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

1   ASC 105 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

Perspectives and Issues

What is GAAP?

Definitions of Terms

Concepts, Rules, and Examples

History of GAAP

Pre Codification GAAP Hierarchy

Other sources

GAAP Codification

Standards-setting Process

Emerging Issues Task Force

Accounting Standards Updates

Maintenance Updates

American Institute of Certified Public Accountants

Researching GAAP Problems

Codification Structure

Research Procedures

Step 1: Identify the Problem

Step 2: Analyze the Problem

Step 3: Refine the Problem Statement

Step 4: Identify Plausible Alternatives

Step 5: Develop a Research Strategy

Step 6: Search Authoritative Literature

Step 7: Evaluation

Search Authoritative Literature (Step 6)—Further Explanation

Researching Wiley GAAP

Researching nonpromulgated GAAP

Internet-based research sources

The Concept of Materiality

The Conceptual Framework

Components of the conceptual framework

CON 8: Conceptual Framework for Financial Reporting

CON 8—Chapter 1: The Objective of General Purpose Financial Reporting

CON 8—Chapter 3: Qualitative Characteristics of Useful Financial Information.

CON 5: Recognition and Measurement in Financial Statements of Business Enterprises

CON 6: Elements of Financial Statements

Definitions of terms

Elements of not-for-profit financial statements

CON 7: Using Cash Flow Information and Present Value in Accounting Measurements

How CON 7 measures differ from previously utilized present value techniques

Measuring liabilities

Interest method of allocation ...