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Test Bank for Financial Accounting 9th Edition by Libby

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Test Bank for Financial Accounting 9th Edition by Libby

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Libby/Libby/Hodge wrote this text based on their belief that the subject of financial accounting is inherently interesting, but financial accounting textbooks are often not. They believe most financial accounting textbooks fail to demonstrate that accounting is an exciting field of study and one that is important to future careers in business. When writing this text, they considered career relevance as their guide when selecting material, and the need to engage the student as their guide to style, pedagogy, and design.

Libby/Libby/Hodge successfully implements a real-world, single focus company approach in every chapter. Students and instructors have responded very favorably to the use of focus companies and the real-world financial statements. The companies chosen are engaging and the decision-making focus shows the relevance of financial accounting regardless of whether or not the student has chosen to major in accounting.

Libby/Libby/Hodge believes in the building-block approach to teaching transaction analysis. Most faculty agree that mastery of the accounting cycle is critical to success in financial accounting. And yet all other financial books introduce and develop transaction analysis in one chapter, bombarding a student early in the course with an overload of new concepts and terms. The authors believe that most faculty take more time with the accounting cycle, but other financial accounting textbooks don’t. By slowing down the introduction of transactions and giving students time to practice and gain mastery, this building-block approach leads to greater student success in their study of later topics in financial accounting such as adjusting entries.

 

Table of Content:

  1. Chapter 1: An overview of the Australian external reporting environment
  2. Part 1: The Australian accounting environment
  3. Chapter Introduction
  4. 1.1 Accounting, accountability and the role of financial accounting
  5. Financial accounting defined
  6. 1.2 Users’ demand for general purpose financial statements
  7. 1.3 Australian Securities and Investments Commission
  8. The meaning of ‘materiality’
  9. Other reporting obligations within the Corporations Act
  10. The true and fair view: further considerations
  11. 1.4 Australian Accounting Standards Board
  12. Reporting exemption allowed for ‘small proprietary companies’
  13. The process of Australia adopting accounting standards issued by the International Accounting Standards Board
  14. Numbering of Australian Accounting Standards
  15. 1.5 Financial Reporting Council
  16. 1.6 Australian Securities Exchange
  17. 1.7 International Accounting Standards Board
  18. The IASB does not have power to enforce its standards
  19. IFRS Interpretations Committee
  20. 1.8 Accounting standards change across time
  21. 1.9 Differential reporting
  22. 1.10 The use and role of audit reports
  23. 1.11 What benefits can we expect from all of this international standardisation?
  24. 1.12 International cultural differences and the harmonisation of accounting standards
  25. 1.13 All of this regulation—is it really necessary?
  26. The ‘free-market’ perspective
  27. The ‘pro-regulation’ perspective
  28. 1.14 The reporting of alternative measures of ‘profits’
