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Wiley GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles

Book Description

The most practical, authoritative guide to GAAP

Wiley GAAP 2014 contains complete coverage of all levels of GAAP, indexed to the ASC. Wiley GAAP renders GAAP more understandable and accessible for research, and has been designed to reduce the amount of time and effort needed to solve accounting research issues. Providing interpretive guidance and a wealth of real-world, content-rich examples and illustrations, this invaluable guide offers 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.

  • Offers insight into the application of complex financial reporting rules

  • Contains detailed index for easy reference use

  • Includes a comprehensive cross-reference of accounting topics to the FASB codification system

With easy-to-access information, this reliable resource offers complete coverage of the entire GAAP hierarchy.

Table of Contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. Contents
  5. PREFACE
  6. About the Author
  7. CODIFICATION TAXONOMY
  8. 1 ASC 105 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
    1. PERSPECTIVES AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. CON 8: CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING Chapter 1 , The Objective of General Purpose Financial Reporting , and Chapter 3 , Qualitative Characteristics of Useful Financial Information (A Replacement of FASB Concepts Statements No. 1 and No. 2)
  9. 2 ASC 205 PRESENTATION OF FINANCIAL STATEMENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources – ASC 205-10-60 and ASC 205-20-60
  10. 3 ASC 210 BALANCE SHEET
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  11. 4 ASC 215 STATEMENT OF SHAREHOLDER EQUITY
    1. PERSPECTIVE AND ISSUES
  12. 5 ASC 220 COMPREHENSIVE INCOME
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  13. 6 ASC 225 INCOME STATEMENT
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  14. 7 ASC 230 STATEMENT OF CASH FLOWS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources (ASC 230-10-60)
  15. 8 ASC 235 NOTES TO FINANCIAL STATEMENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  16. 9 ASC 250 ACCOUNTING CHANGES AND ERROR CORRECTIONS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  17. 10 ASC 255 CHANGING PRICES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  18. 11 ASC 260 EARNINGS PER SHARE
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. COMPREHENSIVE EXAMPLE
    5. Other Sources
  19. 12 ASC 270 INTERIM REPORTING
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. PART I—REQUIREMENTS APPLICABLE TO ALL REPORTING ENTITIES
    5. PART II—REQUIREMENTS APPLICABLE TO PUBLIC REPORTING ENTITES
    6. Other Sources
  20. 13 ASC 272 LIMITED LIABILITY ENTITIES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  21. 14 ASC 274 PERSONAL FINANCIAL STATEMENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. EXAMPLE: HYPOTHETICAL SET OF PERSONAL FINANCIAL STATEMENTS
  22. 15 ASC 275 RISKS AND UNCERTAINTIES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  23. 16 ASC 280 SEGMENT REPORTING
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  24. 17 ASC 305 CASH AND CASH EQUIVALENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  25. 18 ASC 310 RECEIVABLES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  26. 19 ASC 320 INVESTMENTS—DEBT AND EQUITY SECURITIES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  27. 20 ASC 323 INVESTMENTS—EQUITY METHOD AND JOINT VENTURES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  28. 21 ASC 325 INVESTMENTS—OTHER
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  29. 22 ASC 330 INVENTORY
