xxx CONTENTS Concept Review Exercise: Issuing Bonds and Recording Interest 800 Debt Issue Costs 801 Part B: Long-Term Notes 802 Note Issued for Cash 802 Note Exchanged for Assets or Services 802 Installment Notes 805 Financial Statement Disclosures 806 Decision Makers’ Perspective 807 Concept Review Exercise: Note with an Unrealistic Interest Rate 810 Part C: Debt Retired Early, Convertible Into Stock, or Providing an Option to Buy Stock 811 Early Extinguishment of Debt 811 Convertible Bonds 812 When the Conversion Option Is Exercised 814 Induced Conversion 815 Bonds with Detachable Warrants 815 Concept Review Exercise: Issuance and Early Extinguishment of Debt 816 Part D: Option to Report Liabilities at Fair Value 817 Determining Fair Value 818 Reporting Changes in Fair Value 818 Mix and Match 820 Appendix 14A: Bonds Issued Between Interest Dates 822 Appendix 14B: Troubled Debt Restructuring 823 15 C H A P T E R Leases 852 Part A: Accounting by the Lessor and Lessee 853 Decision Makers’ Perspective—Advantages of Leasing 854 Capital Leases and Installment Notes Compared 855 Lease Classification 856 Classification Criteria 856 Additional Lessor Conditions 858 Operating Leases 860 Advance Payments 861 Leasehold Improvements 862 Capital Leases—Lessee and Lessor 862 Depreciation 864 Accrued Interest 865 Concept Review Exercise: Direct Financing Lease 866 Sales-Type Leases 867 Part B: Bargain Purchase Options and Residual Value 870 Bargain Purchase Options 870 When a BPO Is Exercisable Before the End of the Lease Term 872 Residual Value 872 Effect on the Lessee of a Residual Value 873 Effect on the Lessor of a Residual Value 874 Part C: Other Lease Accounting Issues 877 Executory Costs 877 Discount Rate 878 When the Lessee’s Incremental Borrowing Rate Is Less Than the Lessor’s Implicit Rate 879 When the Lessor’s Implicit Rate Is Unknown 879 Lessor’s Initial Direct Costs 880 Contingent Rentals 881 A Brief Summary 881 Lease Disclosures 881 Decision Makers’ Perspective—Financial Statement Impact 884 Balance Sheet and Income Statement 884 Statement of Cash Flow Impact 885 Concept Review Exercise: Various Lease Accounting Issues 886 Part D: Special Leasing Arrangements 888 Sale-Leaseback Arrangements 888 Capital Leases 889 Operating Leases 890 Losses on Sale-Leasebacks 891 Real Estate Leases 891 Leases of Land Only 892 Leases of Land and Building 892 Leases of Only Part of a Building 892 Leases: Where We’re Headed, A Chapter Supplement 917 16 C H A P T E R Accounting for Income Taxes 932 Part A: Deferred Tax Assets and Deferred Tax Liabilities 933 Conceptual Underpinning 934 Temporary Differences 934 Deferred Tax Liabilities 934 Balance Sheet and Income Statement Perspectives 936 Types of Temporary Differences 937 Deferred Tax Assets 941 Valuation Allowance 946 Permanent Differences 947 Concept Review Exercise: Temporary and Permanent Differences 950 Part B: Other Tax Accounting Issues 951 Tax Rate Considerations 951 When Enacted Tax Rates Differ 952 Changes in Tax Laws or Rates 952 Multiple Temporary Differences 954 Net Operating Losses 955 Net Operating Loss Carryforward 957 Net Operating Loss Carryback 958 Financial Statement Presentation 959 Balance Sheet Classification 959 Disclosure Notes 960
Spiceland_Inter_Accounting8e_TOC
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