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Lecture International accounting (3/e): Chapter 9 - Timothy Doupnik, Hector Perera

Chapter 9 - Additional financial reporting issues. The goal is for you to learn: Inflation accounting – general purchasing power and current cost accounting approaches, inflation accounting – differences in standards worldwide, business combinations and consolidated financial statements (group accounting), international approaches to group accounting, international approaches to segment reporting. | Chapter Topics Inflation accounting – general purchasing power and current cost accounting approaches. Inflation accounting – differences in standards worldwide. Business combinations and consolidated financial statements (group accounting). International approaches to group accounting. International approaches to segment reporting. Learning Objectives Explain the concepts underlying two methods of accounting for changing prices (inflation)—general purchasing power accounting and current cost accounting. Describe attempts to account for inflation in different countries, as well as the rules found in International Financial Reporting Standards (IFRS) related to this issue. Discuss the various issues related to the accounting for business combinations and the preparation of consolidated financial statements (group accounting). Present the approaches used internationally to address the issues related to group accounting, focusing on IFRS. Describe IFRS segment reporting requirements. Impact of inflation on financial statements Understated asset values. Overstated income and overpayment of taxes. Demands for higher dividends. Differing impacts across companies resulting in lack of comparability. Learning Objective 1 Impact of inflation on financial statements Historical cost ignores purchasing power gains and losses. Purchasing power losses result from holding monetary assets, such as cash and accounts receivable. Purchasing power gains result from holding monetary liabilities, such as accounts payable. The two most common approaches to inflation accounting are general purchasing power accounting and current cost accounting. Learning Objective 1 Net Income and Capital Maintenance Historical cost, general purchasing power and current cost accounting all flow from different concepts of capital maintenance. Net income represents the amount of dividends that can be paid out while still maintaining the company’s capital balance. Learning Objective 1 Net Income and Capital . | Chapter Topics Inflation accounting – general purchasing power and current cost accounting approaches. Inflation accounting – differences in standards worldwide. Business combinations and consolidated financial statements (group accounting). International approaches to group accounting. International approaches to segment reporting. Learning Objectives Explain the concepts underlying two methods of accounting for changing prices (inflation)—general purchasing power accounting and current cost accounting. Describe attempts to account for inflation in different countries, as well as the rules found in International Financial Reporting Standards (IFRS) related to this issue. Discuss the various issues related to the accounting for business combinations and the preparation of consolidated financial statements (group accounting). Present the approaches used internationally to address the issues related to group accounting, focusing on IFRS. Describe IFRS segment reporting requirements. .