Financial Reporting And Analysis, 7th Edition Class Notes

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CHAPTER 1THE ECONOMIC AND INSTITUTIONAL SETTING FORFINANCIAL REPORTINGCHAPTER OVERVIEWFinancial statements are an extremely important source of information about a company,its economic health, and its prospects. They help improve decision making and make itpossible to monitor managers’ activities.Equity investors use financial statements to form opinions about the value of acompany and its stock.Creditors use statement information to gauge a company’s ability to repay its debtand to check whether the company is complying with loan covenants.Stock analysts, brokers, and portfolio managers use financial statements as thebasis for their recommendations to investors and creditors.Auditors use financial statements to help design more effective audits by spottingareas of potential reporting abuses.Investors, creditors, and other interested parties demand financial statements because theinformation is useful. But what governs the supply of financial information?Mandatory reporting is a partial answer. Most companies in the United States andother developed countries are required to compile and distribute financialstatements to shareholders and to file a copy with a government agency (in theUnited States, that agency is the SEC). This requirement allows all interestedparties to view the statements.The advantages of voluntary disclosure are the rest of the answer. Financialinformation that goes beyond the minimum requirements can benefit thecompany, its managers, and its owners. For example, voluntary financialdisclosures can help the company obtain capital more cheaply or negotiate betterterms from suppliers. But benefits like these come with potential costs:information collection, processing, and dissemination costs; competitivedisadvantage costs; litigation costs; and political costs. This means that twocompanies with different financial reporting benefits and costs are likely tochoose different accounting policies and reporting strategies.Different companies choose different accounting policies and reporting strategies becausefinancialreportingstandardsareoftenimpreciseandopentointerpretation.Thisimprecision gives managers an opportunity to shape financial statements in ways thatallow them to achieve specific reporting goals.Most managers use their accounting flexibility to paint a truthful economicpicture of the company.Other managers mold the financial statements to mask weaknesses and to hideproblems.

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Analysts who understand financial reporting, managers’ incentives, and theaccounting flexibility available to managers will maintain a healthy skepticismabout the numbers and recognize that financial statements sometimes concealmore than they reveal.The accountant’s and analyst’s job is made more difficult when financial reportingmeasurement and disclosure rules differ across national boundaries. Reporting rules insome countries such as Canada, the United Kingdom, and the United States evolved toreflect firms’ underlying economic performance. But reporting rules in many othercountries—France, Germany, and Japan, for example—merely complied with taxation orother statutory requirements.Globalization forced many firms in countries using a commercial or tax lawapproach to seek foreign capital. In turn, this has led countries around the world tomove to IFRS, making it easier for firms in their countries to raise capital indomestic and foreign financial markets.The FASB and IASB have worked to converge the guidance for numerousaccounting issues. However, in many cases, the boards have issued substantiallydifferent standards after having worked together originally.CHAPTER OUTLINEI.Why Financial Statements Are ImportantTeaching Tip:While financial statements are not as timely as press releases,they do provide aneconomic history and areindispensable in developing anaccurate profile of ongoing performance and prospects.Teaching Tip:This text does not focus on assisting readers of financialstatements in detecting fraud, which is rare. Rather, the purpose of this text is toassist readers in understanding the financial flexibility and discretion inherent infinancial accounting rules in order that they may make more informed decisions.II.Economics of Accounting InformationA.Demand for Financial StatementsB.Disclosure Incentives and the Supply of Financial InformationIII.A Closer Look at Professional AnalystsA.Analysts’ DecisionsIV.Fundamental Concepts of Financial ReportingA.Generally Accepted Accounting PrinciplesB.Who Determines the Standards?C.The Politics of AccountingStandardsD.FASB Accounting Standards Codification™Teaching Tip:It may be a good idea to access the FASB Codification andprovide an overview of how to use the system and reinforce that everything inthe Codification is a Generally Accepted Accounting Principle.

