Company Accounting 11th Edition by Leo Ken, Jeffrey Knapp, Susan McGowan, John Sweeting – Ebook PDF Instant Download/Delivery: 0730343545, 9780730343547
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ISBN 10: 0730343545
ISBN 13: 9780730343547
Author: Leo Ken, Jeffrey Knapp, Susan McGowan, John Sweeting
The text provides students with a comprehensive overview of the practice and principles of company accounting and helps them develop the practical grounding to reinforce their understanding. The 11th edition presents essential ‘must know’ information on accounting for a corporate entity and the requirements for externally disclosing the financial position of the entity.
Company Accounting 11th Table of contents:
Chapter 1 Nature and regulation of companies
Introduction
1.1 The nature of a company
1.2 Different types of companies
1.2.1 Proprietary companies
1.2.2 Public companies
1.2.3 Other titles for companies
1.3 Forming a company
1.3.1 Application forms
1.3.2 The certificate of registration
1.3.3 Replaceable rules and a constitution
1.4 Administering a company
1.5 Funding a company
1.5.1 Shares
1.5.2 Debentures
1.5.3 Options and interests in managed investment schemes
1.5.4 Disclosure documents
1.6 Background to the Corporations Act 2001
1.7 Accounting regulation of companies
1.7.1 Brief history of accounting regulation in Australia
1.7.2 The Financial Reporting Council (FRC)
1.7.3 The Australian Accounting Standards Board (AASB)
1.7.4 Current standard-setting arrangements
1.7.5 The International Accounting Standards Board (IASB)
1.7.6 The Financial Accounting Standards Board (FASB)
1.7.7 The IFRS Interpretations Committee
1.7.8 The Asian–Oceanian Standard-Setters Group (AOSSG)
1.7.9 The European Financial Reporting Advisory Group (EFRAG)
1.8 Other important regulatory organisations
1.8.1 The Australian Securities and Investments Commission (ASIC)
1.8.2 The Australian Securities Exchange (ASX)
1.9 General purpose financial reports and the reporting entity concept
1.9.1 Introduction
1.9.2 General purpose financial reports
1.9.3 The reporting entity concept and users of financial reports
1.10 Differential reporting
Chapter 1 practice quiz
Summary
Key terms
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Case study 6
Case study 7
Websites
References
Acknowledgements
Chapter 2 Financing company operations
Introduction
2.1 Accounting for share issues
2.1.1 Share capital
2.1.2 Accounts used in equity share issues to the public
2.2 Undersubscription and oversubscription
2.2.1 Undersubscription
2.2.2 Oversubscription
2.3 Forfeiture and reissue of shares
2.3.1 Forfeiture
2.3.2 Reissue
2.4 Share issue costs and formation costs
2.4.1 Share issue costs, including underwriting fees
2.4.2 Formation costs
2.5 Subsequent issues of equity shares
2.5.1 Rights issues
2.5.2 Private placements
2.5.3 Bonus issues
2.6 Share options
2.7 Redeemable preference shares
2.7.1 Classified as equity
2.7.2 Classified as a liability
2.8 Conversion of shares
2.8.1 Share consolidations
2.8.2 Share splits
2.8.3 Share conversions
2.9 Share buy-backs
2.9.1 Legal requirements
2.9.2 Accounting aspects
2.10 Debentures
2.10.1 Nature of debentures
2.10.2 Issue
2.10.3 Redemption
2.10.4 Convertible notes
2.11 Dividends
2.11.1 Introduction to dividends
2.11.2 Interim and final dividends — accounting entries
2.11.3 Preference dividends
2.11.4 Bonus share issues
2.12 Reserves and retained earnings
2.12.1 Nature of reserves
2.12.2 Reserves established by accounting standards
2.12.3 Reserves established by accepted practice
2.12.4 Retained earnings
Chapter 2 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Demonstration problem 3
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Case study 6
Case study 7
Practice questions
References
Acknowledgements
Chapter 3 Business combinations
Introduction
3.1 The nature of a business combination
3.2 Accounting for a business combination — basic principles
3.2.1 Identifying the acquirer [step 1]
3.2.2 Determining the acquisition date [step 2]
3.3 Accounting in the records of the acquirer
3.4 Recognising and measuring assets and liabilities
3.4.1 Recognition and measurement of assets acquired and liabilities assumed [step 3]
