What Is Fair Value? Liability or Revenue? Which Plan Is Right for You? GASB Who? Are You Liable? Guard the Financial Statements!
Thinking Outside the Box One might take pride in the fact that the U. But most would also comment that we can do better, particularly in light of the many accounting scandals that have occurred at companies like AIG, WorldCom, and Lehman Brothers. So it is time for reevaluation—a time to step back and evaluate whether changes are necessary in the U.
Today, equity securities are broadly held, with approximately half of American households investing in stocks. This presents a challenge—investors have expressed concerns that one-size-fits-all financial reports do not meet the needs of the spectrum of investors who rely on those reports.
Many individual investors are more interested in summarized, plain-English reports that are easily understandable; they may not understand all of the underlying detail included in current financial reports.
On the other hand, market analysts and other investment professionals may desire information at a far more detailed level than is currently provided. Technology certainly must play a role in delivering the customized level of information that the different types of investors desire. Many companies assert that when preparing financial reports, it is difficult to ensure compliance with the voluminous and complex requirements contained in U.
In fact, in a recent year almost 10 percent of U. This alarmingly high number is a problem because it can be difficult to distinguish between companies with serious underlying problems and those with unintentional misapplications of complex accounting literature.
Restatements are costly to companies and can undermine the confidence of investors in the financial reporting system. We also need to look beyond the accounting applied in the basic financial statements and footnotes and consider the broader array of information that investors need to make informed decisions.
The U. Thus, we may want to consider a more comprehensive business reporting model, including both financial and nonfinancial key performance indicators. Finally, we must also consider how to deliver all of this information in a timelier manner. In the 21st century, in a world where messages can be sent across the world in a blink of an eye, it is ironic that the analysis of financial information is still subject to many manual processes, resulting in delays, increased costs, and errors.
C Read the IFRS Insights on pages 32—40 for a discussion of: Thus, thinking outside the box to improve financial reporting involves more than simply trimming or reworking the existing accounting literature. In some cases, major change is already underway. It is hoped that this project will contribute to less-complex, more-understandable standards. Reporting through XBRL allows timelier reporting via the Internet and allows statement users to transform accounting reports to meet their specific needs.
They will take the accounting profession beyond the complexity debate to encompass both the usefulness of financial reporting and the most effective delivery of information to investors. Source: Adapted from Conrad W. Securities and Exchange Commission, Washington, D. August 2, As our opening story indicates, the U. To ensure that it continues to provide the most relevant and reliable financial information to users, a number of financial reporting issues must be resolved.
These issues include such matters as adopting global standards, increasing fair value reporting, using principles-based versus rule-based standards, and meeting multiple user needs. This chapter explains the environment of financial reporting and the many factors affecting it, as follows.
Financial accounting is the process that culminates in the preparaand other means of financial reporting. Users of these financial reports include investors, creditors, managers, unions, and government agencies. Financial statements are the principal means through which a company communicates its financial information to those outside it.
Note disclosures are an integral part of each financial statement. Some financial information is better provided, or can be provided only, by means of financial reporting other than formal financial statements.
Companies may need to provide such information because of authoritative pronouncement, regulatory rule, or custom. Or they may supply it because management wishes to disclose it voluntarily. In this textbook, we focus on the development of two types of financial information: 1 the basic financial statements and 2 related disclosures.
As a result, people try to conserve them and ensure that they are used effectively. Efficient use of resources often determines whether a business Explain how accounting assists in the thrives. This fact places a substantial burden on the accounting profession. Accountants must measure performance accurately and fairly on a timely basis, so that the right managers and companies are able to attract investment capital.
Because these users can assess the relative return and risks associated with investment opportunities, they channel resources more effectively.
Illustration shows how this process of capital allocation works. Users present and potential Investors and creditors use financial reports to make their capital allocation decisions.
Capital Allocation The process of determining how and at what cost money is allocated among competing interests. An effective process of capital allocation is critical to a healthy economy. Unreliable and irrelevant information leads to poor capital allocation, which adversely affects the securities markets. For example, the Wall Street Journal has run the following headlines related to accounting and its effects on the economy. What do the numbers mean? It now has become clear that investors must trust the accounting numbers, or they will abandon the market and put their resources elsewhere.
