Intermediate Accounting 10th edition by Jerry Weygandt, Donald Kieso, Terry Warfield, Nicola Young, Bruce McConomy, Irene Wiecek ISBN 1118655719 978-1118655719

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ISBN 10: 1118655719
ISBN 13: 978-1118655719
Author: Jerry Weygandt, Donald Kieso, Terry Warfield, Nicola Young, Bruce McConomy, Irene Wiecek 

The Kieso, Weygandt, Warfield, Young, Wiecek, McConomy: Intermediate Accounting text has an outstanding reputation as “THE” text for the course and is viewed as a reliable resource by accounting students, faculty and professionals. After listening carefully to instructors and students alike, and after having built on what we have learned over nine successful editions and more than 28 years of being the market leader, we are confident that the tenth edition will continue to meet the needs of instructors and students.

The integration of the new International Accounting Standards and their comparison with Accounting Standards for Private Enterprises enhances the main goal of the book, “to help students understand, prepare and use financial information by linking education with the ‘real-world’ accounting environment”. Our industry-experienced and leading-edge author expertise in the field of IFRS, combined with an update of the text’s technical content ensures that accounting faculty and students can continue to rely on Intermediate Accounting.

The authors continue their emphasis on helping students understand the core concepts that are at the heart of the accounting profession. The chapters are interesting, informative and pedagogically sound. Clear explanations of important issues, concepts and business transactions are provided, followed by examples of how these are applied in practice. Interesting examples show how the resulting numbers are used, and how “real life” Canadian companies actually account for and report their accounting transactions and results.

Intermediate Accounting 10th Table of contents:

CHAPTER 1 The Canadian Financial Reporting Environment

FINANCIAL STATEMENTS AND FINANCIAL REPORTING

Accounting and Capital Allocation

Stakeholders

Objective of Financial Reporting

Information Asymmetry

STANDARD SETTING

Need for Standards

Parties Involved in Standard Setting

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

GAAP Hierarchy

Professional Judgement

CHALLENGES AND OPPORTUNITIES FOR THE ACCOUNTING PROFESSION

Oversight in the Capital Marketplace

Centrality of Ethics

Standard Setting in a Political Environment

Principles versus Rules

Impact of Technology

Integrated Reporting

Conclusion

CHAPTER 2 Conceptual Framework Underlying Financial Reporting

CONCEPTUAL FRAMEWORK

Rationale for Conceptual Framework

Development of the Conceptual Framework

Information Asymmetry Revisited

OBJECTIVE OF FINANCIAL REPORTING

Qualitative Characteristics of Useful Information

Elements of Financial Statements

FOUNDATION PRINCIPLES

Recognition/Derecognition

Measurement

Presentation and Disclosure

FINANCIAL REPORTING ISSUES

Principles-Based Approach

Financial Engineering

Fraudulent Financial Reporting

IFRS/ASPE COMPARISON

Looking Ahead

APPENDIX 2A-FAIR VALUE MEASUREMENTS

Income Models for Measuring Fair Value

CHAPTER 3 The Accounting Information System

ACCOUNTING INFORMATION SYSTEM

Basic Terminology

Debits and Credits

Accounting Equation

THE ACCOUNTING CYCLE AND THE RECORDING PROCESS

Identifying and Recording Transactions and Other Events

Journalizing

Posting

Trial Balance

ADJUSTING ENTRIES

Adjusting Entries for Prepayments

Adjusting Entries for Accruals

Adjusting Entries for Estimated Items

Unrealized Holding Gains or Losses (NI and OCI)

