Wiley GAAP 2015
Interpretation and Application of Generally Accepted Accounting Principles
Published on 20. November 2014
1512 pages
978-1-118-94506-3 (ISBN)
Description
The quick, complete, cross-referenced GAAP guide, withillustrations, explanations, and examples
Wiley GAAP 2015 contains the most comprehensive coverageof all GAAP pronouncements in a single volume, providingprofessionals with a complete reference to the entire GAAPhierarchy. This new edition includes the latest updates to thestandards, along with AICPA ASEC statements of position and acomprehensive cross-reference of accounting topics to the new FASBcodification system. All pronouncements are fully explained indetail, including terminology, and practice exercises demonstratereal-world application. Each chapter includes a discussion ofperspectives and issues, sources of GAAP, definitions, concepts,rules, and examples, with specific appendices where applicable.This useful guide contains more examples and illustrations than anyother GAAP reference, and all original pronouncements arereferenced to the FASB Current Text.
GAAP is constantly being updated, and users require expertinterpretation and explanation of relevant principles with everynew pronouncement. This book provides clear, user-friendlyguidance, including FASB Technical Bulletins, AcSEC PracticeBulletins, FASB Implementation Guides, and AICPA Statements ofPosition and Accounting Interpretations. Readers will:
* Refer to GAAP standards and ASEC statements quickly andeasily
* Understand relevant terminology, concepts, and rules
* Study detailed examples to gain a solid working knowledge ofthe standards
* Gain confidence by practicing GAAP applications before using itin the field
This guide represents the most complete, comprehensive GAAPreference available, and the digital format allows for instantaccess to needed information through the point-and-click index andTable of Contents. Busy professionals need to get up to speedquickly without sacrificing a solid understanding, and WileyGAAP 2015 is the essential user-friendly reference.
Wiley GAAP 2015 contains the most comprehensive coverageof all GAAP pronouncements in a single volume, providingprofessionals with a complete reference to the entire GAAPhierarchy. This new edition includes the latest updates to thestandards, along with AICPA ASEC statements of position and acomprehensive cross-reference of accounting topics to the new FASBcodification system. All pronouncements are fully explained indetail, including terminology, and practice exercises demonstratereal-world application. Each chapter includes a discussion ofperspectives and issues, sources of GAAP, definitions, concepts,rules, and examples, with specific appendices where applicable.This useful guide contains more examples and illustrations than anyother GAAP reference, and all original pronouncements arereferenced to the FASB Current Text.
GAAP is constantly being updated, and users require expertinterpretation and explanation of relevant principles with everynew pronouncement. This book provides clear, user-friendlyguidance, including FASB Technical Bulletins, AcSEC PracticeBulletins, FASB Implementation Guides, and AICPA Statements ofPosition and Accounting Interpretations. Readers will:
* Refer to GAAP standards and ASEC statements quickly andeasily
* Understand relevant terminology, concepts, and rules
* Study detailed examples to gain a solid working knowledge ofthe standards
* Gain confidence by practicing GAAP applications before using itin the field
This guide represents the most complete, comprehensive GAAPreference available, and the digital format allows for instantaccess to needed information through the point-and-click index andTable of Contents. Busy professionals need to get up to speedquickly without sacrificing a solid understanding, and WileyGAAP 2015 is the essential user-friendly reference.
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Wiley GAAP 2015 - Interpretation and Application of Generally Accepted Accounting Principles
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11/2014
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Wiley GAAP 2015
Interpretation and Application of Generally Accepted Accounting Principles 2015
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Joanne Flood, MBA, CPA, (Rockville Centre, NY) has accounting experience within both a Big 4 international firm and a small firm. She has worked as a senior manager in the AICPA's Professional Development group. Joanne received her MBA in Accounting Summa Cum Laude from Adelphi University.
While in public accounting, she worked on major clients in retail, manufacturing, and finance and on small business clients in construction, manufacturing, and professional services. At the AICPA, she managed the development and wrote courses in the accounting and auditing product line. She also wrote and produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA's elearning product line.