With investor uncertainty, the cost of capital increases for companies who need additional resources. In short, relevant and reliable financial information is necessary for markets to be efficient.
Objective of Financial Reporting What is the objective or purpose of financial reporting? Those decisions involve buying, selling, or holding equity and debt instruments, and providing or settling loans and other forms of credit. Information that is decision-useful to capital providers investors may also be helpful to other users of financial reporting who are not investors.
To be cost-effective in providing this information, general-purpose financial statements are most appropriate. In other words, general-purpose financial statements provide at the least cost the most useful information possible.
Equity Investors and Creditors The objective of financial reporting identifies investors and creditors as the primary users for general-purpose financial statements. Identifying investors and creditors as the primary users provides an important focus of general-purpose financial reporting. As a result, the primary user groups are not management, regulators, or some other non-investor group.
Entity Perspective As part of the objective of general-purpose financial reporting, an entity perspective is adopted. Companies are viewed as separate and distinct from their owners present shareholders using this perspective.
The assets of Hershey are viewed as assets of the company and not of a specific creditor or shareholder. The entity perspective is consistent with the present business environment where most companies engaged in financial reporting have substance distinct from their investors both shareholders and creditors.
Thus, a perspective that financial reporting should be focused only on the needs of shareholders—often referred to as the proprietary perspective—is not considered appropriate. For example, the management of Hershey has the responsibility for protecting its economic resources from unfavorable effects of economic factors, such as price changes, and technological and social changes.
Financial reporting should therefore help investors assess the amounts, timing, and uncertainty of prospective cash inflows from dividends or interest, and the proceeds from the sale, redemption, or maturity of securities or loans.
In order for investors to make these assessments, the economic resources of an enterprise, the claims to those resources, and the changes in them must be understood. Financial statements and related explanations should be a primary source for determining this information.
Recall from your first accounting course the objective of accrual-basis accounting: It ensures that a company records events that change its financial statements in the periods in which the events occur, rather than only in the periods in which it receives or pays cash. Using the accrual basis to determine net income means that a company recognizes revenues when it provides the goods or services rather than when it receives cash.
Similarly, it recognizes expenses when it incurs them rather than when it pays them. Under accrual accounting, a company generally recognizes revenues when it makes sales. The company can then relate the revenues to the economic environment of the period in which they occurred.
Over the long run, trends in revenues and expenses are generally more meaningful than trends in cash receipts and disbursements. Users of Explain the need for accounting financial accounting statements have both coinciding and conflicting needs for standards. To meet these needs, and to satisfy the stewardship reporting responsibility of management, companies prepare a single set of generalpurpose financial statements.
The accounting profession has attempted to develop a set of standards that are generally accepted and universally practiced. Otherwise, each enterprise would have to develop its own standards. It would be almost impossible to prepare statements that could be compared. This common set of standards and procedures is called generally accepted accounting principles GAAP. We present a more extensive discussion of what constitutes GAAP later in this chapter.
The SEC is a federal agency. It administers the from all over the world. Collectively, its members represent a substantial Securities Exchange Act of and several other acts. The SEC currently exercises oversight over 12, companies that are listed on the major exchanges e.
The SEC encouraged the creation of a private standard-setting body because it believed that the private sector had the appropriate resources and talent to achieve this daunting task. The SEC acts with remarkable restraint in the area of developing accounting standards. In some cases, the SEC rejects a standard proposed by the private sector. In other cases, the SEC prods the private sector into taking quicker action on certain reporting problems, such as accounting for investments in debt and equity securities and the reporting of derivative instruments.
The private sector, therefore, must listen carefully to the views of the SEC. In some sense, the private sector is the formulator and the implementor of the standards. The oyster coats this grain with layers of nacre, and ultimately a pearl is formed.
This occurred in the deliberations on the accounting for business combinations and intangible assets. It is also highlighted by concerns over the accounting for off-balance-sheet specialpurpose entities, highlighted in the failure of Enron and, more recently, the subprime crises that led to the failure of IndyMac Bank. The private sector, therefore, develops these rules standards.
