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Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 1 presents a broad introduction to the purposes of financial accounting. The various financial statements - balance sheet, income statement, statement of stockholders' equity, and statement of cash flows - and their respective purposes and components are explored in detail. The accounting process is then reviewed with a comprehensive example illustrating the impact that various transactions and events, including the adjustment of entries, have on the accounting equation framework.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. In Chapter 2, the author examines cash, receivables, and revenue recognition. First, the author defines cash and the various cash equivalents. Next, he examines how revenue is recognized and receivables are collected, including uncollectible accounts, the allowance method, changes in estimates, sales returns and allowances, sales (cash) discounts, and accelerating cash receipts from receivables. He then discusses the economic consequences of GAAP and off-balance-sheet financing, including revenue recognition both later and earlier in the operating cycle and accounting by long-term contractors. Lastly, he examines the concept of earnings management, or strategies to report earnings in a certain manner.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 3 concentrates on inventory and its related expense, the cost of goods sold. Initial topics discussed include: the full cost principle, purchases returns, allowances, and discounts, and the lower cost or market. Methods for determining inventory and cost of goods sold amounts in the financial statements, including the specific identification method, First-In First-Out (FIFO) and Last-In First-Out (LIFO), and the average cost method, are examined in detail. The respective impacts on the financial statements presented by the choice of inventory method are then explored. Lastly, additional issues related to LIFO are discussed.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 4 explores operational assets: property, plant, and equipment; intangibles; and natural resources. Operational asset issues are discussed at length, including initially capitalized acquisition cost, systematic and rational allocation of cost to expense in the income statement, postacquisition expenditures, impairment losses, and disposals. Each area is initially discussed in general as it relates to all operational assets and subsequently as it relates to particular operational asset categories.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. In Chapter 5, the author discusses liabilities and related issues. Liabilities resulting from normal operations are initially examined; these include employee compensation, income tax, sales tax, warranties, and revenue received in advance. Contingencies, or potential variances in the value of assets dependent upon future events, are then explained. Other topics discussed include notes payable/receivable, long-term debt, and bonds, which are examined at length.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 6 covers leases. Examples of the two accounting treatments applied to leases (capital leases and operating leases) are discussed from the perspective of the lessee and the lessor. Examples of how these leases impact the accounting equation framework are given. The criteria that GAAP applies to leases are also explained.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 7 examines two forms of financial instruments: investment securities and derivatives. Major topics discussed include: passive investments (debt and equity securities), active investments, the equity method of accounting, the issuance of consolidated financial statements, derivative securities, and the fair value option.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. In Chapter 8, the author explores postretirement benefits and income taxes. The two main categories of postretirement benefits are discussed first: pension plans, and other postretirement benefits from a U.S. GAAP perspective. The author then explains how GAAP differs from IFRS (International Financial Reporting Standards) concerning postretirement benefits. Lastly, income taxes are explored at length.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text.Chapter 9 examines stockholders' equity and earnings per share. The section on stockholders' equity discusses paid-in capital, common stock, preferred stock, convertible preferred stock and convertible debt, as well as the retirement of stock. Treasury stock is explored, as is retained earnings, including cash and property dividends, stock dividends and splits, stock-based employee compensation plans, stock option plans, stock award plans, stock purchase plans, and stock appreciation rights. The section on earnings per share (EPS) covers basic EPS, diluted EPS, convertible preferred stock, convertible bonds, treasury stock method, stock options and restricted stock.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. The tenth and final chapter examines a key topic of Chapter 1 -- the statement of cash flows (SCF) -- in more granular detail. Activities that fall under the SCF, such as investing, financing, and operating, are discussed, and illustrated through examples utilizing the accounting equation framework. Both the direct and indirect methods of analyzing operating cash flows are compared in detail, and additional SCF issues, including regulation under IFRS, are discussed.