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Tables of Contents for Accounting Desk Book
Chapter/Section Title
Page #
Page Count
Introduction
vii
Principles of Financial Statements, Disclosure, Analysis, and Interpretation
1
42
Fair Presentation in Conformity with GAAP
1
1
12 Principles of Financial Statement Presentation
2
3
Materiality
5
1
Disclosures Required in Financial Statements
6
2
Full Disclosure
8
1
Disclosure in Financial Reporting
8
2
Disclosures Itemized
10
6
Restatements
16
2
Timing and Permanent Differences --- Income Taxes
18
1
Timing Differences
18
3
Financial Statement Analysis and Interpretation
21
1
Four Groups of Ratios
22
1
The Accountant's Responsibility
22
1
Balance Sheet Analysis
23
6
Income Statement Analysis
29
7
Statement of Changes in Stockholders' Equity
36
1
FASB 130, Reporting Comprehensive Income
37
4
APB Opinion 22, Disclosure of Accounting Policies
41
2
Revenue and Expenses
43
20
Revenue (Income)
43
2
Expenses
45
2
Other Expenses (and Revenue)
47
1
Imputed Interest on Notes Receivable or Payable
47
2
Classifying and Reporting Extraordinary Items
49
2
Present Value Computation and Application
51
4
SAB 101, Revenue Recognition in Financial Statements
55
8
Stockholders' Equity
63
13
Capital Stock
64
4
Retained Earnings
68
1
Prior Period Adjustments
68
1
Contingency Reserves
69
2
Recapitalizations
71
1
Changing Par or Stated Value of Stock
72
1
Quasi-Reorganizations
73
1
Stock Reclassifications
73
1
Substituting Debt for Stock
74
1
Treasury Stock
74
2
Statement of Cash Flows
76
14
Importance of Cash Flow
76
2
FASB Statement 95, Statement of Cash Flows
78
3
Classification of Cash Receipts and Cash Payments
81
1
Direct Method --- Discussion and Illustration
82
2
Indirect Method --- Discussion and Illustration
84
1
Bankers' Use of Financial Statements
85
3
FASB Statements Amending the Cash Flow Statement
88
2
Business Combinations
90
26
Business Combinations and Acquisitions
90
3
The Cost Method --- Stock Acquisitions
93
1
The Equity Method --- Stock Acquisitions
93
3
The Consolidation Method --- Stock Acquisitions
96
2
The Purchase Method
98
1
The Pooling-of Interests Method
99
3
Foreign Subsidiaries
102
1
Intercompany Transactions
103
1
Goodwill
104
1
Negative Goodwill
104
1
Consolidated Financial Statements
105
1
FASB Statement 94, Consolidation of All Majority-Owned Subsidiaries
105
3
Exposure Draft, Consolidated Financial Statements: Purpose and Policy
108
3
An Invitation to Comment on Business Combinations
111
1
Exposure Draft, Business Combinations and Intangible Assets
111
5
International Federation of Accountants
116
20
IFAC and IASC Relationship
116
1
Two Separate International Organizations
117
1
Comparison to U.S. Organizations
118
1
IFAC and International Firms Combine Efforts
118
1
Organizational Structure
119
10
IFAC Forms Coalition to Advance Accountancy Development
129
3
Accountancy's Fight Against Corruption
132
4
The International Accounting Standards Committee
136
36
The Changing World Economy
136
1
The Importance of Global Accounting Standards
137
2
The Standing Interpretations Committee
139
1
The Role of IOSCO
140
1
Merger Accounting Differences
140
1
Accounting for Developing Economies and Emerging Markets
140
1
Provisions of the New IASC Constitution
141
2
The Growing Acceptance of International Standards
143
1
The NYSE and Securities Dealers
144
1
The FASB's Attitude
144
2
The SEC's Cautious Appraisal
146
1
The Adoption of IAS 40, Investment Property
147
1
Selected IASC Standards with Comparisons to U.S. GAAP
148
1
IAS 33, Earnings per Share
148
1
IAS 34, Interim Financial Reporting
149
3
IAS 35, Discontinuing Operations
152
3
IAS 36, Impairment of Assets
155
5
IAS 37, Provisions, Contingent Liabilities and Contingent Assets
160
2
IAS 38, Intangible Assets
162
2
IAS 39, Financial Instruments: Recognition and Measurement
164
5
The Core Standards
169
3
The G4+1: Representatives of National Accounting Standard-Setting Bodies
172
10
Objectives of G4+1
172
1
Changes Being Considered
173
1
Open Meetings
173
1
Organizational Structure
174
1
Tie-in with Member Organizations
174
1
Accounting for Contributions Received
174
1
Leases --- Proposals for Change
175
2
Special Report on Joint Ventures
177
1
Reporting Financial Performance
178
1
Methods of Accounting for Business Combinations
179
3
Insurance Accounting
182
14
The IASC Paper on Insurance Accounting
182
5
Financial Accounting Standards Board Statements That Cover Accounting and Reporting by Insurance Companies
187
9
Derivatives
196
15
FASB Statement 119
197
1
Further Disclosure Measures Needed
198
1
For Study and Consideration
199
1
Derivatives --- Good and Bad
199
1
Three Basic Proposals
200
1
The SEC Takes Action
201
10
Foreign Currency Translations and Derivative Disclosure
211
18
FASB Statement 52, Foreign Currency Translation
211
10
FASB Statement 107, Disclosure About Fair Value of Financial Instruments
221
1
FASB Statement 133, Accounting for Derivative Instruments and Hedging Activities
222
4
How FASB 133 Affects Other Accounting Literature
226
3
Governmental Fund Accounting
229
17
Differences Between Governmental and Commercial Accounting
229
1
Legal Provisions
230
1
Is Governmental Accounting Complex? No!