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V.Incentive Conflicts and Financial ReportingTeaching Tip:For example, the choice to capitalize, rather than expenseamounts, will make firms appear to be larger, more profitable, and less risky.Therefore, naive acceptance of financial statement data may be dangerous.Much of the book is devoted to providing students with the skills necessary tobecome more informed readers offinancialstatements by making meaningfulcomparisons between companiesand gaining insight into managers’incentives.VI.An International PerspectiveA.International Financial ReportingVII.APPENDIX 1A: GAAP in the United StatesA.Early DevelopmentsB.Emergence of GAAPC.Current Institutional Structure in the United StatesCHAPTER QUIZ1.A company’s financial statements reflectinformation abouta.productinformation and competitive positions.b.future projections of sales, expenses, and other future economic events.c.thegeneral economy of the industry in which the company operates.d.economicevents that affect a company that can be translated into accountingnumbers.2.Creditors assess credit risk by comparing a firm’s required principal and interestpayments to estimates of the firm’s current and futurea.cashflowsb.net assets.c.revenue.d.net income.3.Which is not correct regarding Regulation Fair Disclosure (Reg FD)?a.It limits what management can say in private conversations with analysts andinvestors.b.It does not limit what management can say in private conversations with analystsor investors.c.It was passed by the SEC.d.Ithelps level the playing field between individual and institutional investors.4.Being verifiable and neutral is part of what makes financial informationa.consistent.b.comparable.c.relevant.d.useful

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5.Financial information capable of making a difference in a decision isa.relevant.b.reliable.c.consistent.d.verifiable.6.Factors that may influence a decision maker’s judgment as to what accountinginformation is useful include:a.The decision to be made.b.The information already possessed.c.The decisionmaker’s capacity to process the information.d.All of the above answers are correct.7.Which one of the following types of disclosure costs is the cost of disclosing thecompany’s pricing strategies?a.Politicalcostb.Litigationcostc.Competitivedisadvantage costd.Informationcollection, processing, and dissemination cost8.Employees demand financial statement information because the firm’s performance isoften linked toa.Employee stock ownership plans.b.Social security benefits.c.Disability planbenefits.d.Workmen’s compensation benefits.9.The primary current source of generally accepted accounting principles forpublicly traded companies in the United States rests with the:a.Securities and Exchange Commission.b.New York Stock Exchange.c.Financial Accounting Standards Board.d.American Institute of Certified Public Accountants.10.International accounting standards are established by thea.Securities Exchange Commissionb.London Stock Exchangec.International Accounting Standards Boardd.Institute of Chartered AccountantsEssay Questions1.Define the expanded role of the PCAOB in the preparation of consistent andtransparent financial statements.2.Why would it be beneficial to narrow international differences in accounting rules foraccounting andreporting?

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QUIZ ANSWERS:1.D. The financial statements present historical information about what has happenedto the company in the past.2.A.Creditors are concerned with a firm’s ability to replay principal and interest byprojecting cash flows.3.B. Reg FD was passed to limit what management can say in private to analysts andinvestors.4.D. Useful information is verifiable and neutral.5.A.Relevant information is capable of making a difference in decision making.6.D.The judgment by a decision maker as to what accounting information can beuseful includes the decision to be made, the information already possessed, and thedecision maker’s capacity to process the information.7.C.Competitive disadvantage cost is the cost of disclosing the company’spricingstrategies8.A. Managers and employees use financial information to monitor employee contractssuch as bonus plans, profit–sharing plans, and pension plans.9.C.The FASB is charged with the responsibility of establishing financial accountingstandards.10.C. The IASB is responsible for establishing IFRS.RECOMMENDEDFIGURES ANDEXHIBITS1.Figure 1.1—Desirable Characteristics of Accounting Information

