Intermediate Accounting,
[ Pobierz całość w formacie PDF ]
17e
INTERMEDIATE
ACCOUNTING
Earl K. Stice, PhD
Brigham Young University
James D. Stice, PhD
Brigham Young University
K. Fred Skousen, PhD, CPA
Brigham Young University
Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States
Intermediate Accounting, 17E
Earl K. Stice, James D. Stice, K. Fred Skousen
© 2010, 2007 South-Western, Cengage Learning
ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon
may be reproduced or used in any form or by any means—graphic, electronic,
or mechanical, including photocopying, recording, taping, Web distribution,
information storage and retrieval systems, or in any other manner—except as
may be permitted by the license terms herein.
Vice President of Editorial, Business: Jack W.
Calhoun
Editor-in-Chief: Rob Dewey
Senior Acquisitions Editor: Matthew Filimonov
Developmental Editor: Leslie Kau
man/LEAP
Publishing Services, Inc.
Editorial Assistant: Lauren Athmer
Marketing Manager: Steven E. Joos
Marketing Coordinator: Heather McAuli
e
Marketing Communications Manager: Elizabeth
Shipp
Production Manager: Patricia Matthews Boies
Senior Content Project Manager: Kim Kusnerak
Media Editor: Scott Fidler
Frontlist Buyer, Manufacturing: Doug Wilke
Production Service: LEAP Publishing Services,
Inc.
Compositor: International Typesetting and
Composition
Senior Art Director: Stacy Jenkins Shirley
Internal Designers: c miller design/Beckmeyer
Design
Cover Designer: Beckmeyer Design
Cover Images: © Getty/Digital Vision
Permissions Account Manager, Text: Roberta
Broyer
Permissions Account Manager, Images/Media:
Mandy Groszko
Photography Manager: Deanna Ettinger
Photo Researcher: Darren Wright
For product information and technology assistance, contact us at
Cengage Learning Customer & Sales Support, 1-800-354-9706
For permission to use material from this text or product,
submit all requests online at
Further permissions questions can be emailed to
permissionrequest@cengage.com
Exam
View
® is a registered trademark of eInstruction Corp. Windows is a
registered trademark of the Microsoft Corporation used herein under license.
Macintosh and Power Macintosh are registered trademarks of Apple Compu-
ter, Inc. used herein under license.
© 2008 Cengage Learning. All Rights Reserved.
Portions of various FASB documents, copyright © by the Financial Accounting
Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, USA, are re-
produced with permission. Complete copies of those documents are available
from the FAF.
Library of Congress Control Number: 2009922267
ISBN-13: 978-0-324-59237-5
ISBN-10: 0-324-59237-X
South-Western Cengage Learning
5191 Natorp Boulevard
Mason, OH 45040
USA
Cengage Learning products are represented in Canada by Nelson Education, Ltd.
For your course and learning solutions, visit
Purchase any of our products at your local college store or at our preferred
online store
Printed in the United States of America
1 2 3 4 5 13 12 11 10 09
PREFACE
Clear, Connected, Complete: The Big Picture
of Accounting
From the smallest mom-and-pop retailer to the largest multinational corporation, busi-
nesses of all sizes are recognizing that accounting professionals are no longer simply
“number crunchers” but rather essential partners in achieving the fundamental goals
of their organization.
Intermediate Accounting
,
17e
provides a powerful connection to accounting
careers with:
A Clear organization
based around the essential interrelationship between account-
ing procedures and the activities of business. The order of the text chapters flows with a
traditional balance sheet presentation without sacrificing links to business activities. The
result is a more balanced treatment of coverage for instructors and students alike.
Connected and relevant coverage
that examines the issues that are driving account-
ing in today’s business environment, such as
fair value, valuation,
and
International
Financial Reporting Standards
.
Complete and engaging pedagogy
that enhances the learning experience and pre-
pares students for an evolving accounting profession. Each learning objective in the text
is supplemented with a
Why
and
How
framework. This feature provides students with a
snapshot of
why
things are accounted for the way they are before being asked
how
the
information is used in making decisions.
Superior technology
, which allows instructors to pick and choose precisely the educa-
tional resources they want to accompany this text. CengageNOW
TM
Express
offers a com-
plete technology solution with interactive homework assignments that help students tackle
the course’s most difficult concepts.
