Fiflis' Accounting Issues for Lawyers, Teaching Materials, 4th

By Ted J Fiflis

ISBN-13: 9780314862808

Availability: In Stock

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Series: American Casebook Series

Brand: West Law School

Components: 1 Print

Shelf Space: 2 in.

Free Update Period: 90 days

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Description

Goes beyond the mechanics and on to what lawyers need to know, can use, or will encounter in their professional activities. Includes materials on recognition and realization of revenue and income; cost allocation; stockholders' equity; mergers, acquisitions, and investments; and analysis of financial information.

Features

Covers accounting for mergers, acquisitions, and investments
Examines financial statements, analysis, cash flow, and future cash
Introduces fundamentals of bookkeeping, financial statements, and ledgers
Looks at the recognition and realization of revenue and income
Provides numerous advanced problems

Summary Of Contents

Preface
Foreword
Table of Abbreviations
Table of Cases
Part A. Introduction
Chapter
1. Fundamentals of Bookkeeping
  1. Introduction
  2. A Preliminary View of Financial Statements
  3. Double-Entry Bookkeeping
  4. Use of the Ledger and Journal
  5. Revenue and Expense Accounts: Closing Process
  6. Accounting for Equity in a Corporation
  7. Illustrated Summary of the Bookkeeping Process as Explained to This Point
  8. Accounting for Income Tax Expense
  9. Introduction to Accrual and Deferral and Adjusting Entries
  10. An Important Example of Deferral - Depreciation Accounting
  11. Another Important Deferral Problem - Accounting for Merchandise Inventory
  12. A Note on Consolidated Financial Statements
  13. Accounting Conventions
2. Making and Selecting Accounting Principles & the Role of the Indep.Auditor
  1. Making and Selecting Accounting Principles
  2. The Independent Auditor's Role
  3. Internal Controls Including Accounting Records and Management's Duties Therewith under the Foreign Corrupt Practices Act
  4. The Conceptual Framework vs. GAAP
Part B. Recognition and Realization of Revenue and Income
1. Recognition and Realization of Revenue and Income
  1. Introduction
  2. The Elements of Realization
  3. "By-Passing" the Income Statement
  4. Format of the Income Statement - Non-recurring Items
Part C. Cost Allocation
1. Accounting for Inventories
  1. Introduction
  2. What Should Be Counted as Inventory?
  3. Accounting for Inventories of Manufacturing Concerns; Cost Accounting
  4. Valuation of Inventory
  5. Consistency
  6. Should Value Always Be Used in Lieu of Cost? -- A Suggestion for Reform
2. Allocation of Long-Term Costs of Tangible Assets: Depreciation and Depletion
  1. Introduction
  2. The Nature of Depreciation
  3. Measuring Cost; to "Capitalize" or to"Expense"?
  4. Accounting for Long-Term Assets in the Extractive Industries; Measuring the Cost and Amortizing it (Depletion)
  5. Useful Life and Salvage Value
  6. Changes in Estimates
  7. Depreciation Methods
  8. Deferred Taxes
  9. Lease Accounting - A Preview
  10. Sales of Fixed Assets: Herein of the "Unit" and "Group" Methods of Depreciation
  11. Trade-Ins
  12. The Right Side for Accumulated Depreciation
  13. Write-Downs on Impairment of Value - The"Big Bath"
  14. The Depreciation Base - Cost or Value
3. Accounting or Intangible Costs (Herein Principally or Goodwill)
  1. The Accounting Issues
  2. Formal GAAP Concerning Intangibles - Herein of Goodwill and "Purchase" or"Pooling of Interests"
  3. Accounting for Research and Development Costs and for Computer Software Developers - A New Conceptual Basis of Accounting?
  4. Whether to Capitalize or Expense Specific Types of Intangibles - Existing Practice
  5. "Big Bath" Write-Offs
  6. Note on Law and the GAAP Gap
4. Accounting for Contingent Expenses
  1. Accounting for Bad Debts on Receivables
  2. Uncertainties and Contingencies Generally
  3. An Auditing Problem for Accountants and Lawyers—Attorneys' Responses to Auditors' Requests for Information
Part D. Stockholders' Equity
1. Regulation of Distributions to Stockholders
  1. Introduction
  2. Limitations on the Issuance of Shares
  3. Limitations on Distributions
  4. The Relationship of GAAP to the Law of the Stockholders' Equity Section of the Balance Sheet
  5. Treasury Stock—Restrictions on a Corporation's Acquisition of Its Own Shares
  6. Redemption of Preferred Stocks
  7. Wasting Asset Companies
  8. Reduction of Capital in Order to Pay Dividends
  9. Quasi-Reorganization
  10. Stock Dividends and Splits
  11. Contractual Limitations on Dividends
Part E. Mergers, Acquisitions and Investments
1. Accounting for Mergers, Acquisitions and Investments
  1. Accounting for Business Acquisitions Resulting in One Surviving Entity
  2. Share Acquisitions of Companies Which Are Thereafter Continued as Separate Entitites
  3. Summary
Part F Analysis of Financial Info
1. Financial Statements and an Introduction to Financial Analysis, the Case Flow Statement and the MD & A
  1. The Users and Uses of Financial Statements—Future Cash Generation for Distribution to Creditors and Owners as the Ultimate Goal
  2. Historical Note on the Changing Focus of Accounting Information
  3. Financial Statements of General Electric Company Contained in its 1989 Annual Report to Shareholders
  4. Some General Observations Concerning Financial Statements
  5. Ratio Analysis Generally
  6. Liquidity Analysis
  7. Profitability Ratios
  8. The Statement of Cash Flows—The Third Financial Statement
  9. Management's Discussion and Analysis
Part G Advanced Problems
1. Accounting for Leases
  1. Background in Off-Balance Sheet Financing
  2. Accounting by Lesses and Lessors
  3. The Cookbook Approach in Lease Accounting
  4. A Word on Symmetry
  5. For Master Chefs Only
2. Pension Benefits
  1. Introduction
  2. Accounting for Pension Plans
  3. Accounting by the Pension Plan's Sponsor
  4. Disclosure
3. Foreign Currency Translation in International Business
4. The Auditor's Responsibilities in Preventing Misleading Financial Statements Through "Cooked Books"
  1. "Cooked Books"
  2. The "Expectations Gap" Auditing Standards
Index