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Wiley GAAP 2008

Book Description

The most practical, authoritative guide to GAAP

Wiley GAAP 2008 delivers the most recent professional standards developments, in addition to detailed analysis of all generally accepted accounting principles (GAAP), explaining the original, highly technical pronouncements in easy-to-understand terms and providing battle-tested, real-world examples and implementation guidance. Wiley GAAP 2008 contains a host of completely updated examples.

This annual publication offers expert interpretation and explanation of all accounting principles currently effective or being deliberated in one single book. The authors provide clear, user-friendly guidance on every pronouncement including FASB Technical Bulletins, AcSEC Practice Bulletins, FASB Implementation Guides, AICPA Statements of Position, and AICPA Accounting Interpretations.

All pronouncements are explained with relevant terminology and practice-oriented real-world examples. Each chapter is composed of a discussion of perspectives and issue, sources of GAAP, a definition of terms, concepts, rules and examples, and for some chapters, specific appendices. Wiley GAAP 2008 contains a detailed index for easy reference use.

Barry J. Epstein (Chicago, IL) is a partner with Russell Novak & Company, LLP, where he specializes in technical consultation on accounting and auditing matters, litigation consulting, and corporate governance. Ralph Nach (Chicago, IL) is a partner in the National Office of Audit and Accounting of McGladrey & Pullen, LLP, where he specializes in technical consultation and continuing professional education. Steven M. Bragg (Centennial, CO) has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young. He is the author of 27 books published by Wiley.