Content
Preface vii
About the Author xi
Codification Taxonomy xiii
1 ASC 105 Generally Accepted Accounting Principles 1
2 ASC 205 Presentation of Financial Statements 29
3 ASC 210 Balance Sheet 45
4 ASC 215 Statement of Shareholder Equity 61
5 ASC 220 Comprehensive Income 63
6 ASC 225 Income Statement 71
7 ASC 230 Statement of Cash Flows 83
8 ASC 235 Notes to Financial Statements 103
9 ASC 250 Accounting Changes and Error Corrections 109
10 ASC 255 Changing Prices 137
11 ASC 260 Earnings Per Share 141
12 ASC 270 Interim Reporting 171
13 ASC 272 Limited Liability Entities 187
14 ASC 274 Personal Financial Statements 191
15 ASC 275 Risks and Uncertainties 199
16 ASC 280 Segment Reporting 205
17 ASC 305 Cash and Cash Equivalents 217
18 ASC 310 Receivables 221
19 ASC 320 Investments--Debt and Equity Securities 257
20 ASC 323 Investments--Equity Method and Joint Ventures 283
21 ASC 325 Investments--Other 317
22 ASC 330 Inventory 329
23 ASC 340 Other Assets and Deferred Costs 367
24 ASC 350 Intangibles--Goodwill and Other 375
25 ASC 360 Property, Plant, and Equipment 399
26 ASC 405 Liabilities 445
27 ASC 410 Asset Retirement and Environmental Obligations 449
28 ASC 420 Exit or Disposal Cost Obligations 465
29 ASC 430 Deferred Revenue 471
30 ASC 440 Commitments 473
31 ASC 450 Contingencies 477
32 ASC 460 Guarantees 485
33 ASC 470 Debt 499
34 ASC 480 Distinguishing Liabilities From Equity 539
35 ASC 505 Equity 555
36 ASC 605 Revenue Recognition 587
37 ASC 705 Cost of Sales and Services 645
38 ASC 710 Compensation--General 647
39 ASC 712 Compensation--Nonretirement Postemployment Benefits 653
40 ASC 715 Compensation--Retirement Benefits 655
41 ASC 718 Compensation--Stock Compensation 707
42 ASC 720 Other Expenses 745
43 ASC 730 Research and Development 751
44 ASC 740 Income Taxes 757
45 ASC 805 Business Combinations 811
46 ASC 808 Collaborative Arrangements 859
47 ASC 810 Consolidations 869
48 ASC 815 Derivatives and Hedging 901
49 ASC 820 Fair Value Measurements 961
50 ASC 825 Financial Instruments 985
51 ASC 830 Foreign Currency Matters 995
52 ASC 835 Interest 1023
53 ASC 840 Leases 1041
54 ASC 845 Nonmonetary Transactions 1115
55 ASC 850 Related-Party Disclosures 1127
56 ASC 852 Reorganizations 1129
57 ASC 853 Service Concession Arrangements 1135
58 ASC 855 Subsequent Events 1139
59 ASC 860 Transfers and Servicing 1143
60 ASC 900s Specialized Industry GAAP 1181
Appendix Disclosure Checklist for Commercial Businesses 1317
Index 1419
Topic # and title Subtopic # and title I. General Principles and Objectives 105 Generally Accepted Accounting Principles 105-10 Overall II. Overall Financial Reporting, Presentation, and Display Matters A. Overall Presentation of Financial Statements 205 Presentation of Financial Statements 205-10 Overall 205-20 Discontinued Operations 205-30 Liquidation Basis of Accounting 210 Balance Sheet 210-10 Overall 210-20 Offsetting 215 Statement of Shareholders' Equity 215-10 Overall 220 Comprehensive Income 220-10 Overall 225 Income Statement 225-10 Overall 225-20 Extraordinary and Unusual Items 225-30 Business Interruption Insurance 230 Statement of Cash Flows 230-10 Overall 235 Notes to Financial Statements 235-10 Overall B. Various Financial Reporting, Presentation, and Display Matters 250 Accounting Changes and Error Corrections 250-10 Overall 255 