Modern Advanced Accounting In Canada 10th Edition

Cover
Title
Copyright
About the Authors
Contents in Brief
Contents
Preface
CHAPTER 1 Conceptual and Case Analysis Frameworks for Financial Reporting
	LEARNING OBJECTIVES
	INTRODUCTION
	The Conceptual Framework for Financial Reporting
		Professional Judgment
	Accounting Standards in Canada
	Analysis and Interpretation of Financial Statements
	SUMMARY
	SELF-STUDY PROBLEM 1
	APPENDIX 1A: A GENERIC APPROACH TO CASE ANALYSIS
	SELF-STUDY CASE 1
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 2 Investments in Equity Securities
	LEARNING OBJECTIVES
	INTRODUCTION
	Equity Investments—The Big Picture
	Investments Measured at Fair Value
	Investments Not Measured at Fair Value
		Cost Method of Reporting an Equity Investment
		Equity Method of Reporting an Investment in an Associate
		Illustration of Equity Method Basics
		Complexities Associated with the Equity Method
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 3 Business Combinations
	LEARNING OBJECTIVES
	INTRODUCTION
	Business Combinations
	Forms of Business Combinations
	Accounting for Business Combinations under the Acquisition Method
		Control through Purchase of Net Assets
	Consolidated Financial Statements
		Control through Purchase of Shares
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	APPENDIX 3A: REVERSE TAKEOVERS
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 4 Consolidation of Non–Wholly Owned Subsidiaries
	LEARNING OBJECTIVES
	INTRODUCTION
	Non–Wholly Owned Subsidiaries
	Consolidation Methods
		Fair Value Enterprise (FVE) Method
		Identifiable Net Assets Method
	Bargain Purchases
	Contingent Consideration
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	APPENDIX 4A: WORKING PAPER APPROACH FOR CONSOLIDATION OF NON–WHOLLY OWNED SUBSIDIARIES
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 5 Consolidation Subsequent to Acquisition Date
	LEARNING OBJECTIVES
	INTRODUCTION
	Methods of Accounting for an Investment in a Subsidiary
	Consolidated Income and Retained Earnings Statements
	Testing Goodwill and Other Assets for Impairment
		Property, Plant, Equipment, and Intangible Assets with Definite Useful Lives
		Intangible Assets with Indefinite Useful Lives
		Cash-Generating Units and Goodwill
		Reversing an Impairment Loss
		Disclosure Requirements
	Consolidation of a 100%-Owned Subsidiary
		Consolidated Statements, End of Year 5
		Consolidated Statements, End of Year 6
	Consolidation of an 80%-Owned Subsidiary—Direct Approach
		Consolidated Statements, End of Year 5
		Consolidated Statements, End of Year 6
		Identifiable Net Assets Method
		Acquisition Differential Assigned to Liabilities
		Intercompany Receivables and Payables
		Subsidiary Acquired during the Year
	Equity Method of Recording
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	APPENDIX 5A: GOODWILL IMPAIRMENT
	APPENDIX 5B: WORKING PAPER APPROACHFOR CONSOLIDATIONS SUBSEQUENT TO ACQUISITION
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 6 Intercompany Inventory and Land Profits
	LEARNING OBJECTIVES
	INTRODUCTION
	Intercompany Revenue and Expenses
		Intercompany Sales and Purchases
		Other Examples of Intercompany Revenue and Expenses
	Intercompany Profits in Assets
		Intercompany Inventory Profits: Subsidiary Selling (Upstream Transactions)
		Application of Basic Accounting Principles
		Equity Method Journal Entries
		Intercompany Inventory Profits: Parent Selling (Downstream Transactions)
		Losses on Intercompany Transactions
		Intercompany Land Profit Holdback
		Realization of Intercompany Land Profits
		Intercompany Transfer Pricing
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 7 (A) Intercompany Profits in Depreciable Assets (B) Intercompany Bondholdings
	LEARNING OBJECTIVES
	INTRODUCTION
	(A) Intercompany Profits in Depreciable Assets
		Holdback and Realization—Year 4
		Application of Basic Accounting Principles
