xxviii CONTENTS Dollar-Value LIFO 451 Advantages of DVL 452 Cost Indexes 452 The DVL Inventory Estimation Technique 452 Concept Review Exercise: Dollar-Value LIFO 453 9 C H A P T E R Inventories: Additional Issues 478 Part A: Reporting—Lower of Cost and Net Realizable Value 479 Determining Net Realizable Value 480 Applying Lower of Cost and Net Realizable Value 481 Adjusting Cost to Net Realizable Value 482 Concept Review Exercise: Lower of Cost and Net Realizable Value 482 Part B: Inventory Estimation Techniques 483 The Gross Profit Method 484 A Word of Caution 485 The Retail Inventory Method 486 Retail Terminology 487 Cost Flow Methods 488 Other Issues Pertaining to the Retail Method 491 Concept Review Exercise: Retail Inventory Method 492 Part C: Dollar-Value LIFO Retail 494 Concept Review Exercise: Dollar-Value LIFO Retail Method 496 Part D: Change in Inventory Method and Inventory Errors 497 Change in Inventory Method 497 Most Inventory Changes 498 Change to the LIFO Method 499 Inventory Errors 500 When the Inventory Error Is Discovered the Following Year 501 When the Inventory Error Is Discovered Two Years Later 502 Concept Review Exercise: Inventory Errors 502 Earnings Quality 503 Appendix 9: Purchase Commitments 504 10 C H A P T E R Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition 526 Part A: Valuation at Acquisition 528 Types of Assets 528 Costs to Be Capitalized 530 Property, Plant, and Equipment 530 Intangible Assets 535 Lump-Sum Purchases 539 Noncash Acquisitions 540 Deferred Payments 540 Issuance of Equity Securities 542 Donated Assets 542 Decision Makers’ Perspective 543 Part B: Dispositions and Exchanges 544 Dispositions 544 Exchanges 545 Fair Value Not Determinable 546 Exchange Lacks Commercial Substance 547 Concept Review Exercise: Exchanges 548 Part C: Self-Constructed Assets and Research and Development 549 Self-Constructed Assets 549 Overhead Allocation 549 Interest Capitalization 549 Research and Development (R&D) 554 Determining R&D Costs 555 R&D Performed for Others 557 Start-Up Costs 557 Software Development Costs 557 Purchased Research and Development 560 Appendix 10: Oil and Gas Accounting 562 11 C H A P T E R Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment 586 Part A: Depreciation, Depletion, and Amortization 587 Cost Allocation—an Overview 587 Measuring Cost Allocation 588 Service Life 589 Allocation Base 589 Allocation Method 590 Depreciation 590 Time-Based Depreciation Methods 590 Activity-Based Depreciation Methods 592 Decision Makers’ Perspective—Selecting A Depreciation Method 593 Concept Review Exercise: Depreciation Methods 595 Group and Composite Depreciation Methods 596 Depletion of Natural Resources 600 Amortization of Intangible Assets 601 Intangible Assets Subject to Amortization 602 Intangible Assets Not Subject to Amortization 603 Concept Review Exercise: Depletion and Amortization 605 Part B: Additional Issues 606 Partial Periods 606 Changes in Estimates 607 Change in Depreciation, Amortization, or Depletion Method 608 Error Correction 610 Impairment of Value 611 Assets to Be Held and Used 611 Assets to Be Sold 620 Impairment Losses and Earnings Quality 620
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