Floyd A Beams; et al's Advanced accounting PDF

By Floyd A Beams; et al

ISBN-10: 0132568969

ISBN-13: 9780132568968

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Most major economies prohibit the use of the pooling method to account for business combinations. International Financial Reporting Standards (IFRS) require business combinations to be accounted for using the purchase method, and specifically prohibit the pooling of interests method. In introducing the new standard, International Accounting Standards Board (IASB) Chairman Sir David Tweedie noted: Accounting for business combinations diverged substantially across jurisdictions. [3] Accounting for business combinations was a major joint project between the FASB and IASB.

Contingent consideration in an acquisition must be measured and recorded at fair value as of the acquisition date as part of the consideration transferred in the acquisition. In practice, this requires the acquirer to estimate the amount of consideration it will be liable for when the contingency is resolved in the future. The contingent consideration can be classified as equity or as a liability. An acquirer may agree to issue additional shares of stock to the acquiree if the acquiree meets an earnings goal in the future.

In this case, we allocate the balance recorded in the Investment in Son account by means of an entry on Pop’s books. Such an entry might appear as follows: Receivables (+A) Inventories (+A) Plant assets (+A) Goodwill (+A) Accounts payable (+L) Notes payable (+L) Investment in Son (-A) To record allocation of the $1,600,000 cost of acquiring Son Corporation to identifiable net assets according to their fair values and to goodwill. XXX XXX XXX XXX XXX XXX 1,600 If we dissolve Son Corporation, we formally retire the Son Corporation shares.

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Advanced accounting by Floyd A Beams; et al


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