Intermediate Accounting Volume 1, Sixth Canadian Edition Lecture Notes

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition1CHAPTER 1THEFRAMEWORK FORFINANCIAL REPORTINGLearning ObjectivesAfter you have studied this chapter, you should:LO-1Understand the various accounting standards used by Canadian entities.LO-2Understand the objectives of financial reporting.LO-3Understand the financial reporting needs of external users of financialinformation.LO-4Understand the motivations of preparers of financial information.Lecture Notes1.ACCOUNTING STANDARDS IN CANADAAuthoritative Source of Canadian StandardsThe accounting standard-setting body in Canada is the Accounting Standards Board(AcSB).The AcSB is part of the Canadian Institute of Chartered Accountants(CICA).The authority of the CICA comes from the corporations acts of thefederal and provincial governments. The GAAP requirement for public companiesis enforceable by the provincial securities commissions.The commissions areresponsible for enforcing the reporting standards for companies that are traded intheir province.AcSB had for many decades maintained standards by regular revisions andadditions to the CICA Handbook. Currently they have a two-pronged approach forCanadian enterprises:For public companies or publicly accountable enterprises,IFRS is required forfinancial reporting for all reporting periods beginning on or after January 1, 2011.All the IFRS standards are included in the CICA Handbook as Part 1.Privatenonpublicly accountable enterpriseshave a choice between using full IFRSor Canadian accounting standards for private companies (ASPE) as prescribed inthe CICA Handbook, Part II. ASPE is somewhat less complex and is based moreon historical-cost accounting, and has far fewer disclosure requirements.IFRSOverviewMotivation for ChangeThe rapid development of international financial markets in the 1990s stimulatedinterest in developing a worldwide set of accounting standards.

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition2One byone, major countries decided to adopt or harmonize with internationalGAAP. CanadaadoptedIFRSonJanuary 1, 2011for financial reporting for publiccompanies.International standards are developed and issued by the International AccountingStandards Boarch(IASB)Accounting Standards forCanadianPublicly-Accountable EnterprisesPublicly accountableenterprise(PAE)–any company that has securities (debt orequity or both) issued to the public or that is in the process of issuing debt or equityto the public or a for-profit private enterprise that holds assets in a fiduciarycapacity for a broad group of outsiders as one of its primary businesses.Afiduciary enterpriseis any organization that acts in a trusteeship capacity formembers of the general public.(e.g. a mutual fund, a privately owned bank,pension funds, credit unions).Also government business enterprises must disclose their financial performanceand thus are PAEs.Reporting in U.S. GAAPIn order to enhance the acceptability of its shares in the U.S. financial markets, aCanadian company may choose to follow U.S. GAAP, but it is rare for a Canadiancompany to do so.Legal and Regulatory RequirementsIn some special industries such as banks, the normal provisions of IFRSs may besupplemented by legal requirements such as requirements from Canada’s Bank Act.Reporting CurrencyCanadian companies do not always prepare their financial statements in Canadiandollars. In general, IFRS requires a company to use another presentation currencywhen its financial environment is other than the currency of its home country.Thecompany should report in its functional currency which is the currency in whichmost of a company’s transactions are conducted.

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition3Accounting Standards forCanadianPrivate EnterprisesA private enterprise is one that done not issue debt or equity securities to thepublic nor is in the process of doing soand also does not hold assets in a fiduciarycapacity.All shares are held privately and not offered for sale on the open market.Users are limited and generally have access to the information they need, either asowners and /or managers or as bankers/creditors.Private companies can use IFRS, ASPE or tailored accounting policies known as adisclosed basis of accounting.A private company is often referred to as anSME, which is a small to mediumsized enterprise.The choice between following IFRS versus Canadian ASPE isunaffected by a Canadian private corporation’s size.Using IFRSA private company may use IFRS instead of ASPE because it is in completion withpublic companies for capital, and wants to be comparable. Despite the inability tosell shares to the public, private corporations can obtain substantial capital throughprivate placements. A private placement is arranged by direct negotiation betweenthe company seeking capital and one or more suppliers of capital.Other reasons for private companies to use IFRS:1.The company is a subsidiary of a parent that reports on the basisof IFRS.2.The company may issue shares to the public in the future and wants to establisha pattern of IFRS compliance.3.The company’s controlling shareholders may intend to sell the company in thenear future.IFRS may enhance credibility.Using ASPEThe ACSB simplified the pre-existing standards in the CICA Handbook, bystripping out requirements that are less appropriate for private companies. ASPE isbased more on historical costand less on fair values,and the disclosurerequirements are less onerous.As a result of continuing use of the CICAHandbook instead of IFRS-SME, many private companies found little change intheir reports.Using a Disclosed Basis of AccountingIn practice, private enterprises are not bound by GAAP unless an external user(such as a major lender) required the company to use GAAP.When non-GAAPaccounting policies are used, the company is said to be reporting on a disclosedbasis of accounting (DBA).A company cannot toss out all of GAAP. Deviations from GAAP usuallyare limited to just certain policies (e.g. usingtax basedCCA instead ofaccounting depreciation.WATCH!