Table of Contents

  1. Copyright
  2. About The Authors
  3. Preface
  4. Authoritative Accounting Pronouncements
  5. Researching GAAP Matters
    1. Development of GAAP
    2. Researching GAAP Problems
    3. Endnotes
  6. Balance Sheet
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Offsetting Assets and Liabilities
      2. Disclosures
  7. Statements of Income and Comprehensive Income
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Case 1
      2. Accounting Changes
      3. Reporting Comprehensive Income in a Statement other than a Combined Statement of Income and Comprehensive Income
  8. Statement of Cash Flows
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Statement of Cash Flows for Consolidated Entities
  9. Accounting Policies, Changes, and Restatements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Change in Accounting Estimate
      2. Interim Reporting Considerations
    4. Endnotes
  10. Fair Value
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Objectives
      2. Measurement considerations
    4. Endnotes
  11. Cash, Receivables, and Prepaid Expenses
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Receivables
  12. Short‐Term Investments and Financial Instruments
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Endnotes
  13. Inventory
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Differences between GAAP and Income Tax Accounting for Inventories
    4. Endnotes
  14. Revenue Recognition—Evolving Principles and Specialized Applications
    1. Revenue Recognition — General Principle
    2. Long‐Term Construction Contracts. Perspective and Issues
      1. Concepts, Rules, and Examples
      2. Joint Ventures and Shared Contracts
    3. Service Revenues: Perspective and Issues
    4. Definitions of Terms
    5. Concepts, Rules, and Examples
    6. Sales When Collection is Uncertain Perspective and Issues
    7. Definitions of Terms
    8. Concepts, Rules, and Examples
    9. Revenue Recognition When Right of Return Exists Perspective and Issues
    10. Definitions of Terms
    11. Concepts, Rules, and Examples
    12. Profit Recognition on Real Estate Sales Perspective and Issues
    13. Definitions of Terms
    14. Concepts, Rules, and Examples
    15. Real Estate Operations: Perspective and Issues
    16. Definitions of Terms
    17. Concepts, Rules, and Examples
    18. Franchising: Accounting by Franchisors: Perspective and Issues
    19. Definitions of Terms
    20. Concepts and Rules
    21. Other Special Accounting and Reporting Issues
      1. Perspective and issues
    22. Endnotes
  15. Long‐Lived Assets
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  16. Long‐Term Investments
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Accounting for Investments in Debt Securities
      2. Presentation in the Financial Statements
    4. Endnotes
  17. Business Combinations and Consolidated Financial Statements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Other Accounting Issues in Business Combinations
      2. Combinations of Entities under Common Control
      3. Accounting for Leveraged Buyouts
    4. Interpretive Guidance
      1. Common Control
      2. Proposed Revisions to Accounting for Business Combinations
    5. Endnotes
  18. Current Liabilities and Contingencies
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  19. Long‐Term Liabilities
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Convertible Debt
      2. Induced Conversion of Debt
  20. Leases
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Analysis under FIN 46(R)
      2. Lessor Classification
      3. Leases involving only land
      4. Sale‐Leaseback Transactions
    4. Endnotes
  21. Income Taxes
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Property and equipment future taxable temporary difference
    4. Endnotes
  22. Pensions and other Postretirement Benefits
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Reconciliation of Beginning and Ending ABO, PBO, and Plan Assets
    4. FAS 88
      1. Employee Retirement Income Security Act of 1974
    5. Endnotes
  23. Stockholders' Equity
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Treasury Stock
      2. FAS 123(R): Detailed Explanation
      3. Application of FAS 150
    4. Appendix A Financial Statement Presentation
  24. Earnings Per Share
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Proposed Revisions to Earnings Per Share Computations
    4. Appendix Comprehensive Example
  25. Interim Reporting
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Other Costs and Expenses
      2. Discontinued Operations and Extraordinary Items
  26. Segment Reporting
    1. Perspective and Issues
      1. Current Developments
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Endnotes
  27. Foreign Currency
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Appendix Accounts to be Remeasured Using Historical Exchange Rates
    5. Endnotes
  28. Personal Financial Statements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Appendix: Hypothetical Set of Personal Financial Statements
      1. Marcus and Kelly Imrich Notes to Financial Statements
  29. Specialized Industry GAAP
    1. Banking and Thrift Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
      1. Conforming Practice by all Financial Institutions
    4. Broadcasting: Perspective and Issues
    5. Definitions of Terms
    6. Concepts, Rules, and Examples
      1. Accounting for Network Affiliation Agreements
    7. Cable Television: Perspective and Issues
    8. Definitions of Terms
    9. Concepts, Rules, and Examples
    10. Computer Software Developers: Perspective and Issues
    11. Definitions of Terms
    12. Concepts, Rules, and Examples
    13. Employee Benefit Plans, Including Pension Funds Perspective and Issues
    14. Definitions of Terms
    15. Concepts, Rules, and Examples
    16. Finance Companies: Perspective and Issues
    17. Definitions of Terms
    18. Concepts, Rules, and Examples
      1. Interest Income and Nonrefundable Loan Fees
    19. Government Contractors Perspective and Issues
    20. Definitions of Terms
    21. Concepts, Rules, and Examples
    22. Insurance: Perspective and Issues
    23. Concepts, Rules, and Examples
      1. Other Accounting Guidance
    24. Investment Companies: Perspective and Issues
    25. Definitions of Terms
    26. Concepts, Rules, and Examples
    27. Mortgage Banking: Perspective and Issues
    28. Definitions of Terms
    29. Concepts, Rules, and Examples
    30. Motion Pictures: Perspective and Issues
    31. Definitions of Terms
    32. Concepts, Rules, and Examples
    33. Not‐For‐Profit Organizations: Perspective and Issues
    34. Definition of Terms
    35. Concepts, Rules, and Examples
    36. Oil and Gas Producers: Perspective and Issues
    37. Concepts, Rules, and Examples
    38. Recording and Music: Perspective and Issues
    39. Definitions of Terms
    40. Concepts, Rules, and Examples
    41. Regulated Operations: Perspective and Issues
    42. Concepts, Rules, and Examples
      1. Imposition of Liabilities
      2. Deferred Income Taxes
    43. Title Plant: Perspective and Issues
    44. Definitions of Terms
    45. Concepts, Rules, and Examples
    46. Endnotes
  30. Disclosure Checklist
    1. General
    2. Endnotes
  31. International vs. US Accounting Standards