Master Financial Accounting Theory, Standards, and Applications with Expert Insights and Case Studies Understanding the theoretical foundations of financial accounting is crucial for navigating today's complex and evolving financial landscape. In the fifteenth edition of Financial Accounting Theory and Analysis: Text and Cases, a team of distinguished accounting scholars explores how accounting standards shape financial reporting choices and analyzes the characteristics of firms based on their accounting methods. With comprehensive discussions on key frameworks and professional standards,…mehr
Master Financial Accounting Theory, Standards, and Applications with Expert Insights and Case Studies Understanding the theoretical foundations of financial accounting is crucial for navigating today's complex and evolving financial landscape. In the fifteenth edition of Financial Accounting Theory and Analysis: Text and Cases, a team of distinguished accounting scholars explores how accounting standards shape financial reporting choices and analyzes the characteristics of firms based on their accounting methods. With comprehensive discussions on key frameworks and professional standards, students gain a deep understanding of the principles guiding accounting practice. Through a combination of rigorous theoretical analysis, empirical research, and real-world case studies, this leading textbook strengthens students' critical thinking and decision-making skills while providing future professionals with the analytical and ethical foundation needed to succeed in today's global financial environment. Providing essential knowledge for careers in financial reporting, auditing, and corporate finance, Financial Accounting Theory and Analysis: Text and Cases is ideal for senior undergraduate and graduate courses in Financial Accounting Theory, Advanced Financial Accounting, and Accounting Research.
Preface xi 1 The Development of Accounting Theory 1 The Early History of Accounting 2 Accounting in the United States Since 1930 5 The Role of Ethics in Accounting 21 International Accounting Standards 25 2 The Pursuit of the Conceptual Framework 30 The Early Theorists 30 Professional Organizations' and Authoritative Standard-Setting Bodies' Contributions 32 Committee on Accounting Procedure 33 Accounting Principles Board 33 A Statement of Basic Accounting Theory 36 The Trueblood Committee 37 Statement on Accounting Theory and Theory Acceptance 39 The FASB's Original Conceptual Framework Project 42 International Cooperation 44 Principles-Based Versus Rules-Based Accounting Standards 61 International Convergence 65 3 International Accounting 78 International Business Accounting Issues 79 he Development of Accounting Systems 79 Preparation of Financial Statements for Foreign Users 81 The International Accounting Standards Committee 81 The Uses of International Accounting Standards 93 The IASC and the IOSCO 94 The IASB Annual Improvements Project 96 IASB-FASB Convergence 96 The Effects of International Versus US GAAP Accounting Standards 97 Standards Overload 100 Framework for the Preparation and Presentation of Financial Statements 102 The IASB-FASB Financial Statement Presentation Project 111 4 The Status Development and Uses of Financial Reporting 119 The Financial Reporting Environment 119 Research Methodology 122 The Outcomes of Providing Accounting Information 125 The Relationship Among Accounting Research Education and Practice 155 5 Income Concepts Revenue Recognition and Other Methods of Reporting 162 The Nature of Income 163 Economic Versus Accounting Income 167 Revenue Recognition 169 Matching 188 Income Recognition Constraints 190 Non-GAAP Measures of Performance 192 Sustainability Reporting 194 Earnings Quality Earnings Management and Fraudulent Financial Reporting 205 International Accounting Standards 211 6 Financial Statement I: The Income Statement 227 The Economic Consequences of Financial Reporting 227 Income Statement Elements 227 Statement Format 229 The Value of Corporate Earnings 254 International Accounting Standards 259 7 Financial Statements II: The Balance Sheet and the Statement of Cash Flows 273 The Balance Sheet 274 Fair Value Measurements 285 Evaluating a Company's Financial Position 292 The Statement of Cash Flows 295 Financial Analysis of Cash-Flow Information 306 International Accounting Standards 307 8 Working Capital 321 Development of the Working Capital Concept 321 Current Usage 323 Components of Working Capital 323 Working Capital Management 335 