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition4Private Company Standards InternationallyIFRS for SMEs (Small and Medium-Sized Enterprises)Private companies in the rest of the world can use a simplified version of IFRS,IFRS-SME. Canada opted to develop their own private entity GAAP, rather thanuse IFRS-SME.Learning Multiple Sets of StandardsCanada is using different accounting standards for public and private enterprises..Although these are two different sets of GAAP, they are very similar and use thesame general principles and practices. Thus, Canadian private company GAAP canbe regarded mainly as simplifying exceptions to IFRS rather than as a substantiallydifferent body of standards.The Issue of ComparabilityThe point of establishing IFRS is not only to promote multiple exchange listings,but also to greatly improve comparability between companies based in differentcountries. However, international comparisons of financial statements are fraughtwith hazard because of differences between legal requirements, ways of doingbusiness, political environment, etc.2.OBJECTIVES FOR FINANCIAL REPORTINGManagement’s choice of accounting policy and disclosure are constrained by therequirements of IFRS and Canadian ASPE.To exercise judgement, the accountant must have criteria against which to measurethe suitability of alternatives. The most fundamental criteria for deciding onpolicies, estimates, and disclosures are the objectives of financial reporting for theorganization.To establish each enterprise’s financial objectives management must considermany aspects of the company and the users of its financial statements.SeeExhibit 1-2in the text which show the forces that shape a company’s financialreporting objectives (facts, constraints, prepare motivations, user needs and userpower).

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition53.GENERAL PURPOSE FINANCIAL REPORTINGFinancial reporting for public companies is “general purpose” because the potentialinterest group is large and diverse. A public company’s financial statements ‘ userscan be anyone, anywhere. The information needs of investors take priority overother groups such as employees and regulatory agencies for accounting standard-setting when the IASB is setting accounting standards.4.ENTERPRISE PREPORTING OBJECTIVESIn practice, “general purpose” is too general to guide specific enterprises.Identifying an entity’s specific reporting objectives is the first step for establishingthe criteria by which accounting policies are chosen and accounting estimates aremade.Userscanbe either external users or preparers (managers and accountants).Ethical Issues:Accountants are part of the preparer group because theycarry out the accounting and reporting decisions of management. Anaccountant must be prepared to resist management’s potential pressure todeliberately misstate financial results, even if it leads to dismissal.5.EXTERNAL USER OBJECTIVESAssessing and Predicting Cash FlowsCash flow assessment and prediction,especially by investors and creditors is an important financial reporting objective.Assessment versus PredictionAssessment of cash flowsis done by the financial statement user to understand thecash inflows and outflows of the enterprise in the current period, normallyemphasizing cash flows from operating activities.Cash flow predictionrequiresextrapolating current cash flow into future years.Earnings QualityIf there is a high degree of correlation between the operatingcash flow per share and the earnings per share, the company is thought to have ahigh quality earnings. The perceived quality of earnings is good when therelationship between operating cash flow and net income is fairly stable.Effect on Financial Reporting ChoicesWhen cash flow assessment and prediction is the primary objective, financialreporting policies are chosen that provide the clearest indication of the cash flowsunderlying reported earnings.WATCH!