As we indicated earlier, companies listed on a stock exchange must submit their financial statements to the SEC. If the SEC believes that an accounting or disclosure irregularity exists regarding the form or content of the financial statements, it sends a deficiency letter to the company. Companies usually resolve these deficiency letters quickly. The Department of Justice may also file criminal charges for violations of certain laws.
The SEC process, private sector initiatives, and civil and criminal litigation help to ensure the integrity of financial reporting for public companies. Various committees and boards established since the founding of the AICPA have contributed to this effort. These bulletins dealt with a variety of accounting problems. But this problem-by-problem approach failed to provide the needed structured body of accounting principles. Accounting Principles Board The major purposes of the Accounting Principles Board APB were to 1 advance the written expression of accounting principles, 2 determine appropriate practices, and 3 narrow the areas of difference and inconsistency in practice.
Between its inception in and its dissolution in , the APB issued 31 opinions. Unfortunately, the APB came under fire early, charged with lack of productivity and failing to act promptly to correct alleged accounting abuses.
Later, the APB tackled numerous thorny accounting issues, only to meet a buzz saw of opposition from industry and CPA firms. It also ran into occasional governmental interference. Commonly known as the Wheat Committee for its chair Francis Wheat, this group examined the organization and operation of the APB and determined the necessary changes to attain better results. Its mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, which includes issuers, auditors, and users of financial information.
The expectations of success and support for the new FASB relied on several significant differences between it and its predecessor, the APB: 1. Smaller membership. Full-time, remunerated membership. FASB members are well-paid, full-time members appointed for renewable 5-year terms. The APB members volunteered their part-time work. Greater autonomy. The FASB is not part of any single professional organization.
It is appointed by and answerable only to the Financial Accounting Foundation. Increased independence. APB members retained their private positions with firms, companies, or institutions. FASB members must sever all such ties. Broader representation. Illustration shows the current organizational structure for the development of financial reporting standards. Due Process In establishing financial accounting standards, the FASB relies on two basic premises: 1 The FASB should be responsive to the needs and viewpoints of the entire economic community, not just the public accounting profession.
To establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. Preliminary Views What do you think? Topics identified and placed on Board's agenda.
Research and analysis conducted and preliminary views of pros and cons issued. This will be your final chance. Final standard issued. Standards, Interpretations, and Staff Positions. Financial Accounting Concepts. Emerging Issues Task Force Statements. Financial accounting standards issued by the FASB are considered generally accepted accounting principles. In addition, the FASB has also issued interpretations that modify or extend existing standards. Interpretations have the same authority, and require the same votes for passage, as standards.
Both types of interpretations are now considered authoritative for purposes of determining GAAP. Finally, the FASB issues staff positions, which provide interpretive guidance and also minor amendments to standards and interpretations.
These staff positions have the same authority as standards and interpretations. The Board also has issued FASB Technical Bulletins, which provide timely guidance on selected issues; staff positions are now used in lieu of technical bulletins. As part of a long-range effort to move away from the problem-by-problem approach, the FASB in November issued the first in a series of Statements of Financial Accounting Concepts as part of its conceptual framework project.
The series sets forth fundamental objectives and concepts that the Board uses in developing future standards of financial accounting and reporting. The Board intends to form a cohesive set of interrelated concepts—a conceptual framework—that will serve as tools for solving existing and emerging problems in a consistent manner.
Concepts statements, however, pass through the same due process system preliminary views, public hearing, exposure draft, etc.
The purpose of the task force is to reach a consensus on how to account for new and unusual financial transactions that may potentially create differing financial reporting practices. Examples include accounting for pension plan terminations, revenue from barter transactions by Internet companies, and excessive amounts paid to takeover specialists. The EITF also provided timely guidance for the accounting for loans and investments in the wake of the credit crisis.
We cannot overestimate the importance of the EITF. In one year, for example, the task force examined 61 emerging financial reporting issues and arrived at a consensus on approximately 75 percent of them. And the SEC indicated that it will view consensus solutions as preferred accounting. Further, it requires persuasive justification for departing from them. For example, emerging issues often attract public attention.
