Intermediate Accountingch answer ch02.docx
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Intermediate Accountingch answer ch02.docx
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IntermediateAccountingchanswerch02
CHAPTER2
ConceptualFrameworkfor
FinancialReporting
ASSIGNMENTCLASSIFICATIONTABLE(BYTOPIC)
Topics
Questions
BriefExercises
Exercises
Concepts
forAnalysis
1.
Conceptualframework–general.
1,7
1,2
2.
Objectivesoffinancialreporting.
2
1,2
3
3.
Qualitativecharacteristicsofaccounting.
3,4,5,6,8
1,2,3,4
2,3,4
4,10
4.
Elementsoffinancialstatements.
9,10,11
6,11,13
5
5.
Basicassumptions.
12,13,14
5,7
6,7
6.
Basicprinciples:
a.Measurement.
b.Revenuerecognition.
c.Expenserecognition.
d.Fulldisclosure.
15,16,17,18
19,20,21,22,23
24
25,26,27
8,9,12
8
8,12,
8,12
6,7
7
6,7
6,7,8
5,6
5,6
5,6,7,8,9,11
11
7.
Accountingprinciples–comprehensive.
9,10
8.
Constraints.
28,29,30
10
3,6,7
12
9.
Assumptions,principles,andconstraints.
11
6,7
ASSIGNMENTCLASSIFICATIONTABLE(BYLEARNINGOBJECTIVE)
LearningObjectives
BriefExercises
Exercises
1.Describetheusefulnessofaconceptualframework.
1,2
2.DescribetheFASB’seffortstoconstructaconceptualframework.
3.Understandtheobjectivesoffinancialreporting.
1,2
4.Identifythequalitativecharacteristicsofaccountinginformation.
1,2,3,4,5
2,3,4
5.Definethebasicelementsoffinancialstatements.
6,13
5
6.Describethebasicassumptionsofaccounting.
7,11,12
6,7
7.Explaintheapplicationofthebasicprinciplesofaccounting.
8,9,11,12
6,7,8,9,10
8.Describetheimpactthatconstraintshaveonreportingaccountinginformation.
10,12
3,6,7
ASSIGNMENTCHARACTERISTICSTABLE
Item
Description
LevelofDifficulty
Time
(minutes)
E2-1
Usefulness,objectivesoffinancialreporting.
Simple
15–20
E2-2
Usefulness,objectivesoffinancialreporting,qualitativecharacteristics.
Simple
15–20
E2-3
Qualitativecharacteristics.
Moderate
25–30
E2-4
Qualitativecharacteristics.
Simple
15–20
E2-5
Elementsoffinancialstatements.
Simple
15–20
E2-6
Assumptions,principles,andconstraints.
Simple
15–20
E2-7
Assumptions,principles,andconstraints.
Moderate
20–25
E2-8
Fulldisclosureprinciple.
Complex
20–25
E2-9
Accountingprinciples–comprehensive.
Moderate
20–25
E2-10
Accountingprinciples–comprehensive.
Moderate
20–25
CA2-1
Conceptualframework–general.
Simple
20–25
CA2-2
Conceptualframework–general.
Simple
25–35
CA2-3
Objectiveoffinancialreporting.
Moderate
25–35
CA2-4
Qualitativecharacteristics.
Moderate
30–35
CA2-5
Revenueandexpenserecognitionprinciples.
Complex
25–30
CA2-6
Revenueandexpenserecognitionprinciples.
Moderate
30–35
CA2-7
Expenserecognitionprinciple.
Complex
20–25
CA2-8
Expenserecognitionprinciple.
Moderate
20–25
CA2-9
Expenserecognitionprinciple.
Moderate
20–30
CA2-10
Qualitativecharacteristics.
Moderate
20–30
CA2-11
Expenserecognitionprinciple.
Moderate
20–25
CA2-12
CostConstraint.
Moderate
30–35
SOLUTIONTOCODIFICATIONEXERCISES
CE2-1
(a)ThemasterglossaryprovidesthreedefinitionsoffairvaluethatarefoundinGAAP:
FairValue—Theamountatwhichanasset(orLiability)couldbebought(orincurred)orsettledinacurrenttransactionbetweenwillingparties,thatis,otherthaninaforcedorliquidationsale.
FairValue—Thefairvalueofaninvestmentistheamountthattheplancouldreasonablyexpecttoreceiveforitinacurrentsalebetweenawillingbuyerandawillingseller,thatis,otherthaninaforcedorliquidationsale.Fairvalueshallbemeasuredbythemarketpriceifthereisanactivemarketfortheinvestment.Ifthereisnoactivemarketfortheinvestmentbutthereisamarketforsimilarinvestments,sellingpricesinthatmarketmaybehelpfulinestimatingfairvalue.Ifamarketpriceisnotavailable,aforecastofexpectedcashflows,discountedataratecommensuratewiththeriskinvolved,maybeusedtoestimatefairvalue.Thefairvalueofaninvestmentshallbereportednetofthebrokeragecommissionsandothercostsnormallyincurredinasale.
FairValueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.
(b)Revenue—Revenueearnedbyanentityfromitsdirectdistribution,exploitation,orlicensingofafilm,beforedeductionforanyoftheentity’sdirectcostsofdistribution.Formarketsandterritoriesinwhichanentity’sfullyorjointly-ownedfilmsaredistributedbythirdparties,revenueisthenetamountspayabletotheentitybythirdpartydistributors.Revenueisreducedbyappropriateallowances,estimatedreturns,priceconcessions,orsimilaradjustments,asapplicable.
