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Preface iii 1 THE DEVELOPMENT OF ACCOUNTING THEORY 1 The Early History of Accounting 2 Accounting in the United States since 1930 5 The Role of Ethics in Accounting 21 International Accounting Standards 26 Cases 28 FASB ASC Research 30 Room for Debate 31 2 THE PURSUIT OF THE CONCEPTUAL FRAMEWORK 32 The Early Theorists 32 Early Authoritative and Semi–Authoritative Organizational Attempts to Develop the Conceptual Framework of Accounting 35 The FASB’s Conceptual Framework Project 46 Principles–Based versus Rules–Based Accounting Standards 59 International Convergence 64 Cases 75 FASB ASC Research 77 Room for Debate 78 3 INTERNATIONAL ACCOUNTING 79 International Business Accounting Issues 80 The Development of Accounting Systems 80 Preparation of Financial Statements for Foreign Users 83 The International Accounting Standards Committee 83 The IFRS Foundation Constitution 88 The Uses of International Accounting Standards 92 The IASC and the IOSCO 93 The IASB Annual Improvements Project 94 The Use of IASC Standards 95 The IASB–FASB Convergence Project 95 The Effects of International versus U.S. GAAP Accounting Standards 100 Standards Overload 103 Framework for the Preparation and Presentation of Financial Statements 104 IAS No. 1 and IFRS No. 1 111 Cases 113 FASB ASC Research 115 Room for Debate 115 4 RESEARCH METHODOLOGY AND THEORIES ON THE USES OF ACCOUNTING INFORMATION 117 Research Methodology 118 The Outcomes of Providing Accounting Information 120 The Relationship among Research, Education, and Practice 142 Cases 143 FASB ASC Research 146 Room for Debate 146 5 INCOME CONCEPTS 148 The Nature of Income 150 Income Recognition 155 Earnings Quality, Earnings Management, and Fraudulent Financial Reporting 169 Cases 177 FASB ASC Research 180 Room for Debate 182 6 FINANCIAL STATEMENT I: THE INCOME STATEMENT 183 The Economic Consequences of Financial Reporting 183 Income Statement Elements 184 Statement Format 185 Proposed Format of the Statement of Comprehensive Income 209 The Value of Corporate Earnings 212 International Accounting Standards 216 Cases 221 FASB ASC Research 226 Room for Debate 227 7 FINANCIAL STATEMENTS II: THE BALANCE SHEET AND THE STATEMENT OF CASH FLOWS 229 The Balance Sheet 230 Fair Value Measurements under SFAS No. 157 242 Proposed Format of the Statement of Financial Position 248 Evaluating a Company’s Financial Position 250 The Statement of Cash Flows 254 Financial Analysis of Cash–Flow Information 265 International Accounting Standards 267 Cases 273 FASB ASC Research 277 Room for Debate 278 8 WORKING CAPITAL 279 Development of the Working Capital Concept 279 Current Usage 281 Components of Working Capital 282 Financial Analysis of a Company’s Working Capital Position 294 International Accounting Standards 300 Cases 301 FASB ASC Research 305 Room for Debate 306 9 LONG–TERM ASSETS I: PROPERTY, PLANT, AND EQUIPMENT 308 Property, Plant, and Equipment 308 Financial Analysis of Property, Plant, and Equipment 313 International Accounting Standards 324 Cases 330 FASB ASC Research 335 Room for Debate 336 10 LONG–TERM ASSETS II: INVESTMENTS AND INTANGIBLES 338 Investments in Equity Securities 338 Investments in Debt Securities 347 Impairment of Investments in Unsecuritized Debt 350 Transfers of Financial Assets 352 Intangibles 353 Financial Analysis of Investments and Intangibles 363 International Accounting Standards 363 Cases 370 FASB ASC Research 374 Room for Debate 375 11 LONG–TERM LIABILITIES 377 The Definition of Liabilities 378 Recognition and Measurement of Liabilities 379 Debt versus Equity 379 Classification of Long–Term Debt 384 Other Liability Measurement Issues 397 Troubled Debt Restructurings 402 International Accounting Standards 408 Cases 413 FASB ASC Research 418 Room for Debate 419 12 ACCOUNTING FOR INCOME TAXES 421 Historical Perspective 421 The Income Tax Allocation Issue 423 SFAS No. 109 439 Financial Analysis of Income Taxes 445 International Accounting Standards 448 Cases 451 FASB ASC Research 455 Room for Debate 456 13 LEASES 458 Accounting for Leases 459 Financial Analysis of Leases 473 International Accounting Standards 479 Cases 480 FASB ASC Research 485 Room for Debate 486 14 PENSIONS AND OTHER POSTRETIREMENT BENEFITS 487 Historical Perspective 490 Accounting for the Pension Fund 500 The Employee Retirement Income Security Act 501 Other Postretirement Benefi ts 502 SFAS No. 132 504 SFAS No. 158 504 Financial Analysis of Pension and Other Postretirement Benefits 507 International Accounting Standards 507 Cases 510 FASB ASC Research 512 Room for Debate 513 15 EQUITY 515 Theories of Equity 516 Definition of Equity 521 Reporting Equity 525 Financial Analysis of Stockholders’ Equity 539 International Accounting Standards 540 Cases 542 FASB ASC Research 547 Room for Debate 548 16 ACCOUNTING FOR MULTIPLE ENTITIES 550 Business Combinations 550 Accounting for Business Combinations 551 Business Combinations II 557 Theories of Consolidation 561 Noncontrolling Interest 562 Drawbacks of Consolidation 565 Special–Purpose Entities 566 Variable Interest Entities 567 Segment Reporting 568 Foreign Currency Translation 573 International Accounting Standards 581 Cases 593 FASB ASC Research 596 Room for Debate 597 17 FINANCIAL REPORTING DISCLOSURE REQUIREMENT AND ETHICAL RESPONSIBILITIES 599 Recognition and Measurement Criteria 599 Areas Directly Affected by Existing FASB Standards: Supplementary Information 603 Other Means of Financial Reporting 608 Other Useful Information for Investment, Credit, and Similar Decisions 612 Securities and Exchange Commission 614 Ethical Responsibilities 623 International Accounting Standards 630 Cases 631 FASB ASC Research 636 Room for Debate 637 Index 639