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Chapter 11

Ethical Issues in Advanced AccountingEthical Standards for Preparers of Financial Statements and Financial Reports1

Significant Events in the Establishment of Ethical Standards for ManagementAccountants and Financial Executives2

Part2

Analysis of Ethical Standards for Management Accountants and FinancialExecutives4

Concluding Observations6

Appendix 1:Standards of Ethical Conduct for Management Accountants7

Competence8

Confidentiality8

Integrity8

Resolution of Ethical Conflict9

Objectivity9

Appendix 2:FEI Code of Ethics10

Appendix 3:AICPA Code of Professional Conduct10

Composition,Applicability,and Compliance10

Other Guidance11

Section Ⅰ:Principles11

Section Ⅱ:Rules15

Definitions15

Rules16

Appendix A:Council Resolution Designating Bodies to Promulgate TechnicalStandards20

ContentsPreface21

Appendix B:Council Resolution Concerning Form of Organization andName21

Review Questions22

Exercise23

Cases25

Part 1 Accounting for Partnerships and Branches28

Chapter 231

Partnerships:Organization and OperationScope of Chapter31

Organization of a General Partnership31

Characteristics of a General Partnership31

Deciding Between a General Partnership and a Corporation32

Is the General Partnership a Separate Entity?33

The Partnership Contract33

Ledger Accounts for Partners34

Loans to and from Partners35

Valuation of Investments by Partners35

Division of Net Income or Loss36

Partners Equity in Assets versus Share in Earnings36

Income-Sharing Plans for General Partnerships36

Financial Statements for a General Partnership44

Changes in Ownership of General Partnerships47

Accounting for Changes in Partners47

Correction of Partnership Net Income of Prior Years47

Accounting and Managerial Issues48

Admission of a New Partner48

Acquisition of an Interest by Payment to One or More Partners49

Bonus or Goodwill Allowed to Existing Partners50

Investment in Partnership by New Partner50

Bonus or Goodwill Allowed to New Partner52

Retirement of a Partner54

Limited Liability Partnerships56

Limited Partnerships56

Accounting for Limited Partnerships57

Financial Statements for Limited Partnerships57

SEC Enforcement Actions Dealing with Wrongful Application of AccountingStandards for Partnerships59

Review Questions60

Exercises62

Cases70

Problems73

Chapter 383

Partnership Liquidation and Incorporation;Joint VenturesScope of Chapter83

Liquidation of a Partnership83

The Meaning of Liquidation83

Division of Losses and Gains during Liquidation84

Distribution of Cash or Other Assets to Partners84

Payments to Partners after All Noncash Assets Realized85

Equity of Each Partner Is Sufficient to Absorb Loss from Realization85

Equity of One Partner Is Not Sufficient to Absorb That Partner S Share of Lossfrom Realization87

Equities of Two Partners Are Not Sufficient to Absorb Their Shares of Lossfrom Realization89

Partnership Is Insolvent but Partners Are Solvent91

Partnership Is Insolvent and Partners Are Insolvent92

Installment Payments to Partners95

General Principles Guiding Installment Payments96

Determining Appropriate Installment Payments to Partners96

Preparation of a Cash Distribution Program98

Withholding of Cash for Liabilities and Liquidation Costs103

Liquidation of Limited Liability Partnerships103

Liquidation of Limited Partnerships104

Incorporation of a General Partnership104

Joint Ventures108

Present-Day Joint Ventures108

Accounting for an Unincorporated Joint Venture109

Accounting for a Corporate Joint Venture109

SEC Enforcement Actions Dealing with Wrongful Application of AccountingStandards for Joint Ventures112

Review Questions113

Exercises115

Cases123

Problems127

Chapter 4135

Branches and Divisions135

Accounting for Branches;Combined Financial StatementsScope of Chapter135

Start-Up Costs of Opening New Branches136

Accounting System for a Branch136

Reciprocal Ledger Accounts136

Alternative Methods of Billing Merchandise Shipments to Branches137

Expenses Incurred by Home Office and Allocated to Branches137

Separate Financial Statements for Branch and for Home Office138

Combined Financial Statements for Home Office and Branch139

Working Paper for Combined Financial Statements141

Billing of Merchandise to Branches at Prices above Home Office Cost144

Working Paper when Billings to Branches Are at Prices above Cost146

Treatment of Beginning Inventories Priced above Cost149

Reconciliation of Reciprocal Ledger Accounts152

Transactions Between Branches156

SEC Enforcement Action Dealing with Wrongful Application of AccountingStandards for Divisions158

