Read e-book online Advanced accounting PDF

By Floyd A Beams; et al

ISBN-10: 0132568969

ISBN-13: 9780132568968

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S. financial markets were reported in the Wall Street Journal in early 2008. “ Bank of America offered an all-stock deal valued at $4 billion for Countrywide – a fraction of the company’s $24 billion market value a year ago. Pushed to the brink of collapse by the mortgage crisis, Bear Stearns Cos. P. Morgan Chase & Co. for the fire-sale price of $2 a share in stock, or about $236 million. ” The Goodwill Controversy GAAP[16] defines goodwill as the excess of the investment cost over the fair value of net assets received.

The estimated aggregate amortization expense for each of the five succeeding fiscal years b. For intangible assets not subject to amortization, the total carrying amount and the carrying amount for each major intangible asset class c. The entity’s accounting policy on the treatment of costs incurred to renew or extend the term of a recognized intangible asset d. For intangible assets that have been renewed or extended in the period for which a statement of financial position is presented, both of the following: 1.

The result was the Sarbanes-Oxley Act of 2002 (SOX). For the most part, the rules focus on corporate governance, auditing, and internal-control issues, rather than the details of financial reporting and statement presentation that are the topic of this text. However, you should recognize that the law will impact all of the types of companies that we study. Here are a few of the important areas covered by SOX: ■ ■ ■ ■ ■ ■ ■ Establishes the independent Public Company Accounting Oversight Board (PCAOB) to regulate the accounting and auditing profession Requires greater independence of auditors and clients, including restrictions on the types of consulting and advisory services provided by auditors to their clients Requires greater independence and oversight responsibilities for corporate boards of directors, especially for members of audit committees Requires management (CEO and CFO) certification of financial statements and internal controls Requires independent auditor review and attestation on management’s internalcontrol assessments Increases disclosures about off–balance sheet arrangements and contractual obligations Increases types of items requiring disclosure on Form 8-K and shortens the filing period Enforcement of Sarbanes-Oxley is under the jurisdiction of the Securities and Exchange Commission.

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Advanced accounting by Floyd A Beams; et al

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