Modern Advanced Accounting In Canada 10th Edition

✍ Scribed by Darrell Herauf, Chima Mbagwu

• Publisher: McGrawHill
• Year: 2022
• Tongue: English
• Leaves: 817
• Edition: 10
• Category: Library

✦ Table of Contents

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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D
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