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Appendix A: Specimen Financial Statements: Marks and Spencer Group plc
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Appendix A: Specimen Financial Statements: Marks and Spencer Group plc
by Terry D. Warfield, Jerry J. Weygandt, Donald E. Kieso
Intermediate Accounting: IFRS Edition, 2nd Edition
Cover Page
Title Page
Dedication
Copyright
Contents
Author Commitment
From the Authors
What's New?
Content Changes by Chapter
Contents
Acknowledgments
Chapter 1: Financial Reporting and Accounting Standards
Revolution in International Financial Reporting
Global Markets
Objective of Financial Reporting
Standard-Setting Organizations
Financial Reporting Challenges
Conclusion
Global Accounting Insights
Authoritative Literature
Chapter 2: Conceptual Framework for Financial Reporting
What Is It?
Conceptual Framework
First Level: Basic Objective
Second Level: Fundamental Concepts
Third Level: Recognition, Measurement, and Disclosure Concepts
Global Accounting Insights
Authoritative Literature
Chapter 3: The Accounting Information System
Needed: A Reliable Information System
Accounting Information System
The Accounting Cycle
Financial Statements for a Merchandising Company
Global Accounting Insights
APPENDIX 3A Cash-Basis Accounting versus Accrual-Basis Accounting
Conversion from Cash Basis to Accrual Basis
Theoretical Weaknesses of the Cash Basis
APPENDIX 3B Using Reversing Entries
Illustration of Reversing Entries—Accruals
Illustration of Reversing Entries—Deferrals
Summary of Reversing Entries
APPENDIX 3C Using a Worksheet: The Accounting Cycle Revisited
Worksheet Columns
Adjustments Entered on the Worksheet
Preparing Financial Statements from a Worksheet
Chapter 4: Income Statement and Related Information
Financial Statements Are Changing
Income Statement
Format of the Income Statement
Reporting Within the Income Statement
Other Reporting Issues
Global Accounting Insights
Authoritative Literature
Chapter 5: Statement of Financial Position and Statement of Cash Flows
Hey, It Doesn't Balance!
Statement of Financial Position
Statement of Cash Flows
Additional Information
Global Accounting Insights
APPENDIX 5A Ratio Analysis—A Reference
Using Ratios to Analyze Performance
Authoritative Literature
Chapter 6: Accounting and the Time Value of Money
How Do I Measure That?
Basic Time Value Concepts
Single-Sum Problems
Annuities
More Complex Situations
Present Value Measurement
Authoritative Literature
Chapter 7: Cash and Receivables
No-Tell Nortel
Cash
Accounts Receivable
Notes Receivable
Special Issues Related to Receivables
Global Accounting Insights
APPENDIX 7A Cash Controls
Using Bank Accounts
The Imprest Petty Cash System
Physical Protection of Cash Balances
Reconciliation of Bank Balances
APPENDIX 7B Impairments of Receivables
Impairment Measurement and Reporting
Authoritative Literature
Chapter 8: Valuation of Inventories: A Cost-Basis Approach
It Should Be Easy, but It Isn't!
Inventory Issues
Physical Goods Included in Inventory
Costs Included in Inventory
Which Cost Flow Assumption to Adopt?
APPENDIX 8A LIFO Cost Flow Assumption
Last-In, First-Out (LIFO)
Inventory Valuation Methods—Summary Analysis
Authoritative Literature
Chapter 9: Inventories: Additional Valuation Issues
Not What It Seems to Be
Lower-of-Cost-or-Net Realizable Value (LCNRV)
Valuation Bases
The Gross Profit Method of Estimating Inventory
Retail Inventory Method
Presentation and Analysis
Global Accounting Insights
Authoritative Literature
Chapter 10: Acquisition and Disposition of Property, Plant, and Equipment
Watch Your Spending
Property, Plant, and Equipment
Acquisition of Property, Plant, and Equipment
Valuation of Property, Plant, and Equipment
Costs Subsequent to Acquisition
Disposition of Property, Plant, and Equipment
Authoritative Literature
Chapter 11: Depreciation, Impairments, and Depletion
Here Come the Write-Offs
Depreciation—A Method of Cost Allocation
Impairments
Depletion
Revaluations
Presentation and Analysis
Global Accounting Insights
APPENDIX 11A Revaluation of Property, Plant, and Equipment
Revaluation of Land
Revaluation of Depreciable Assets
Authoritative Literature
Chapter 12: Intangible Assets
Is This Sustainable?