International Accounting Standards 343 9 Long-Term Assets I: Property Plant and Equipment 350 Property Plant and Equipment 350 Financial Analysis of Property Plant and Equipment 355 Cost Allocation 355 Capital and Revenue Expenditures 359 Recognition and Measurement Issues 359 Impairment of Value 360 Accounting for Asset Retirement Obligations 362 International Accounting Standards 365 10 Long-Term Assets II: Investments and Intangibles 377 Investments in Equity Securities 377 Investments in Debt Securities 386 Impairment of Investments in Unsecuritized Debt Including Receivables and Loans 390 The Fair Value Option for Financial Assets 394 Transfers of Financial Assets 395 Intangibles 396 Financial Analysis of Investments and Intangibles 414 International Accounting Standards 414 11 Long-Term Liabilities 432 The Definition of Liabilities 432 Recognition and Measurement of Liabilities 433 Debt versus Equity 434 Classification of Long-Term Debt 437 Other Liability Measurement Issues 452 Reference Rate Reform 460 Troubled Debt Restructurings 461 Financial Analysis of Long-Term Debt 464 International Accounting Standards 466 12 Accounting for Income Taxes 481 Historical Perspective 481 The Income Tax Allocation Issue 483 Permanent and Temporary Differences 483 Conceptual Issues 487 Alternative Interperiod Tax Allocation Methods 491 Financial Statement Disclosure 500 FIN No. 48 "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109" 504 The Tax Cuts and Jobs Act of 2017 505 Financial Analysis of Income Taxes 508 International Accounting Standards 511 13 Leases 519 Accounting for Leases 520 Historical Perspective 521 Subsequent Developments 532 FASB ASC 842 534 Lease Agreements Affected by ASU 2020-04 Reference Rate Reform 545 Financial Analysis of the Effects of Capitalizing Operating Leases 547 International Accounting Standards 549 14 Pensions and Other Postretirement Benefits 561 Historical Perspective 563 Accounting for the Pension Fund 573 The Employee Retirement Income Security Act 574 Other Postretirement Benefits 575 Postemployment Benefits 577 SFAS No. 132 577 SFAS No. 158 577 ASU 2017-07 579 ASU 2018-14 580 Financial Analysis of Pension and Other Postretirement Benefits 581 International Accounting Standards 581 15 Equity 589 Theories of Equity 590 Definition of Equity 594 The Distinction Between Debt and Equity 595 Corporate Equity 598 Financial Analysis of Stockholders' Equity 611 International Accounting Standards 612 16 Accounting for Multiple Entities 621 Business Combinations 621 Accounting for Business Combinations 623 Consolidations 630 Financial Engineering and the Role of Structured Entities 634 Theories of Consolidation 637 Noncontrolling Interest 639 Drawbacks of Consolidation 641 Joint Ventures 642 Special Purpose Acquisition Companies 643 Segment Reporting 646 Foreign Currency Translation 653 International Accounting Standards 660 17 Financial Reporting Disclosure Requirements and Ethical Responsibilities 680 Recognition and Measurement Criteria 680 The Securities and Exchange Commission 703 Ethical Responsibilities 712 International Accounting Standards 721 Cases 727 FASB ASC Research 731 Room for Debate 732 Index I-1
Preface xi 1 The Development of Accounting Theory 1 The Early History of Accounting 2 Accounting in the United States Since 1930 5 The Role of Ethics in Accounting 21 International Accounting Standards 25 2 The Pursuit of the Conceptual Framework 30 The Early Theorists 30 Professional Organizations' and Authoritative Standard-Setting Bodies' Contributions 32 Committee on Accounting Procedure 33 Accounting Principles Board 33 A Statement of Basic Accounting Theory 36 The Trueblood Committee 37 Statement on Accounting Theory and Theory Acceptance 39 The FASB's Original Conceptual Framework Project 42 International Cooperation 44 Principles-Based Versus Rules-Based Accounting Standards 61 International Convergence 65 3 International Accounting 78 International Business Accounting Issues 79 he Development of Accounting Systems 79 Preparation of Financial Statements for Foreign Users 81 The International Accounting Standards Committee 81 The Uses of International Accounting Standards 93 The IASC and the IOSCO 94 The IASB Annual Improvements Project 96 IASB-FASB Convergence 96 The Effects of International Versus US GAAP Accounting Standards 97 Standards Overload 100 Framework for the Preparation and Presentation of Financial Statements 102 The IASB-FASB Financial Statement Presentation Project 111 4 The Status Development and