3.5 Accounting in the records of the acquirer
3.5.1 Goodwill and gain on bargain purchase [step 4]
3.5.2 Consideration transferred
3.5.3 Acquisition-related costs
3.5.4 Goodwill
3.5.5 Accounting for a gain on bargain purchase
3.6 Accounting by the acquirer: shares acquired in an acquiree
3.6.1 Existence of a previously held equity interest
3.7 Accounting in the records of the acquiree
3.7.1 Acquiree does not liquidate
3.7.2 Acquiree liquidates
3.7.3 Acquirer buys only shares in the acquiree
3.8 Subsequent adjustments to the initial accounting for a business combination
3.8.1 Goodwill
3.8.2 Contingent liabilities
3.8.3 Contingent consideration
3.9 Disclosure — business combinations
Chapter 3 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Practice questions
References
Acknowledgements
Chapter 4 Disclosure: legal requirements and accounting policies
Introduction
4.1 General purpose financial statements
4.1.1 Objectives of general purpose financial statements
4.2 Annual reporting requirements
4.2.1 Legislative requirements for preparing annual financial reports
4.2.2 Annual financial report
4.2.3 Annual directors’ report
4.2.4 Annual auditor’s report
4.2.5 Concise reporting to members
4.3 Half-year financial report
4.4 Accounting policies
4.4.1 Disclosure of accounting policies
4.4.2 Disclosure of changes in accounting policies
4.5 Changes in accounting estimates
4.6 Errors
4.7 Impracticability in respect of retrospective adjustments for accounting policy changes or correction of errors
4.8 Materiality
4.9 Events occurring after the end of the reporting period
Chapter 4 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Practice questions
References
Acknowledgements
Chapter 5 Disclosure: presentation of financial statements
Introduction
5.1 A complete set of financial statements
5.2 General features of a complete set of financial statements
5.2.1 Fair presentation and compliance with standards
5.2.2 Going concern
5.2.3 Accrual basis of accounting
5.2.4 Materiality and aggregation
5.2.5 Offsetting
5.2.6 Frequency of reporting
5.2.7 Comparative information
5.2.8 Consistency of presentation
5.2.9 Identification of the financial statements
5.3 Statement of financial position
5.3.1 Information to be presented in the statement of financial position
5.3.2 Current/non-current distinction
5.3.3 Illustrative statement of financial position
5.3.4 Information to be presented either in the statement of financial position or in the notes
5.4 Statement of profit or loss and other comprehensive income
5.4.1 Profit or loss
5.4.2 Other comprehensive income
5.4.3 Total comprehensive income
5.4.4 Information to be presented in the statement of profit or loss and other comprehensive income
5.4.5 Information to be presented either in the statement of profit or loss and other comprehensive income or in the notes
5.4.6 Illustrative statement of profit or loss and other comprehensive income
5.5 Statement of changes in equity
5.5.1 Illustrative statement of changes in equity
5.6 Notes
5.6.1 Disclosure of accounting policies
5.6.2 Sources of estimation uncertainty
5.6.3 Capital
5.6.4 Other disclosures
5.7 Future developments
5.7.1 Extensible business reporting language (XBRL)
5.7.2 Corporate social responsibility
Chapter 5 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Practice questions
Websites
References
Acknowledgements
Chapter 6 Disclosure: statement of cash flows
Introduction
6.1 Benefits of cash flow information
6.2 Format of the statement of cash flows
6.3 Cash and cash equivalents
6.4 Classification of cash flows
6.4.1 Cash flows from operating activities
6.4.2 Cash flows from investing activities
6.4.3 Cash flows from financing activities
6.5 Techniques for preparing the statement of cash flows
6.5.1 Cash book or cash records approach
6.6 Reconstruction of accounts approach
6.6.1 Accounts for operating cash flows
6.6.2 Accounts for investing cash flows
6.6.3 Accounts for financing cash flows
6.7 Statement of financial position approach
6.8 Reconciliation of profit to net cash from operating activities (indirect method of presentation)
6.9 Note disclosures
6.9.1 Composition of cash and cash equivalents
6.9.2 Acquisitions and disposals of businesses