FINANCIAL STATEMENTS AND OWNERSHIP STRUCTURE

THE CLOSING PROCESS

Preparing Closing Entries

Reversing Entries

The Accounting Cycle Summarized

USING A WORK SHEET

Adjustments Entered on the Work Sheet

Work Sheet Columns

Preparing Financial Statements from a Work Sheet

Closing Entries

Monthly Statements, Yearly Closing

APPENDIX 3A-USING REVERSING ENTRIES

Illustration of Reversing Entries-Accruals

Illustration of Reversing Entries-Prepayments

Summary of Reversing Entries

CHAPTER 4 Reporting Financial Performance

PERFORMANCE

Business Models and Industries

Communicating Information about Performance

Quality of Earnings/Information

THE STATEMENT OF INCOME AND THE STATEMENT OF COMPREHENSIVE INCOME

Measurement

Discontinued Operations

Presentation

STATEMENT OF RETAINED EARNINGS AND THE STATEMENT OF CHANGES IN EQUITY

Presentation of the Statement of Retained Earnings

Presentation of the Statement of Changes in Equity

DISCLOSURE AND ANALYSIS

Disclosures

Analysis

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

APPENDIX 4A-CASH BASIS VERSUS ACCRUAL BASIS EARNINGS

Differences between Cash and Accrual Bases

Conversion from Cash Basis to Accrual Basis

Theoretical Weaknesses of the Cash Basis

CHAPTER 5 Financial Position and Cash Flows

USEFULNESS OF THE STATEMENTS OF FINANCIAL POSITION AND CASH FLOWS FROM A BUSINESS PERSPECTIVE

Analyzing a Statement of Financial Position

Assessing Earnings Quality

Assessing the Creditworthiness of Companies

STATEMENT OF FINANCIAL POSITION

Usefulness of the Statement of Financial Position

Limitations of the Statement of Financial Position

Classification in the Statement of Financial Position

Preparation of the Classified Statement of Financial Position (Balance Sheet)

Additional Information Reported

Techniques of Disclosure

STATEMENT OF CASH FLOWS

Purpose, Content, and Format of a Cash Flow Statement

Preparation of the Statement of Cash Flows

Usefulness of the Statement of Cash Flows

Perspectives

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

APPENDIX 5A-RATIO ANALYSIS: A REFERENCE

APPENDIX 5B-SPECIMEN FINANCIAL STATEMENTS

Shoppers Drug Mart

CUMULATIVE COVERAGE: CHAPTERS 3 TO 5

CHAPTER 6 Revenue Recognition

UNDERSTANDING THE NATURE OF SALES TRANSACTIONS FROM A BUSINESS PERSPECTIVE

Economics of Business Transactions

Legalities

Information for Decision-Making

RECOGNITION AND MEASUREMENT

Earnings Process

Measurability

Collectibility

Mechanics

PRESENTATION AND DISCLOSURE

Presentation

Disclosure

CONTRACT-BASED REVENUE RECOGNITION MODEL

Core Principle

Five Steps

Other Issues Regarding the Contract-Based Approach

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

CHAPTER 7 Cash and Receivables

UNDERSTANDING CASH AND ACCOUNTS RECEIVABLE

How Do Companies Manage and Control Cash?

What Types of Companies Have Extensive Accounts Receivable?

Accounts Receivable Categories

Accounts Receivable Planning and Control

CASH RECOGNITION AND MEASUREMENT

What Is Cash?

Reporting Cash

Summary of Cash-Related Items

RECEIVABLES-RECOGNITION AND MEASUREMENT

Definition and Types

Recognition and Measurement of Accounts Receivable

Impairment of Accounts Receivable

Recognition and Measurement of Short-Term Notes and Loans Receivable

Recognition and Measurement of Long-Term Notes and Loans Receivable

Derecognition of Receivables

PRESENTATION, DISCLOSURE, AND ANALYSIS OF RECEIVABLES

Presentation and Disclosure

Analysis

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

APPENDIX 7A-CASH CONTROLS

Management and Control of Cash

Using Bank Accounts

The Imprest Petty Cash System

Physical Protection of Cash Balances

Reconciliation of Bank Balances

CHAPTER 8 Inventory

UNDERSTANDING INVENTORY

What Types of Companies Have Inventory?

