do the Numbers Mean? Heart of the Matter 24-24
Management's Reports 24-24
Current Reporting Issues 24-26
Fraudulent Financial Reporting 24-26
Internet Financial Reporting 24-29
Reporting on Financial Forecasts and Projections 24-30
What Do the Numbers Mean? Global Forecasts 24-31
Criteria for Making Accounting and Reporting Choices 24-31
Appendix 24A: Basic Financial Statement Analysis 24-32
Perspective on Financial Statement Analysis 24-32
Ratio Analysis 24-33
Limitations of Ratio Analysis 24-35
Comparative Analysis 24-36
Percentage (Common-Size) Analysis 24-37
FAS B Codification and Exercises 24-58
IFRS Insights 24-59
Appendix A Private Company Accounting A-1
The Private Company Council (PCC) A-1
Background on the PCC A-1
Private Company Decision-Making Framework A-1
PCC Accomplishments A-2
Private Company Alternatives for Intangible Assets and Goodwill A-2
Accounting for Identifiable Intangible Assets A-2
Accounting for Goodwill A-4
Summary A-6
Appendix B Specimen Financial Statements: The Procter & Gamble Company B-1
Appendix C Specimen Financial Statements: The Coca-Cola Company C-1
Appendix D Specimen Financial Statements: PepsiCo, Inc. D-1
Appendix E Specimen Financial Statements: Marks and Spencer plc E-1
Time Value of Money Tables TVM-1
Index I-1
