By Floyd A. Beams

ISBN-10: 0132568969

ISBN-13: 9780132568968

An in-depth advisor to accounting that displays the main up to date enterprise developments.

This finished textbook addresses sensible monetary reporting difficulties whereas reflecting fresh enterprise advancements and adjustments in accounting standards.

This variation has been rewritten to align with the monetary Accounting criteria Board Accounting criteria Codification.

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Sample text

13 14 CHAPTER 1 Current GAAP provides clarification and more detailed guidance on when previously unrecorded intangibles should be recognized as assets, which can affect the amount of goodwill that firms recognize. Under current GAAP,[18] firms record goodwill but do not amortize it. Instead, GAAP requires that firms periodically assess goodwill for impairment in its value. An impairment occurs when the recorded value of goodwill is greater than its fair value. We calculate the fair value of goodwill in a manner similar to the original calculation at the date of the acquisition.

In this case, Companies E and F may continue to hold Company D stock for the benefit of their stockholders (an acquisition), or they may distribute the Company D stock to their stockholders and go out of existence (a consolidation). In either case, Company D acquires ownership of the assets of Companies E and F. Alternatively, Company D could issue its stock directly to the stockholders of Companies E and F in exchange for a majority of their shares. In this case, Company D controls the assets of Company E and Company F, but it does not obtain legal title unless Companies E and F are dissolved.

Level 2 uses the present value of estimated future cash flows, discounted based on an observable measure such as the prime interest rate. Level 3 includes other internally-derived estimations. Throughout this text, we will assume that total fair value is equal to the total market value, unless otherwise noted. We record identifiable assets acquired, liabilities assumed and any noncontrolling interest using fair values at the acquisition date. We determine fair values for all identifiable assets and liabilities, regardless of whether they are recorded on the books of the acquired company.

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Advanced Accounting by Floyd A. Beams


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