6.9.3 Non-cash transactions
6.9.4 Other encouraged information
6.10 Additional issues
6.10.1 Other financial effects to consider
6.10.2 Goods and services tax (GST) and cash flows
6.10.3 Exceptions to gross cash flows
6.11 Limitations of the statement of cash flows
6.11.1 Earnings versus net cash from operating activities
6.11.2 Past cash flows reported
6.11.3 Non-cash transactions and events
6.11.4 Liquidity/solvency
6.11.5 Management manipulation
6.11.6 Differences across companies
6.11.7 Costs
6.11.8 Disclosure in the notes to the statement
Chapter 6 practice quiz
Summary
Key terms
Demonstration problem 1
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Case study 6
Case study 7
Practice questions
References
Acknowledgements
Chapter 7 Foreign currency transactions and forward exchange contracts
Introduction
7.1 The need for translation of foreign currency amounts
7.1.1 Functional currency
7.1.2 Types of foreign currency transactions
7.1.3 Monetary items
7.2 The means of translation: exchange rates
7.3 Foreign exchange differences
7.3.1 Realised and unrealised gains or losses from exchange differences
7.3.2 The relationship between exchange rates and exchange differences
7.4 Accounting for foreign currency monetary items
7.4.1 The transaction date
7.4.2 Recording the transaction at the transaction date
7.4.3 Subsequent measurement of monetary item at the end of the reporting period
7.4.4 Subsequent measurement of foreign currency monetary items at settlement date
7.4.5 Illustrative examples
7.5 Exchange differences for non-monetary items
7.5.1 Qualifying assets
7.5.2 Revalued assets
7.5.3 Inventories write-downs and impairment
7.6 Foreign exchange risk
7.7 Forward exchange contracts without hedging
7.7.1 The nature of a forward contract
7.7.2 The fair value of a forward contract
7.7.3 Accounting where there is no hedging relationship
7.8 Forward exchange contracts with hedging
7.8.1 Hedging relationships that qualify for hedge accounting
7.8.2 Accounting for hedging relationships
7.9 Disclosures
Chapter 7 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Review questions
Practice questions
References
Acknowledgements
Chapter 8 Translation of financial statements into a presentation currency
Introduction
8.1 AASB 121/IAS 21
8.2 Functional and presentation currencies
8.2.1 Functional currency
8.2.2 Identifying the functional currency
8.3 The translation process
8.4 Translation into the functional currency — the temporal method
8.5 Translation from the functional currency into the presentation currency — the current rate method
8.5.1 Choice of a presentation currency
8.6 Disclosure
Chapter 8 practice quiz
Summary
Key terms
Demonstration problem 1
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Case study 6
Case study 7
Practice questions
References
Acknowledgements
Chapter 9 Consolidation: controlled entities
Introduction
9.1 Consolidated financial statements
9.1.1 Reasons for consolidation
9.2 Control as the criterion for consolidation
9.2.1 Power
9.2.2 Exposure or rights to variable returns
9.2.3 Ability to use power to affect returns
9.2.4 Agents
9.3 Preparation of consolidated financial statements
9.4 Investment entities
9.5 Business combinations and consolidation
9.5.1 Formation of a new entity
9.5.2 Reverse acquisitions
9.6 Disclosure
9.6.1 Disclosures required by AASB 12/IFRS 12
9.6.2 Disclosures required by AASB 127/IAS 27
Chapter 9 practice quiz
Summary
Key terms
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Case study 6
Case study 7
Case study 8
Case study 9
Case study 10
Case study 11
Case study 12
Case study 13
Case study 14
Case study 15
Case study 16
Acknowledgements
Chapter 10 Consolidation: wholly owned subsidiaries
Introduction
10.1 The consolidation process
10.2 Consolidation worksheets
10.3 The acquisition analysis
10.3.1 Parent has no previously held equity interest in the subsidiary
10.3.2 Parent has previously held equity interest in the subsidiary
10.4 Worksheet entries at the acquisition date
10.4.1 Business combination valuation entries
10.4.2 Pre-acquisition entries
10.4.3 Consolidation worksheet
10.4.4 Subsidiary has recorded goodwill at acquisition date