Changing Prices 255-10 Overall 260 Earnings Per Share 260-10 Overall 270 Interim Reporting 270-10 Overall 272 Limited Liability Entities 272-10 Overall 274 Personal Financial Statements 274-10 Overall 275 Risks and Uncertainties 275-10 Overall 280 Segment Reporting 280-10 Overall III. Transaction-Related Topics A. Financial Statement Accounts 305 Cash and Cash Equivalents 305-10 Overall 310 Receivables 310-10 Overall 310-20 Nonrefundable Fees and Other Costs 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality 310-40 Troubled Debt Restructurings by Creditors 320 Investments-Debt and Equity Securities 320-10 Overall 323 Investments-Equity Method and Joint Ventures 323-10 Overall 323-30 Partnerships, Joint Ventures, and Limited Liability Entities 325 Investments-Other 325-10 Overall 325-20 Cost Method Investments 325-30 Investments in Insurance Contracts 325-40 Beneficial Interests in Securitized Financial Assets 330 Inventory 330-10 Overall 340 Other Assets and Deferred Costs 340-10 Overall 340-20 Capitalized Advertising Costs 340-30 Insurance Contracts that Do Not Transfer Insurance Risk 350 Intangibles-Goodwill and Other 350-10 Overall 350-20 Goodwill 350-30 General Intangibles Other Than Goodwill 350-40 Internal-Use Software 350-50 Web Site Development Costs 360 Property, Plant, and Equipment 360-10 Overall 360-20 Real Estate Sales 405 Liabilities 405-10 Overall 405-20 Extinguishment of Liabilities 405-30 Insurance-Related Assessments 405-40 Obligations Resulting from Joint and Several Liabilities 410 Asset Retirement and Environmental Obligations 410-10 Overall 410-20 Asset Retirement Obligations 410-30 Environmental Obligations 420 Exit or Disposal Cost Obligations 420-10 Overall 430 Deferred Revenue 430-10 Overall 440 Commitments 440-10 Overall 450 Contingencies 450-10 Overall 450-20 Loss Contingencies 450-30 Gain Contingencies 460 Guarantees 460-10 Overall 470 Debt 470-10 Overall 470-20 Debt with Conversion and Other Options 470-30 Participating Mortgage Loans 470-40 Product Financing Arrangements 470-50 Modifications and Extinguishments 470-60 Troubled Debt Restructurings by Debtors 480 Distinguishing Liabilities from Equity 480-10 Overall 505 Equity 505-10 Overall 505-20 Stock Dividends and Stock Splits 505-30 Treasury Stock 505-50 Equity-Based Payments to Non-Employees 505-60 Spin-offs and Reverse Spin-offs 605 Revenue Recognition 605-10 Overall 605-15 Products 605-20 Services 605-25 Multiple-Element Arrangements 605-28 Milestone Method 605-30 Rights to Use 605-35 Construction-Type and Production-Type Contracts 605-40 Gains and Losses 605-45 Principal-Agent Considerations 605-50 Customer Payments and Incentives 606 Revenue from Contracts with Customers 606-10 Overall1 610 Other Income 610-10 Overall1 705 Cost of Sales and Services 705-10 Overall 705-20 Accounting for Consideration Received from a Vendor1 710 Compensation-General 710-10 Overall 712 Compensation-Nonretirement Postemployment Benefits 712-10 Overall 715 Compensation-Retirement Benefits 715-10 Overall 715-20 Defined Benefit Plans-General 715-30 Defined Benefit Plans-Pensions 715-60 Defined Benefit Plans-Other Postretirement 715-70 Defined Contribution Plans 715-80 Multiemployer Plans 718 Compensation-Stock Compensation 718-10 Overall 718-20 Awards Classified as Equity 718-30 Awards Classified as...