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  30. 23 ASC 340 OTHER ASSETS AND DEFERRED COSTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITION OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  31. 24 ASC 350 INTANGIBLES—GOODWILL AND OTHER
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  32. 25 ASC 360 PROPERTY, PLANT, AND EQUIPMENT
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  33. 26 ASC 405 LIABILITIES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  34. 27 ASC 410 ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  35. 28 ASC 420 EXIT OR DISPOSAL COST OBLIGATIONS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  36. 29 ASC 430 DEFERRED REVENUE
  37. 30 ASC 440 COMMITMENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  38. 31 ASC 450 CONTINGENCIES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  39. 32 ASC 460 GUARANTEES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  40. 33 ASC 470 DEBT
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  41. 34 ASC 480 DISTINGUISHING LIABILITIES FROM EQUITY
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  42. 35 ASC 505 EQUITY
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. FINANCIAL STATEMENT PRESENTATION
    5. Other Sources
  43. 36 ASC 605 REVENUE RECOGNITION
    1. REVENUE RECOGNITION—GENERAL PRINCIPLES
    2. LONG-TERM CONSTRUCTION CONTRACTS (ASC 605-35)
    3. PERSPECTIVE AND ISSUES
    4. DEFINITIONS OF TERMS
    5. CONCEPTS, RULES, AND EXAMPLES
    6. SERVICE REVENUES (ASC 605-20 AND ASC 605-45)
    7. PERSPECTIVE AND ISSUES
    8. DEFINITIONS OF TERMS
    9. CONCEPTS, RULES, AND EXAMPLES CODIFICATION DEFINES SERVICE TRANSACTIONS AS FOLLOWS:
    10. SALES WHEN COLLECTION IS UNCERTAIN
    11. PERSPECTIVE AND ISSUES
    12. DEFINITIONS OF TERMS
    13. CONCEPTS, RULES, AND EXAMPLES
    14. REVENUE RECOGNITION WHEN RIGHT OF RETURN EXISTS (ASC 605-15)
    15. PERSPECTIVE AND ISSUES
    16. DEFINITIONS OF TERMS
    17. CONCEPTS, RULES, AND EXAMPLES
    18. REVENUE ARRANGEMENTS WITH MULTIPLE DELIVERABLES (ASC 605-25)
    19. OTHER SPECIAL ACCOUNTING AND REPORTING ISSUES
  44. 37 ASC 705 COST OF SALES AND SERVICES
  45. 38 ASC 710 Compensation—General
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  46. 39 ASC 712 COMPENSATON—NONRETIREMENT POST-EMPLOYMENT BENEFITS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  47. 40 ASC 715 COMPENSATION—RETIREMENT BENEFITS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  48. 41 ASC 718 COMPENSATION—STOCK COMPENSATION
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  49. 42 ASC 720 OTHER EXPENSES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  50. 43 ASC 730 RESEARCH AND DEVELOPMENT
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  51. 44 ASC 740 INCOME TAXES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  52. 45 ASC 805 BUSINESS COMBINATIONS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  53. 46 ASC 808 COLLABORATIVE ARRANGEMENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  54. 47 ASC 810 CONSOLIDATIONS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. Other Sources
  55. 48 ASC 815 DERIVATIVES AND HEDGING
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  56. 49 ASC 820 FAIR VALUE MEASUREMENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  57. 50 ASC 825 FINANCIAL INSTRUMENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  58. 51 ASC 830 FOREIGN CURRENCY MATTERS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
    4. ACCOUNTS TO BE REMEASURED USING HISTORICAL EXCHANGE RATES
  59. 52 ASC 835 INTEREST