10.4.5 Subsidiary has recorded dividends at acquisition date
10.4.6 Gain on bargain purchase
10.5 Worksheet entries subsequent to the acquisition date
10.5.1 Business combination valuation entries
10.5.2 Pre-acquisition entries
10.5.3 Dividends paid/payable from subsidiary equity
10.5.4 Pre-acquisition reserve transfers
10.6 Revaluations in the records of the subsidiary at acquisition date
10.7 Disclosure
10.8 Reverse acquisitions
Chapter 10 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Practice questions
Acknowledgements
Chapter 11 Consolidation: intragroup transactions
Introduction
11.1 Rationale for adjusting for intragroup transactions
11.2 Transfers of inventories
11.2.1 Sales of inventories
11.2.2 Realisation of intragroup profits or losses
11.2.3 Profits in ending inventories
11.2.4 Profits in opening inventories
11.3 Transfers of property, plant and equipment
11.3.1 Sales of property, plant and equipment
11.3.2 Depreciation and realisation of profits or losses
11.4 Transfers between inventories and non-current assets
11.4.1 Transfers from inventories to property, plant and equipment
11.4.2 Transfers from property, plant and equipment to inventories
11.5 Intragroup services
11.5.1 Realisation of profits or losses
11.6 Intragroup dividends
11.6.1 Dividends declared in the current period but not paid
11.6.2 Dividends declared and paid in the current period
11.6.3 Bonus share dividends
11.7 Intragroup borrowings
Chapter 11 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Practice questions
Acknowledgements
Chapter 12 Consolidation: non-controlling interest
Introduction
12.1 Nature of the non-controlling interest (NCI)
12.1.1 Calculation of the NCI share of equity
12.1.2 Disclosure of the NCI
12.2 Effects of an NCI on the consolidation process
12.2.1 Full goodwill method
12.2.2 Partial goodwill method
12.2.3 Reasons for, and choosing between, the options
12.2.4 Intragroup transactions
12.2.5 Consolidation worksheet
12.3 Calculating the NCI share of equity
12.3.1 NCI share of recorded equity of the subsidiary
12.3.2 Accounting at acquisition date
12.3.3 Accounting subsequent to acquisition date
12.4 Adjusting for the effects of intragroup transactions
12.4.1 The concept of ‘realisation’ of profits or losses
12.5 Gain on bargain purchase
Chapter 12 practice quiz
Summary
Key terms
Demonstration problem 1
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Practice questions
Acknowledgements
Chapter 13 Consolidation: other issues
Introduction
13.1 Direct and indirect non-controlling interest
13.2 Sequential acquisitions
13.2.1 Calculation of the NCI share of equity
13.2.2 The effects of intragroup transactions on the calculation of the NCI
13.2.3 Dividends
13.3 Non-sequential acquisitions
13.4 Reciprocal ownership
13.4.1 Pre-acquisition and valuation entries
13.4.2 Non-controlling interest
13.5 Changes in ownership interests
13.5.1 Changes in ownership interests without loss of control
13.5.2 Acquisition of additional shares by the parent subsequent to date of acquisition
13.5.3 Sale of shares by parent with retention of control
13.5.4 Changes in ownership interests with loss of control
13.5.5 Disclosures relating to changes in ownership interests
Chapter 13 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Demonstration problem 3
Review questions
Case study 1
Case study 2
Practice questions
Acknowledgements
Chapter 14 Associates and joint ventures
Introduction
14.1 Identifying associates and joint ventures
14.1.1 Associates
14.1.2 Joint ventures
14.2 The equity method of accounting: rationale and application
14.2.1 Rationale for the method
14.2.2 Application of the equity method — consolidated financial statements or separate financial statements
14.3 Applying the equity method: basic principles
14.4 Applying the equity method: goodwill and fair value adjustments
14.4.1 Applying the equity method in the first year
14.4.2 Applying the equity method across multiple years
14.5 Applying the equity method: other issues
14.5.1 Dividends, reserves, dissimilar accounting policies and different ends of reporting periods
14.5.2 Investing in an associate in stages
14.5.3 Becoming an associate after acquiring an ownership interest