  29. Summary
  30. Key Terms
  31. Answers to Opening Questions
  32. Review Questions
  33. Challenging Questions
  34. References
  35. Chapter 2: The Conceptual Framework for Financial Reporting
  36. Chapter Introduction
  37. 2.1 An introduction to the IASB Conceptual Framework
  38. 2.2 Benefits of a conceptual framework
  39. 2.3 An overview of the recently revised Conceptual Framework
  40. Introduction: the status and purpose of the Conceptual Framework
  41. The Conceptual Framework is not an accounting standard
  42. 2.4 An overview of the building blocks of the Conceptual Framework
  43. 2.5 Definition of general purpose financial reporting and a reporting entity
  44. 2.6 Users of general purpose financial statements
  45. 2.7 Objective of general purpose financial reporting
  46. 2.8 Qualitative characteristics of useful financial information
  47. Relevance
  48. Faithful representation
  49. Balancing relevance and representational faithfulness
  50. Comparability
  51. Verifiability
  52. Timeliness
  53. Understandability
  54. 2.9 Definition and recognition of the elements of financial statements
  55. Definition and recognition of assets
  56. Definition and recognition of liabilities
  57. Definition and recognition of expenses
  58. Definition and recognition of income
  59. Definition of equity
  60. 2.10 Measurement principles
  61. 2.11 A critical review of conceptual frameworks
  62. The Conceptual Framework adopts a very restricted view of accountability
  63. The definitions of the elements of financial reporting ignore many social and environmental ‘costs’
  64. The Conceptual Framework simply reflects existing accounting practice
  65. Conceptual frameworks are a mechanism to legitimise the accounting profession
  66. 2.12 The conceptual framework as a normative theory of accounting
  67. Summary
  68. Key Terms
  69. Answers to Opening Questions
  70. Review Questions
  71. Challenging Questions
  72. References
  73. Chapter 3: Theories of financial accounting
  74. Part 2: Theories of accounting
  75. Chapter Introduction
  76. 3.1 Introduction to theories applicable to financial accounting
  77. Why discuss theories in a book such as this?
  78. Definition of ‘theory’
  79. 3.2 Positive Accounting Theory
  80. 3.3 Efficiency and opportunistic perspectives of PAT
  81. 3.4 Owner–manager contracting
  82. Bonus schemes generally
  83. Accounting-based bonus plans
  84. Incentives to manipulate accounting numbers
  85. Market-based bonus schemes
  86. 3.5 Debt contracting
  87. 3.6 Political costs
  88. Earnings management
  89. PAT in summary
  90. Accounting policy selection and disclosure
  91. 3.7 Accounting policy choice and ‘creative accounting’
  92. 3.8 Some criticisms of Positive Accounting Theory
  93. 3.9 Normative accounting theories
  94. Current-cost accounting
  95. Exit-price accounting
  96. Deprival-value accounting
  97. 3.10 Systems-oriented theories to explain accounting practice
  98. 3.11 Stakeholder Theory
  99. Diverse stakeholders and the production of ‘multiple accounts’ (or ‘dialogic accounts’)
  100. 3.12 Legitimacy Theory
  101. 3.13 Institutional Theory
  102. 3.14 Theories that seek to explain why regulation is introduced
  103. Public Interest Theory
  104. Capture Theory
  105. Economic Interest Group Theory of Regulation
  106. Summary
  107. Key Terms
  108. Answers to Opening Questions
  109. Review Questions
  110. Challenging Questions
  111. Further Reading
  112. References
  113. Chapter 4: An overview of accounting for assets
  114. Part 3: Accounting for assets
  115. Chapter Introduction
  116. 4.1 Introduction to accounting for assets
  117. Definition of assets
  118. 4.2 Recognition criteria
  119. 4.3 Measurement of assets
  120. The sources of the future economic benefits
  121. Acquisition cost of assets
  122. 4.4 Further consideration of ‘fair value’
  123. Some concerns about fair values
  124. 4.5 Definition of current assets
  125. 4.6 How to present a statement of financial position
  126. Specific disclosures to be made on the face of the statement of financial position
  127. 4.7 Accounting for property, plant and equipment—an introduction
  128. Safety and environmental expenditure
  129. Repairs and improvements to property, plant and equipment
  130. Allocation of cost to individual items of property, plant and equipment
  131. Components approach
  132. 4.8 Property, plant and equipment acquired with non-cash consideration
  133. 4.9 Deferred payments made to acquire an asset
  134. 4.10 Accounting for borrowing costs incurred when constructing an item of property, plant and equipment
  135. Research on interest capitalisation
  136. 4.11 Assets acquired at no cost
  137. Summary
  138. Key Terms
  139. Answers to Opening Questions
  140. Review Questions
  141. Challenging Questions
  142. References
  143. Chapter 5: Depreciation of property, plant and equipment
  144. Chapter Introduction
  145. 5.1 Introduction to accounting for the depreciation of property, plant and equipment
  146. 5.2 Key factors to consider when determining depreciation
  147. Depreciable amount (base) of an asset
  148. Determination of useful life
  149. Method of cost apportionment
  150. 5.3 Applying different methods of depreciation
  151. 5.4 Depreciation of separate components
  152. 5.5 When to start depreciating an asset
  153. 5.6 Revision of depreciation rate and depreciation method
  154. 5.7 Land and buildings
  155. 5.8 Modifying existing non-current assets
  156. 5.9 Disposition of a depreciable asset
  157. Sale
  158. 5.10 Depreciation as a process of allocating the cost of an asset over its useful life: some related concerns
  159. 5.11 Disclosure requirements
  160. Summary
  161. Key Terms
  162. Answers to Opening Questions
  163. Review Questions
  164. Challenging Questions
  165. References
  166. Chapter 6: Revaluations and impairment testing of non-current assets
  167. Chapter Introduction
  168. 6.1 Introduction to revaluations and impairment testing of non-current assets
  169. 6.2 Measuring property, plant and equipment at cost or at fair value—there’s a choice