If not resolved quickly, they can lead to financial crises and scandal. The next step, possible governmental intervention, would threaten the continuance of standardsetting in the private sector. The EITF identifies controversial accounting problems as they arise. More than any other organization, it regulated the accounting profession, and developed and enforced accounting practice.
It does so through various written communications: Audit and Accounting Guides summarize the accounting practices of specific industries and provide specific guidance on matters not addressed by the FASB. Examples are accounting for casinos, airlines, colleges and universities, banks, insurance companies, and many others.
SOPs may update, revise, and clarify audit and accounting guides or provide free-standing guidance. Specifically, Rule of this accepted accounting principles GAAP Code prohibits a member from expressing an unqualified opinion on financial and the role of the Codification for statements that contain a material departure from generally accepted accounting GAAP. What is GAAP?
The major sources of GAAP come from the organizations discussed earlier in this chapter. It is composed of a mixture of over 2, documents that have developed over the last 60 years or so. Illustration on page 14 highlights the many different types of documents that comprise GAAP. In some cases, these documents are inconsistent and difficult to interpret.
As a result, financial statement preparers sometimes are not sure whether they have the right GAAP; determining what is authoritative and what is not becomes difficult. This will simplify user access to all authoritative U. It explains what GAAP is and eliminates nonessential information such as redundant document summaries, basis for conclusions sections, and historical content.
It creates one level of GAAP, which is considered authoritative. All other accounting literature is considered nonauthoritative. The update is composed of the background and basis for conclusions for the new pronouncement with a common format, regardless of the form in which such guidance may have been issued e.
CRS is an online real-time database that provides easy access to the Codification. The Codification and the related CRS provide a topically organized structure, subdivided into topic, subtopics, sections, and paragraphs, using a numerical index system.
For purposes of referencing authoritative GAAP material in this textbook, we will use the Codification framework. Here is an example of how the Codification framework is cited, using Receivables as the example. Access to the full functionality of the Codification Research System requires a subscription.
Reduced-price academic access is available through the American Accounting Association see aaahq. In that document, certain documents were deemed more authoritative than others, which led to various levels of GAAP. Illustration shows the Codification framework graphically. Topic Provides a collection of related guidance on a given subject, such as receivables or leases. For example, overall and troubled-debt restructurings are two subtopics of receivables.
Sections Indicate the type of content in a subtopic, such as initial measurement. In some cases, subsections are used but not numbered. Paragraphs This level is where you will find the substantive content related to the issue researched. All other levels exist essentially to find the material related to the paragraph level content. In that case, other accounting literature should be considered, such as FASB Concept Statements, international financial reporting standards, and other professional literature.
This will happen only rarely. The expectations for the Codification are high. As a result, the time to research accounting issues and the risk of noncompliance with GAAP will be reduced, sometimes substantially.
In addition, the electronic Web-based format will make updating easier, which will help users stay current with GAAP. It is an outstanding effort by the profession to streamline and simplify how to determine what GAAP is, which will lead to better financial accounting and reporting. We provide references to the Codification throughout this textbook, using a numbering 7 To increase the usefulness of the Codification for public companies, relevant authoritative content issued by the SEC is included in the Codification.
For example, a bracket with a number, such as [1], indicates that the citation to the FASB Codification can be found in the FASB Codification section at the end of the chapter immediately before the assignment materials. Should the accounting profession have principles-based standards or rules-based standards? That has resulted in companies creating complex capital structures that comply with GAAP but hide billions of dollars of debt and other obligations. You have to exercise judgment in applying GAAP to achieve high-quality reporting.
Sources: Adapted from S. We discuss some of the major issues below. User groups consist of those most interested in or affected by accounting Describe the impact of user groups on rules.
Like lobbyists in our state and national capitals, user groups play a signifithe rule-making process. GAAP is as much a product of political action as it is of careful logic or empirical findings.
User groups may want particular economic events accounted for or reported in a particular way, and they fight hard to get what they want. They know that the most effective way to influence GAAP is to participate in the formulation of these rules or to try to influence or persuade the formulator of them.
These user groups often target the FASB, to pressure it to influence changes in the existing rules and the development of new ones.