231
1
Terminology
231
4
Governmental Accounting Systems
235
10
Objectives of Financial Reporting by Nonbusiness Organizations
245
1
``New'' Governmental Accounting
246
16
Government Accounting Standards Board Gains Stature
246
1
Provisions of GASB 34
247
1
Background Information
247
1
The Time for Accountability Is Now
248
1
Retention of Fund Accounting
249
1
The All-Important Governmental Budget
249
1
New Information Is Readily Available
250
1
Required Information and Format
251
2
Content of MD&A
253
1
Government-Wide Financial Statements
253
2
Fund Financial Statements
255
1
Required Supplementary Information
256
1
Effective Date and Transition
257
1
Requirements for Prospective and Retrospective Reporting
257
1
Guidance on Modified Accrual Standards
258
1
GASB Statement 35 for Public Colleges and Universities
258
2
GASB Statement 33 on Nonexchange Transactions
260
1
GASB Statement 36 on Recipient Reporting for Certain Shared Nonexchange Revenue
261
1
GASB Guide for Implementing Financial Statements
261
1
Not-for-Profit or Exempt Organizations
262
15
FASB Statement 136, Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others
263
3
IRS Rulings and Legislation Relating to Disclosure
266
3
FASB Statement 93, Recognition of Depreciation by Not-for-Profit Organizations
269
1
FASB Statement 116, Accounting for Contributions Received and Contributions Made
269
1
FASB Statement 117, Financial Statements of Not-for-Profit Organizations
269
5
FASB Statement 124, Accounting for Certain Investments Held by Not-for-Profit Organizations
274
3
Budgeting for Profit Planning and Budgetary Control
277
25
Types of Budgets
278
1
The Sales Budget
278
3
The Production Budget
281
2
The Labor Budget
283
1
Materials Budget
284
2
Manufacturing Expense Budget
286
3
Capital Expenditures Budget
289
1
The Cash Budget
290
2
Zero-Base Budgeting
292
4
Break-Even Point Analysis
296
6
Change in Accounting Methods and Consideration of Accounting Periods
302
24
Significant Changes
302
1
Change in Method of Accounting Defined
303
1
Method Change with Adjustment
304
1
Method Change Using a Cutoff Method
304
1
Initial Method
305
1
IRS Approval
305
1
Reflections of Income
306
1
Need for Adjustment
306
1
90-Day and 120-Day Window Periods
306
1
Under Examination
307
1
Application Procedures
308
1
Consolidated Groups
309
1
Separate Trades or Businesses
309
1
Resolving Timing Issues: Appeals and Counsel Discretion
309
2
Resolving Timing Issues: Discretion of Examining Agent
311
1
Method Changes Initiated by the IRS
312
2
Accounting Periods
314
10
Changes During the Tax Year
324
2
The Securities and Exchange Commission --- Organization and the Acts
326
41
The Securities and Exchange Commission
328
1
Glossary of Security and Exchange Commission Terminology
329
11
Securities Act of 1933
340
1
Registration
341
5
Securities Exchange Act of 1934
346
1
Insider Trading
346
1
Margin Trading
347
1
Division of Corporation Finance
347
1
Truth in Securities Laws
347
1
Development of Disclosure: 1933 and 1934 Acts
348
2
Synopsis: The Securities Act of 1933
350
5
Synopsis: The Securities Exchange Act of 1934
355
6
Public Utility Holding Company Act of 1935
361
2
Trust Indenture Act of 1939
363
1
Investment Advisers Act of 1940
363
1
Trust Investment Company Act of 1940
364
1
Corporation Reorganization
365
2
The Securities and Exchange Commission - Materiality
367
13
SEC Staff Accounting Bulletin 99
367
1
Defining Materiality
368
1
Qualitative and Quantitative Factors Are Important
369
1
FASB Considerations and Opinion
369
1
Small Figures May Cause Big Misstatements
370
1
Other Considerations
371
1
``Managed'' Earnings --- Here, There, and Everywhere
371
1
Aggregating and Netting Misstatements