Review Questions158

Exercises159

Cases166

problems170

Business Combinations and ConsolidatedFinancial Statements180

Chapter 5183

Business CombinationsScope of Chapter184

Business Combinations:Why and How?184

Antitrust Considerations184

Methods for Arranging Business Combinations185

Establishing the Price for a Business Combination186

Methods of Accounting for Business Combinations187

Purchase Accounting187

Determination of the Combinor188

Computation of Cost of a Combinee188

Allocation of Cost of a Combinee189

Illustration of Purchase Accounting for Statutory Merger,with Goodwill191

Illustration of Purchase Accounting for Acquisition of Net Assets,withBargain Purchase Excess193

Pooling-of-Interests Accounting196

Illustration of Pooling-of-Interests Accounting for Statutory Merger196

Popularity of Pooling Accounting197

Past Abuses of Pooling Accounting200

Past Abuses of Purchase Accounting201

Action by the AICPA202

Conditions Requiring Pooling Accounting202

Financial Statements Following a Business Combination205

Disclosure of Business Combinations in a Note to the Financial Statements207

Comparison of Purchase and Pooling Accounting210

Other Topics in Accounting for Business Combinations210

Criticism of Purchase Accounting214

Appraisal of Accounting Standards for Business Combinations214

Criticism of Pooling Accounting215

FASB Study of Accounting for Business Combinations216

SEC Enforcement Actions Dealing with Wrongful Application of AccountingStandards for Business Combinations216

Review Questions218

Exercises219

Cases229

Problems233

Chapter 6245

Consolidated Financial Statements:On Date ofPurchase-Type Business CombinationScope of Chapter245

Parent Company-Subsidiary Relationships245

Nature of Consolidated Financial Statements246

Should All Subsidiaries Be Consolidated?246

FASB s Proposed Redefinition of Control247

The Meaning of Controlling Interest247

Criticism of Traditional Concept of Control247

Consolidation of Wholly Owned Subsidiary on Date of Purchase-TypeBusiness Combination248

Consolidation of Partially Owned Subsidiary on Date of Purchase-TypeBusiness Combination259

Nature of Minority Interest265

Consolidated Balance Sheet for Partially Owned Subsidiary267

Alternative Methods for Valuing Minority Interest and Goodwill268

Bargain Purchase Excess in Consolidated Balance Sheet269

Disclosure of Consolidation Policy271

Advantages and Shortcomings of Consolidated Financial Statements272

Push-Down Accounting for a Purchased Subsidiary272

SEC Enforcement Actions Dealing with Wrongful Application of AccountingStandards for Consolidated Financial Statements274

Review Questions275

Exercises276

Cases287

Problems290

Chapter 7303

Consolidated Financial Statements:Subsequent to Date ofPurchase-Type Business CombinationScope of Chapter303

Accounting for Operating Results of Wholly Owned Purchased Subsidiaries303

Equity Method304

Cost Method304

Choosing Between Equity Method and Cost Method304

Illustration of Equity Method for Wholly Owned Purchased Subsidiary for FirstYear after Business Combination305

Illustration of Equity Method for Wholly Owned Purchased Subsidiary forSecond Year after Business Combination316

Accounting for Operating Results of Partially Owned Purchased Subsidiaries320

Illustration of Equity Method for Partially Owned Purchased Subsidiary for FirstYear after Business Combination320

Illustration of Equity Method for Partially Owned Purchased Subsidiary forSecond Year after Business Combination332

Concluding Comments on Equity Method of Accounting337

Appendix:Cost Method for Partially Owned Purchased Subsidiary337

Illustration of Cost Method for Partially Owned Purchased Subsidiary for FirstYear after Business Combination338

Illustration of Cost Method for Partially Owned Purchased Subsidiary forSecond Year after Business Combination344

Review Questions344

Exercises345

Cases356

Problems358

Chapter 8371

Consolidated Financial Statements:Pooling-Type BusinessCombinationScope of Chapter371

Consolidation of Wholly Owned Pooled Subsidiary on Date of BusinessCombination372

Consolidation of Wholly Owned Pooled Subsidiary Subsequent to Date of BusinessCombination381

The Equity Method of Accounting for Pooled Subsidiaries381

Consolidation of Partially Owned Pooled Subsidiary on Date of BusinessCombination388

Consolidation of Partially Owned Pooled Subsidiary Subsequent to Date of BusinessCombination395

Accounting for Intercompany Transactions Not Involving Profit(Gain)or Loss401

Loan on Notes or Open Account402

Leases of Property under Operating Leases404

Rendering of Services405

Income Taxes Applicable to Intercompany Transactions405

Summary:Intercompany Transactions and Balances405

Review Questions405

Exercises407

Cases417

Problems418

Chapter 9427

Consolidated Financial Statements:Intercompany Profits(Gains)and LossesScope of Chapter427

Unrealized Intercompany Profit in Ending Inventories428

Intercompany Profit in Beginning and Ending Inventories428

Importance of Eliminating or Including Intercompany Profits(Gains)Intercompany Sales of Merchandise428