About the Author xi
Codification Taxonomy xiii
1 ASC 105 Generally Accepted Accounting Principles 1
2 ASC 205 Presentation of Financial Statements 29
3 ASC 210 Balance Sheet 45
4 ASC 215 Statement of Shareholder Equity 61
5 ASC 220 Comprehensive Income 63
6 ASC 225 Income Statement 71
7 ASC 230 Statement of Cash Flows 83
8 ASC 235 Notes to Financial Statements 103
9 ASC 250 Accounting Changes and Error Corrections 109
10 ASC 255 Changing Prices 137
11 ASC 260 Earnings Per Share 141
12 ASC 270 Interim Reporting 171
13 ASC 272 Limited Liability Entities 187
14 ASC 274 Personal Financial Statements 191
15 ASC 275 Risks and Uncertainties 199
16 ASC 280 Segment Reporting 205
17 ASC 305 Cash and Cash Equivalents 217
18 ASC 310 Receivables 221
19 ASC 320 Investments--Debt and Equity Securities 257
20 ASC 323 Investments--Equity Method and Joint Ventures 283
21 ASC 325 Investments--Other 317
22 ASC 330 Inventory 329
23 ASC 340 Other Assets and Deferred Costs 367
24 ASC 350 Intangibles--Goodwill and Other 375
25 ASC 360 Property, Plant, and Equipment 399
26 ASC 405 Liabilities 445
27 ASC 410 Asset Retirement and Environmental Obligations 449
28 ASC 420 Exit or Disposal Cost Obligations 465
29 ASC 430 Deferred Revenue 471
30 ASC 440 Commitments 473
31 ASC 450 Contingencies 477
32 ASC 460 Guarantees 485
33 ASC 470 Debt 499
34 ASC 480 Distinguishing Liabilities From Equity 539
35 ASC 505 Equity 555
36 ASC 605 Revenue Recognition 587
37 ASC 705 Cost of Sales and Services 645
38 ASC 710 Compensation--General 647
39 ASC 712 Compensation--Nonretirement Postemployment Benefits 653
40 ASC 715 Compensation--Retirement Benefits 655
41 ASC 718 Compensation--Stock Compensation 707
42 ASC 720 Other Expenses 745
43 ASC 730 Research and Development 751
44 ASC 740 Income Taxes 757
45 ASC 805 Business Combinations 811
46 ASC 808 Collaborative Arrangements 859
47 ASC 810 Consolidations 869
48 ASC 815 Derivatives and Hedging 901
49 ASC 820 Fair Value Measurements 961
50 ASC 825 Financial Instruments 985
51 ASC 830 Foreign Currency Matters 995
52 ASC 835 Interest 1023
53 ASC 840 Leases 1041
54 ASC 845 Nonmonetary Transactions 1115
55 ASC 850 Related-Party Disclosures 1127
56 ASC 852 Reorganizations 1129
57 ASC 853 Service Concession Arrangements 1135
58 ASC 855 Subsequent Events 1139
59 ASC 860 Transfers and Servicing 1143
60 ASC 900s Specialized Industry GAAP 1181
Appendix Disclosure Checklist for Commercial Businesses 1317
Index 1419
CODIFICATION TAXONOMY
Topic # and title Subtopic # and title I. General Principles and Objectives 105 Generally Accepted Accounting Principles 105-10 Overall II. Overall Financial Reporting, Presentation, and Display Matters A. Overall Presentation of Financial Statements 205 Presentation of Financial Statements 205-10 Overall 205-20 Discontinued Operations 205-30 Liquidation Basis of Accounting 210 Balance Sheet 210-10 Overall 210-20 Offsetting 215 Statement of Shareholders' Equity 215-10 Overall 220 Comprehensive Income 220-10 Overall 225 Income Statement 225-10 Overall 225-20 Extraordinary and Unusual Items 225-30 Business Interruption Insurance 230 Statement of Cash Flows 230-10 Overall 235 Notes to Financial Statements 235-10 Overall B. Various Financial Reporting, Presentation, and Display Matters 250 Accounting Changes and Error Corrections 250-10 Overall 255 