Some influential groups demand that the accounting profession act more quickly and decisively to solve its problems. Other groups resist such action, preferring to implement change more slowly, if at all. Illustration shows the various user groups that apply pressure. Why not? We have politics at home; at school; at the fraternity, sorority, and dormitory; at the office; and at church, temple, and mosque.
Politics is everywhere. GAAP is part of the real world, and it cannot escape politics and political pressures. No recent accounting issue better illustrates the economic consequences of accounting than the current debate over the use of fair value accounting for financial assets. Fair value provides the most relevant and reliable information for investors about these assets and liabilities. These changes were generally supported by banks. Such political pressure on accounting standard-setters is not confined to the United States.
For example, French President Nicolas Sarkozy is urging his European Union counterparts to back changes to accounting rules and give banks and insurers some breathing space amid the market turmoil. Sarkozy seeks new regulations, including changes to the mark-to-market accounting rules that have been blamed for aggravating the crisis. It is unclear whether these political pressures will have an effect on fair value accounting, but there is no question that the issue has stirred significant worldwide political debate.
In short, the numbers have consequences. Considering the economic consequences9 of many accounting rules, special interest groups should vocalize their reactions to proposed rules. What the Board should not do is issue pronouncements that are primarily politically motivated. While paying attention to its constituencies, the Board should base GAAP on sound research and a conceptual framework that has its foundation in economic reality.
As a result, it enacted legislation—the Sarbanes-Oxley Act. This law increases the resources for the SEC to combat fraud and curb poor reporting practices. In addition, the Sarbanes-Oxley Act introduces sweeping changes to the institutional structure of the accounting profession.
The following are some of the key provisions of the legislation. The PCAOB has oversight and enforcement authority and establishes auditing, quality control, and independence standards and rules.
Audit partners, for example, are required to rotate every five years, and auditors are prohibited from offering certain types of consulting services to corporate clients. In addition, Section of the Sarbanes-Oxley Act requires public companies to attest to the effectiveness of their internal controls over financial reporting.
Internal controls are a system of checks and balances designed to prevent and detect fraud and errors. Most companies have these systems in place, but many have never completely documented them. Companies are finding that it is a costly process but perhaps badly needed. Already, intense examination of internal controls has found lingering problems in the way companies operate.
Recently, companies reported deficiencies in internal control. SunTrust Bank, for example, fired three officers after discovering errors in how the company calculates its allowance for bad 9 Economic consequences means the impact of accounting reports on the wealth positions of issuers and users of financial information, and the decision-making behavior resulting from that impact. The resulting behavior of these individuals and groups could have detrimental financial effects on the providers of the financial information.
See Stephen A. We extend appreciation to Professor Zeff for his insights on this chapter. And Visteon, a car parts supplier, said it found problems recording and managing receivables from its largest customer, Ford Motor. Will these changes be enough? The expectations gap—what the public thinks accountants should do and what accountants think they can do—is difficult to close. Due to the number of fraudulent reporting cases, some question whether the profession is doing enough.
Although the profession can argue rightfully that accounting cannot be responsible for every financial catastrophe, it must continue to strive to meet the needs of society. However, efforts to meet these needs will become more costly to society. The development of a highly transparent, clear, and reliable system will require considerable resources. Financial Reporting Challenges While our reporting model has worked well in capturing and organizing financial information in a useful and reliable fashion, much still needs to be done.
For example, if we move to the year and look back at financial reporting today, we might read the following. Financial reports failed to provide some key performance measures widely used by management, such as customer satisfaction indexes, backlog information, and reject rates on goods purchased. Financial reports failed to provide forward-looking information needed by present and potential investors and creditors.
The best assets are often intangible. Companies only prepared financial statements quarterly and provided audited financials annually.
Little to no real-time financial statement information was available. We believe each of these challenges must be met for the accounting profession to provide the type of information needed for an efficient capital allocation process. Often such information is nonfinancial. For example, banking companies now disclose data on loan growth, credit quality, fee income, operating efficiency, capital management, and management strategy.
