财务会计FAch.docx

1、财务会计FAch财务会计FA3_ch13School of Management,HUSTCurrent Liabilities and ContingenciesChapter 13Intermediate Accounting12th EditionKieso, Weygandt, and WarfieldChapter Prepared by Coby Harmon, University of California, Santa Barbara13-1School of Management,HUSTLearning Objectives1.Describe the nature, t

2、ype, and valuation of current liabilities.2.Explain the classification issues of short-term debt expected to be refinanced.3.Identify types of employee-related liabilities.4.Identify the criteria used to account for and disclose gain and loss contingencies.5.Explain the accounting for different type

3、s of loss contingencies.6.Indicate how to present and analyze liabilities and contingencies.Chapter 13-2School of Management,HUSTCurrent Liabilities and ContingenciesCurrent Presentation and ContingenciesLiabilitiesAnalysisWhat is a Gain Presentation of liability?contingenciescurrent liabilitiesWhat

4、 is a Loss current liability?contingenciesPresentation of contingenciesAnalysis of current liabilitiesChapter 13-3School of Management,HUSTWhat is a Liability?FASB, defines liabilitiesas: “probable future sacrifices of economic benefitsarising from present obligations of a particular entity to trans

5、fer assets or provide services to other entities in the future as a result of past transactions or events.”Chapter 13-4School of Management,HUSTWhat is a Liability?IASB, defines liabilitiesas: A liability is ap resentobligation of the entity arising from past events, the settlement of which is expec

6、ted to result in ano utflow from the entity of resourcesembodying economic benefits. One key characteristic is that the entity cannot avoid settling the obligation. That is, there is little or no discretion to avoid the future outflow of resources.Chapter 13-5School of Management,HUSTExample: liabil

7、itylFor example, on June 10, Yuri Androv enters into a contract to deliver 10 metric tonnes of coal to Aleksa Shastri on December 1. Shastri agrees to pay 2,000 for the delivery. lThe question then is, does Shastri have a liability on her books as of June 11? Chapter 13-6School of Management,HUSTWha

8、t is a Liability?According to the FASB, a liability has three essential characteristics:(a) it is a present obligation that entails settlement by probable future transfer or use of cash, goods, or services; (b) it is an unavoidable obligation; and (c) the transaction or other event creating the obli

9、gation has already occurred.Chapter 13-7School of Management,HUST中国企业会计准则l第二十三条负债是指企业过去的交易或者事项形成的、预期会导致经济利益流出企业的现时义务。现时义务是指企业在现行条件下已承担的义务。未来发生的交易或者事项形成的义务，不属于现时义务，不应当确认为负债。l第二十四条符合本准则第二十三条规定的负债定义的义务，在同时满足以下条件时，确认为负债：(一)与该义务有关的经济利益很可能流出企业；(二)未来流出的经济利益的金额能够可靠地计量。l第二十五条符合负债定义和负债确认条件的项目，应当列入资产负债表；符合负债定义

10、、但不符合负债确认条件的项目，不应当列入资产负债表。Chapter 13-8School of Management,HUSTWhat is a Current Liability?Current liabilitiesare “obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets, or the creation of other current liabilities.”Thus, the

11、definition of current liabilities for a particular industry will depend upon the time perio(do perating cycle or one year, whichever is longer)used in defining current assets in that industry.Chapter LO 1 Describe the nature, type, and valuation of current liabilities.13-9School of Management,HUSTWh

12、at is a Current Liability?Typical Current Liabilities:Accounts payable.Customer advances and deposits.Notes payable.Unearned revenues.Current maturities of long-term debt.Sales taxes payable.Short-term obligations Income taxes payable.expected to be refinanced.Employee-related Dividends payable.liab

13、ilities.Chapter LO 1 Describe the nature, type, and valuation of current liabilities.13-10School of Management,HUSTChapter 13-11School of Management,HUSTWhat is a Current Liability?Accounts Payable (trade accounts payable)Balances owed to others for goods, supplies, or services purchased on open acc

14、ount.Arise because of time lag between receipt of goods or services and the payment for them. The terms of the sale (e.g., 2/10, n/30) state period of extended credit.Chapter LO 1 Describe the nature, type, and valuation of current liabilities.13-12School of Management,HUSTWhat is a Current Liabilit

15、y?Notes PayableWritten promises to pay a certain sum of money on a specified future date.Arise from purchases, financing, or other transactions.Notes classified as short-term or long-term.Notes may be interest-bearing or zero-interest-bearing.Chapter LO 1 Describe the nature, type, and valuation of

16、current liabilities.13-13School of Management,HUSTWhat is a Current Liability?E13-2(Accounts and Notes Payable)The following are selected 2007 transactions of Sean Astin Corporation.Sept. 1-Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system.Oct. 1-Issued a $50,000, 12-month, 8% note to Encino in payment of account.Oct. 1-Borrowed $50,000 from the Shore Bank by signing a