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition6Income Tax Deferralis a common objective for private companies.Financial reporting versus Income Tax ReportingCanada Revenue Agency (CRA) does not require a corporation to use the samereporting principles for tax as for accounting or vice versa.Tax-Book ConformityWhen corporations adopt the same accounting practices for financial reporting asfor tax reporting, this is known as tax-book conformity. There is no requirement todo so in Canada.Tax Deferral versus Tax EvasionThe use of legitimate options for reducing a company’s current taxable income isknown astax deferralortax minimization. In contrast, deliberate misstatement onthe tax return istax evasion, which is fraud.Effect on Financial Reporting ChoicesDelaying recognition of revenue and speeding payment of expenses to the extentpermitted by the Income Tax Act minimize taxes. Accounting policies that reducetaxable income also reduce net income and may or may not be an issue formanagers, depending on if their compensation is tied to book income.Contract ComplianceExternal users often use financial statements as the basis for assessing whether anenterprise has complied with contract provisions (e.g. a debt-to-equity ratio).These provisions are known as covenants. If a company fails to meet them, lendershave the right to call the loan and force immediate payment. Shareholders’agreements in private corporations also usually have provisions that affect thevaluation of shares if a shareholder decides to sell their shares.Effect on Financial Reporting ChoicesRatios in debt agreements and for share valuation in shareholders’ agreements areaffected by accounting policy choices and estimates. Some agreements specifywhat accounting policies must be used for calculating ratios.Stewardshipreporting focuses on showing the financial statement reader just howthe resources entrusted to management’s care were managed. Transparency isimportant.Effect on Financial Reporting ChoicesThe objective of stewardship is reflected in two ways: (1) minimization ofinterperiod allocations and (2) full disclosure.Performance Evaluation

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition7Financial statement readers often use the statements to evaluate managementperformance.Effect on Financial Reporting ChoicesIn order to be useful for performance evaluation, financial statements should reflectthe basis on which management decisions are made. Managers have strongmotivations to select accounting policies that will enhance their apparentperformance.6.PREPARERMOTIVATIONSPreparer (management) motivations often conflict with external users’ objectivesand may dominate the accounting choice process if external users lack the power toenforce the dominance of their objectives.Earnings ManagementIncome SmoothingWidely fluctuating earnings are an indication of business risk,and mangers often don’t want to investors or creditors to perceive the company asbeing risky. Income can be smooth through spreading both revenues and cost overseveral periods and by edging various accounting estimates.Maximizing EarningsMaximization of net income is one of the most common motivations, particularly inpublic companies where share price is affected by reported earnings.The “Big Bath”A corporation may elect to maximize a loss in one year as part ofa longer-run strategy to maximize earnings. If there is an operating loss any way, itis an opportunity to load as many losses into that year as possible (“taking abigbath”)Minimizing EarningsManagement may wish to minimize reported earnings to minimize income taxes, toavoid attracting competitors into a very profitable business, etc.Minimum Compliancerefers to the motivation of managers to reveal the leastamount of information that is possible while still complying with GAAP.Managers may wish to maintain confidentiality about their business activities inorder to keep competitors in the dark.Expanded DisclosureThe motivation for expanded disclosure may simply be to indicate that thecompany and its management are “good citizens: that have nothing to hide.

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition87.CONFLICTING OBJECTIVESOnce a company’s objectives have been identified, they then must be prioritized asoften they are conflicting.Accounting requires to constant exercise ofprofessional judgement.8.REQUIRED FINANCIAL STATEMENTSUnder IFRS a complete set of financial statements consist of:1.Statement of financial position2.Statement of comprehensive income (including statement of profit or loss andstatement of comprehensive income)3.Statement of changes in equity4.Statement of cash flows5.A set of notes comprising a summary of significant accounting policies andother explanatory informationCanadian accounting standards for private enterprises (ASPE) have somewhatsimpler set of financial statements:1.Balance sheet2.Income statement3.Statement of changes in retained earnings4.Statement of cash flows5.Disclosure notes.

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© 2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition(Beechy et al.)1CHAPTER2Accounting JudgementsLearning Objectives:After you have studied this chapter, you should:1Understand the conceptsinvolved in constructing financial statements.2Explain the role of ethical professional judgementin accounting.3Apply the universal and entity specific assumptions underlying thefoundation of GAAP.4Apply the fundamental and enhancing qualities and pervasive constraintsof financial reporting.5Describe the measurement methods available within GAAP.6Discuss the criteria for recognizing business events and transactions in thefinancial records.7Describe the measurement methods used in the accounting standards forprivate enterprises.Lecture NotesAccounting is often a matter of making choices among possible alternatives. This chapterdiscusses the financial statement concepts and principles that guide standard setters andthat accountantsuse to make those choices. These concepts and principles are the basisfor professional judgement. Chapters 6 to 11 illustrate how those concepts and principlesare applied to specific accounting issues.1.CATEGORIES OF ACCOUNTING CONCEPTSThe generally accepted body of accounting principles consists of three different types ofconcepts. The types of concepts are:1.Underlying assumptions,whichformthe basic foundation forwhichaccounting measurement rests.

