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Advanced Financial Accounting (12th Edition)



Advanced Financial Accounting (12th Edition) PDF

Author: David Cottrell, Theodore Christensen

Publisher: McGraw-Hill Education

Genres:

Publish Date: July 4, 2018

ISBN-10: 1260091708

Pages: 1136

File Type: PDF

Language: English

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Book Preface

The Twelfth Edition of Advanced Financial Accounting is an up-to-date, comprehensive, and highly illustrated presentation of the accounting and reporting principles and procedures used in a variety of business entities. Every day, the business press carries stories about merger and acquisition mania, the complexities of modern business entities, new organizational structures for conducting business, accounting scandals related to complex business transactions, the foreign activities of multinational firms, the operations of governmental and not-for-profit entities, and bankruptcies of major firms. Accountants must understand and know how to deal with the accounting and reporting ramifications of these issues.

OVERVIEW

As in prior editions, this edition provides detailed coverage of advanced accounting topics with clarity and integrated coverage based on continuous case examples. The text is complete with illustrations of worksheets, schedules, and financial statements allowing students to see the development of each topic. Inclusion of recent FASB and GASB pronouncements and the continuing deliberations of the authoritative bodies provide a current and contemporary text for students preparing for the CPA examination and current practice. This emphasis has become especially important given the recent rapid pace of the authoritative bodies in dealing with major issues having far-reaching implications. The Twelfth Edition covers the following topics:

Multicorporate Entities Business Combinations
1. Intercorporate Acquisitions and Investments in Other Entities Consolidation Concepts and Procedures
2. Reporting Intercorporate Investments and Consolidation of Wholly Owned Subsidiaries with No Differential
3. The Reporting Entity and the Consolidation of Less-than-Wholly-Owned Subsidiaries with No Differential
4. Consolidation of Wholly Owned Subsidiaries Acquired at More than Book Value
5. Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Book Value Intercompany Transfers
6. Intercompany Inventory Transactions
7. Intercompany Transfers of Services and Noncurrent Assets
8. Intercompany Indebtedness Additional Consolidation Issues
9. Consolidation Ownership Issues
10. Additional Consolidation Reporting Issues Multinational Entities Foreign Currency Transactions
11. Multinational Accounting: Foreign Currency Transactions and Financial Instruments Translation of Foreign Statements
12. Multinational Accounting: Issues in Financial Reporting and Translation of Foreign Entity Statements Reporting Requirements Segment and Interim Reporting
13. Segment and Interim Reporting SEC Reporting
14. SEC Reporting Partnerships Formation, Operation, Changes
15. Partnerships: Formation, Operation, and Changes in Membership Liquidation
16. Partnerships: Liquidation Governmental and Not-for-Profit Entities Governmental Entities
17. Governmental Entities: Introduction and General Fund Accounting Special Funds
18. Governmental Entities: Special Funds and Governmentwide Financial Statements Not-for-Profit
19. Not-for-Profit Entities Corporations in Financial Difficulty
20. Corporations in Financial Difficulty

NEW FEATURES ADDED IN THE TWELFTH EDITION

New shading of consolidation worksheet entries. In the Twelfth Edition we have added full-color coordination of all consolidation items including (1) calculations, (2) consolidation journal entries, (3) T-accounts, and (4) worksheets. The full-color coordination allows teachers and students to see the development of each item and trace these items visually through the consolidation process. For example, each number in the Book Value Calculations can be traced to the Basic Consolidation Entry.

Likewise, the calculations in the Excess Value (Differential) Calculations can be traced to either the Amortized Excess Value Reclassification Entry or the Excess Value (Differential) Reclassification Entry. In the Computation table, color application helps text users to quickly and clearly distinguish page ix between Amortization amounts related to the current year and the current year Ending Balance for each item. The same colors help users to
quickly connect these calculations to the consolidation entries.

Users can continue using colors to quickly connect the impact of the consolidation entries as they visualize how each of these entries impact the equity accounts. With these connections, users can follow items through calculations, consolidation entries, and T-accounts. This approach helps users to see the interaction of the equity entries and the consolidation entries in fully eliminating the “Investment in Sub” and the “Income from Sub Accounts.” These color connections are illustrated in the calculations, consolidation entries, and T-accounts that follow.

Users can continue the visual connections from the entries and the T-accounts all the way through the consolidation worksheet as shown in the following example. We have extended this shading not only to the worksheets but also to supporting schedules and calculation boxes so that numbers appearing in consolidation worksheet entries are uniformly shaded in all locations.


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