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Intermediate Accounting, 8th Canadian Edition, Volume 1

Intermediate Accounting, 8th Canadian Edition, Volume 1 (EHEP001074) cover image
Celebrating 25 Years of the Most Trusted Intermediate Accounting Textbook in Canada!

The first Canadian edition of Intermediate Accounting made its appearance in 1982. In the twenty five years since it has become the most trusted intermediate accounting text available and prepared over 250,000 students for professional practice. Over the years it has changed to keep pace with the needs of those enrolled in intermediate accounting while providing the most thorough, up-to-date coverage available and maintaining a balanced discussion of the concepts and procedures. To celebrate twenty five years as a cornerstone of the accounting profession, the latest edition of Kieso is the best yet.

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CHAPTER 1: The Canadian Financial Reporting Environment.

ROLE OF FINANCIAL REPORTING.

Financial Statements and Financial Reporting.

Accounting and Capital Allocation.

Stakeholders.

OBJECTIVE OF FINANCIAL REPORTING.

Management Bias.

Users’ Needs.

STANDARD SETTING.

Need to Develop Standards.

Parties Involved in Standard Setting.

Standard Setting in a Political Environment.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.

GAAP Hierarchy.

Professional Judgement.

Role of Ethics.

CHALLENGES FACING FINANCIAL REPORTING.

Globalization of Companies and Capital Markets.

Impact of Technology.

Changing Nature of the Economy.

Increased Requirement for Accountability.

Conclusion.

CHAPTER 2: Conceptual Framework Underlying Financial Reporting.

CONCEPTUAL FRAMEWORK.

Rationale for Conceptual Framework.

Development of the Conceptual Framework.

FIRST LEVEL: BASIC OBJECTIVES.

SECOND LEVEL: FUNDAMENTAL CONCEPTS.

Qualitative Characteristics of Accounting Information.

Basic Elements.

THIRD LEVEL: FOUNDATIONAL CONCEPTS AND CONSTRAINTS.

Economic Entity.

Going Concern.

Monetary Unit.

Periodicity.

Historical Cost–Valuation Principals in Transition.

Revenue Recognition.

Matching–Another Concept in Transition.

Full Disclosure.

Uncertainty.

Cost-Benefit Relationship.

Materiality.

Industry Practice.

FINANCIAL REPORTING ISSUES.

Making Accounting Choices.

Identifying issues.

Financial Engineering.

Fraudulent Financial Reporting.

International.

CHAPTER 3: The Accounting Information System.

ACCOUNTING INFORMATION SYSTEM.

Basic Terminology.

Debits and Credits.

Accounting.

Financial Statements and Ownership Structure.

THE ACCOUNTING CYCLE.

Identifying and Recording Transactions and Other Events.

Journalizing.

Posting.

Trial Balance.

Adjusting Entries.

Adjusted Trial Balance.

Closing.

Post-Closing Trial Balance.

Reversing Entries.

The Accounting Cycle Summarized.

USING A WORK SHEET.

Adjustments Entered on the Work Sheet.

Work Sheet Columns.

Preparing Financial Statements from a Work Sheet.

Closing Entries.

Monthly Statements, Yearly Closing.

APPENDIX 3A USING REVERSING ENTRIES.

CHAPTER 4: Reporting Financial Performance.

INCOME STATEMENT.

Usefulness of the Income Statement.

Limitations of the Income Statement.

Quality of Earnings.

FORMAT OF THE INCOME STATEMENT.

Elements of the Income Statement.

Single-Step Income Statements.

Multiple-Step Income Statements.

Intermediate Components of the Income Statement.

Condensed Income Statements.

REPORTING IRREGULAR ITEMS.

Discontinued Operations.

Extraordinary Items.

Unusual Gains and Losses.

Changes in Estimates.

SPECIAL REPORTING ISSUES.

Intraperiod Tax Allocation.

Earnings per Share.

Retained Earnings Statement.

Comprehensive Income.

Perspectives.

International.

APPENDIX 4A CASH BASIS VERSUS ACCRUAL BASIS EARNINGS.

