Table of Contents

Course Learning Objectives. 3

Chapter 1 - Full Disclosures in Financial Reporting - Section 1. 2

Increase in Reporting Requirements. 2

Major Disclosures. 3

Inventory. 3

Property, Plant, and Equipment 4

Creditor Claims. 4

Equity Holders' Claims. 4

Contingencies and Commitments. 4

Fair Values. 4

Deferred Taxes, Pensions, and Leases. 5

Changes in Accounting Principles. 5

Changes in Accounting Estimates. 7

Change in Reporting Entities. 7

Error Corrections. 7

Disclosure of Accounting Policies. 7

Chapter 1 - Section 1 Review Questions. 11

Chapter 1 - Full Disclosures in Financial Reporting - Section 2. 12

Segmental Reporting. 12

Chapter 1 - Section 2 Review Questions. 19

Click here to see Answers to Review Questions at end of EBook. 19

Chapter 1 - Full Disclosures in Financial Reporting - Section 3. 20

Related Parties. 20

Disclosure of Contingencies and Commitments. 22

Disclosure of Unconditional Purchase Contract Obligations. 22

Guarantees. 24

Reporting On the Costs of Start-Up Activities. 25

Inflation Information. 25

Collaborative Arrangements. 25

Disclosures for Derivatives. 26

Disclosures for Business Combinations. 28

Subsequent Events. 29

Chapter 1 - Section 3 Review Questions. 32

Chapter 1 - Full Disclosures in Financial Reporting - Section 4. 33

Interim Financial Reports. 33

Revenue and Expense Recognition. 34

Inventory. 34

Taxes. 35

Accounting Changes. 36

Prior-Period Adjustments. 36

Disclosures. 36

IFRS versus GAAP about Disclosures. 38

Chapter 1 - Section 4 Review Questions. 40

Review Question Answers. 41

Chapter 1 - Section 1 Review Questions Feedback. 41

Chapter 1 - Section 2 Review Questions Feedback. 44

Chapter 1 - Section 3 Review Questions Feedback. 47

Chapter 1 - Section 4 Review Questions Feedback. 50

Appendix A: Ford Motor Company - Changes in Accounting Principles. 53

Appendix B: Hertz - Error Restatements. 56

Appendix C-1: FedEx - Disclosures of Accounting Policies. 64

Appendix C-2: Walgreens - Disclosures of Accounting Policies. 72

Appendix D: Comcast - Related Party Transaction. 76

Appendix E: Walgreens - Disclosure of Contingencies and Commitments. 79

Appendix F: General Electric - Disclosures for Derivatives. 82

Appendix G: Microsoft - Disclosures for Business Combinations. 86

Appendix H: Hertz - Subsequent Events. 89

Glossary. 92

Index. 93

CPE Exam Answer Sheet 94

Final Examination. 95

CPASelfstudy.com Course Evaluation. 98