  170. 6.3 The use of fair values
  171. How does an entity determine fair value?
  172. Valuations to be kept up to date
  173. 6.4 Revaluation increments
  174. 6.5 Treatment of balances of accumulated depreciation upon revaluation
  175. 6.6 Revaluation decrements
  176. 6.7 Reversal of revaluation decrements and increments
  177. 6.8 Accounting for the gain or loss on the disposal or derecognition of a revalued non-current asset
  178. 6.9 Recognition of impairment losses
  179. The meaning of recoverable amount
  180. Recognising an impairment loss when an entity has elected to change accounting policy from the cost model to the fair-value model
  181. 6.10 Further consideration of present values
  182. 6.11 Investment properties
  183. 6.12 Economic consequences of asset revaluations and impairments
  184. 6.13 Disclosure requirements
  185. Summary
  186. Key Terms
  187. Answers to Opening Questions
  188. Review Questions
  189. Challenging Questions
  190. References
  191. Chapter 7: Inventory
  192. Chapter Introduction
  193. 7.1 Introduction to inventory
  194. Definition of inventory
  195. 7.2 The general basis of inventory measurement
  196. The meaning of cost
  197. Items excluded from the cost of inventory
  198. Allocating costs to inventory
  199. Determining net realisable value
  200. 7.3 Inventory cost-flow assumptions
  201. The perpetual and periodic inventory systems
  202. 7.4 Reversal of previous inventory write-downs
  203. 7.5 Disclosure requirements
  204. Summary
  205. Key Terms
  206. Answers to Opening Questions
  207. Review Questions
  208. Challenging Questions
  209. References
  210. Chapter 8: Accounting for intangibles
  211. Chapter Introduction
  212. 8.1 Introduction to accounting for intangible assets
  213. 8.2 Which intangible assets can be recognised and included in the statement of financial position?
  214. 8.3 What is the initial basis of measurement of intangible assets?
  215. 8.4 General amortisation requirements for intangible assets
  216. 8.5 Revaluation of intangible assets
  217. 8.6 Required disclosures in relation to intangible assets
  218. 8.7 Research and development
  219. Costs included as part of research and development
  220. Amortisation of deferred development costs
  221. Empirical research on accounting for research and development
  222. 8.8 Accounting for goodwill
  223. What is goodwill?
  224. How is goodwill measured?
  225. Goodwill impairment
  226. Economic implications associated with the choice to recognise goodwill impairment losses
  227. 8.9 Does the way we account for intangible assets provide useful financial accounting information?
  228. Summary
  229. Key Terms
  230. Answers to Opening Questions
  231. Review Questions
  232. Challenging Questions
  233. References
  234. Chapter 9: Accounting for heritage assets and biological assets
  235. Chapter Introduction
  236. 9.1 Introduction to accounting for heritage assets and biological assets
  237. Definition of heritage assets: what are they?
  238. 9.2 Some arguments for and against recognising heritage assets in financial terms
  239. 9.3 Do heritage assets provide future economic benefits?
  240. 9.4 Who controls heritage assets?
  241. 9.5 Faithful representation: are the benefits measurable with reasonable accuracy?
  242. 9.6 Is the information ‘relevant’? The actual demand for financial information about heritage assets
  243. 9.7 Measuring heritage assets in financial terms
  244. Approaches to valuation of heritage assets
  245. 9.8 An introduction to accounting for biological assets: what is a biological asset?
  246. Definition of self-generating and regenerating assets (SGARAs) and biological assets
  247. 9.9 The unique nature of biological assets
  248. 9.10 How should biological assets be classified, presented and measured in financial statements?
  249. Measuring biological assets
  250. 9.11 When and how should revenue associated with biological assets be recognised?
  251. 9.12 Accounting for agricultural produce
  252. 9.13 Non-financial disclosures
  253. 9.14 Opposition to AASB 1037 and AASB 141
  254. Summary
  255. Key Terms
  256. Answers to Opening Questions
  257. Review Questions
  258. Challenging Questions
  259. References
  260. Chapter 10: An overview of accounting for liabilities
  261. Part 4: Accounting for liabilities and owners’ equity
  262. Chapter Introduction
  263. 10.1 The definition of liabilities
  264. A present obligation
  265. Obligation to transfer resources
  266. The liability arises from ‘past events’
  267. 10.2 The recognition criteria for liabilities
  268. Relevance
  269. Faithful representation
  270. 10.3 Classification of liabilities as ‘current’ or ‘non-current’
  271. 10.4 Liability provisions
  272. 10.5 Onerous contracts
  273. 10.6 Accounting for bonds (debentures)
  274. Bonds issued at par
  275. Bonds issued at a discount
  276. Effective-interest method
  277. Bonds issued at a premium
  278. 10.7 Contingent liabilities
  279. 10.8 Contingent assets
  280. 10.9 Some implications of reporting liabilities
  281. 10.10 Debt equity debate
  282. 10.11 Hybrid securities
  283. Summary
  284. Key Terms
  285. Answers to Opening Questions
  286. Review Questions
  287. Challenging Questions
  288. References
  289. Chapter 11: Accounting for leases
  290. Chapter Introduction
  291. 11.1 An overview of recent developments in the accounting requirements pertaining to accounting for leases
  292. 11.2 The core principle and scope of AASB 16
  293. Exemptions for leases of 12 months or less, and for low-value assets
  294. 11.3 What is a lease pursuant to AASB 16?
