By Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

ISBN-10: 1118985311

ISBN-13: 9781118985311

This article is an unbound, binder-ready variation.

Intermediate Accounting by means of Kieso, Weygandt, and Warfield improves scholars’ readiness for his or her intermediate accounting path, builds understanding round the CPA examination, and prepares scholars for his or her destiny careers with particular entry to internship listings from around the country.Intermediate Accounting fifteenth variation continues the traits for which the textual content is globally famous, together with its acceptance for accuracy, comprehensiveness, accessibility, and caliber challenge fabric that most sensible prepares scholars for achievement of their educational careers.The 2014 FASB replace contains the lately issued regular on profit from Contracts with buyers in a brand new profit acceptance bankruptcy, and is helping organize the following new release of accounting and finance scholars for the worldwide economy.

Students utilizing WileyPLUS do actual accounting and get genuine effects. With instantly graded perform and homework assignments, and over hours of video established assets in keeping with bankruptcy, scholars come to type ready for quizzes and checks. WileyPLUS additionally offers scholars with entry to almost 1,000 perform CPA examination questions powered by means of Wiley CPAexcel, and entry to internship listings from around the kingdom powered via AccountingFly.

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Example text

OB2. 6 Chapter 1 Financial Accounting and Accounting Standards Underlying Concepts While the objective of financial reporting is focused on investors and creditors, financial statements may still meet the needs of others. Hershey’s ability to generate net cash inflow and to understand management’s ability to protect and enhance the assets of the company, which will be used to generate future net cash inflows. As a result, the primary user groups are not management, regulators, or some other non-investor group.

We cannot overestimate the importance of the EITF. In one year, for example, the task force examined 61 emerging financial reporting issues and arrived at a consensus on approximately 75 percent of them. The FASB reviews and approves all EITF consensuses. And the SEC indicated that it will view consensus solutions as preferred accounting. Further, it requires persuasive justification for departing from them. Financial Accounting Concepts. As part of a long-range effort to move away from the problem-by-problem approach, the FASB in November 1978 issued the first in a series of Statements of Financial Accounting Concepts as part of its conceptual framework project.

In that case, other accounting literature should be considered, such as FASB Concept Statements, international financial reporting standards, and other professional literature. This will happen only rarely. The expectations for the Codification are high. It is hoped that the Codification will enable users to better understand what GAAP is. As a result, the time to research accounting issues and the risk of noncompliance with GAAP will be reduced, sometimes substantially. 7 7 To increase the usefulness of the Codification for public companies, relevant authoritative content issued by the SEC is included in the Codification.

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