CHAPTER 5: Financial Position and Cash Flows.

SECTION 1–BALANCE SHEET.

Usefulness of the Balance Sheet.

Limitations of the Balance Sheet.

Classification in the Balance Sheet.

Balance Sheet Format.

Additional Information Reported.

Techniques of Disclosure.

Terminology.

SECTION 2–STATEMENT OF CASH FLOWS.

Purpose of the Statement of Cash Flows.

Content and Format of the Statement of Cash Flows.

Preparation of the Statement of Cash Flows.

Usefulness of the Statement of Cash Flows.

Perspectives.

International.

APPENDIX 5A RATIO ANALYSIS–A REFERENCE.

APPENDIX 5B SPECIMEN FINANCIAL STATEMENTS.

CHAPTER 6: Revenue Recognition.

THE CURRENT ENVIRONMENT.

Revenue Recognition Criteria.

EARNINGS PROCESS.

Sale of Goods.

Rendering of Services and Long-Term Contracts.

Barter and Non-Monetary Transactions.

Reporting Gross versus Net Revenues.

MEASUREMENT UNCERTAINTY.

Sales with Right of Return.

Trade Loading and Channel Stuffing.

Bundled Sales.

UNCERTAINTY ASSOCIATED WITH COLLECTIBILITY.

Instalment Sales.

Instalment Method.

Cost Recovery Method.

PERSPECTIVES.

Analysis.

International.

APPENDIX 6A FRANCHISES.

CHAPTER 7: Cash and Receivables.

CASH.

What is Cash?

Management and Control of Cash.

Reporting Cash.

Summary of Cash-Related Items.

RECEIVABLES.

Introduction.

Recognition and Measurement of Accounts Receivable.

Valuation of Accounts Receivable.

Recognition, Measurement, and Valuation of Short-Term Notes Receivable.

Recognition and Measurement of Long-Term Loans Receivable.

Impairment in Value of Long-Term Loans Receivable.

DISPOSITION OF RECEIVABLES.

Secured Borrowings.

Sales of Receivables.

PRESENTATION, PERSPECTIVES, AND INTERNATIONAL STANDARDS.

Presentation of Receivables and Loans.

Perspectives.

Canadian GAAP and International Accounting Standards–A Comparison.

APPENDIX 7A CASH CONTROLS.

CHAPTER 8: Inventory.

INTRODUCTION.

GAAP Update.

What Is Inventory?

Types of Inventory.

Inventory Accounting Systems.

Inventory Issues.

DETERMINING INVENTORY COST.

Physical Goods Included in Inventory.

Effect of Inventory Errors.

What Is “Cost”?

Cost Formulas.

Exceptions to “Cost”.

BALANCE SHEET VALUATION.

Rationale for Lower of Cost and Net Realizable Value.

Application of Lower of Cost and Net Realizable Value.

Evaluation of the Lower of Cost and Net Realizable Value Rule.

Purchase Commitment Issues.

ESTIMATING INVENTORY.

The Need for Estimates.

Applying the Gross Profit Method.

Gross Profit Percentage versus Markup on Cost.

Using the Results.

PRESENTATION, PERSPECTIVES, AND INTERNATIONAL STANDARDS.

Disclosures and Presentation of Inventories.

Perspectives and Analysis.

Comparison: Canadian and International GAAP.

APPENDIX 8A THE RETAIL METHOD OF ESTIMATING INVENTORY COST.

APPENDIX 8B U.S. METHODS: LIFO AND LCM.

CHAPTER 9: Investments.

INTRODUCTION.

Recent Changes.

Financial Assets and Investments.

Fair Value Issues.

HELD-TO-MATURITY (HTM) INVESTMENTS.

Introduction.

Measurement at Acquisition.

Measurement after Acquisition.

Income from Investments Classified as Held to Maturity.

Impairment of Held-to-Maturity Investments.

Transfers between Categories.

HELD-FOR-TRADING (HFT) INVESTMENTS.

Introduction.

Measurement at Acquisition.