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© 2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition(Beechy et al.)22.Qualitative criteria,which in conjunction with the organization’s reportingobjectives, facts and constraints, are used to evaluate thepossiblemeasurement optionsand select the most appropriatemeasurementmethodsfor a given situation.They are the why they are measured.The principles ofcomparability and understandability are examples of qualitative criteria.3.Measurement methods, which arethe various ways in which financialposition and the results of operations can be reported.They are howtransactions and events are measured and reported.The accountingprinciples of fair value and realizable value are examples of measurementmethods.Limitations of the ConceptsThere are limitations to the use of accounting concepts. They focus ongeneralities because they determine policies for a wide application.Theyfocus on general purpose financial statements.Therefore, there areexceptions to theapplicabilityof the concepts and conclusions.2.Structure ofAccountingPolicy ChoiceIn constructing the financial statements for an enterprise, you must determine theobjectivesof the financial reporting,make sure the underlying assumptions are valid,measure the elements of financial statements for the situation that satisfy the qualitativecriteria and finally prepare the financial statements. This process is illustrated in Exhibit2-1 ofthetextbook.In selecting accounting policies, an accountant must first evaluate the facts inthesituation. If the facts allow a choice, then the users and objectives are considered inselecting the appropriate accounting policy. Decisions cannot be made strictlyaccording to which policy is best for the users and objectives while ignoring thefacts in the situation.3. ETHICAL PROFESSIONAL JUDGEMENTThe process of making choices in accounting is the process of exercisingprofessionaljudgement.An accountant exercises professional judgementto be fair to all stakeholders.Judgement is used in many aspects of accounting that are not specifically dealt with in theaccounting standards.This is doneby taking into account several factors:•The usersof financial statements and their specific information needs;• The motivations of managers;• Thenature of theorganization’s operations; and•The organization’sreporting constraints.WATCH!

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© 2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition(Beechy et al.)3Accounting policy choices and estimates must be made taking these factors in to account.4. UNDERLYING ASSUMPTIONSUnderlying assumptions provide the foundation of GAAP for for-profit enterprises.Thereare six basic assumptions affect the recording, measuring, and reporting of accountinginformation.These are divided into 2 general categories (1) universal assumptions and (2)entity-specific assumptions.Universal assumptions:1.Time-period.2.Separate entity .3.Unit of measure.Entity-specific assumptions:1.Proprietary.2.Continuity.3.Stable currency.GAAP changes in response to changes in the environment but the underlying assumptionsare assumed to be constant. If any of these assumptions are not valid, thenGAAP is notappropriate.Universal AssumptionsThetime-period assumptionrecognizes that information needs to be provided to users fora time period less than the enterprise’s life span. The standard reporting period is one year;however, different periods are used for limited life enterprises.Some companiesuse acalendar year-end that coincides with the low point in business activity over a 12-monthperiod. Some companies report summarized information on an interim basis (quarterly forpublic companies, monthly for internal purposes).Although the reporting period varies,one year is the standard.Theseparate entity assumptionconsiders an accounting unit or identifiable businessenterprise as separate and apart from its owners and from other entities. A corporation is anentity that is legally distinct. Partnerships and proprietorships are not legally distinct but theseparate entity assumption still applies. For accounting purposes they are consideredseparate from their owners. All accounting records and reports are developed from the pointof view of a single entity. The assumption is that an individual’s transactions aredistinguishable from those of the business. In dealing with private corporations,proprietorships and partnerships accountants must be aware of the relationship between thebusiness and the owners and the need to ensure that any transactions with or on behalf ofowners are properly dealt with and disclosed.This concept does not necessarily correspondwith legal and tax status of an entity.

