By Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

ISBN-10: 0471072087

ISBN-13: 9780471072089

This bestseller has powered the careers of numerous execs. the hot variation builds at the book's popularity for comprehensiveness, accuracy, and foreign money, incorporating all of the contemporary alterations to the accounting literature.

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They note that a change tends to destroy the comparability of data before and after the change. Some companies take the time to assist users to understand the pre- and post-change data. Generally, however, users say they lose the ability to analyze over time. 9 “Reports on Audited Financial Statements,” Statement on Auditing Standards No. 58 (New York: AICPA, April 1988), par. 34. qxd 34 11/13/02 • 3:08 PM Page 34 mac62 Pdrive 03:es%0:wiley:8658d:0471072087:ch02:text_s: Chapter 2 Conceptual Framework Underlying Financial Accounting In summary, accounting reports for any given year are more useful if they can be compared with reports from other companies and with prior reports of the same entity.

Expense as incurred. ILLUSTRATION 2-4 Expense Recognition Hollywood accounting The problem of expense recognition is as complex as that of revenue recognition, as illustrated by Hollywood accounting. Major motion picture studios have been allowed to capitalize advertising and marketing costs and to amortize these costs against revenues over the life of the film. As a result, many investors have suggested that the studios’ profit numbers were overstated. Under a new GAAP standard, these costs now must be amortized over no more than 3 months; in many cases, they must be expensed immediately.

Describe the FASB’s efforts to construct a conceptual framework. The FASB has issued six Statements of Financial Accounting Concepts that relate to financial reporting for business enterprises. These concept statements provide the framework for the conceptual framework. They include objectives, qualitative characteristics, and elements. In addition, measurement and recognition concepts are developed. ᕣ Understand the objectives of financial reporting. The objectives of financial reporting are to provide information that is (1) useful to those making investment and credit decisions who have a reasonable understanding of business activities; (2) helpful to present and potential investors, creditors, and others in assessing future cash flows; and (3) about economic resources and the claims to and changes in them.

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Intermediate Accounting, 11 Edition by Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield


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