  295. 11.4 When to recognise a lease
  296. 11.5 Accounting for the service component of a contract that includes a lease
  297. 11.6 The meaning of ‘lease term’
  298. 11.7 Accounting for leases by lessees
  299. Initial measurement
  300. Interest rate to be applied
  301. Subsequent measurement
  302. 11.8 Accounting for leases by lessors
  303. Non-cancellability
  304. Major part of the economic life of the underlying asset
  305. Present value of lease payments amounts to substantially all of the fair value of the underlying asset
  306. Bargain purchase option
  307. The lease asset is of a highly specialised nature
  308. Lessor accounting for direct-financing leases
  309. Lessor accounting for lessors that are manufacturers or dealers of the leased asset
  310. Lessor accounting for an operating lease
  311. Lessor’s leases of land and building
  312. 11.9 Implications for accounting-based contracts
  313. Summary
  314. Key Terms
  315. Answers to Opening Questions
  316. Review Questions
  317. Challenging Questions
  318. References
  319. Chapter 12: Accounting for employee benefits
  320. Chapter Introduction
  321. 12.1 Overview of employee benefits
  322. Wages and salaries
  323. Annual leave
  324. Sick leave
  325. Long-service leave
  326. Superannuation
  327. Share entitlements
  328. Bonuses
  329. Other entitlements
  330. 12.2 Categories of employee benefits
  331. 12.3 Accounting for employee benefits in the form of salaries and wages
  332. 12.4 Annual leave
  333. 12.5 Sick leave
  334. 12.6 Long-service leave
  335. 12.7 Superannuation contributions
  336. Defined contribution plans
  337. Defined benefit plans
  338. 12.8 Employees’ accrued employee benefits and corporate collapses
  339. Summary
  340. Key Terms
  341. Answers to Opening Questions
  342. Review Questions
  343. Challenging Questions
  344. References
  345. Chapter 13: Share capital and reserves
  346. Chapter Introduction
  347. 13.1 Introduction to accounting for share capital and reserves
  348. 13.2 Creating reserves
  349. 13.3 Different classes of shares
  350. Ordinary shares
  351. Preference shares
  352. 13.4 Accounting for the issue of share capital
  353. Shares issued for cash
  354. Partly paid shares
  355. Issue of shares other than for cash
  356. Shares oversubscribed
  357. Share issue costs
  358. 13.5 Forfeited shares
  359. 13.6 Rights issues and share options
  360. Share options
  361. 13.7 Share splits and bonus issues
  362. 13.8 Accounting for distributions
  363. Accounting for cash dividends
  364. 13.9 ‘Buyback’ of ordinary shares, and redemption of preference shares
  365. ‘Buyback’ of ordinary shares
  366. Redemption of preference shares
  367. 13.10 Required disclosures for share capital and reserves
  368. Summary
  369. Key Terms
  370. Answers to Opening Questions
  371. Review Questions
  372. Challenging Questions
  373. References
  374. Chapter 14: Accounting for financial instruments
  375. Chapter Introduction
  376. 14.1 Introduction to accounting for financial instruments
  377. Financial instruments defined
  378. 14.2 The definitions of financial assets, financial liabilities and equity instruments, and the difference between primary financial instruments and derivative financial instruments
  379. The difference between primary financial instruments and derivative financial instruments
  380. 14.3 Debt versus equity components of financial instruments
  381. 14.4 Set-off of financial assets and financial liabilities
  382. 14.5 Recognition and measurement of financial instruments on acquisition
  383. 14.6 Measurement of financial assets following initial recognition
  384. Measurement of financial assets at amortised cost
  385. Measurement of financial assets at fair value through profit or loss
  386. Measurement of financial assets at fair value through other comprehensive income
  387. Election to use fair value through profit or loss to address an ‘accounting mismatch’
