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BAD 63022 Professional Issues in Accounting

Fall, 2002

October 7th Assignment

Revenue & Expense Recognition; Gain or Loss Recognition; Asset & Liability Recognition;

Measuring and Reporting Income

References on 2-Hour Reserve at KSU Main Library

Historical Perspectives of Selected Financial Accounting Topics      HF5611.H57  1993

Edward Coffman, Rasoul Tondkar & Gary Previts

Articles 2-1 (Brown), 2-2 (Kiger & Williams), 5-1 (Lee) &

5-2 (Waldron, Shaver & Jordan)

*Miller GAAP Guide, Martin A. Miller & Jan Williams                    HF5616.U5  M5  1999

Statements of Financial Accounting Concepts No, 1-7

FASB Volume 1 Original Statements: Statements of Federal           Micro-4 GA 1.13:

Financial Accounting Concepts & Standards                                     AIMD-21.1.1

Microfiche Reference for FASB Statements of Financial

Accounting Concepts No. 1-7—10th FL, Lib Use Only

Extensions in Accounting Disclosures, Norton D. Bedford              HF5657.B35

Chapters 4, 6 & 8

Recognition in Financial Statements: Underlying Concepts and       HF5681.B2  J627x  1982

Practical Conventions, L. Todd Johnson & Reed K. Storey

Check this reference for relevant material

Accounting Theory, 5th Ed., Hendriksen & Van Breda                     HF5625.H45  1992

Chapters 10, 11, 12, 14, & 19

The Future of the Accounting Profession: A Global                          HF5635.M8758  1993

Perspective, Kenneth Most

Chapters 9

Accounting Theory, 3rd Ed., Ahmed Riahi-Belkaoui                         HF5635.R48x  1993

Chapters 9, 10, 11, 12 & 13

Accounting: How to Meet the Challenges of Relevance and                        Personal Copy

Regulation, Eugene Flegm

Chapter 6, pp. 179-192

Tell It Like It Was: A Conceptual Framework for Financial              HF5635.A72  1983

Accounting, Robert N. Anthony

Chapters 6 & 7

Accounting Theory: Text & Readings, 6th Ed., Schroeder & Clark   Personal Copy

Chapter 3 and two articles (Solomons) & (Gamble)

Chapter 4 and two articles (Johnson, Reither & Swieringa)

& (May & Schneider)

Chapter 5 and two articles (Samuelson) & (Nurnberg)

Chapter 7 and one article (Heath)

Chapter 10 and two articles (Bullen, Wilkins & Woods) &

(Johnson & Swieringa)

Chapter 14 and one article (Clark)

Accounting Theory: Text & Readings, 4th Ed., Schroeder, Clark      HF5629.A26  1987


Chapter 2 and three articles (Mitchell), (Gamble) & (Gellein)

Chapter 3 and two articles (Mautz & Hogan) & (May & Schneider)

Chapter 4 and two articles (Sorter & Ingberman) & (Zega)

Issues in Accounting Policy: A Reader, Bloom & Elgers                  Personal Copy

Section II-A, Article 1 (Gellein)

Section II-B, Article 1 (Weil) & Article 2 (Jones)

Section II-C, Article 1 (Scott)

Accounting Theory & Policy: A Reader, 2nd Ed., Bloom & Elgers    HF5629.A26  1987

Section II-A, Article 1 (Boulding) & Article 2 (Solomons)

Section III-A, Article 2 (Sterling), Article 3 (Chambers) &

Article 4 (Bell)

Section V-C, Article 2 (Heath)

Section V-D, Article 1 (Morley)

References for Articles Included in Lists Above—Search for These in Appropriate Journals

Johnson, L. Todd,       Toward Reporting Comprehensive Income, Accounting Horizons,

Reither, Cheri &           Dec., 1995

Swieringa, Robert

May, Gordon &          Reporting Accounting Changes: Are Stricter Standards Needed?,

Schneider, Douglas      Accounting Horizons, Sept., 1988

Samuelson, Richard    The Concept of Assets in Accounting Theory, Accounting Horizons,

Sept., 1996

Nurnberg, Hugo          Inconsistencies and Ambiguities in Cash Flow Statements under FASB

Statement No. 95, Accounting Horizons, June, 1993

Mautz, R. David &     Earnings Per Share Reporting: Time for an Overhaul?,

Hogan, Thomas           Accounting Horizons, Sept., 1989

Sorter, George &         The Implicit Criteria for the Recognition, Quantification, and Reporting

Ingerman, Monroe        of Accounting Events, Journal of Accounting, Auditing & Finance,

Vol. 2, 1987

Zega, Cheryl Ann       The New Statement of Cash Flows, Management Accounting, Sept., 1988

Solomons, David        Criteria for Choosing an Accounting Model, Accounting Horizons,

March, 1995

Heath, Loyd                Is Working Capital Really Working?

Bullen, Hasley,            The Fundamental Financial Instrument Approach, Journal of Accountancy

Wilkins, Robert             1987

& Woods, Clifford

Johnson, Todd &        Derivatives, Hedging and Comprehensive Income, Accounting Horizons,

Sweiringa, Robert         Accounting Horizons, Dec., 1996

Clark, Myrtle               Entity Theory, Modern Capital Structure Theory, and the Distinction

between Debt and Equity, Accounting Horizons, Sept., 1993

Gellein, Oscar             Periodic Earnings: Income? Or Indicator?, Accounting Horizons,

June, 1987

Weil, Roman               Role of the Time Value of Money in Financial Reporting, Accounting


Jones, Jeffrey C.         Financial Instruments: Historical Cost or Fair Value, CPA Journal,

August, 1988

Scott, Richard A.        Owners’ Equity: The Anachronistic Element, Accounting Review,

October, 1979

Boulding, K.E.            Economics and Accounting: The Uncongenial Twins, Studies in

Accounting Theory, 3rd Ed., W. Baxter & S. Davidson, 1977

Solomons, David        Economic and Accounting Concepts of Income, Accounting Review,

July, 1961

Sterling, Robert           Costs (Historical versus Current) versus Exit Values, Abacus, Vol 17,

No. 2, 1981

Bell, Philip W. Some Thoughts on “Inflation Accounting” in Great Britain and the

United States, The Accountant’s Magazine, October, 1982

Morley, Michael F.      The Value Added Statement in Britain, Accounting Review, July, 1979

Topics/Issues/Questions for Consideration

Past and current definitions for the following terms: Revenues, Expenses, Gains, Losses,

Assets, Liabilities, Owners’ Equity, Operating Income, Net Income, Comprehensive Income,

Extraordinary Items, Income/Loss from Discontinued Operations, Cumulative Effect of

Changes in Accounting Principles, Prior Period Adjustments

“All Inclusive (Clean Surplus)” and “Current Operating Performance” concepts of income

Accounting versus economic concepts of income

Accounting versus tax concepts of income

Value-Added concept of income

Components of stockholders’ equity—contributed capital, retained earnings, treasury stock,

cumulative other comprehensive income

Funds concepts—working capital, cash, cash and cash equivalents

Criteria for revenue recognition

Criteria for expense recognition

Criteria for asset recognition

Criteria for liability recognition

Historical costs versus current values

Current values—input or exit values

General versus specific price changes

Monetary and nonmonetary items

General price-level adjustments versus current value accounting

Capital maintenance concepts of income—monetary and physical

Financial accounting concepts applied in setting accounting standards

Asset and liability classifications

Classification of revenues and expenses to report different levels of income

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