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Intermediate Accounting III Semester of notes

by: Shogo Okuda

Intermediate Accounting III Semester of notes ACCTG 303

Marketplace > University of Washington > Accounting > ACCTG 303 > Intermediate Accounting III Semester of notes
Shogo Okuda
GPA 3.97
Intermediate Accounting III
Jake Thornock

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Intermediate Accounting III
Jake Thornock
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This 4 page Bundle was uploaded by Shogo Okuda on Tuesday October 28, 2014. The Bundle belongs to ACCTG 303 at University of Washington taught by Jake Thornock in Spring2011. Since its upload, it has received 276 views. For similar materials see Intermediate Accounting III in Accounting at University of Washington.

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Date Created: 10/28/14
ACCTG303 Notes 519 Ch 21 The Statement of Cash Flows Revisited Cash equivalents short term highly liquid investments that can be readily converted to cash with little risk or loss Must have a maturity date not longer than 3 months from the date of purchase Cash ows from operating activities both in ows and out ows of cash that result from activities reported in the income statement Direct method cash effect of each operating activity is reported directly on the statement of CF Indirect method net cash increase or decrease from operating activities would be derived indirectly by starting with reported net income and working backwards to convert that amount to a cash basis FASB and IASB under way that would require direct method and disallow the indirect method Cash ows from investing activities both out ows and in ows of cash caused by the acquisition and disposition of assets Included in this classi cation cash payments to acquire 1 PPE and other productive assets 2 Investments in securities and 3 Nontrade receivables Interest revenue 2 operating activity its an income statement item Cash ows from nancing activities both in ows and out ows of cash resulting from the external nancing of a business Noncash investing and nancing activities reported in a separate disclosure schedulenote ACCTG303 Notes 44 Chl9 Share Based Compensation and EPS Goal 1 To determine the FV of the compensation 2 To expense that compensation over the periods in Which participants perform services Restrited stock plan shares actually are awarded in the name of employee although the company might retain physical possession of the shares Stock option option to buy shares in the future Intrinsic values the simple difference between the market price of the shares and the option price at which they can be acquired Market price at exercise is irrelevant Changes in the market price of underlying shares do not in uence the previously measured FV of options Vest become exercisable on a single date cliff vesting Gradually become eligible to exercise rather than all at once graded vesting EPS Simple capital structure has no outstanding securities that could potentially dilute earnings per share Potential common shares like convertible bonds Basic EPS When no potential common shares are present If of shares has changed necessary to nd the Wei ghted avg of the shares outstanding during the period the earnings were generated Stock dividend or stock split not dilution of EPS need basic EPS and Complex capital structure if potential common shares are outstanding ik diluted EPS Treasury stock method If converted method Antidilutive securities increase EPS Contingently issuable shares considered to be outstanding in the computation of diluted EPS if the target performance level already is being met Pro forma EPS actual GAAP earnings any expenses the reporting company feels are unusual and should be excluded ACCTG303 Notes 41 Ch16 Accounting for Income Taxes Temporary difference difference between pretax acctg income and taxable income and consequently between the reported amount of an asset or liability in the nancial statement and its tax basis Current GAAP focuses on the B S and the recognition of liabilities and assets Recent acctg standards provide evidence that USgt and international standard setters are embracing a balance sheet approach to accounting Deferred tax liabilities can arise from either a A revenue being reported on the tax return after the I S b An expense being reported on the tax return before the I S Future deductible amounts deferred tax assets Deferred tax liability gt deferred tax asset Valuation allowance needed if taxable income is anticipated to be insuf cient to realize the tax bene t Permanent differences disregarded when determining the tax payable currently the deferred tax effect and therefore the income tax expense Other Tax Accounting Issues Enacted tax rate vs anticipated legislation relevance and reliability Net Operating Loss NOL negative taxable income Carried back 2 years and forward for up to 20 yrs Can elect Operating loss carry back if taxable income was reported in either of the 2 previous years When should the tax bene t created by an operating loss be recognized in the income statement In the year the loss occurs Financial Statement Presentation BS Deferred tax assets and liabilities classi ed as current or noncurrent according to how the related assets or liabilities are classi ed for nancial reporting Net current and net noncurrent amount should be reported as a net currentnoncurrent asset or net currentnoncurrent liability Any valuation allowance for deferred tax assets should be allocated between the current and noncurrent amount in proportion to the amounts of deferred tax assets that are classi ed as current and noncurrent Uncertainty in Income taxes Step lA tax bene t may be re ected in the nancial statements only if it is more likely than not that the company Will be able to sustain the tax return position based on its technical merits Step 2 A tax bene t should be measured as the largest amount of bene t that is cumulatively greater than 50 likely to be realized Intraperiod tax allocation allocating income taxes among nancial statement components in the Way associated With income tax effect s component income from continuing operations discontinued operations extraordinary items Win a particular reporting period When OCI items are reported in a statement of comprehensive income and then accumulated in shareholder s equity they are reported net of their respective income tax effects in the same Way as for discontinued operations and extraordinary items According to IFRS the only income statement item reported separately net of tax is discontinued operations


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