  388. 14.7 Initial recognition of financial liabilities
  389. 14.8 Subsequent measurements of financial liabilities
  390. Gains or losses on financial liabilities measured at fair value
  391. 14.9 Derivative financial instruments and their use as hedging instruments
  392. 14.10 Accounting for derivatives used within a hedging arrangement
  393. AASB 9 requirements for ‘hedge accounting’
  394. Fair value hedges
  395. Cash flow hedges
  396. 14.11 Futures contracts
  397. Share price index futures
  398. Foreign currency futures
  399. 14.12 Options
  400. 14.13 Swaps
  401. Foreign currency swaps
  402. Interest rate swaps
  403. 14.14 Compound financial instruments
  404. 14.15 Disclosure requirements pertaining to financial instruments
  405. Summary
  406. Key Terms
  407. Answers to Opening Questions
  408. Review Questions
  409. Challenging Questions
  410. References
  411. Chapter 15: Revenue recognition issues
  412. Chapter Introduction
  413. 15.1 The definition and recognition of income
  414. Revenue recognition points
  415. Revenue recognition at completion of production
  416. Revenue recognition at the time of sale
  417. 15.2 Income as ‘revenues’ and ‘gains’
  418. 15.3 Background to the release of the accounting standard on revenue recognition (AASB 15)
  419. 15.4 Scope of AASB 15
  420. 15.5 An overview of the five-step model for determining the recognition of revenue from contracts with customers
  421. 15.6 Step 1—identify the contract(s) with customers
  422. 15.7 Step 2—identify the performance obligation(s) in the contract
  423. 15.8 Step 3—determine the transaction price of the contract
  424. Variable consideration
  425. Constraining estimates of variable consideration
  426. Financing component
  427. Non-cash consideration
  428. Consideration payable to a customer
  429. 15.9 Step 4—allocate a transaction price to each performance obligation
  430. 15.10 Step 5—recognise revenue as each performance obligation is satisfied
  431. 15.11 Unearned revenue
  432. 15.12 Accounting for sales with associated conditions—further considerations
  433. Call and put options
  434. Revenue recognition when right of return exists
  435. Sale and leaseback
  436. 15.13 Construction contracts—further consideration
  437. Measuring performance obligations satisfied over time
  438. Journal entries for construction contract accounting
  439. Accounting for loss-making construction contracts
  440. 15.14 Interest and dividends
  441. Interest revenue
  442. Dividend revenue
  443. 15.15 Allowance for doubtful debts
  444. Summary
  445. Key Terms
  446. Answers to Opening Questions
  447. Review Questions
  448. Challenging Questions
  449. References
  450. Chapter 16: The statement of profit or loss and other comprehensive income, and the statement of changes in equity
  451. Chapter Introduction
  452. 16.1 Introduction to the statement of profit or loss and other comprehensive income
  453. 16.2 Information about significant judgements made when compiling financial statements
  454. 16.3 The meaning of ‘total comprehensive income’
  455. 16.4 Components of other comprehensive income
  456. 16.5 Format of the statement of profit or loss and other comprehensive income
  457. 16.6 Reclassification adjustments
  458. 16.7 Separate disclosure of ‘material items’
  459. 16.8 Changes in accounting estimates can impact profit or loss and other comprehensive income
  460. 16.9 Other disclosures specifically required with respect to particular items of income and expense
  461. 16.10 Accounting for prior period errors
  462. When to correct prior period errors
  463. Disclosing prior period errors
  464. 16.11 Changes in accounting policy
  465. Disclosures when changes in accounting policy are made
  466. 16.12 Statement of changes in equity
  467. 16.13 The reporting of alternative (non-complying) measures of ‘profits’
