Intermediate Financial Accounting II

What you'll learn

• Apply the definition of a liability and classify liabilities as current or non-current under US GAAP, including refinancing after the balance sheet date, and measure trade payables, short-term notes, sales taxes, payroll withholdings, employer payroll taxes and accrued compensated absences.
• Account for loss contingencies under ASC 450, including the probable threshold and the minimum-of-range rule, exit costs under ASC 420 and asset retirement obligations under ASC 410, recognize gain contingencies only when realized, and contrast IAS 37.
• Price bonds at issue, account for discounts, premiums and transaction costs using the effective interest method, and record issues between interest dates, zero-coupon bonds and long-term notes.
• Account for installment notes, extinguishments, modifications and troubled debt restructurings under ASC 470, the fair value option and convertible debt under ASU 2020-06, and classify debt affected by covenant violations and waivers.
• Identify leases, classify lessee leases as finance or operating under ASC 842, measure right-of-use assets and lease liabilities, and contrast the IFRS 16 single model.
• Remeasure and modify lease liabilities, account for sale-and-leaseback transactions and subleases, and account for leases as a lessor, including manufacturer or dealer selling profit.
• Distinguish permanent and temporary differences, compute current and deferred tax using the balance sheet approach, and account for tax rate changes.
• Account for net operating losses, valuation allowances and uncertain tax positions under ASC 740, prepare a rate reconciliation under ASU 2023-09 and contrast IAS 12.
• Account for defined contribution and defined benefit plans under ASC 715, including expected return on assets, corridor amortization and prior service cost, and contrast IAS 19.
• Account for stock issues, treasury stock, cash, property and stock dividends, stock splits and preferred stock, including temporary equity, and prepare a statement of stockholders' equity.
• Measure and recognize equity- and cash-settled share-based payment, and compute basic and diluted earnings per share using the treasury stock and if-converted methods.
• Account for changes in accounting policies and estimates and correct prior period errors, and analyze how framework differences in liabilities and equity affect profit, classification and ratios in an integrated case.