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CHAPTER 2ACCRUAL ACCOUNTING AND INCOME DETERMINATIONCHAPTER OVERVIEWThis chapter highlights the key differences between cash and accrual incomemeasurement.In most instances, accrual-basis revenues do not equal cash receipts and accrualexpenses do not equal cash disbursements.The principles that govern revenue and expense recognition under accrualaccounting are designed to alleviate the mismatching of effort andaccomplishment that occurs under cash-basis accounting.The matching principle determines how and when the assets that are used up ingenerating the revenue or that expire with the passage of time are expensed.Relative to current operating cash flows, accrual earnings generally provide amore useful measure of firm performance and serve as a more useful benchmarkfor predicting future cash flows.Predicting future cash flows and earnings is critical to assessing the value of afirm’s shares and its creditworthiness.Multiple-step income statements are designed to facilitate this forecastingprocess by isolating the more recurring or sustainable components of earningsfrom the nonrecurring or transitory earnings components.GAAP disclosure requirements for various types of accounting changes alsofacilitate the analysis of company performance over time.This chapter outlines some common ways earnings are managed, some of whichhave come under SEC scrutiny. Auditors and financial statement users must beaware of the incentives to manage earnings and the ways in which this isaccomplished.Once discovered, accounting errors or irregularities must be corrected anddisclosed through restatement.Public companies must report EPS numbers on the face of their incomestatements. All firms report basic EPS based on the weighted average number ofshares actually outstanding during the period, while firms with complex capitalstructures also disclose diluted EPS, which reflects the EPS that would result ifall potentially dilutive securities were converted into common shares.Certain changes in net assets resulting from incomplete or open transactionsbypass the income statement and are reported as direct adjustments tostockholders’ equity. These direct adjustments are calledother comprehensiveincome components.Under U.S. GAAP, firms are required to report thecomponents of other comprehensive income in either a single-statement formator a two-statement format.CHAPTER OUTLINEI.Cash Flow VersusAccrual Income MeasurementA.Articulation of Income Statement and Balance SheetB.Revenue Recognition—General ConceptsC.Expense Recognition

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Teaching Tip:For-profit entities adopt accrual accounting because of itsability to provide investors andcreditors with a more realistic picture ofrelevant economic events and their effects on firm activities.On the other hand,entities that do not have a profit motive may prefer a cash-basis accountingsystem because of its simplicity.II.Income Statement Format and ClassificationA.Income from Continuing OperationsB.Discontinued OperationsC.Frequency and Magnitude of Various Categories of Transitory IncomeStatement ItemsTeaching Tip:In forecasting future cash flows, a reader of the financialstatements must determine whether the “special or unusual items” aresustainable or transitory. The increased occurrence of these items heightens thespeculative nature of these forecasts. It is important to remember that financialstatements are designed to measure the economic conditions (micro and macro)and financial management of the company to assist users indetermining futurecash flows.Companies doing well in a great economic environment may be introuble during the next economic turn while a company that exceeds thecompetition results during a recession may emerge as a market leader.III.Reporting Accounting ChangesA.Change in Accounting PrincipleB.Change in Accounting EstimateC.Change in Reporting EntityTeaching Tip:Changes in accounting principles generally do not result indirect changes in cash flows. The only exception is a change from the LIFOmethod of accounting for inventory (because of the LIFO conformity rule).Since changes inaccounting principles generally do not affect the tax return, achange in principles used for financial reporting purposes affects only incometax expense and deferred income taxes.IV.Earnings ManagementA.Popular Earnings Management DevicesV.Accounting Errors, Earnings Restatements, and Prior Period AdjustmentsVI.Earnings per ShareVII.Comprehensive Income and Other Comprehensive IncomeVIII.Global Vantage PointIX.APPENDIX 2A: Review of Accounting Procedures and T-Account AnalysisA.Understanding Debits and CreditsB.Adjusting EntriesC.Posting Journal Entries to Accounts and Preparing Financial StatementsD.Closing EntriesE.Accounts Analysis as an Analytical Technique