  468. 16.14 Profit as a guide to an organisation’s success
  469. Summary
  470. Key Terms
  471. Answers to Opening Questions
  472. Review Questions
  473. Challenging Questions
  474. References
  475. Chapter 17: Accounting for share-based payments
  476. Chapter Introduction
  477. 17.1 Introduction to accounting for share-based payments
  478. 17.2 Background to the release of AASB 2
  479. Determining the expense associated with the option
  480. Components of an executive’s total remuneration
  481. Overview of the requirements of AASB 2
  482. 17.3 Equity-settled share-based payment transactions
  483. Have the entitlements vested?
  484. Measuring fair value of equity instruments
  485. Vesting conditions not to influence fair value attributed to equity instruments
  486. Where fair value cannot be determined
  487. Modification of terms and conditions of equity interests
  488. 17.4 Cash-settled share-based payment transactions
  489. 17.5 Share-based payment transactions with cash alternatives
  490. 17.6 Possible economic implications of AASB 2
  491. 17.7 Disclosure requirements
  492. Summary
  493. Key Terms
  494. Answers to Opening Questions
  495. Review Questions
  496. Challenging Questions
  497. References
  498. Chapter 18: Accounting for income taxes
  499. Chapter Introduction
  500. 18.1 Introduction to accounting for income taxes
  501. 18.2 The balance sheet approach to accounting for taxation
  502. 18.3 Temporary differences lead to ‘deferred tax assets’ and/or ‘deferred tax liabilities’ and directly influence ‘income tax expense’
  503. 18.4 Calculating the tax base of assets and liabilities
  504. 18.5 Unused tax losses
  505. 18.6 Revaluation of non-current assets
  506. 18.7 Offsetting deferred tax liabilities and deferred tax assets
  507. 18.8 Change of tax rates
  508. 18.9 Disclosures pertaining to tax expense and related assets and liabilities
  509. 18.10 Evaluation of the assets and liabilities created by AASB 112
  510. Summary
  511. Key Terms
  512. Answers to Opening Questions
  513. Review Questions
  514. Challenging Questions
  515. References
  516. Chapter 19: The statement of cash flows
  517. Part 5: Accounting for the disclosure of cash flow
  518. Chapter Introduction
  519. 19.1 Comparison with other financial statements
  520. 19.2 The difference between cash flows and profits
  521. 19.3 Defining ‘cash’ and ‘cash equivalents’
  522. 19.4 Classification of cash flows
  523. 19.5 Format of statement of cash flows
  524. 19.6 Notes to accompany the statement of cash flows
  525. Non-cash financing and investing activities
  526. Disclosure of financing facilities
  527. 19.7 Calculating cash inflows and outflows
  528. Cash flows from operating activities
  529. 19.8 The use of cash flow data by different stakeholders and within various contractual arrangements
  530. Summary
  531. Key Terms
  532. Answers to Opening Questions
  533. Review Questions
  534. Challenging Questions
  535. References
  536. Chapter 20: Accounting for the extractive industries
  537. Part 6: Industry-specific accounting issues
  538. Chapter Introduction
  539. 20.1 Overview of the extractive industries, and introductory comments about accounting for exploration and evaluation expenditures
  540. 20.2 Alternative methods to account for exploration and evaluation expenditure
  541. Costs-written-off method
  542. Costs-written-off-and-reinstated method
  543. Successful-efforts method
  544. Full-cost method
  545. Area-of-interest method
  546. Abandoning an area of interest
  547. Accumulation of costs pertaining to exploration and evaluation activities
  548. 20.3 Basis for measurement of exploration and evaluation expenditures
  549. 20.4 Subsequent impairment and amortisation of costs carried forward
  550. 20.5 Accounting for restoration costs
  551. 20.6 Determining sales revenue
  552. 20.7 Determining the measurement of inventory
  553. 20.8 Disclosure requirements
  554. 20.9 Does the area-of-interest method provide a realistic value for an entity’s reserves?
  555. 20.10 Research on accounting regulation pertaining to exploration and evaluation expenditure
  556. 20.11 Consideration of the social and environmental performance of organisations within the extractive industries
  557. 20.12 The development of a new accounting standard for extractive activities
  558. Summary
  559. Key Terms
  560. Answers to Opening Questions
  561. Review Questions
  562. Challenging Questions
  563. References
  564. Chapter 21: Events occurring after the end of the reporting period
  565. Part 7: Other disclosure issues
  566. Chapter Introduction
  567. 21.1 What is an ‘event after the reporting period’?
  568. 21.2 Why disclose information about events that have occurred after the end of the reporting period?
  569. 21.3 Types of events after the reporting period
  570. 21.4 Events that necessitate adjustments to the financial statements (adjusting events after the reporting period)
  571. Dividends declared
  572. Breach of the going concern assumption
  573. 21.5 Events that necessitate disclosure but no adjustment (non-adjusting events)
  574. 21.6 Disclosure requirements
  575. Summary
  576. Key Terms
  577. Answers to Opening Questions
  578. Review Questions
  579. Challenging Questions
  580. Chapter 22: Segment reporting
  581. Chapter Introduction
  582. 22.1 Advantages and disadvantages of segment reporting
  583. 22.2 An introduction to AASB 8
  584. 22.3 Defining an operating segment
  585. 22.4 Defining a reportable segment
  586. 22.5 Measurement of segment items
  587. 22.6 Required disclosures
  588. Reconciliation of segment information to financial statements
  589. Disclosure of information about products or services, major customers and geographical locations of operations
  590. 22.7 Is there a case for competitive harm?
