The Eleventh 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 the 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
Advanced Financial Accounting & Reporting Accounting concepts Accounting concepts defi ne the assumptions on the basis of which fi nancial statements of a business entity are prepared. Certain concepts are perceived, assumed and accepted in accounting to provide a unifying structure and internal logic to accounting process. Advanced Financial Accountingis written for second and third year financial accounting students on accounting or business studies degrees and is also suitable for MBA courses. The book provides extensive coverage of the syllabuses for the advanced papers in financial accounting and financial reporting of the ACCA, CIMA, ICAEW, ICAI and ICAS. Advanced Financial Accounting - Volume 01. January 2014; DOI: 10.13140/2.1.3194.1126. Download full-text PDF Read full-text. Download full-text PDF. Download citation. View Solution Manual Advanced Financial Accounting 11th Edition-Christensen.pdf from ACCOUNTING 003.EG2018 at Trisakti University. Advanced Financial Accounting 11th Edition Christensen Solutions.
This edition continues to provide strong coverage of advanced accounting topics with clarity of presentation and integrated coverage based on continuous case examples. The text is complete with presentations of worksheets, schedules, and financial statements so students can see the development of each topic. Inclusion of all 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.
/dell-optiplex-790-driver-download.html. The Eleventh 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
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viii Preface
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 Difficulty20 Corporations in Financial Difficulty
NEW FEATURES ADDED IN THE ELEVENTH EDITION
• Deferred tax coverage. We have made extensive revisions to Chapter 10 to add more coverage of the deferred tax implications associated with business combinations, including the allocation of deferred taxes related to the book-tax basis differences of acquired assets.
• New shading of consolidation worksheet entries. Based on the new two-color shading introduced in the Eleventh Edition, we have revised the shading of consolidation worksheet entries to clearly distinguish between the various types of entries. 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.
• Presentation of intercompany transactions. We have significantly revised the three chapters related to intercompany transactions. Based on feedback from instructors, we have revised Chapters 6, 7, and 8 by adding illustrations to better simplify adjustments to the basic consolidation entry.
KEY FEATURES MAINTAINED IN THE ELEVENTH EDITION
The key strengths of this text are the clear and readable discussions of concepts and their detailed demonstrations through illustrations and explanations. The many favorable responses to prior editions from both students and instructors confirm our belief that clear presentation and comprehensive illustrations are essential to learning the sophisticated topics in an advanced accounting course. Key features maintained in the Eleventh Edition include:
• Callout boxes. We have updated the “callout boxes” that appear in the left-hand margin to draw attention to important points throughout the chapters. The most common callout boxes are the “FYI” boxes, which often illustrate how real-world companies or entities apply the principles discussed in the various chapters. The “Caution” boxes draw students’ attention to common mistakes and explain how to avoid them. The “Stop & Think” boxes help students take a step back and think through the logic of difficult concepts.
• FASB codification. All authoritative citations to U.S. GAAP are now exclusively cited based on the FASB codification.
• Introductory vignettes. Each chapter begins with a brief story of a well-known company to illustrate why topics covered in that chapter are relevant in current practice. chr25877_fm_i-xxxii.indd viii 29/09/14 1:58 pm Final PDF to printer Short descriptions of the vignettes and the featured companies are included in the Chapter-by-Chapter Changes section on page xvii.
• A building-block approach to consolidation. Virtually all advanced financial accounting classes cover consolidation topics. Although this topic is perhaps the most important to instructors, students frequently struggle to gain a firm grasp of consolidation principles. The Eleventh Edition provides students a learning-friendly framework to consolidations by introducing consolidation concepts and procedures more gradually. This is accomplished by a building-block approach that introduces consolidations in Chapters 2 and 3 and continues through chapter 5.
• IFRS comparisons. As the FASB and IASB work toward convergence to a single set of global accounting standards, the SEC is debating the wholesale introduction of international financial reporting standards (IFRS). The Eleventh Edition summarizes key differences between current U.S. GAAP and IFRS to make students aware of changes that will likely occur if the SEC adopts IFRS in the near future.
• AdvancedStudyGuide.com. See page xv for details.
• The use of a continuous case for each major subject-matter area. This textbook presents the complete story of a company, Peerless Products Corporation, from its beginning through its growth to a multinational consolidated entity and finally to its end. At each stage of the entity’s development, including the acquisition of a subsidiary, Special Foods Inc., the text presents comprehensive examples and discussions of the accounting and financial reporting issues that accountants face. The discussions tied to the Peerless Products continuous case are easily identified by the company logos in the margin:
We use the comprehensive case of Peerless Products Corporation and its subsidiary, Special Foods Inc., throughout the for-profit chapters. For the governmental chapters, the Sol City case facilitates the development of governmental accounting and reporting concepts and procedures. Using a continuous case provides several benefits. First, students need become familiar with only one set of data and can then move more quickly through the subsequent discussion and illustrations without having to absorb a new set of data. Second, the case adds realism to the study of advanced accounting and permits students to see the effects of each successive step on an entity’s financial reports. Finally, comparing and contrasting alternative methods using a continuous case allows students to evaluate different methods and outcomes more readily.
• Extensive illustrations of key concepts. The book is heavily illustrated with complete, not partial, workpapers, financial statements, and other computations and comparisons useful for demonstrating each topic. The illustrations are cross-referenced to the relevant text discussion. In the consolidations portion of the text, the focus is on the fully adjusted equity method of accounting for an investment in a subsidiary, but two other methods—the cost method and the modified equity method—are also discussed and illustrated in chapter appendixes.
• Comprehensive coverage with significant flexibility. The subject matter of advanced accounting is expanding at an unprecedented rate. New topics are being added, and traditional topics require more extensive coverage. Flexibility is therefore essential in an advanced accounting text. Most one-term courses are unable to cover all topics included in this text. In recognition of time constraints, this text is structured to provide the most efficient use of the time available. The self-contained units of subject matter allow for substantial flexibility in sequencing the course materials. In addition, individual chapters are organized to allow for going into more depth on some topics chr25877_fm_i-
through the use of the “Additional Considerations” sections. Several chapters include appendixes containing discussions of alternative accounting procedures or illustrations of procedures or concepts that are of a supplemental nature.
• Extensive end-of-chapter materials. A large number of questions, cases, exercises, and problems at the end of each chapter provide the opportunity to solidify understanding of the chapter material and assess mastery of the subject matter. The end-ofchapter materials progress from simple focused exercises to more complex integrated problems. Cases provide opportunities for extending thought, gaining exposure to different sources of accounting-related information, and applying the course material to real-world situations. These cases include research cases that refer students to authoritative pronouncements and Kaplan CPA Review simulations. The American Institute of CPAs has identified five skills to be examined as part of the CPA exam: ( a ) analysis, ( b ) judgment, ( c ) communication, ( d ) research, and ( e ) understanding.
The end-of-chapter materials provide abundant opportunities for students to enhance those skills with realistic and real-world applications of advanced financial accounting topics. Cases and exercises identified with a world globe icon provide special opportunities for students to access real-world data by using electronic databases, Internet search engines, or other inquiry processes to answer the questions presented on the topics in the chapters.
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