372
2
Intentional Immaterial Misstatements
374
1
The Prudent Man Concept
375
1
``Reasonableness'' Should Not Be Unreasonable
376
1
The Auditor's Response to Intentional Misstatements
377
1
GAAP Takes Precedence Over Industry Practice
378
2
The Securities and Exchange Commission -- Private Securities Litigation Reform Act of 1995
380
15
Provisions of the Act
380
2
Certification Filed with Complaint
382
1
Nonwaiver of Attorney Privilege
383
1
Appointment of Lead Plaintiff
383
1
Additional Notices Required Under Federal Rules
383
1
Consolidated Actions
383
1
Rebuttable Presumption
383
1
Discovery
384
1
Selection of Lead Counsel
384
1
Restrictions on Professional Plaintiffs
384
1
Recovery by Plaintiffs
384
1
Restrictions on Settlements Under Seal
384
1
Restrictions on Payment of Attorneys' Fees and Expenses
384
1
Disclosure of Settlement Terms to Class Members
385
1
Attorney Conflict of Interest
385
1
Security for Payment of Costs in Class Actions
386
1
Misleading Statements and Omissions
386
1
Required State of Mind
386
1
Sanction for Willful Violation
386
1
Causation of Loss
387
1
Limitation on Damages
387
1
Private Class Actions
387
1
Multiple Actions
387
1
Presumption in Favor of Attorneys' Fees and Costs for Abusive Litigation
388
1
Rebuttal Evidence for Sanctions Against Abusive Litigation
388
1
Availability of Documents
388
1
Stay Pending Decision on Motion Exemption Authority
388
1
Exemption Authority
388
1
Effect on Other Authority of the Commission
389
1
Definition of Forward-Looking Statements
389
1
Safe Harbor for Forward-Looking Statements
389
2
Class Action Reforms
391
1
Proportionate Liability and Contributions
391
1
Reduction of Damage
391
1
Right of Rescission
391
1
Aiding and Abetting
391
1
Stay of Discovery and Preservation of Evidence
392
1
Protections for Senior Citizens and Qualified Investment Retirement Plans
392
1
Racketeer Influenced and Corrupt Organization Act (RICO)
392
1
Proportionate Liability
392
1
Indemnification Agreements
393
1
Rule of Construction
393
1
The Act's Exception Provision
394
1
Conclusion
394
1
Segment Reporting
395
16
FASB Statement 131, Disclosures About Segments of an Enterprise and Related Information
395
6
Security and Exchange Commission Response to FASB 131
401
6
Segment Information Added to Interim Reports
407
1
Codification Update, Revised Section 501.06
408
2
A Parting Thought
410
1
Plain English Disclosure Rule
411
19
Investor Protection
411
1
Prospectus Simplification
412
1
Plain English Pilot Program
413
1
Rule 421 (d), the Plain English Rule
413
1
Rule 421 (b), Clear, Concise, Understandable Prospectuses
414
2
Revisions to Regulations S-K and S-B
416
4
Comments on the Plain English Requirements
420
1
Cost Factors
421
1
Updated Staff Legal Bulletin 7
421
9
E-Communication and E-Commerce
430
15
Accounting Issues
431
1
Topics of Consideration
431
5
Taxing Problems
436
1
Cautions for E-Communication Web Site Use
437
1
The IASC Study: Business Reporting on the Internet
438
2
FASB's Business Reporting Research Project
440
1
The SEC on Reporting in the New Economy
441
1
Electronic Data Interchange (EDI)
442
1
The CPA Web Trust and Small Business
443
2
Employee Benefits: Savings Plans
445
38
The Traditional IRA
445
8
Roth IRAs
453
2
The Simplified Employee Pension (SEP)
455
5
SIMPLE Plans
460
3
Qualified Plans (Keogh Plans)
463
6
Electronic Deferrals (401 (k) Plans)
469
4
FASB Standards Relating to Employee Benefits
473
1
FASB Statement 87, Employers' Accounting for Pension Plans
473
2
FASB Statement 88, Employers' Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination
Benefits
475
1
FASB Statement 106, Employers' Accounting for Postretirement Benefits Other Than Pensions