  591. Summary
  592. Key Terms
  593. Answers to Opening Questions
  594. Review Questions
  595. Challenging Questions
  596. References
  597. Chapter 23: Related party disclosures
  598. Chapter Introduction
  599. 23.1 Introduction to related party disclosures
  600. Related party relationship defined
  601. 23.2 Implications of related party transactions
  602. 23.3 The rationale for requiring related party disclosures
  603. 23.4 Categories of related party
  604. Control
  605. Significant influence
  606. 23.5 Disclosure requirements for related parties
  607. Related party disclosures specifically required in relation to key management personnel
  608. Disclosures required by Section 300A of the Corporations Act 2001
  609. Examples of related party disclosure notes
  610. Summary
  611. Key Terms
  612. Answers to Opening Questions
  613. Review Questions
  614. Challenging Questions
  615. References
  616. Chapter 24: Earnings per share
  617. Chapter Introduction
  618. 24.1 Introduction to earnings per share
  619. 24.2 Computation of basic earnings per share
  620. Determining earnings
  621. Determining the number of shares
  622. Adjustment for the effect of discontinued operations
  623. Adjustment for the bonus element in an issue of ordinary shares
  624. Rights issue
  625. 24.3 Diluted earnings per share
  626. Calculation of ‘earnings’ for diluted EPS
  627. Calculating the weighted-average number of shares for diluted EPS
  628. 24.4 Linking earnings per share to other indicators
  629. Summary
  630. Key Terms
  631. Answers to Opening Questions
  632. Review Questions
  633. Challenging Questions
  634. References
  635. Chapter 25: Accounting for group structures
  636. Part 8: Accounting for equity interests in other entities
  637. Chapter Introduction
  638. 25.1 The meaning of ‘consolidated financial statements’, and the rationale for consolidating the financial statements of different legal entities
  639. Rationale for consolidating the financial statements of different legal entities
  640. 25.2 History of Australian accounting standards that govern the preparation of consolidated financial statements
  641. 25.3 ‘Investment entities’: exception to consolidation
  642. 25.4 Alternative consolidation concepts
  643. 25.5 The concept of control
  644. Majority of voting rights
  645. Less than the majority of voting rights
  646. Potential voting rights
  647. Delegated power (agency relationships)
  648. Loss of control
  649. 25.6 Direct and indirect control
  650. 25.7 Accounting for business combinations
  651. Identifying the acquirer
  652. Determining the acquisition date
  653. Recognising and measuring the identifiable assets acquired, and the liabilities assumed
  654. Recognising and measuring goodwill
  655. Consideration transferred
  656. Group members to use consistent accounting policies
  657. Eliminating parent’s investment in subsidiary
  658. Determination of goodwill
  659. 25.8 Gain on bargain purchase
  660. 25.9 Subsidiary’s assets not recorded at fair values
  661. Subsidiary’s assets not recorded at fair value at date of acquisition together with a gain on bargain purchase
  662. 25.10 Previously unrecognised identifiable intangible assets
  663. 25.11 Consolidation after date of acquisition
  664. 25.12 Disclosure requirements
  665. 25.13 Control, joint control and significant influence
  666. Summary
  667. Key Terms
  668. Answers to Opening Questions
  669. Review Questions
  670. Challenging Questions
  671. References
  672. Chapter 26: Further consolidation issues I: accounting for intragroup transactions
  673. Chapter Introduction
  674. 26.1 Introduction to accounting for intragroup transactions
  675. 26.2 Dividend payments from pre- and post-acquisition earnings
  676. Dividends out of post-acquisition profits
  677. Dividends out of pre-acquisition profits
  678. 26.3 Intragroup sale of inventory
  679. Unrealised profit in opening inventory
  680. 26.4 Sale of non-current assets within the group
  681. Summary
  682. Key Terms
  683. Answers to Opening Questions
  684. Review Questions
  685. Challenging Questions
  686. Chapter 27: Further consolidation issues II: accounting for non-controlling interests
  687. Chapter Introduction
  688. 27.1 Introduction to accounting for non-controlling interests
  689. 27.2 Non-controlling interests to be disclosed in the consolidated financial statements
  690. 27.3 Calculating non-controlling interests
  691. Elimination of pre-acquisition share capital and reserves in the presence of non-controlling interests
  692. 27.4 Adjustments for intragroup transactions
  693. Intragroup payment of dividends
  694. Intragroup sale of inventory
  695. Intragroup sale of non-current assets
  696. Intragroup service and interest payments
  697. Intragroup transaction that creates gains or losses in parent entity