Inventory Categories

Inventory Planning and Control

Information for Decision-Making

RECOGNITION

Accounting Definition

Physical Goods Included in Inventory

Inventory Errors

MEASUREMENT

Costs Included in Inventory

Inventory Accounting Systems

Cost Formulas

Lower of Cost and Net Realizable Value

Exceptions to Lower of Cost and Net Realizable Value Model

Estimating Inventory

PRESENTATION, DISCLOSURE, AND ANALYSIS

Presentation and Disclosure of Inventories

Analysis

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

APPENDIX 8A-THE RETAIL INVENTORYMETHOD OF ESTIMATING INVENTORY COST

APPENDIX 8B- ACCOUNTING GUIDANCE FOR SPECIFIC INVENTORY

CHAPTER 9 Investments

UNDERSTANDING INVESTMENTS

Types of Investments

Types of Companies That Have Investments

Information for Decision-Making

MEASUREMENT

Cost/Amortized Cost Model

Fair Value through Net Income (FV-NI) Model

Fair Value through Other Comprehensive Income (FV-OCI) Model

Impairment Models

STRATEGIC INVESTMENTS

Investments in Associates

Investments in Subsidiaries

PRESENTATION, DISCLOSURE, AND ANALYSIS

Presentation and Disclosure

Analysis

IFRS/ASPE Comparison

A Comparison of IFRS and ASPE

Looking Ahead

CUMULATIVE COVERAGE: CHAPTERS 6 TO 9

CHAPTER 10 Property, Plant, and Equipment: Accounting Model Basics

THE IMPORTANCE OF PROPERTY, PLANT, AND EQUIPMENT FROM A BUSINESS PERSPECTIVE

DEFINITION AND COST ELEMENTS

Property, Plant, and Equipment Assets

Recognition Principle

Cost Elements

MEASUREMENT OF COST

Determining Asset Cost when Cash Is Not Exchanged at Acquisition

Costs Associated with Specific Assets

MEASUREMENT AFTER ACQUISITION

Cost Model

Revaluation Model

Fair Value Model

Costs Incurred after Acquisition

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

APPENDIX 10A-CAPITALIZATION OF BORROWING COSTS

Qualifying Assets

Capitalization Period

Avoidable Borrowing Costs

Disclosures

APPENDIX 10B-REVALUATION: THE PROPORTIONATE METHOD

CHAPTER 11 Depreciation, Impairment, and Disposition

THE IMPORTANCE OF DEPRECIATION, IMPAIRMENT, AND DISPOSITION FROM A BUSINESS PERSPECTIVE

DEPRECIATION-A METHOD OF ALLOCATION

Factors Considered in the Depreciation Process

Methods of Allocation (Depreciation)

Depreciation-Methods of Calculation

Depletion of Mineral Resources

Other Depreciation Issues

IMPAIRMENT

Indicators of Impairment

Impairment-Recognition and Measurement Models

Asset Groups and Cash-Generating Units

HELD FOR SALE AND DERECOGNITION

Long-Lived Assets to Be Disposed of by Sale

Derecognition

PRESENTATION, DISCLOSURE, AND ANALYSIS

Presentation and Disclosure

Analysis

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

APPENDIX 11A-DEPRECIATION AND INCOME TAX

Capital Cost Allowance Method

CHAPTER 12 Intangible Assets and Goodwill

THE IMPORTANCE OF INTANGIBLE ASSETS AND GOODWILL FROM A BUSINESS PERSPECTIVE

DEFINITION, RECOGNITION, AND MEASUREMENT OF INTANGIBLE ASSETS

Characteristics

Recognition and Measurement at Acquisition

Recognition and Measurement of Internally Developed Intangible Assets

Recognition and Measurement after Acquisition

Specific Intangibles

IMPAIRMENT AND DERECOGNITION

Impairment of Limited-Life Intangibles

Impairment of Indefinite-Life Intangibles

Derecognition

GOODWILL

Definition of Goodwill

Recognition and Measurement of Goodwill

Bargain Purchase

Valuation after Acquisition

Impairment of Goodwill

PRESENTATION, DISCLOSURE, AND ANALYSIS

Presentation and Disclosure

Analysis

IFRS/ASPE COMPARISON

A Comparison of IFRS and ASPE

Looking Ahead

APPENDIX 12A-VALUING GOODWILL

Excess-Earnings Approach

Total-Earnings Approach

Other Valuation Methods

CUMULATIVE COVERAGE: CHAPTERS 10 TO 12

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Tags: Jerry Weygandt, Donald Kieso, Terry Warfield, Nicola Young, Bruce McConomy, Irene Wiecek, Intermediate Accounting