476
3
FASB Statement 112, Employers' Accounting for Postretirement Benefits
479
1
FASB Statement 132, Employers' Disclosures About Pensions and Other Postretirement Benefits
480
3
Higher Education Incentives
483
17
Important Considerations
483
1
Applicable to Both Hope and Lifetime Learning Credits
484
2
Hope Credit
486
1
Lifetime Learning Credit
487
1
Points to Consider in Choosing Which Credit to Claim
487
1
Income Phaseout
488
1
Education Individual Retirement Account
489
3
Withdrawals from Traditional or Roth IRAs
492
1
Qualified Education Student Loan Deductions
493
2
Cancellation of Debt on Student Loans
495
1
State Tuition Program
496
1
The Education Savings Bond Program
497
1
Employer-Provided Educational Assistance
498
2
Mutual Funds
500
9
Kinds of Distributions
500
1
Foreign Tax Deduction or Credit
501
1
Basis
501
2
Sales, Exchanges, and Redemptions
503
3
Investment Expenses
506
1
Independent Investment Company Directors
506
3
Mutual Fund ``PROFILE'' Disclosure Option
509
10
Need for Simplified Disclosure Information
510
1
Profile Requirements Under Rule 498
510
1
Profiles for Tax-Deferred Arrangements
511
1
Pilot Profile Program
511
1
Other Investment Companies Excluded from Profile Option
511
1
Multiple Funds Described in a Profile
512
1
Cover Page
512
1
Risk/Return Summary
513
2
Other Disclosure Requirements
515
2
Application to Purchase Shares
517
1
Filing Requirements
518
1
Modified Profiles for Certain Funds
518
1
Practice Before The IRS and the Power of Attorney
519
11
Expanding the Confidentiality Privilege
519
1
Practicing Before the IRS
520
1
Becoming a Recognized Representative
520
3
Methods of Enrollment
523
1
Rules of Practice
523
2
The Power of Attorney
525
5
Depreciation
530
13
Types of Property
530
1
What Cannot Be Depreciated
531
1
When Depreciation Begins and Ends
532
1
Using the Section 179 Deduction
532
4
The Modified Accelerated Cost Recovery System (MACRS)
536
4
Dispositions
540
1
General Asset Accounts
540
3
Independent Contractor or Employee?
543
16
Worker Classification
543
1
Accountant's Concern
544
1
Primary Categories
544
7
Checklist
551
2
New Emphasis on Categories
553
1
New Procedures for Processing Employment Tax Cases
553
6
Taxpayer Rights
559
17
New Image for the IRS
559
1
Declaration of Taxpayer Rights
560
1
Examinations, Appeals, Collections, and Refunds
561
2
The IRS Collection Process
563
6
Employment Taxes for Employers
569
1
Award of Administrative Costs
570
1
Explanation of Claim for Refund Disallowance
571
1
Tax Court Proceedings
572
1
Additional Provisions for Taxpayer Rights
573
3
Expert Witness
576
Engagement Letter
577
1
Prep Time
578
1
Definition of an Expert Witness
578
1
Function of the Expert Witness
579
1
Basis of Investigation
580
1
Exhibits
581
1
Understandable Testimony
581
1
Cross-Examination
582
1
Rebuttal
582
1
Legal Matters
583
Tip Income
565
31
Tip Rate Determination/Education Program
585
3
Basic Rules Relating to Tip Income Reporting
588
4
Tip Rates
592
1
Annual Review
593
1
Allocated Tips
594
2
Business Use of a Home
596
10
Principal Place of Business
596
1
Other Criteria for Determining Place of Business
597
1
Separate Structures
598
1
Figuring the Deduction
598
1
Deduction Limit
599
1
Assorted Use Tests
599
1
Exclusive Use
600
1
Part-Year Use
600
1
Day-Care Facility
601
1
Business Furniture and Equipment
602
3
Depreciation
605
1
Personal Property Converted to Business Use
605
1
Appendix A Financial Planning Tables
606
11
Appendix B Index to Journal Entries
617
27
Appendix C Tax Terminology
644
26
Appendix D The Going Concern Concept
670
2
Appendix E Guidelines for Interim Reporting
672
4
Appendix F Reporting Cash Payments of Over $10,000
676
6
Index
682