Measurement after Acquisition.

Income from Investments Held for Trading.

Transfers between Categories.

AVAILABLE-FOR-SALE (AFS) INVESTMENTS.

Introduction.

Measurement at Acquisition.

Income and Measurement after Acquisition–AFS Equity Instruments.

Income and Measurement after Acquisition—AFS Debt Instruments.

Impairment of Available-for-Sale Financial Assets.

Transfers between Categories.

STRATEGIC INVESTMENTS.

Introduction.

Holdings with Significant Influence, but Not Control.

Holdings with Control.

OTHER REPORTING ISSUES.

Differential Reporting.

Financial Statement Presentation.

Perpectives.

Comparison of Canadian and International GAAP.

Summary.

CHAPTER 10  Acquisition of Property, Plant, and Equipment.

ACQUISITION COSTS.

Cost of Land.

Cost of Buildings.

Leasehold Improvements.

Cost of Equipment.

Asset Retirement Costs.

Self-Constructed Assets.

Cost of Natural Resource Properties.

Interest Costs during Construction.

OTHER COST ISSUES.

Cash Discounts.

Deferred Payment Contracts.

Lump Sum Purchase.

Issuance of Shares.

Exchanges of Assets.

Contributed Assets.

Investment Tax Credits.

COSTS SUBSEQUENT TO ACQUISITION.

Additions.

Improvements and Replacements.

Rearrangement and Reinstallation.

Repairs.

Summary of Costs Subsequent to Acquisition.

APPENDIX 10A ILLUSTRATION OF INTEREST CAPITALIZATION.

CHAPTER 11  Amortization, Impairment, and Disposition.

AMORTIZATION–A METHOD OF COST ALLOCATION.

Factors Considered in the Amortization Process.

Methods of Cost Allocation (Amortization).

Depletion.

Special Methods of Amortization.

Choosing an Amortization Method.

Other Amortization Issues.

IMPAIRMENT.

Recognizing Impairments.

Measuring Impairments.

Subsequent Measurement.

Long-Lived Assets to Be Disposed of by Sale.

DISPOSITIONS.

Sale of Property, Plant, and Equipment.

Involuntary Conversion.

Other Issues.

PRESENTATION, PERSPECTIVES, AND INTERNATIONAL COMPARISON.

Presentation and Disclosure.

Perspectives.

Canadian GAAP and International Accounting Standards–A Comparison.

APPENDIX 11A AMORTIZATION AND INCOME TAX.

CHAPTER 12: Goodwill and Other Intangible Assets.

DEFINITION, RECOGNITION, AND MEASUREMENT OF INTANGIBLE ASSETS.

Characteristics.

Recognition and Measurement at Acquisition.

Measurement after Acquisition.

TYPES OF INTANGIBLES.

Marketing-Related Intangible Assets.

Customer-Related Intangible Assets.

Artistic-Related Intangible Assets.

Contract-Based Intangible Assets.

Technology-Based Intangible Assets.

Goodwill.

IMPAIRMENT OF INTANGIBLE ASSETS.

Impairment of Life-Limited Intangibles.

Impairment of Indefinite-Life Intangibles Other Than Goodwill.

Impairment of Goodwill.

OTHER INTERNALLY DEVELOPED INTANGIBLES.

Research and Development Costs.

Development Stage Costs.

Organization Costs.

Advertising Costs.

Conceptual Questions.

PRESENTATION, ANALYSIS, AND INTERNATIONAL COMPARISON.

Presentation of Intangible Assets.

Perspectives.

Comparison of Canadian and International GAAP.

APPENDIX 12A VALUING GOODWILL.