TheglossaryreferencesarevenuedefinitionfortheSEC:
(Revenue(SEC))—Seeparagraph
942-235-S599-1,RegulationS-XRule9-05(c)
(2),forthedefinitionofrevenueforpurposesofRegulationS-XRule9-05.
Thisdefinitionrelatestosegmentreportingrequirementsforpubliccompanies.
(c)ComprehensiveIncomeisdefinedasthechangeinequity(netassets)ofabusinessentityduringaperiodfromtransactionsandothereventsandcircumstancesfromnonownersources.Itincludesallchangesinequityduringaperiodexceptthoseresultingfrominvestmentsbyownersanddistributionstoowners.
CE2-2
TheFASBCodification’sorganizationiscloselyalignedwiththeelementsoffinancialstatements,asarticulatedintheConceptualFramework.Thisisapparentinthelay-outofthe“Browse”section,whichhasprimarylinksforAssets,Liabilities,Equity,Revenues,andExpenses.
CE2-3
TheImportanceofIndustryPracticesisreflectedinthedesignationofseveralindustriesastoplevellinksintheCodificationorganization.Thereareseparatelinkstosectionsforthefollowingindustries(sectionnumbersprecedeeachname):
905Agriculture
908Airlines
910Contractors—Construction
912Contractors—FederalGovernment
915DevelopmentStageentities
920Entertainment—Broadcasters
922Entertainment—CableTelevision
924Entertainment—Casinos
926Entertainment—Films
928Entertainment—Music
930ExtractiveActivities—Mining
932ExtractiveActivities—OilandGas
940FinancialServices—BrokerandDealers
942FinancialServices—DepositoryandLending
944FinancialServices—Insurance
946FinancialServices—InvestmentCompanies
948FinancialServices—MortgageBanking
950FinancialServices—TitlePlant
952Franchisors
954HealthCareEntities
956LimitedLiabilityEntities
958Not-for-ProfitEntities
960PlanAccounting—DefinedBenefitPensionPlans
962PlanAccounting—DefinedContributionPensionPlans
965PlanAccounting—HealthandWelfareBenefitPlans
970RealEstate—General
972RealEstate—CommonInterestRealtyAssociations
974RealEstate—RealEstateInvestmentTrusts
976RealEstate—RetailLand
978RealEstate—Time-SharingActivities
980RegulatedOperations
985Software
995U.S.SteamshipEntities
ANSWERSTOQUESTIONS
1.Aconceptualframeworkisacoherentsystemofinterrelatedobjectivesandfundamentalsthatcanleadtoconsistentstandardsandthatprescribesthenature,function,andlimitsoffinancialaccountingandfinancialstatements.Aconceptualframeworkisnecessaryinfinancialaccountingforthefollowingreasons:
(1)ItwillenabletheFASBtoissuemoreusefulandconsistentstandardsinthefuture.
(2)Newissueswillbemorequicklysolvablebyreferencetoanexistingframeworkofbasictheory.
(3)Itwillincreasefinancialstatementusers’understandingofandconfidenceinfinancialreporting.
(4)Itwillenhancecomparabilityamongcompanies’financialstatements.
2.Thebasicobjectiveistoprovidefinancialinformationaboutthereportingentitythatisusefultopresentandpotentialequityinvestors,lenders,andothercreditorsinmakingdecisionsaboutprovidingresourcestotheentity.
3.“Qualitativecharacteristicsofaccountinginformation”arethosecharacteristicswhichcontributetothequalityorvalueoftheinformation.Theoverridingqualitativecharacteristicofaccountinginformationisusefulnessfordecisionmaking.
4.Relevanceandfaithfulrepresentationarethetwoprimaryqualitiesofusefulaccountinginformation.Forinformationtoberelevant,itshouldshouldbecapableofmakingadifferenceinadecisionbyhelpinguserstoformpredictionsabouttheoutcomesofpast,present,andfutureeventsortoconfirmorcorrectexpectations.Faithfulrepresentationofameasurerestsonwhetherthenumbersanddescriptionsmatchedwhatreallyexistedorhappened.
5.Theconceptofmaterialityreferstotherelativesignificanceofanamount,activity,oritemtoinformativedisclosureandaproperpresentationoffinancialpositionandtheresultsofoperations.Materialityhasqualitativeandquantitativeaspects;boththenatureoftheitemanditsrelativesizeenterintoitsevaluation.
Anaccountingmisstatementissaidtobematerialifknowledgeofthemisstatementwillaffectthedecisionsoftheaverageinformedreaderofthefinancialstatements.Financialstatementsaremisleadingiftheyomitamaterialfactorincludesomanyimmaterialmattersastobeconfusing.Intheexamination,theauditorconcentrateseffortsinproportiontodegreesofmaterialityandrelativeriskanddisregardsimmaterialitems.
Therelevantcriteriaforassessingmaterialitywilldependuponthecircumstancesandthenatureoftheitemandwillvarygreatlyamongcompanies.Forexample,anerrorincurrentassetsorcurrentliabilitieswillbemoreimportantforacompanywithaflowoffundsproblemthanf
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