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1、Leases,LiabilitiesandBonds1.Presentvaluesandannuities,,32.Accountingforleases,,,,63.Assetretirementandenvironmentalobligations304.long-termliabilitiesandbondspayable345.Troubleddebtrestructurings636.OtherLiabilitiesanddebtcovenants707.AppendixIFRSvs.U.s.G
2、AAP758.Classquestions77Financial5BeckerProfessionalEducationICPAExamReviewNOTESF5-2lQ2010DeVry/BeckerEducationalDevelopmentCorp.Allrightsreserved.BeckerProfessionalEducationICPAExamReviewFinancial5PRESENTVALUESANDANNUITIESI.GENERALProblemsinvolvinginteres
3、t,annuities,andpresentvaluesareallconcernedwiththeuseofmoneyoveraperiodoftime,whichisreferredtoasthetimevalueofmoney.Theideaofpresentvalueisalsothebasisforthelatestfoundationalconcept,SFACNO.7.Theprinciplesusedincomputinginterest,annuities,andpresentvalue
4、sareappliedtomanyaccountingproblems.Accountingforleases,pensions,bonds,andlong-termdebtaresomeofthemoreimportantapplications.A.ConceptsForexaminationpurposes,presentvalueconceptsaredivisibieintosixseparatetypes:1.Presentvalueof$1.2.Futurevalueof$1.3.Prese
5、ntvalueofanordinaryannuity.4.Futurevalueofanordinaryannuity.5.Presentvalueofanannuitydue.6.Futurevalueofanannuitydue.Anexplanationofeachconceptispresentedbelow,withinterrelatedexamples.B.DefinitionofAnnuitiesAlargenumberofbusinesstransactionsinvolvemultip
6、lepaymentsorreceipts.Bondinterestpaymentsandleaserentalpaymentsaretwoexamples.Transactionsthatresultinidenticalperiodicpaymentsorreceiptsatregularintervalsinvolveannuities.Ordinaryannuity(alsocalled"annuityinarrears")paymentsaremadeattheendofeachperiod.An
7、annuityisclassifiedasanannuitydue(alsocalled"annuityinadvance")ifpayments/receiptsoccuratthebeginningofeachperiod.C.OrdinaryAnnuityvs.AnnuityDueThetimingofpaymentsistheonlydifferencebetweenanordinaryannuityandanannuitydue.Thisappliestobothpresentvalueandf
8、uturevalueannuities.Incalculatingthepresentvalueofanordinaryannuity,thenumberofpaymentsisequaltothenumberofinterestperiods.Incalculatingthepresentvalueofanannuitydue,thenumberofinterestperiodsisonelessthanthenumbero