Now, most companies publish their annual reports in several formats on the Web. The most innovative companies offer sections of their annual reports in a format that the user can readily manipulate, such as in an electronic spreadsheet format.
For example, companies either record investments in stocks and bonds, debt obligations, and derivatives at fair value, or companies show information related to fair values in the notes to the financial statements. Changes in these directions will enhance the relevance of financial reporting and provide useful information to financial statement readers.
He went on to say that we need something similar internationally. We believe that the Secretary is right. As a result, international companies such as Coca-Cola, Microsoft, and IBM have to develop financial information in different ways. Beyond the additional costs these companies incur, users of the financial statements often must understand at least two sets of accounting standards.
Understanding one set is hard enough! The SEC laid out a roadmap by which all U. Most parties recognize that global markets will best be served if only one set of accounting standards is used. Long-term convergence as well as for U. Because convergence is such an important issue, we provide a discussion of international accounting standards at the end of each chapter called IFRS Insights.
In addition, throughout the textbook we provide in the margins International Perspectives to help you understand the international reporting environment. In accounting, as in other areas of business, we frequently encounter ethical dilemmas.
Some of these dilemmas are simple and easy to resolve. However, many are not, requiring difficult choices among allowable alternatives. Technical competence is not enough when encountering ethical decisions.
Doing the right thing is not always easy or obvious. The decision is more difficult because there is no comprehensive ethical system to provide guidelines. Time, job, client, personal, and peer pressures can complicate the process of ethical sensitivity and selection among alternatives. Throughout this textbook, we present ethical considerations to help sensitize you to the type of situations you may encounter in the performance of your professional responsibility.
Conclusion Bob Herz, former FASB chairman, believes that there are three fundamental considerations the FASB must keep in mind in its rule-making activities: 1 improvement in financial reporting, 2 simplification of the accounting literature and the rule-making process, and 3 international convergence.
These are notable objectives, and the Board is making good progress on all three dimensions. Issues such as off-balance-sheet financing, measurement of fair values, enhanced criteria for revenue recognition, and stock option accounting are examples of where the Board has exerted leadership.
Improvements in financial reporting should follow. GAAP has been contained in a number of different documents. The lack of a single source makes it difficult to access and understand generally accepted principles. The codified standards are then considered to be GAAP and to be authoritative.
All other literature will be considered nonauthoritative. Finally, international convergence is underway. Some projects already are completed and differences eliminated. Many more are on the drawing board. It appears to be only a matter of time until we will have one set of global accounting standards that will be established by the IASB.
The profession has many challenges, but it has responded in a timely, comprehensive, and effective manner. Financial reporting other than financial statements may take various forms. Accounting provides reliable, relevant, and timely information to managers, investors, and creditors to allow resource allocation to the most efficient enterprises. Accounting also provides measurements of efficiency profitability and financial soundness. The objective of general-purpose financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity through equity investments and loans or other forms of credit.
Information that is decision-useful to investors may also be helpful to other users of financial reporting who are not investors. The accounting profession has attempted to develop a set of standards that is generally accepted and universally practiced.
Without this set of standards, each company would have to develop its own standards. As a result, it would be almost impossible to prepare statements that could be compared. The Securities and Exchange Commission SEC is a federal agency that has the broad powers to prescribe, in whatever detail it desires, the accounting standards to be employed by companies that fall within its jurisdiction.
The Financial Accounting Standards Board FASB establishes and improves standards of financial accounting and reporting for the guidance and education of the public. All these documents and others are now classified in one document referred to as the Codification. The purpose of the Codification is to simplify user access to all authoritative U. Because of the accelerated rate of change and the increased complexity of our economy, these pressures have been multiplying. Financial accountants are called on for moral discernment and ethical decision-making.
Decisions sometimes are difficult because a public consensus has not emerged to formulate a comprehensive ethical system that provides guidelines in making ethical judgments. Weygandt and Terry D. This Web site gives you access to the rich tools and resources available for this text. Intermediate Accounting 16th Edition by Kieso Weygandt and Warfield solution manual More information Intermediate accounting 16th edition by kieso weygandt and warfield solution manual Donald E.