Intercompany Sales of Merchandise at Cost428

Intercompany Profit in Inventories and Amount of Minority Interest433

Should Net Profit or Gross Profit Be Eliminated?434

Intercompany Sales of Plant Assets435

Intercompany Gain on Sale of Land435

Intercompany Gain on Sale of Depreciable Plant Asset437

Intercompany Lease of Property under Capital/Sales-Type Lease441

Intercompany Sales of Intangible Assets446

Acquisition of Affiliate s Bonds447

Illustration of Acquisition of Affiliate s Bonds448

Accounting for Gain in Subsequent Years450

Illustration of Effect of Intercompany Profits(Gains)onMinority Interest455

Reissuance of Intercompany Bonds455

Comprehensive Illustration of Working Paper for Consolidated FinancialStatements458

Review Questions466

Exercises467

Cases473

Problems475

Chapter 10483

Consolidated Financial Statements:Income Taxes,CashFlows,and Installment AcquisitionsScope of Chapter483

Income Taxes in Business Combinations and Consolidations483

Income Taxes Attributable to Current Fair Values of Purchased IdentifiableNet Assets483

Income Taxes Attributable to Undistributed Earnings of Subsidiaries486

Income Taxes Attributable to Intercompany Profits(Gains)486

Consolidated Statement of Cash Flows495

Illustration of Consolidated Statement of Cash Flows496

Installment Acquisition of Subsidiary500

Illustration of Installment Acquisition of Parent Company sControlling Interest500

Parent Company s Journal Entries for Installment Acquisition501

Working Paper for Consolidated Financial Statements504

Review Questions506

Exercises507

Cases516

Problems517

Chapter 11531

Consolidated Financial Statements:Special ProblemsScope of Chapter531

Changes in Parent Company s Ownership Interest in a Subsidiary531

Parent Company Acquisition of Minority Interest531

Parent Company Sale of a Portion of Its Subsidiary CommonStockholdings534

Subsidiary s Issuance of Additional Shares of Common Stock to thePublic538

Subsidiary s Issuance of Additional Shares of Common Stock toParent Company541

Subsidiary with Preferred Stock Outstanding543

Illustration of Minority Interest in Subsidiary with Preferred Stock543

Preferred Stock Considerations Subsequent to Date of Business Combination545

Stock Dividends Distributed by a Subsidiary548

Illustration of Subsidiary Stock Dividend549

Treasury Stock Transactions of a Subsidiary550

Illustration of Treasury Stock Owned by Subsidiary on Date of BusinessCombination550

Illustration of Treasury Stock Acquired by Subsidiary Subsequent toBusiness Combination551

Indirect Sharehoidings and Parent Company s Common Stock Owned by aSubsidiary554

Indirect Shareholdings554

Parent Company s Common Stock Owned by a Subsidiary557

Review Questions562

Concluding Comments on Special Problems562

Exercises563

Cases569

Problems570

Part 3 Accounting for Nonbusiness Organizations584

Chapter 12587

Governmental Entities:General FundScope of Chapter587

Objectives of Financial Reporting for Nonbusiness Organizations587

Nature of Governmental Entities589

Accounting Standards for Governmental Entities591

The Governmental Financial Reporting Entity591

Funds:The Accounting Unit for Governmental Entities591

The Accrual Basis of Accounting593

Recording the Budget594

Accounting for a Governmental Entity s General Fund599

Illustration of Accounting for a General Fund599

Trial Balance at End of Fiscal Year for a General Fund604

Financial Statements for a General Fund605

Closing Entries for a General Fund607

Review Questions608

Exercises609

Cases615

Problems617

Chapter 13627

Governmental Entities:Other Governmental Fundsand Account GroupsScope of Chapter627

Other Governmental Funds627

Accounting for Special Revenue Funds627

Accounting for Capital Projects Funds630

Accounting for Debt Service Funds634

General Fixed Assets and General Long-Term Debt Account Groups637

Accounting for General Fixed Assets Account Group637

Accounting for General Long-Term Debt Account Group640

Capital Leases of Governmental Entities641

Accounting for Special Assessment Bonds643

Review Questions646

Exercises647

Cases651

Problems653

Chapter 14661

Governmental Entities:Proprietary Funds,Fiduciary Funds,and Comprehensive Annual Financial ReportScope of Chapter661