  698. Summary of some general principles for calculating non-controlling interests in profits or losses
  699. Summary
  700. Key Terms
  701. Answers to Opening Questions
  702. Review Questions
  703. Challenging Questions
  704. Chapter 28: Further consolidation issues III: accounting for indirect ownership interests
  705. Chapter Introduction
  706. 28.1 Introduction to accounting for indirect ownership interests
  707. Indirect ownership interests
  708. 28.2 Calculating the parent entity interest, and the non-controlling interest, in the presence of indirect interests
  709. 28.3 Sequential and non-sequential acquisitions
  710. Summary
  711. Key Terms
  712. Answers to Opening Questions
  713. Review Questions
  714. Challenging Questions
  715. Chapter 29: Accounting for investments in associates and joint ventures
  716. Chapter Introduction
  717. 29.1 Introduction to the equity method of accounting
  718. 29.2 Significant influence
  719. 29.3 Application of the equity method of accounting
  720. 29.4 The equity method of accounting in the presence of inter-entity transactions
  721. 29.5 Application of the equity method of accounting when losses have been incurred by an associate
  722. 29.6 Disclosure requirements
  723. 29.7 Introduction to accounting for interests in joint arrangements
  724. 29.8 Joint ventures
  725. 29.9 Joint operations
  726. Summary
  727. Key Terms
  728. Answers to Opening Questions
  729. Review Questions
  730. Challenging Questions
  731. References
  732. Chapter 30: Accounting for foreign currency transactions
  733. Part 9: Foreign currency
  734. Chapter Introduction
  735. 30.1 Introduction to accounting for foreign currency transactions
  736. 30.2 Accounting entry at the date of the original transaction
  737. 30.3 Adjustments at the end of the reporting period
  738. 30.4 Determination of the presentation currency
  739. 30.5 The translation of longer-term receivables, payables and cash deposits
  740. Translation of other monetary assets such as cash deposits
  741. 30.6 Qualifying assets
  742. 30.7 Hedging transactions
  743. Accounting for hedging transactions
  744. 30.8 Foreign currency swaps
  745. Accounting for foreign currency swaps
  746. Summary
  747. Key Terms
  748. Answers to Opening Questions
  749. Review Questions
  750. Challenging Questions
  751. References
  752. Chapter 31: Translating the financial statements of foreign operations
  753. Chapter Introduction
  754. 31.1 Introduction to translating the financial statements of foreign operations
  755. 31.2 Reporting foreign currency transactions in the functional currency
  756. 31.3 Translating the accounts of foreign operations into the presentation currency
  757. 31.4 Consolidation subsequent to translation
  758. Summary
  759. Key Terms
  760. Answers to Opening Questions
  761. Review Questions
  762. Challenging Questions
  763. Chapter 32: Accounting for corporate social responsibility
  764. Part 10: Corporate social-responsibility reporting
  765. Chapter Introduction
  766. 32.1 Introduction to social-responsibility reporting
  767. Social and environmental reporting defined
  768. 32.2 Sustainability
  769. 32.3 What are the responsibilities of business (to whom and for what)?
  770. 32.4 Evidence of public social and environmental reporting
  771. 32.5 The application of an ‘accountability model’
  772. 32.6 Why report?
  773. Compliance with legal requirements
  774. To forestall efforts to introduce more onerous disclosure regulations
  775. To influence the perceived legitimacy of the organisation
  776. To manage particular (and possibly powerful) stakeholder groups
  777. To increase the wealth of managers of the organisation
  778. The belief that the entity has an accountability to provide information
  779. 32.7 To whom will the organisation report?
  780. 32.8 What information shall be reported?
  781. 32.9 How (and where) will the information be presented?
  782. Limitations of traditional financial accounting in respect of its ability to reflect social and environmental performance
  783. The Global Reporting Initiative
  784. Integrated reporting
  785. The Sustainability Accounting Standards Board
  786. The CEO Guide to Climate-Related Financial Disclosures
  787. 32.10 United Nations’ Sustainable Development Goals
  788. 32.11 Accounting for externalities and ‘full cost accounting’
  789. 32.12 Counter (shadow) accounts
  790. 32.13 The critical problem of climate change
  791. Cap-and-trade schemes and their reliance upon ‘accounting’
  792. The Greenhouse Gas Protocol
  793. 32.14 Personal social responsibility
  794. Concluding remarks
  795. Summary
  796. Key Terms
  797. Answers to Opening Questions
  798. Review Questions
  799. Challenging Questions
  800. References
  801. Appendix
  802. Appendix A
  803. Appendix B
  804. Appendix C
  805. Glossary
  806. Glossary
  807. Index
  808. Index

 

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