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Nicola (Nickie) M. Young, MBA, FCA is a Professor of Accounting in the Sobey School of Business at Saint Mary’s University in Halifax, Nova Scotia where her teaching responsibilities have varied from the introductory offering to final year advanced financial accounting courses to the survey course in the Executive MBA program. She is the recipient of teaching awards, and has contributed to the academic and administrative life of the university through chairing the Department of Accounting, membership on the Board of Governors, the Pension and other Committees. Nickie was associated with the Atlantic School of Chartered Accountancy for over twenty-five years in a variety of roles, including program and course development, teaching, and program reform.  In addition to contributions to the accounting profession at the provincial level, Nickie has served on national boards of the Canadian Institute of Chartered Accountants (CICA) dealing with licensure and education. For the last fifteen years, she has worked with the CICA’s Public Sector Accounting Board (PSAB) as an Associate, as a member and chair of the Board, and as chair and member of PSAB Task Forces.

Irene M. Wiecek, FCA is a faculty member of the University of Toronto at Mississauga and is cross-appointed to the Joseph L. Rotman School of Management. She teaches financial reporting in various programs including the Commerce Program (Accounting Specialist) and the Master of Management & Professional Accounting Program (MMPA). The Associate Director of the MMPA Program for many years, she co-founded and is Co-Director of the ICAO/Rotman Centre for Innovation in Accounting Education, which supports and facilitates innovation in accounting education. Irene has been involved in professional accounting education for over twenty years both at the Institute of Chartered Accountants of Ontario and the CICA, teaching and developing case/program material in various programs including the ICAO School of Accountancy. She helped create and currently directs the CICA In-depth GAAP Program. In the area of standard setting, she is Chair of the Canadian Academic Accounting Association Financial Accounting Exposure Draft Response Committee (since 2002). Irene is a member of the CICA Qualifications Committee which provides leadership, direction and standards for admission into the CA profession. She is the recipient of the MMPA Faculty of the Year award for 2004 and 2006.

Donald E. Kieso, Ph.D., C.P.A., received his bachelor’s degree from Aurora University and his doctorate in accounting from the University of Illinois. He has served as chairman of the Department of Accountancy and is currently the KPMG Peat Marwick Emeritus Professor of Accountancy at Northern Illinois University. He has done postdoctorate work as a Visiting Scholar at the University of California at Berkeley and is a recipient of NIU’s Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso has served as a member of the Board of Directors of the Illinois CPA Society, the AACSB’s Accounting Accreditation Committees, the State of Illinois Comptroller’s Commission, as Secretary-Treasurer of the Federation of Schools of Accountancy, and as Secretary- Treasurer of the American Accounting Association. He served as a charter member of the national Accounting Education Change Commission. He received the Outstanding Accounting Educator Award from the Illinois CPA Society, in 1992 he received the FSA’s Joseph A. Silvoso Award of Merit, and the NIU Foundation’s Humanitarian Award for Service to Higher Education.
 
Jerry J.Weygandt, Ph.D., C.P.A., is Arthur Andersen Alumni Professor of Accounting at the University of Wisconsin-Madison. He holds a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association. In addition, he has been actively involved with the American Institute of Certified Public Accountants and has been a member of the Accounting Standards Executive Committee (AcSEC) of that organization. He has served on the FASB task force that examined the reporting issues related to accounting for income taxes and is presently a trustee of the Financial Accounting Foundation. Professor Weygandt has received the Chancellor’s Award for Excellence in Teaching and the Beta Gamma Sigma Dean’s Teaching Award. He is on the board of directors of M & I Bank of Southern Wisconsin and the Dean Foundation. He is the recipient of the Wisconsin Institute of CPA’s Outstanding Educator’s Award and the Lifetime Achievement Award. In 2001, he received the American Accounting Association’s Outstanding Accounting Educator Award.

Terry D. Warfield, Ph.D., is Associate Professor of Accounting at the University of Wisconsin-Madison. He received a B.S. and M.B.A. from Indiana University and a Ph.D. in accounting from the University of Iowa. Professor Warfield’s area of expertise is financial reporting, and prior to his academic career, he worked for five years in the banking industry. He served as the Academic Accounting Fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington, D.C., from 1995-1996. While on the staff, he worked on projects related to financial instruments and financial institutions, and he helped coordinate a symposium on intangible asset financial reporting. Professor Warfield’s primary research interests concern financial accounting standards and disclosure policies. He has published scholarly articles in The Accounting Review, Journal of Accounting and Economics, Research in Accounting Regulation, and Accounting Horizons, and he has served on the editorial boards of The Accounting Review, Accounting Horizons, and Issues in Accounting Education. He has served on the Financial Accounting Standards Committee of the American Accounting Association (Chair 1995-1996) and the AAA-FASB Research Conference Committee. Professor Warfield has received teaching awards at both the University of Iowa and the University of Wisconsin, and he was named to the Teaching Academy at the University of Wisconsin in 1995.