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© 2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition(Beechy et al.)4Theunit-of-measure assumptionrefers to the results of the business’s economic activities.The assumption is that these can be reported in terms of a single standard monetary unitand, further, that everything of relevance can be measured using the dollar as the unit ofmeasure. Thus, something that can’t be measured can’t be reported. Therefore, informationthat may be relevant to decision makers may not be reported, such as:• The value of in-house intellectual capital.• The impact of the company’s operations.• The value of customer goodwill and “human capital” (i.e.employees).Entity-Specific AssumptionsTheproprietary assumptionconsiders that the results of an enterprise’s operations shouldbe reported from thepoint of viewof the owners. This concept is applied to all types ofbusiness enterprises and has nothing to do with the form of the enterprise (i.e.,proprietorship, partnership, or corporation). An alternative perspective applied in somecountries is the entity concept. Under this concept the owners are just one of manyparticipants. Another perspective is if the enterprise is healthy, all contributors to theenterprise should benefit, not just the shareholders. This goes hand in hand with thesustainable business enterprise, where it is viewed that the business is sustainable in thelong run when value is created for all stakeholders.Thecontinuity assumptionis also known as thegoing-concern assumption.Theassumption is that the enterprise will continue operating for the foreseeable future and notbe liquidated.It assumes that the business will continue long enough to recover the assetsand relay its outstanding liabilities.This assumption provides the conceptual basis formeasuring and classifying assets and liabilities. There are two instances where thisassumption is not valid-alimited life venture, and a business in financial difficulty that isexpected to be shut down. If this assumption is in doubt because of financial difficulty, thehistorical costs of assets are not relevant and liquidation accounting is appropriate.

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© 2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition(Beechy et al.)5A common problem is the misuse of the termgoing concern. A company that isconsidered to be a going concern is expected to continue in operation. If there is agoing concern issue or going concern problem, then this assumption is no longervalid. An example would be where the company is undergoing financialrestructuring.Thestable currency assumptionassumes constant purchasing power and that the value ofthe dollar stays does not change significantly from year to year. The reason for thisassumption is that inflation is most developed countries has been relatively modest. It alsoassumes it is constant in relation to the value of other currencies (its exchange rate).Alternative Capital Maintenance ApproachesConstant dollar capital maintenancesays that not all dollars are created equally.Therefore, if prices are rising then the enterprise needs to keep more nominal dollarsinvested in capital to stay even.Physical capital maintenance conceptrecognizes that the prices of different goods andservices change at different rates. The key is the company needs to maintain the same levelof productive capacity in its assets.5. QUALITATIVE CRITERIAQualitative criteria are criteria that, in conjunction with the organization’s reportingobjectives, are used to evaluate possible measurement options and to choose the mostappropriate accounting policies. The qualitative criteria are summarized in a table on thenextpage. There are trade-offs among the various criteria, especially between relevanceandfaithful representation.WATCH!

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© 2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition15CRITERIACOMPONENTSDESCRIPTION1.RelevancePredictivevalueConfirmatoryorFeedbackvalueCapacity of accounting information to make a difference to the external decision-makers whouse financial reports. Theoretically,relevance isthe most importantqualitative characteristic.2.FaithfulrepresentationThe information is a sufficientaccuratemeasure of what it is intended to measure.It shouldreport the economic substance of the transaction, not just their form. Faithful representation isclosely related to reliability.CompletenessInformation must give a faithful picture of theeconomic events or financial elements.The information must not mislead or deceive.NeutralityFinancial reports are neutral if they do not influence a user’s decisions.It is also known asfree from bias.Freedom frommaterial errorIf the statements are free from bias, overstatements and understatements must not exist.Faithful representation does not imply “accuracy” in that it is completely free from error, butrather free from material error.3.UnderstandabilityBased on the assumption that investors and creditors have a reasonable understanding ofbusiness and economic activities—and of accounting. Information must be understandable tobe useful.4.MaterialityMateriality is used to describe the significance of an item.Information is material ifitsomission or misstatement would probably change or impact the decision.5.ComparabilityEnables users to identify similarities and differences between two sets of financial statements.ConsistencyEntails using the same accounting policies fromperiod to periodwithin the firm.UniformityCompanies with similar transactions and similar circumstances use the same accountingtreatments.6.VerifiabilityIf knowledgeable and independent observers can measure an economic event and arrive atgenerally the same result, the measurement is verifiable.7.TimelinessAccounting information should be reported soon enough for it to be useful for decisionmaking. Lack of timeliness reduces relevance.

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