		Equity Method Journal Entries
	Analysis and Interpretation of Financial Statements
		Realization of Remaining Gain—Years 5 and 6
		Comparison of Realization of Inventory and Equipment Profits over a Three-Year Period
	(B) Intercompany Bondholdings
		Intercompany Bondholdings—No Gain or Loss
		Intercompany Bondholdings—with Gain or Loss
		Application of Basic Accounting Principles
		Calculation of the Portion of the Gain Allocated to the Affiliates
		Accounting for Gain in Subsequent Years
		Less Than 100% Purchase of Affiliate\'s Bonds
		Effective-Yield Method of Amortization
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 8 Consolidated Cash Flows and Changes in Ownership
	LEARNING OBJECTIVES
	INTRODUCTION
	Consolidated Cash Flow Statement
		Preparing the Consolidated Cash Flow Statement
	Changes In Parent\'s Ownership Interest
		Block Acquisitions of Subsidiary (Step Purchases)
		Parent Sells Some of Its Holdings in Subsidiary
		Sale with Loss of Control
	Subsidiary Issues Additional Shares to Public
	Subsidiary with Preferred Shares Outstanding
		Illustration—Preferred Shareholdings
		Other Types of Preferred Shares
		Subsidiary Preferred Shares Owned by Parent
	Indirect Shareholdings
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 9 Other Consolidation Reporting Issues
	LEARNING OBJECTIVES
	INTRODUCTION
	Special-Purpose Entities
	Joint Arrangements
		Accounting for Joint Operations
		Accounting for an Interest in a Joint Venture
		Contributions to the Joint Venture
	Deferred Income Taxes and Business Combinations
		Deferred Income Tax Concepts
		Business Combination Examples
		Operating Loss Carry-Forwards
	Segment Disclosures
		IFRS 8: Operating Segments
		Identification of Reportable Operating Segments
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 10 Foreign Currency Transactions
	LEARNING OBJECTIVES
	INTRODUCTION
	Currency Exchange Rates
	Lack of Exchangeability
		Digital Currency
	Accounting for Foreign Currency Transactions
		Import/Export Transactions Denominated in Foreign Currency
		Transaction Gains and Losses from Noncurrent Monetary Items
	Speculative Forward Exchange Contracts
	Hedges
		Hedging a Recognized Monetary Item
		Hedging an Unrecognized Firm Commitment
		Hedging a Highly Probable Forecasted Transaction
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	APPENDIX 10A: DETERMINING THE FAIR VALUE OF FORWARD EXCHANGE CONTRACTS
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 11 Translation and Consolidation of Foreign Operations
	LEARNING OBJECTIVES
	INTRODUCTION
	Accounting Exposure versus Economic Exposure
	Translation of Foreign Operations
		The Functional Currency Translation Method
		The Presentation Currency Translation Method
		Comparative Observations of the Two Translation Methods
	Consolidation of Foreign Operations
		Consolidation of Functional Currency Translated Statements
		Consolidation of Presentation Currency Translated Statements
		Complications with an Acquisition Differential
		Other Considerations
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	APPENDIX 11A: TRANSLATION IN HIGHLY INFLATIONARY ECONOMIES
	REVIEW QUESTIONS
	CASES
	PROBLEMS
CHAPTER 12 Accounting for Not-for-Profit and Public Sector Organizations
	LEARNING OBJECTIVES
	INTRODUCTION
	Not-For-Profit Reporting Today
	The Basics of Fund Accounting
	Accounting for Contributions
		The Restricted Fund Method
		The Deferral Method
	Donated Capital Assets, Materials, and Services
	Analysis and Interpretation of Financial Statements
		ASPE Differences
	SUMMARY
	SELF-STUDY PROBLEM 1
	SELF-STUDY PROBLEM 2
	APPENDIX 12A: SAMPLE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ORGANIZATIONS
	APPENDIX 12B: NET ASSETS INVESTED IN CAPITAL ASSETS
	APPENDIX 12C: ACCOUNTING FOR PUBLIC SECTOR ORGANIZATIONS
	REVIEW QUESTIONS
	CASES
	PROBLEMS
Index
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