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【正文】 ?The McGrawHill Companies, Inc., 1999 Slide 1214 Irwin/McGrawHill E x t r a or di na r y Los s ( 7 5 , 0 0 0 )$ Le s s : Ta x B e ne f i t s ( $ 7 5 , 0 0 0 ? 3 0 % ) 2 2 , 5 0 0 N e t Los s ( 5 2 , 5 0 0 )$ E a r ni ngs be f or e e x t r a or di na r y i t e m 1 7 5 , 0 0 0$ E x t r a or di na r y Los s : E a r t hqua k e l os s ( ne t of t a x be ne f i t of $ 2 2 , 5 0 0 ) ( 5 2 , 5 0 0 ) E a r ni ngs be f or e c um ul a t i v e e f f e c t of a c ha nge i n a c c ount i ng pr i nc i pl e 1 2 2 , 5 0 0$ Ine Statement Presentation: Extraordinary Items Example ?The McGrawHill Companies, Inc., 1999 Slide 1215 Irwin/McGrawHill T y p e o f A c c o u n t i n g C h a n g e D e f i n i t i o nC h a n g e i n A c c o u n ti n g Pr i n c i p l eR e p l a c e s o n e G A A P w i th a n o th e rC h a n g e i n A c c o u n ti n g Es ti m a teR e v i s i o n o f a n e s ti m a te b e c a u s e o f n e w i n fo r m a ti o n o r n e w e x p e r i e n c eAccounting Changes ?The McGrawHill Companies, Inc., 1999 Slide 1216 Irwin/McGrawHill Change in Accounting Principle ? Occurs when changing from one GAAP method to another GAAP method. ? Make a catchup adjustment known as the cumulative effect of a change in accounting principle. ? The cumulative effect is reported of taxes and after extraordinary items. ?The McGrawHill Companies, Inc., 1999 Slide 1217 Irwin/McGrawHill Change in Accounting Principle Example Also in 2023, Apex Co. decided to change from the doubledeclining balance to the straightline method for depreciation. The effect of this change is an increase in ine of $65,000. Apex reported ine before cumulative effect of an accounting change of $122,500 during the year. All items of ine are subject to a 30% tax rate. How would this item appear on the ine statement? ?The McGrawHill Companies, Inc., 1999 Slide 1218 Irwin/McGrawHill Change in Accounting Principle Example I n c r e a s e i n i n c o m e 6 5 , 0 0 0$ L e s s : T a x e x p e n s e ( $ 6 5 , 0 0 0 ? 3 0 % ) ( 1 9 , 5 0 0 ) N e t i n c r e a s e i n i n c o m e 4 5 , 5 0 0$ Computation: ?The McGrawHill Companies, Inc., 1999 Slide 1219 Irwin/McGrawHill I n c r e a s e i n i n c o m e 6 5 , 0 0 0$ L e s s : T a x e x p e n s e ( $ 6 5 , 0 0 0 ? 3 0 % ) ( 1 9 , 5 0 0 ) N e t i n c r e a s e i n i n c o m e 4 5 , 5 0 0$ Computation: E a r n i n g s b e f o r e c u m u l a t i v e e f f e c t o f a c h a n g e i n a c c o u n t i n g p r i n c i p l e 1 2 2 , 5 0 0$ C u m u l a t i v e e f f e c t o f c h a n g e i n a c c o u n t i n g p r i n c i p l e : C h a n g e i n a c c o u n t i n g m e t h o d ( n e t o f $ 1 9 , 5 0 0 t a x e x p e n s e ) 4 5 , 5 0 0 N e t I n c o m e 1 6 8 , 0 0 0$ Ine Statement Presentation: Change in Accounting Principle Example ?The McGrawHill Companies, Inc., 1999 Slide 1220 Irwin/McGrawHill Change in Estimates ?Revision of a previous accounting estimate. ?The new estimate should be used in the current and future periods. ?The prior accounting results should not be disturbed. ?The McGrawHill Companies, Inc., 1999 Slide 1221 Irwin/McGrawHill Change in Estimates Example On January 1, 1997, we purchased equipment costing $30,000, with a useful life of 10 years and no salvage value. During 2023, we determine that the remaining useful is 5 years (8year total life). We use straightline depreciation. Compute the revised depreciation expense for 2023. ?The McGrawHill Companies, Inc., 1999 Slide 1222 Irwin/McGrawHill A s s e t c os t 3 0 , 0 0 0$ A c c um ul a t e d de pr e c i a t i on 1 2 / 3 1 / 9 9 ( $ 3 , 0 0 0 ? 3 y e a r s )
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