Kieso Intermediate Accounting Jerry J. Weygandt Terry D. Eventually, you will totally discover a further experience and achievement by. Your browser does not support SVG.
Moderate 20—30 P Pay is Dependent on Experience. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Need help with accounting homework. Answer key. Table of Contents The accounting cycle is continually reinforced. Assignable Chapter 0 offers adaptive review and practice of each stage of the accounting cycle with reading content, exercises, and problems to provide additional opportunities for both granular and comprehensive accounting cycle practice.
Career-focused resources bridge the gap between course content and professions. Students can search for internships and entry-level accounting positions while getting career, resume, and interviewing advice from career coaches.
Multimedia homework assistance reaches all types of learners. Terry Warfield along with two subject matter experts created the Solution Walkthrough Videos. These videos align with the content of the book and help students answer problems that are similar to ones they will encounter in their homework assignments.
Career Readiness: Career-focused resources are available within WileyPLUS, including access to look for internships and entry-level accounting positions with Accountingfly and the ability to seek career, resume, and interviewing advice with career coaching demonstration from InsideTrack. Wiley Accounting Updates: News articles curated weekly provide students application-based understanding of how the topics relate to the real world. Each article is paired with several discussion questions to encourage students to think critically about the topic in relation to the course content.
Easy Assessments: Algorithmic, multiple-choice test bank questions make student assessments simple to create and assign. Organized Learning: A new, streamlined learning design of both WileyPLUS and the text helps students find relevant videos, reading content, and resources based on associated learning objectives to ensure the best use of time outside of class.
Practice Made Simple: New, self-paced algorithmic practice for each chapter allows students to continuously practice additional author-crafted material, including brief exercises, practice problems, and quizzes.
Accounting Cycle Review: Assignable Chapter 0 offers adaptive review and practice of each stage of the accounting cycle with additional reading content, exercises, and problems to provide additional opportunities for both granular and comprehensive accounting cycle practice. FASB Update: Content has been updated with references to recent FASB standard updates, including income reporting, inventory, debt issue costs, revenue recognition, and financial instruments. The new coverage of leases will be updated fall while the text will include an Evolving Issues Box covering the new material, keeping with the Kieso standard of being authoritative and up-to-date.
Donald E. Professor Kieso is currently serving on the board of trustees and executive committee of Aurora University, as a member of the board of directors of Kishwaukee Community Hospital, and as treasurer and director of Valley West Community Hospital.
From to , he served as a charter member of the national Accounting Education Change Commission. Jerry J. He holds a PhD in accounting from the University of Illinois.
These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as president and secretary-treasurer of the American Accounting Association.
He has served on the FASB task force that examined the reporting issues related to accounting for income taxes and served as a trustee of the Financial Accounting Foundation.
Terry D. He received a B. Securities and Exchange Commission in Washington, D. Professor Warfield has received teaching awards at both the University of Iowa and the University of Wisconsin, and he was named to the Teaching Academy at the University of Wisconsin in Professor Warfield has developed and published several case studies based on his research for use in accounting classes.
Learn more about the Intermediate Accounting authors: 1. Financial Accounting and Accounting Standards 2. Conceptual Framework for Financial Reporting 3. The Accounting Information System 4.
Income Statement and Related Information 5. Balance Sheet and Statement of Cash Flows 6. Accounting and the Time Value of Money 7. Cash and Receivables 8. Private Company Accounting A-1 B. D-1 E. Dedicated to Student Achievement. The Team for Success authors are dedicated to ensuring that all of their Accounting titles are accessible to students, current, accurate, and have a consistent voice and pedagogy from introductory accounting to the intermediate level.
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See also: Plimpton Babylonian mathematics refers to any mathematics of the peoples of Mesopotamia modern Iraq from the days of the early Sumerians through the Hellenistic period almost to the dawn of Christianity. Later under the Arab Empire , Mesopotamia, especially Baghdad , once again became an important center of study for Islamic mathematics. Geometry problem on a clay tablet belonging to a school for scribes; Susa , first half of the 2nd millennium BCE In contrast to the sparsity of sources in Egyptian mathematics , knowledge of Babylonian mathematics is derived from more than clay tablets unearthed since the s.
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