Intangible Asset Issues
Types of Intangible Assets
Impairment of Intangible Assets
Research and Development Costs
Presentation of Intangibles and Related Items
Global Accounting Insights
Authoritative Literature
Chapter 13: Current Liabilities, Provisions, and Contingencies
Now You See It, Now You Don't
Current Liabilities
Provisions
Contingencies
Presentation and Analysis
Authoritative Literature
Chapter 14: Non-Current Liabilities
Going Long
Bonds Payable
Long-Term Notes Payable
Special Issues Related to Non-Current Liabilities
Global Accounting Issues
Authoritative Literature
Chapter 15: Equity
It's a Global Market
The Corporate Form of Organization
Equity
Preference Shares
Dividend Policy
Presentation and Analysis of Equity
Global Accounting Insights
APPENDIX 15A Dividend Preferences and Book Value per Share
Dividend Preferences
Book Value per Share
Authoritative Literature
Chapter 16: Dilutive Securities and Earnings per Share
Kicking the Habit
Dilutive Securities and Compensation Plans
Computing Earnings per Share
Global Accounting Insights
APPENDIX 16A Accounting for Share-Appreciation Rights
SARS—Share-Based Equity Awards
SARS—Share-Based Liability Awards
Share-Appreciation Rights Example
APPENDIX 16B Comprehensive Earnings per Share Example
Diluted Earnings per Share
Authoritative Literature
Chapter 17: Investments
What to Do?
Accounting for Financial Assets
Debt Investments
Equity Investments
Other Reporting Issues
Global Accounting Insights
APPENDIX 17A Accounting for Derivative Instruments
Defining Derivatives
Who Uses Derivatives, and Why?
Basic Principles in Accounting for Derivatives
Derivatives Used for Hedging
Other Reporting Issues
Comprehensive Hedge Accounting Example
Controversy and Concluding Remarks
APPENDIX 17B Fair Value Disclosures
Disclosure of Fair Value Information: Financial Instruments
Disclosure of Fair Values: Impaired Assets or Liabilities
Conclusion
Authoritative Literature
Chapter 18: Revenue Recognition
It's Back
Overview of Revenue Recognition
The Five-Step Process
Other Revenue Recognition Issues
Presentation and Disclosure
APPENDIX 18A Long-Term Construction Contracts
Revenue Recognition over Time
APPENDIX 18B Revenue Recognition for Franchises
Franchise Accounting
Recognition of Franchise Rights Revenue over Time
Authoritative Literature
Chapter 19: Accounting for Income Taxes
Safe (Tax) Haven?
Fundamentals of Accounting for Income Taxes
Accounting for Net Operating Losses
Financial Statement Presentation
Review of the Asset-Liability Method
Global Accounting Insights
APPENDIX 19A Comprehensive Example of Interperiod Tax Allocation
First Year—2014
Second Year—2015
Authoritative Literature
Chapter 20: Accounting for Pensions and Postretirement Benefits
Pension Peril
Nature of Pension Plans
Accounting for Pensions
Using a Pension Worksheet
Reporting Pension Plans in Financial Statements
Global Accounting Insights
Authoritative Literature
Chapter 21: Accounting for Leases
More Companies Ask, “Why Buy?”
The Leasing Environment
Accounting by the Lessee
Accounting by the Lessor
Special Accounting Problems
Global Accounting Insights
APPENDIX 21A Examples of Lease Arrangements
Example 1: Harmon, Inc.
Example 2: Arden's Oven Co.
Example 3: Mendota Truck Inc.
Example 4: Appleland Computer
APPENDIX 21B Sale-Leasebacks
Determining Asset Use
Sale-Leaseback Example
Authoritative Literature
Chapter 22: Accounting Changes and Error Analysis
Needed: Valid Comparisons
Accounting Changes
Changes in Accounting Policy
Changes in Accounting Estimates
Accounting Errors
Error Analysis
Global Accounting Insights
Authoritative Literature
Chapter 23: Statement of Cash Flows
Show Me the Money!
Preparation of the Statement of Cash Flows
Illustrations—Tax Consultants Inc.
Special Problems in Statement Preparation
Use of a Worksheet
Global Accounting Insights
Authoritative Literature
Chapter 24: Presentation and Disclosure in Financial Reporting
We Need Better, Not More
Full Disclosure Principle
Notes to the Financial Statements
Disclosure Issues
Auditor's and Management's Reports
Current Reporting Issues
Global Accounting Insights
APPENDIX 24A Basic Financial Statement Analysis
Perspective on Financial Statement Analysis
Ratio Analysis
Comparative Analysis
Percentage (Common-Size) Analysis
APPENDIX 24B First-Time Adoption of IFRS
General Guidelines
Implementation Steps
Summary
Authoritative Literature
Appendix A: Specimen Financial Statements: Marks and Spencer Group plc
Appendix B: Specimen Financial Statements: adidas AG
Appendix C: Specimen Financial Statements: Puma SE
INDEX
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Appendix B: Specimen Financial Statements: adidas AG
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