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• In order to ease the transition from introductory to intermediate accounting, an extensive ESL review of every chapter has taken place.

• Building on the student-friendly, four-colour layout introduced in the seventh edition, further design enhancements have been made, including a revision of the illustrations and chapter openers.

• Even more cases have been introduced and students are provided with a framework to help them work through these cases in the first pages of the text.

• A new feature, Digging Deeper, is introduced in many of the exercises and problems. This asks students to take what they have learned one step further and reinforces their understanding of the concepts.

• In order to ensure all standards are presented with the utmost accuracy, new material subject to uncertainty has been vetted by subject matter experts.

• As always, Kieso covers the latest standards. This includes discussions of international standards and their impact on the practice of accounting in Canada.

 
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• A Real-World Emphasis with numerous examples from real corporations throughout the text that help students understand the application of accounting principles and techniques in practice. Illustrations and exhibits marked with an icon are excerpts from actual financial statements of existing firms.

• The most up-to-date CICA Handbook coverage of any text provides students with the information they need as they prepare to become accounting professionals.

• A variety of pedagogical features including Chapter Previews with flowcharts showing the breakdown of the contents of chapter and how they are linked, as well as International Insights and Underlying Concepts notes in the margins, and What Do The Numbers Mean discussions throughout each chapter.

• The Student Resource Site contains a wealth of material to help students through their course and beyond. It includes: Animated tutorials, additional Demonstration Problems, Financial Statement Analysis Primer, Glossary, Accountants' Writing Handbook, Expanded Discussions of topics covered in the text, Additional Disclosures, career/professional spotlights, annual reports of real companies, and much more.

• An Instructor Resource Site including detailed problem solutions, an instructor's manual, a computerized test bank, and PowerPoint Presentation slides.

• WileyPLUS our on-line homework technology that helps faculty with the assigning, delivery, and grading of student homework. Also included as part of WileyPLUS is a complete on-line, interactive version of the text.

 

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Instructors Resources
Wiley Instructor Companion Site
Instructor's Resource Site
The Instructor Resource Site includes solutions, PowerPoints, lecture outlines, and the testbank. Thousands of questions are included in the testbank, along with a powerful editor for creating tests and assignments.
Study Guide to accompany Intermediate Accounting 8th Canadian Edition, Volume 1
Need some extra help? The Study Guide provides you with a solid review of the concepts presented in your course, and gives you strategies for dealing with the complexities of applying those concepts. The Study Guide is chock-full of useful resources including chapter overviews, study steps, learning tips, exhaustive guides and strategies to solving accounting problems, and numerous practice problems. This valuable aid has always been a bestselling item and has been used by tens of thousands of students to help complete their intermediate course.
Available Materials
by Irene M. Wiecek, Nicola M. Young
978-0-470-15888-3
August 2008, ©2009, Paperback
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Wiley Student Companion Site
Study Guide to accompany Intermediate Accounting 8th Canadian Edition, Volume 1
Need some extra help? The Study Guide provides you with a solid review of the concepts presented in your course, and gives you strategies for dealing with the complexities of applying those concepts. The Study Guide is chock-full of useful resources including chapter overviews, study steps, learning tips, exhaustive guides and strategies to solving accounting problems, and numerous practice problems. This valuable aid has always been a bestselling item and has been used by tens of thousands of students to help complete their intermediate course.
Available Materials
by Irene M. Wiecek, Nicola M. Young
978-0-470-15888-3
August 2008, ©2009, Paperback
ADDITIONAL RESOURCES
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