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Teaching Tip:There are several mnemonic devices available to help studentsorganize the effects of debits and credits on the different types of accounts.CHAPTER QUIZ1.High Tower, Inc. owns and operates resort campgrounds in the U.S.It sells annualmembershipsthatallow a member’s family unlimited use of the company’scampgroundsfor a one-year periodfor anannualmembership fee.Assuming HighTower produces quarterly financial statements, how shoulditrecognize membershiprevenue?a.Revenue should be recognized when the cash is received..b.Revenue should be recognized at the end of the membership period.c.Membership sales should be recognizedequally over the course of the year.d.Membership sales should be recognized based on members’ actual use of thefacilities.2.The matching principle encourages:a.The recognition of expenses when cash is paid for supplies.b.The recognition ofexpenses in the same period as the revenue was recognized.c.The reconciliation of net income and comprehensive income in a separatefinancial statement.d.The recording of period costs on the balance sheet.3.When a company has decided to dispose of a component of its business which of thefollowing is true?a.The income or loss from that component should be reported as a component ofoperating income.b.The income or loss from that component should be separated as an unusual item.c.The income or loss fromthat component should not be included on the incomestatement.d.The income or loss from that component should be reported as a discontinuedoperation.4.If a company adopts a new FASB standard, it should be reported asa.change in accountingprinciple.b.change in accounting estimate.c.change in accounting entity.d.unusual item.5.The use of accounting flexibility to meet earnings benchmarks is calleda.impression management.b.earnings management.c.profit manipulation.d.accounting irregularities.6.Accounting errors or irregularities can occur for which reasons?a.Simple oversightb.Misapplication of GAAPc.management exploitation of the flexibility in GAAP

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d.All of these answer choices are correct.7.The purpose of reporting nonrecurring items, net ofrelated income taxes, belowincome from continuing operations is:a.These items help explain deviations in current year net income from past trends.b.These items assist in the task of predicting the timing and amount of future cashflows.c.Neither a. nor b.d.Both a. and b.8.On November 1, 2016, KrisCo. paid $7,200 tofor a one yearinsurance policyonits equipment.With respect to this policy, what amounts should Krisreport forprepaid insurance and insurance expense in its December 31, 2016, financialstatements?Prepaid InsuranceInsurance Expensea.$6,000$1,200b.$7,200$0c.$0$7,200d.$0$09.Other comprehensive income components:a.Are shown net oftheir related tax effects.b.Include all changes in equity that do not affect the income statement.c.Include realized gains and losses.d.Eliminate the effects that unrealized gains and losses have on the financialstatements.10.A debita.increasesAccounts Payable.b.increasesCost of Goods Sold.c.decreasesAccounts Receivable.d.decreasesEquipment.QUIZ ANSWERS:1.C.Revenue should be recognized over the life of the contract.2.B. The matching principle matches the recognition of expenses to thesame periodas the revenue was recognized.3.D. Income or loss from the disposal of a component of a business should bereported as a discontinued operation.4.A.If a company adopts a new FASB standard, it should be reported as achange inaccounting principle.5.B. The use of accounting flexibility to meet earnings benchmarks is known asearnings management.6.D.All of these optionscan lead to accounting errors or irregularities.

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7.D. The purpose of reporting nonrecurring items, net of related income taxes, belowincome from continuing operations is to help explain deviations in current year netincome from past trends, and to assist in the task of predicting the timing and amountof future cash flows.8.C.Insurance expense should be $600 per month.As of December 31, there are still10months of coverage remaining. Therefore, $6,000 is the balance in prepaidinsurance. Insurance expense is$600 per month for 2 months, or$1,200.9.A. Comprehensive income components are shown net of their related tax effects.10.B. Debits increase assets, expenses and losses.RECOMMENDEDFIGURES ANDEXHIBITS1.Figure 2.1—CanterburyPublishing Comparisonof Accrual-Based Earnings andOperating Cash Flow2.Figure 2.2—Proportion of firms reporting nonrecurring items (2002–2014)3.Exhibit 2.6—Types of Accounting Changes