14.6 Applying the equity method: inter-entity transactions
14.6.1 Transactions between investor and associate
14.6.2 Transactions between associates
14.7 Share of losses of the associate
14.8 Disclosure
Chapter 14 practice quiz
Summary
Key terms
Demonstration problem 1
Review questions
Case study 1
Case study 2
Practice questions
References
Acknowledgements
Chapter 15 Joint arrangements
Introduction
15.1 Joint arrangements: characteristics and classification
15.1.1 The characteristics of a joint arrangement
15.1.2 The classification of a joint arrangement
15.2 Accounting for joint arrangement
15.2.1 Accounting by the joint operation itself
15.3 Accounting by a joint operator
15.3.1 Contributions of assets to a joint operation
15.3.2 Management fees paid to a joint operator
15.4 Disclosure
Chapter 15 practice quiz
Summary
Key terms
Demonstration problem 1
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Case study 6
Case study 7
Practice questions
References
Acknowledgements
Chapter 16 Insolvency and liquidation
Introduction
16.1 Insolvency and administration
16.1.1 Role and powers of the administrator
16.1.2 The administrator’s accounts
16.2 Winding up in insolvency and by the court
16.3 Voluntary winding up
16.4 Powers of the liquidator
16.5 The liquidator’s accounts
16.6 Proof of debts
16.7 Priority of payment of debts
16.7.1 Secured creditors
16.7.2 Preferential unsecured creditors
16.7.3 Ordinary unsecured creditors
16.7.4 Deferred creditors
16.7.5 Summary of priority of payment of creditors (assuming insolvency)
16.8 Rights of contributories
16.8.1 Insufficient funds for creditors
16.8.2 Sufficient funds to pay creditors, but not to repay share capital
16.8.3 A surplus of funds
16.8.4 Calls in advance and arrears of dividends
16.9 Accounting for liquidation
16.9.1 Reports prepared by the company for the liquidator
16.9.2 Realisation of the assets
16.9.3 Possession of assets by secured creditors
16.9.4 Payment to other creditors in order of priority
16.9.5 Return of capital to contributories
16.10 Receivership
Chapter 16 practice quiz
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Demonstration problem 3
Review questions
Case study 1
Case study 2
Practice questions
Acknowledgements
Chapter 17 Accounting for company income tax
Introduction
17.1 The benefit of information on current and deferred tax
17.2 Income tax in the financial statements
17.3 General principles of accounting for income tax
17.4 Taxable profit
17.4.1 Brief overview of Australian tax law
17.4.2 Differences between accounting profit and taxable profit
17.5 Current tax
17.5.1 The reconciliation approach
17.5.2 The current tax worksheet
17.6 Deferred tax
17.6.1 The deferred tax worksheet
17.7 Tax bases of assets and liabilities
17.8 Temporary differences
17.9 Recognition and reversal of deferred tax
17.10 Other disclosures
17.11 Additional issues
17.11.1 Offsetting tax assets and liabilities
17.11.2 Changes in tax rates or tax laws
17.11.3 Tax adjustments for prior periods
17.11.4 Income tax losses
Summary
Key terms
Demonstration problem 1
Demonstration problem 2
Review questions
Case study 1
Case study 2
Case study 3
Case study 4
Case study 5
Case study 6
Practice questions
Reference
Chapter 18 Property, plant and equipment
18.1 The nature of property, plant and equipment
18.2 Initial recognition of property, plant and equipment
18.2.1 Asset versus expense
18.2.2 Separate assets — components
18.2.3 Generation of future benefits
18.3 Initial measurement of property, plant and equipment
18.3.1 Purchase price
18.3.2 Directly attributable costs
18.3.3 Costs of dismantling, removal or restoration
18.4 Measurement subsequent to initial recognition
18.5 The cost model
18.5.1 Depreciation
18.6 The revaluation model
18.6.1 Applying the revaluation model: revaluation increases
18.6.2 Applying the revaluation model: revaluation decreases
18.6.3 Effects of accounting on an asset-by-asset basis
18.6.4 Applying the revaluation model: transfers from asset revaluation surplus
18.6.5 Applying the revaluation model: depreciation of revalued assets
18.7 Choosing between the cost model and the revaluation model
18.8 Derecognition
18.9 Disclosure
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