•
•
•
•
CLEAR and Forward-Thinking Organization
No other text works this hard to demonstrate accounting’s integral importance to an
organization’s decision-making capabilities. The innovative structure is unsurpassed
in preparing students to serve as trusted advisors on the front lines of business.
In an effort to streamline the sequence of chapters in the text, the table of contents
accounts for a more traditional balance sheet order of topics while still maintaining
the structure of covering topics as they relate to business activities. The investing
chapters fall before the financing chapters, which results in a more familiar order of
presentation for instructors and students.
Part 1—Foundations of Financial Accounting
provides students with the funda-
mentals of financial accounting and concludes with a module that covers the Time
Value of Money as well as a new module on Fair Value.
Part 2—Routine Activities of a Business
gets down to business, integrating
accounting into management by exploring operating and investing activities.
Part 3—Additional Activities of a Business
examines financing activities, leases,
income taxes, and employee compensation.
Part 4—Other Dimensions of Financial Reporting
rounds out the comprehen-
sive coverage with earnings per share; derivatives, contingencies, business segments,
and interim reports; accounting changes; and financial statement analysis, as well as
the addition of a new chapter, Accounting in a Global Market.
iii
iv
Preface
CONNECTED to Current and Relevant Coverage
One look at the business pages of any newspaper shows how illusory long-term suc-
cess can be. Yesterday’s runaway successes can quickly find themselves derailed by
the new realities of today’s business world. This is the first text to provide a real-world
perspective that links accounting functions to the activities of business.
Completely updated
to reflect the latest changes in accounting standards, prac-
tices, and techniques. The real company information has been revised to account for
recent changes in financial statements and other company reports.
EXHIBIT 7-7
McDonald’s Notes to Consolidated Financial Statements
Segment and geographic information
(In millions)
2007
2006
2005
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 7,905.5
$ 7,464.1
$ 6,955.1
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,926.2
7,637.7
7,071.8
APMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,598.9
3,053.5
2,815.8
Other Countries & Corporate . . . . . . . . . . . . . . . . . . . . . . . . .
2,356.0
2,739.9
2,274.6
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$22,786.6
$20,895.2
$19,117.3
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,841.9
$ 2,657.0
$ 2,421.6
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,125.4
1,610.2
1,449.3
APMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
616.3
364.4
345.1
Other Countries & Corporate . . . . . . . . . . . . . . . . . . . . . . . .
(1,704.6)
(198.6)
(232.0)
Total operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,879.0
$ 4,433.0
$ 3,984.0
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,031.8
$ 9,477.4
$ 8,968.3
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,380.4
10,413.9
9,424.6
APMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,145.3
3,727.6
3,596.5
Other Countries & Corporate . . . . . . . . . . . . . . . . . . . . . . . .
3,834.2
3,529.4
5,891.0
Businesses held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,631.5
1,517.6
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
194.7
590.8
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$29,391.7
$28,974.5
$29,988.8
International Financial Reporting Standards
topics, indicated by this symbol
throughout the text, help students understand how accounting practices differ from
country to country and reflect the increasingly global nature of business.
The international environment of business is dramatically changing the land-
scape of accounting. The Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB) are working together to develop
one set of accounting standards to be used by companies in countries around the
world. No longer is the United States making the rules for the rest of the world to fol-
low. Instead, the FASB and the IASB are working hand-in-hand as financial account-
ing standards converge at a pace that was not dreamed of even five years ago.
These events have affected this textbook. Every chapter discusses relevant
accounting standards and developments from both a U.S. and a global perspective.
Each chapter begins with a discussion of the accounting standards and procedures
used by companies complying with U.S. GAAP. Then those areas where U.S. GAAP
and international accounting standards are significantly different are discussed so that
the reader can understand how accounting standards around the world are similar
and how they are different. A new chapter on Accounting in a Global Market further
emphasizes the role of international financial reporting standards.
The objective of this approach is to develop in students the ability to see beyond
the borders of the United States and understand that the global business environment
is leading to global accounting standards. Users of this text will understand that they
are not just learning U.S. GAAP. Instead, they are being prepared to be players in a
[ Pobierz całość w formacie PDF ]