Proprietary Funds661

Accounting for Enterprise Funds662

Accounting for Internal Service Funds665

Applicability of FASB Pronouncements to Proprietary Funds668

Fiduciary Funds670

Accounting for Agency Funds670

Accounting for Expendable and Nonexpendable Trust Funds672

Accounting for Pension Trust Funds674

Comprehensive Annual Financial Report of Governmental Entities677

The GASB Governmental Financial Reporting Model679

Appraisal of Accounting Standards for Governmental Entities679

Review Questions680

Exercises680

Cases685

Problems687

Accounting Standards for Nonprofit Organizations697

Chapter 15697

Nonprofit OrganizationsScope of Chapter697

Characteristics of Nonporfit Organizations699

Fund Accounting by Nonprofit Organizations700

Unrestricted Fund700

Restricted Fund707

Endowment Fund708

Agency Fund709

Annuity and Life Income Funds709

Loan Fund710

Plant Fund710

Financial Statements of Nonprofit Organizations710

Review Questions715

Concluding Observations on Accounting for Nonprofit Organizations715

Exercises716

Cases721

Problems723

Part 4 Accounting for Fiduciaries736

Chapter 16739

Bankruptcy:Liquidation and ReorganizationScope of Chapter739

The Bankruptcy Code740

Bankruptcy Liquidation740

Debtor s(Voluntary)Petition741

Creditors (Involuntary)Petition741

Unsecured Creditors with Priority741

Role of Creditors742

Role of Trustee742

Role of Court in Liquidation742

Property Claimed as Exempt742

Discharge of Debtor743

Role of Accountant in Bankruptcy Liquidation743

Financial Condition of Debtor Enterprise:The Statement of Affairs743

Estimated Amounts to Be Recovered by Each Class of Creditors746

Accounting and Reporting for Trustee748

Bankruptcy Reorganization750

Appointment of Trustee or Examiner751

Plan of Reorganization751

Accounting for a Reorganization751

Evaluation of Bankruptcy Code754

Review Questions754

Disclosure of Reorganization754

Exercises755

Cases763

Problems764

Chapter 17773

Estates and TrustsScope of Chapter773

Legal and Accounting Aspects of Estates773

Provisions of Uniform Probate Code Governing Estates773

Provisions of Revised Uniform Principal and Income Act GoverningEstates776

Illustration of Accounting for an Estate777

Legal and Accounting Aspects of Trusts788

Provisions of Uniform Probate Code Governing Trusts788

Illustration of Accounting for a Trust789

Provisions of Revised Uniform Principal and Income Act Governing Trusts789

Review Questions792

Exercises793

Cases800

Problems802

Part 5 International Accounting808

Chapter 18811

International Accounting Standards;Accounting forForeign Currency TransactionsScope of Chapter811

International Accounting Standards811

International Accounting Standards Committee811

International Organization of Securities Commissions813

Accounting for Foreign Currency Transactions814

FASB Statement No.52814

Transactions Involving Foreign Currencies814

Transaction Gains and Losses815

Purchase of Merchandise from a Foreign Supplier815

Sale of Merchandise to a Foreign Customer817

Loan Payable in a Foreign Currency818

Loan Receivable in a Foreign Currency818

Conclusions Regarding Transactions Involving Foreign Currencies819

Forward Exchange Contracts819

International Accounting Standard 21826

Disclosures Regarding Foreign Currency Transactions826

Review Questions828

Exercises830

Cases835

Problems836

Functional Currency841

Translation of Foreign Currency Financial StatementsScope of Chapter841

Chapter 19841

Alternative Methods for Translating Foreign Entities Financial Statements843

Standards for Translation Established by the Financial Accounting StandardsBoard844

Remeasurement of a Foreign Entity s Accounts845

Illustration of Remeasurement of a Foreign Entity s Account Balances846

Transactions or Events for Year 1846

Translation of a Foreign Entity s Financial Statements849

Other Aspects of Foreign Currency Translation857

International Accounting Standard 21861

Appraisal of Accounting Standards for Foreign Currency Translation861

Review Questions861

Exercises862

Cases867

Problems869

Chapter 20881

Segments;Interim Reports;Reporting for the SECScope of Chapter881

Segment Reporting881

Background of Segment Reporting881

Proposal to Improve Segment Reporting883

Allocation of Nontraceable Expenses to Operating Segments885

SEC Requirements for Segment Information886

Reporting the Disposal of a Business Segment887

International Accounting Standard 14890

Interim Financial Reports890

Problems in Interim Financial Reports890

APB Opinion No.28891

Reporting Accounting Changes in Interim Periods895

Conclusions on Interim Financial Reports896

SEC Enforcement Actions Dealing with Wrongful Applicationof Accounting Standards for Interim Financial Reports897

Reporting for the SEC898

Nature of Reporting to the SEC898

Organization and Functions of the SEC899

Interaction Between SEC and FASB900

Integration Project and Other Recent Activities of SEC903

Appendix:Exeerpts from 1995 Annual Report for The Walt Disney Company904

Review Questions920

Exercises920

Cases929

Problems932

Glossary939

Index951