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CHAPTER 3REVENUE RECOGNITIONCHAPTER OVERVIEWRevenue recognition rules are transitioning from a patchworkof guidance that addressedspecific issues individually. Often the issues addressed were related to a specific industry orthe quirks of aparticular type of transaction. Beginning in 2018 for calendar-year firms, thenew ASC Topic 606 will take effect. It provides a single model that is to be applied by allfirms in determining when revenue may be recognized.The model provides a five-step method for evaluating contracts with customers to deter-mine when revenue may be recognized.1.Identify the contract(s) with a customer2.Identify the performance obligations in the contract3.Determine the transaction price4.Allocate the transaction price to the performance obligations in the contract5.Recognize revenue when (or as) the entity satisfies a performance obligationContracts with customers give rise to performance obligations, representing the goods orservices a firm has obligated itself to provide. Transaction prices are allocated toperformance obligations and revenue is recognized when (or as) the performance obligationsare satisfied.Until ASC Topic 606 becomes effective, for fiscal years beginning after December 15,2017, existing guidance remains in effect. Under existing guidance, revenue is recognizedwhen the earnings process is substantially complete and collection is reasonably assured. Insome circumstances, such as for long-term construction contracts, it is sometimes appropriateto recognize revenue as work progresses. When collection is highly uncertain, the installmentmethod is used to recognize revenue.For many firms, the financial statement effects of changing to the new standard will notbe material, although the changeover in the rules will certainly affect some financialstatements. Until firms begin to disclose their anticipated financial statement effects, it isdifficult to quantify what those will be.Under both the existing rules and ASC Topic 606, revenue recognition can be subjective.Financial statement users should be cognizant of how firms apply revenue recognitionstandards.CHAPTER OUTLINEI.The Five-Step Revenue Recognition ModelA.Step 1: Identify the Contract(s) with a CustomerB.Step 2: Identify thePerformance Obligations in the ContractC.Step 3: Determine the Transaction PriceD.Step 4: Allocate the Transaction Price to the Performance Obligations inthe ContractE.Step 5: Recognize Revenue When (or as) the Entity Satisfies aPerformance ObligationF.Practical Expedients in Applying the ModelG.Applying the Model to Contract Modifications

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Teaching Tip:Consulting firms use the percentage-of-completion method for fixedprice, fixed period contracts. The Information Technology Professional Servicessector, for example, uses this method to record approximately 30 % of its revenues.II.Contract Acquisition and Fulfillment CostsA.Amortization and ImpairmentIII.Disclosure RequirementsA.Disaggregated RevenueB.Contract BalancesC.Performance Obligations andSignificant JudgmentsTeaching Tip:The notes to the financial statements provide important usefulinformationfor financial statement users.The new revenue recognition standardrequires extensive disclosures.IV.Effective Dates and TransitionA.RetrospectiveApproachB.Cumulative Effect ApproachV.Financial Statement Effects of New StandardVI.Global Vantage PointA.The Meaning of CollectibilityB.Reversals of ImpairmentsC.Disclosure RequirementsVII.Revenue Recognition Prior to the Effective Date of ASC Topic 606A.Long-Term Construction ContractsB.Installment Sales MethodC.Franchise SalesD.Sales with Right of ReturnE.Bundled (Multiple-Element) SalesCHAPTER QUIZ1.The new ASC Topic 606 provides a model for revenue recognition that includesa.Fivesteps.b.Foursteps.c.Threesteps.d.Twosteps.2.Under ASC Topic 606 for revenue recognition, which of the following statements isnotaccurate regarding performance obligations?a.Firms must disclose warranties provided.b.Firms must disclose qualitative information about their performanceobligations.c.Firms are not required to disclose any judgments used to apply the standard.d.Firms must disclose the aggregate amount of the transaction price allocated tounsatisfied performance obligations.3.MicrotexCorporation sells computersand accessories. The company’s newestcomputer has a wholesale priceof$100. In addition, the company sells carrying cases($25),hard drives($15), andearbuds($10) made especially for this computer. During

