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This Portfolio is part of the Accounting Policy and Practice Series, an essential resource including more than 70 accounting Portfolios and the latest news and developments.
Detailed Analysis
I. Historical Background and Objectives of the Portfolio
Introductory Material
A. Historical Background
1. Philosophical Debate
2. Initial Guidance
3. FASB Guidance
B. Objectives
II. Basis for Earnings Measurement
Introductory Material
A. Authoritative Basis for Earnings Per Share Disclosure
B. Objectives of Financial Reporting: The Decision Usefulness of Earnings
1. The Conceptual Framework of U.S. GAAP Reporting
2. Assumptions Underlying U.S. GAAP
III. The Statement of Earnings and Comprehensive Income
A. Comprehensive Income and Earnings Items
B. Earnings Per Share: Overview
1. Scope of Requirement
2. Categories of EPS
3. Variations in Nature and Extent of Disclosing EPS
4. Sources of Authoritative Guidance
5. Basic Earnings Per Share
6. Fully Diluted Earnings Per Share
7. Cross Reference
C. The Income Statement: Single and Multi-Step Formats
1. Perspective
2. Multi-Step Statements
3. Continuing Operations
4. Discontinued Operations
5. Extraordinary Items
IV. Calculation of Earnings Per Share (EPS)
Introductory Material
A. Weighted Average Shares Outstanding and Basic Earnings Per Share
B. Complex Capital Structure and Diluted Earnings Per Share
1. Potentially Dilutive Securities and Their Effect on Earnings Per Share
a. Potentially Dilutive Options, Warrants and Their Equivalents
i. Employee Options (Share-Based Payments)
ii. Warrants
b. Treasury-Stock Method: Treatment of Options and Warrants in Earnings Per Share Calculations
c. Potentially Dilutive Convertible Securities
i. Convertible Bonds
ii. Convertible Preferred Stock
d. The If-Converted Method: Treatment of Convertible Debt and Convertible Preferred Stock in Earnings Per Share Calculations
e. Anti-Dilution Sequencing
2. Annual and Quarterly Basic and Diluted EPS Calculations
a. Calculation of Annual Basic Earnings Per Share and Annual Diluted Earnings Per Share
b. Calculation of Quarterly Basic Earnings Per Share and Quarterly Diluted Earnings Per Share
C. Required Disclosures
D. Special Topics
1. Written Put Options
2. Accelerated Share Repurchase Programs
3. Contracts Settled in Stock or Cash
4. Contingently Issuable Securities
5. Contingently Convertible Securities
6. Stock Dividends and Stock Splits
7. Rights Issues
8. Prior Period Adjustments
9. Participating Securities and Two-Class Common Stock
10. Business Combinations
11. Securities of Subsidiaries
12. Partially Paid Stock Subscriptions
13. Employee Stock Ownership Plans
14. Financial Reporting by Entities in Reorganization Under the Bankruptcy Code
V. Interim Financial Reporting and its Effects on Earnings Per Share
Introductory Material
A. The Objective of Interim Reporting
B. Revenues and Expenses in Interim Reporting
C. Seasonality
D. Tax Provisions
E. Accounting Changes
F. Earnings and EPS
G. Required Disclosures for Interim Periods
VI. Alternate Earnings Per Share Definitions
Introductory Material
A. S& P Core Earnings
B. Pro Forma Earnings and the SEC's Regulation G
VII. International Aspects of Earnings Per Share: IAS 33 and International Convergence Efforts
A. Applicable Standards and Differences
B. Tentative Convergence Decisions
VIII. Earnings Quality and Topics in Earnings Management
Introductory Material
A. Motivations for Managed Earnings
1. Incentive Compensation
2. Draft Covenants
3. Income Reductions
4. Earnings Expectations
B. Broad Categories of Earnings Management Techniques
1. Big Bath Restructuring Charges
2. Creative Acquisition Accounting
a. Prior to FAS 141(R)
b. After FAS 141(R)
3. Miscellaneous "Cookie Jar" Reserves
4. Misuse of Materiality
5. Revenue Recognition
C. Other Earnings Management Techniques
1. Current Assets
a. Accounts Receivable
b. Notes Receivable
c. Inventory
2. Non-current Assets
a. Tangible Assets
b. Interest Capitalization
c. Depreciation
d. Basket Purchases
3. Asset Impairment
4. Investments in Securities
5. Equity Method of Accounting for Investments
6. Asset Retirement Obligations
7. Deferred Tax Assets
8. Intangible Assets
9. Current Liabilities
10. Loss Contingencies
11. Other Items
12. Off-Balance-Sheet Financing
13. Pension Obligations and Expenses
14. Derivatives
D. The Accounting Profession's and SEC's Responses to Earnings Management
Working Papers
TABLE OF WORKSHEETS
Worksheet 1 Glossary
Worksheet 2 Statement of Financial Accounting Standards No. 128, Earnings Per Share February 1997
Worksheet 3 Accounting Principles Board Opinion No. 28 (As Amended)
Worksheet 4 International Accounting Standard 33, Earnings Per Share
Worksheet 5 Sample Disclosures of Earnings Per Share by Public Companies
Worksheet 6 List of Significant Accounting Pronouncements Principally Discussed
Bibliography
OFFICIAL
Statutes
Cases
C.F.R.
American Institute of Certified Public Accountants:
Statements on Auditing Standards
Accounting Principles Board Opinions
AICPA Audit and Accounting Guides
Accounting Research Bulletins
AICPA Statements of Position
Emerging Issues Task Force:
EITF Issues
Financial Accounting Standards Board:
FASB Concepts Statements
FASB Interpretations
FASB Staff Positions
FASB Statement of Financial Accounting Standards
FASB Miscellaneous
International Accounting Standards Board:
International Accounting Standards
Securities and Exchange Commission:
SEC Staff Accounting Bulletins
SEC Miscellaneous
UNOFFICIAL
Miscellaneous
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