TAILIEUCHUNG - Ebook Modern advanced accounting in Canada (7th edition): Part 2

(BQ) Part 2 book "Modern advanced accounting in Canada" has contents: Consolidated cash flows and ownership issues, other consolidation reporting issues, foreign currency transactions, translation and consolidation of foreign operations, accounting for not for profit and public sector organizations. | Fifth Pass 7 chapter (A) Intercompany Profits in Depreciable Assets (B) Intercompany Bondholdings learning objectives After studying this chapter, you should be able to do the following: LO1 Prepare consolidated financial statements that reflect the elimination and subsequent realization of upstream and downstream intercompany profits in depreciable assets. LO5 Calculate the gain or loss that results from the elimination of intercompany bondholdings and the allocation of such gain or loss to the equities of the controlling and non-controlling interests. LO2 Explain how the historical cost principle supports the elimination of unrealized profits resulting from intercompany transactions when preparing consolidated financial statements. LO6 Explain how the recognition of gains on the elimination of intercompany bondholdings is consistent with the principle of recording gains only when they are realized. LO3 Prepare the journal entries under the equity method to reflect the elimination and subsequent realization of intercompany profits in depreciable assets. LO4 Analyze and interpret financial statements with intercompany transactions involving depreciable assets. LO7 Prepare consolidated financial statements that reflect the gains or losses that are the result of intercompany bondholdings. LO8 Identify some of the differences between IFRSs and ASPE involving intercompany transactions. LO9 Prepare consolidated financial statements when depreciable assets are remeasured to fair value each period. INTRODUCTION The elimination of intercompany transactions and unrealized profit is one of the most significant problems encountered in the consolidation process. The volume of transfers within most large enterprises can be quite large. For example, Suncor Energy Inc., Canada’s largest integrated energy company, reported intersegment revenue of $3,967 million in 2011,1 which represented of total revenues. In this chapter, we complete our .

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• Modern advanced accounting
• Advanced accounting
• Consolidated cash flows
• Ownership issues
• Other consolidation reporting issues
• Foreign currency transactions
• Foreign operations
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• Intercompany inventory
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