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  60. 53 ASC 840 LEASES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  61. 54 ASC 845 NONMONETARY TRANSACTIONS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  62. 55 ASC 850 RELATED-PARTY DISCLOSURES
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  63. 56 ASC 852 REORGANIZATIONS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  64. 57 ASC 855 SUBSEQUENT EVENTS
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  65. 58 ASC 860 TRANSFERS AND SERVICING
    1. PERSPECTIVE AND ISSUES
    2. DEFINITIONS OF TERMS
    3. CONCEPTS, RULES, AND EXAMPLES
  66. 59 ASC 900s SPECIALIZED INDUSTRY GAAP
    1. CONTRACTORS—FEDERAL GOVERNMENT (ASC 912)
    2. PERSPECTIVE AND ISSUES
    3. DEFINITIONS OF TERMS
    4. CONCEPTS, RULES, AND EXAMPLES
    5. DEVELOPMENT STAGE ENTERPRISES (ASC 915)
    6. PERSPECTIVE AND ISSUES
    7. DEFINITIONS OF TERMS
    8. CONCEPTS, RULES, AND EXAMPLES
    9. ENTERTAINTMENT—BROADCASTERS (ASC 920)
    10. PERSPECTIVE AND ISSUES
    11. DEFINITIONS OF TERMS
    12. CONCEPTS, RULES, AND EXAMPLES
    13. ENTERTAINMENT—CABLE TELEVISION (ASC 922)
    14. PERSPECTIVE AND ISSUES
    15. DEFINITIONS OF TERMS
    16. CONCEPTS, RULES, AND EXAMPLES
    17. ENTERTAINMENT—CASINOS (ASC 924)
    18. PERSPECTIVE AND ISSUES
    19. DEFINITIONS OF TERMS
    20. CONCEPTS, RULES, AND EXAMPLES
    21. ENTERTAINMENT—FILM (ASC 926)
    22. PERSPECTIVE AND ISSUES
    23. DEFINITIONS OF TERMS
    24. CONCEPTS, RULES, AND EXAMPLES
    25. ENTERTAINMENT—MUSIC (ASC 928)
    26. PERSPECTIVE AND ISSUES
    27. DEFINITIONS OF TERMS
    28. CONCEPTS, RULES, AND EXAMPLES
    29. EXTRACTIVE ACTIVITIES—OIL AND GAS (ASC 932)
    30. PERSPECTIVE AND ISSUES
    31. CONCEPTS, RULES, AND EXAMPLES
    32. FINANCIAL SERVICES—DEPOSITORY AND LENDING (ASC 942)
    33. PERSPECTIVE AND ISSUES
    34. DEFINITIONS OF TERMS
    35. CONCEPTS, RULES, AND EXAMPLES
    36. FINANCIAL SERVICES—INSURANCE (ASC 944)
    37. PERSPECTIVE AND ISSUES
    38. CONCEPTS, RULES, AND EXAMPLES
    39. FINANCIAL SERVICES—INVESTMENT COMPANIES (ASC 946)
    40. PERSPECTIVE AND ISSUES
    41. DEFINITIONS OF TERMS
    42. CONCEPTS, RULES, AND EXAMPLES
    43. FINANCIAL SERVICES—MORTGAGE BANKING (ASC 948)
    44. PERSPECTIVE AND ISSUES
    45. DEFINITIONS OF TERMS
    46. CONCEPTS, RULES, AND EXAMPLES
    47. FINANCIAL SERVICES—TITLE PLANT (ASC 950)
    48. PERSPECTIVE AND ISSUES
    49. DEFINITIONS OF TERMS
    50. CONCEPTS, RULES, AND EXAMPLES
    51. FRANCHISORS (ASC 952)
    52. PERSPECTIVE AND ISSUES
    53. DEFINITIONS OF TERMS
    54. CONCEPTS AND RULES
    55. NOT-FOR-PROFIT ORGANIZATIONS (ASC 958)
    56. PERSPECTIVE AND ISSUES
    57. DEFINITIONS OF TERMS
    58. CONCEPTS, RULES, AND EXAMPLES
    59. PLAN ACCOUNTING (ASC 960, ASC 962, ASC 965)
    60. PERSPECTIVE AND ISSUES
    61. DEFINITIONS OF TERMS
    62. CONCEPTS, RULES, AND EXAMPLES
    63. REAL ESTATE—GENERAL (ASC 970)
    64. PERSPECTIVE AND ISSUES
    65. DEFINITIONS OF TERMS
    66. CONCEPTS, RULES, AND EXAMPLES
    67. REAL ESTATE—RETAIL LAND (ASC 976)
    68. PERSPECTIVE AND ISSUES
    69. DEFINITIONS OF TERMS
    70. CONCEPTS, RULES, AND EXAMPLES
    71. REAL ESTATE TIME-SHARING ACTIVITIES (ASC 978)
    72. PERSPECTIVE AND ISSUES
    73. CONCEPTS, RULES, AND EXAMPLES
    74. REGULATED OPERATIONS (ASC 980)
    75. PERSPECTIVE AND ISSUES
    76. CONCEPTS, RULES, AND EXAMPLES
    77. SOFTWARE (ASC 985)
    78. PERSPECTIVE AND ISSUES
    79. DEFINITIONS OF TERMS
    80. CONCEPTS, RULES, AND EXAMPLES
  67. Appendix Disclosure Checklist for Commercial Businesses
    1. PRESENTATION
    2. ASSETS
    3. LIABILITIES
    4. EQUITY
    5. REVENUE
    6. EXPENSES
    7. BROAD TRANSACTIONS
    8. INDUSTRY
  68. INDEX