Changing Prices 255-10 Overall 260 Earnings Per Share 260-10 Overall 270 Interim Reporting 270-10 Overall 272 Limited Liability Entities 272-10 Overall 274 Personal Financial Statements 274-10 Overall 275 Risks and Uncertainties 275-10 Overall 280 Segment Reporting 280-10 Overall III. Transaction-Related Topics A. Financial Statement Accounts 305 Cash and Cash Equivalents 305-10 Overall 310 Receivables 310-10 Overall 310-20 Nonrefundable Fees and Other Costs 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality 310-40 Troubled Debt Restructurings by Creditors 320 Investments-Debt and Equity Securities 320-10 Overall 323 Investments-Equity Method and Joint Ventures 323-10 Overall 323-30 Partnerships, Joint Ventures, and Limited Liability Entities 325 Investments-Other 325-10 Overall 325-20 Cost Method Investments 325-30 Investments in Insurance Contracts 325-40 Beneficial Interests in Securitized Financial Assets 330 Inventory 330-10 Overall 340 Other Assets and Deferred Costs 340-10 Overall 340-20 Capitalized Advertising Costs 340-30 Insurance Contracts that Do Not Transfer Insurance Risk 350 Intangibles-Goodwill and Other 350-10 Overall 350-20 Goodwill 350-30 General Intangibles Other Than Goodwill 350-40 Internal-Use Software 350-50 Web Site Development Costs 360 Property, Plant, and Equipment 360-10 Overall 360-20 Real Estate Sales 405 Liabilities 405-10 Overall 405-20 Extinguishment of Liabilities 405-30 Insurance-Related Assessments 405-40 Obligations Resulting from Joint and Several Liabilities 410 Asset Retirement and Environmental Obligations 410-10 Overall 410-20 Asset Retirement Obligations 410-30 Environmental Obligations 420 Exit or Disposal Cost Obligations 420-10 Overall 430 Deferred Revenue 430-10 Overall 440 Commitments 440-10 Overall 450 Contingencies 450-10 Overall 450-20 Loss Contingencies 450-30 Gain Contingencies 460 Guarantees 460-10 Overall 470 Debt 470-10 Overall 470-20 Debt with Conversion and Other Options 470-30 Participating Mortgage Loans 470-40 Product Financing Arrangements 470-50 Modifications and Extinguishments 470-60 Troubled Debt Restructurings by Debtors 480 Distinguishing Liabilities from Equity 480-10 Overall 505 Equity 505-10 Overall 505-20 Stock Dividends and Stock Splits 505-30 Treasury Stock 505-50 Equity-Based Payments to Non-Employees 505-60 Spin-offs and Reverse Spin-offs 605 Revenue Recognition 605-10 Overall 605-15 Products 605-20 Services 605-25 Multiple-Element Arrangements 605-28 Milestone Method 605-30 Rights to Use 605-35 Construction-Type and Production-Type Contracts 605-40 Gains and Losses 605-45 Principal-Agent Considerations 605-50 Customer Payments and Incentives 606 Revenue from Contracts with Customers 606-10 Overall1 610 Other Income 610-10 Overall1 705 Cost of Sales and Services 705-10 Overall 705-20 Accounting for Consideration Received from a Vendor1 710 Compensation-General 710-10 Overall 712 Compensation-Nonretirement Postemployment Benefits 712-10 Overall 715 Compensation-Retirement Benefits 715-10 Overall 715-20 Defined Benefit Plans-General 715-30 Defined Benefit Plans-Pensions 715-60 Defined Benefit Plans-Other Postretirement 715-70 Defined Contribution Plans 715-80 Multiemployer Plans 718 Compensation-Stock Compensation 718-10 Overall 718-20 Awards Classified as Equity 718-30 Awards Classified as...