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the holiday season,Microtexoffers the computer, carrying case,hard driveandearbudsas a package for $120. For each package sold, the transaction price allocatedto the computerisa.$0.b.$80.c.$100.d.$1204.Under ASC Topic 606 for revenue recognition, a performance obligation isconsidered satisfied when control over the goods and services is transferred to thecustomer. Which of the following isnotan indicator that control has transferred?a.Thecustomer has legal title of the goods.b.The customer is legally obligated to pay for the goods or services.c.The customer has accepted the goods and has physical possession of the goods.d.All of these are indicators that control has transferred.5.Under ASC Topic 606 for revenue recognition, which of the following factors isnotan indicator of the principal/agent determination?a.Credit risk.b.Inventory risk.c.Shipping terms.d.Control of prices of the goods or services.6.Which of the following statements isnotapplicable to contract acquisition costsunder ASC Topic 606 guidance for revenue recognition?a.Incremental costs of acquiring a contract must be capitalized and amortized overthe life of the contract.b.Costs that would be incurred regardless of whether a contract is obtained are notcapitalized.c.The capitalization requirement is subject to a practical expedient.d.Costs must be capitalized even if the amortization period is one year or less.7.Spalding, Inc. sells, installs and maintainscomputerequipment. The contract with itscustomers to purchase equipment includes installation and includes a one-yearmaintenance contract, renewable for up tothreeyears. Because the useful life of theequipment is expected to be threeyears, the company can reasonably expect itscustomers to renew the maintenance contracts for the full threeyears.Spaldingrecords the cost of installation of the equipment as a capitalized contract andamortizes the cost over the three-year maintenance agreement period. Because of adefect in one of its models,Spaldinganticipates that many of its customers will tradein the model and not renew the maintenance contracts. Spalding, Inc. shoulda.write down the full amount received for maintenance contracts for the full threeyears.b.write down the full amount of installation costs.c.write down the contract asset and recognize a loss equal to the difference betweenthe amount of maintenance contracts expected and the carrying amount.

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d.donothing until the customers fail to renew the maintenance contracts.8.Which of the following statements isnottrue regarding ASC Topic 606?a.Long-term construction contracts is an area where the new standard clearly differsfrom existing guidance.b.Adoption for calendar reporting entities is first required for calendar 2018.c.Current guidance on long-term contracts gives more flexibility to firms fordetermining when revenue is recognized.d.The new standard precludes the use of percentage-of-completion method for long-term construction contracts.9.Assuming the requirements for recognizing revenue over time are met, and using thepercentage-of-completion method to recognize revenue, the measure of completion iscomputed by dividinga.profits earned todate by estimated total profits.b.costs incurred to date by estimated total costs.c.costs incurred to date by the contract price.d.profits earned to date by the contract price.10.Billy’sConstruction entered into thefollowing contracts with Larry’sLandscaping,LLP: (1) construct a concretepatio, (2) plantshrubs, and (3) landscapeareafor a newhome construction project. Larry’sLandscaping should treat the contractsa.as a single contract.b.as three separate contracts.c.as two contracts—one for hardscaping and one for landscaping.d.None of these.Essay Question1.Technology companies sell software, hardware, and support in a bundled (multi-element sales) transaction.Describe the various methods of earnings managementpossible for technologycompanies.QUIZ ANSWERS:1.A. Thenew ASC topic 606 provides a 5-step model.2.C. Firms are required to disclose judgments used in applying the standard.3.B. 66.67% of the price of $120 isallocated to computer, or $80.4.D.All of these areindicators.5.C. Shipping terms are not indicator of principal/agent determination.6.D.Costsmay be expensesif the amortization period is one year or less.7.C.A contract asset is written down if it is deemed to be impaired, in which case a loss isrecognized. A contract asset is impaired if the carrying amount exceeds the recoverableamount.

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8.D.ASC Topic 606 does allowthe use of percentage-of-completion method for long-term construction contracts.9.B. Percentage of completion is calculated ascosts incurred to datedivided byestimatedtotal costs.10.A.Two or more contracts entered into around the same time with the same customershould be treated as a single contract if the contracts were negotiated together and have asingle business purpose.

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