By Floyd A. Beams
An in-depth advisor to accounting that displays the main up to date company developments.This entire textbook addresses sensible monetary reporting difficulties whereas reflecting fresh enterprise advancements and adjustments in accounting standards.This variation has been rewritten to align with the monetary Accounting criteria Board Accounting criteria Codification.
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Extra info for Advanced Accounting, 11th Edition
Pooling ignores economic value exchanged in the transaction and makes subsequent performance evaluation impossible. Comparing firms using the alternative methods is difficult for investors. Pooling creates these problems because it uses historical book values to record combinations, rather than recognizing fair values of net assets at the transaction date. Generally accepted accounting principles (GAAP) generally require recording asset acquisitions at fair values. Further, the FASB believed that the economic notion of a pooling of interests rarely exists in business combinations.
When the valuation is final, any changes to the preliminary valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill. See Notes 6 and 8 for additional information regarding the impact of the Centennial acquisition on our goodwill and other intangibles and our long-term debt repayment for 2009. Centennial. AT&T was primarily interested in getting access to Centennial’s 865,000 customers. Exhibit 1-4 provides excerpts of Note 2 from AT&T’s 2009 annual report related to this acquisition.
We expense other direct costs of the business combination ($80,000). The total cost to Pop of acquiring Son is $1,600,000, the amount entered in the Investment in Son account. We accumulate the total cost incurred in purchasing another company in a single investment account, regardless of whether the other combining company is dissolved or the combining companies continue to operate in a parent–subsidiary relationship. If we dissolve Son Corporation, we record its identifiable net assets on Pop’s books at fair value, and record any excess of investment cost over fair value of net assets as goodwill.