Describe the disclosures appropriate to long-term debt

Assignment Help Accounting Basics

Reference no: EM133795471

Assignment: Accounting

I. Current Liabilities & Contingencies

A. Define liabilities and distinguish between current and long-term liabilities

B. Account for the issuance and payment of various forms of notes and record the interest on the notes

C. Characterize accrued liabilities from advance collection and describe when and how they should be recorded

D. Determine when a liability can be classified as a noncurrent obligation

E. Identify situations that constitute contingencies and the circumstances under which they should be accrued

F. Demonstrate the appropriate accounting treatment for contingencies, including unasserted claims and assessments

G. Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies

II. Bonds & Long-Term Notes

A. Identify the underlying characteristics of debt instruments and describe the basic approach to accounting for debt

B. Account for bonds issued at face value, at a discount, or at a premium, recording interest using the effective interest method or using the straight-line method

C. Characterize the accounting treatment of notes, including installment notes, issued for cash or for noncash consideration

D. Describe the disclosures appropriate to long-term debt in its various forms and calculate related financial ratios

E. Record the early extinguishment of debt, its conversion into equity securities, and bond issues with warrants

F. Understand the option to report liabilities at their face values

G. Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for bonds and long-term notes

III. Investments

A. Describe the key characteristics of a debt investment and demonstrate how to account for a purchase and for interest revenue

B. Demonstrate how to identify and account for debt investments classified for reporting purposes as held-to-maturity

C. Demonstrate how to identify and account for debt investments classified for reporting purposes as trading securities

D. Demonstrate how to identify and account for debt investments classified for reporting purposes as available-for-sale securities

E. Demonstrate how to identify and account for equity investments classified for reporting purposes as fair value through net income

F. Demonstrate how to identify and account for equity investments accounted for under the equity method

G. Explain the adjustments made in the equity method when the fair value of the net assets underlying an investment exceeds their book value at acquisition

H. Explain how electing the fair value option affects accounting for investments

I. Discuss the primary differences between U.S. GAAP and IFRS with respect to investments

Reference no: EM133795471

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