Uses of Financial Reporting 119 The Financial Reporting Environment 119 Research Methodology 122 The Outcomes of Providing Accounting Information 125 The Relationship Among Accounting Research Education and Practice 155 5 Income Concepts Revenue Recognition and Other Methods of Reporting 162 The Nature of Income 163 Economic Versus Accounting Income 167 Revenue Recognition 169 Matching 188 Income Recognition Constraints 190 Non-GAAP Measures of Performance 192 Sustainability Reporting 194 Earnings Quality Earnings Management and Fraudulent Financial Reporting 205 International Accounting Standards 211 6 Financial Statement I: The Income Statement 227 The Economic Consequences of Financial Reporting 227 Income Statement Elements 227 Statement Format 229 The Value of Corporate Earnings 254 International Accounting Standards 259 7 Financial Statements II: The Balance Sheet and the Statement of Cash Flows 273 The Balance Sheet 274 Fair Value Measurements 285 Evaluating a Company's Financial Position 292 The Statement of Cash Flows 295 Financial Analysis of Cash-Flow Information 306 International Accounting Standards 307 8 Working Capital 321 Development of the Working Capital Concept 321 Current Usage 323 Components of Working Capital 323 Working Capital Management 335 International Accounting Standards 343 9 Long-Term Assets I: Property Plant and Equipment 350 Property Plant and Equipment 350 Financial Analysis of Property Plant and Equipment 355 Cost Allocation 355 Capital and Revenue Expenditures 359 Recognition and Measurement Issues 359 Impairment of Value 360 Accounting for Asset Retirement Obligations 362 International Accounting Standards 365 10 Long-Term Assets II: Investments and Intangibles 377 Investments in Equity Securities 377 Investments in Debt Securities 386 Impairment of Investments in Unsecuritized Debt Including Receivables and Loans 390 The Fair Value Option for Financial Assets 394 Transfers of Financial Assets 395 Intangibles 396 Financial Analysis of Investments and Intangibles 414 International Accounting Standards 414 11 Long-Term Liabilities 432 The Definition of Liabilities 432 Recognition and Measurement of Liabilities 433 Debt versus Equity 434 Classification of Long-Term Debt 437 Other Liability Measurement Issues 452 Reference Rate Reform 460 Troubled Debt Restructurings 461 Financial Analysis of Long-Term Debt 464 International Accounting Standards 466 12 Accounting for Income Taxes 481 Historical Perspective 481 The Income Tax Allocation Issue 483 Permanent and Temporary Differences 483 Conceptual Issues 487 Alternative Interperiod Tax Allocation Methods 491 Financial Statement Disclosure 500 FIN No. 48 "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109" 504 The Tax Cuts and Jobs Act of 2017 505 Financial Analysis of Income Taxes 508 International Accounting Standards 511 13 Leases 519 Accounting for Leases 520 Historical Perspective 521 Subsequent Developments 532 FASB ASC 842 534 Lease Agreements Affected by ASU 2020-04 Reference Rate Reform 545 Financial Analysis of the Effects of Capitalizing Operating Leases 547 International Accounting Standards 549 14 Pensions and Other Postretirement Benefits 561 Historical Perspective 563 Accounting for the Pension Fund 573 The Employee Retirement Income Security Act 574 Other Postretirement Benefits 575 Postemployment Benefits 577 SFAS No. 132 577 SFAS No. 158 577 ASU 2017-07 579 ASU 2018-14 580 Financial Analysis of Pension and Other Postretirement Benefits 581 International Accounting Standards 581 15 Equity 589 Theories of Equity 590 Definition of Equity 594 The Distinction Between Debt and Equity 595 Corporate Equity 598 Financial Analysis of Stockholders' Equity 611 International Accounting Standards 612 16 Accounting for Multiple Entities 621 Business Combinations 621 Accounting for Business Combinations 623 Consolidations 630 Financial Engineering and the Role of Structured Entities 634 Theories of Consolidation 637 Noncontrolling Interest 639 Drawbacks of Consolidation 641 Joint Ventures 642 Special Purpose Acquisition Companies 643 Segment Reporting 646 Foreign Currency Translation 653 International Accounting Standards 660 17 Financial Reporting Disclosure Requirements and Ethical Responsibilities 680 Recognition and Measurement Criteria 680 The Securities and Exchange Commission 703 Ethical Responsibilities 712 International Accounting Standards 721 Cases 727 FASB ASC Research 731 Room for Debate 732 Index I-1
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