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Wiley GAAP: Practical Implementation Guide and Workbook

ISBN: 978-0-470-64588-8
496 pages
June 2010
Wiley GAAP: Practical Implementation Guide and Workbook (0470645881) cover image

Wiley GAAP Workbook provides easy-to-understand guidance and clarity to practical applications of GAAP. Enhancing your comprehension of GAAP to enable practical application of a variety of situations that you may encounter in practice, this workbook and guide simplifies application of GAAP standards and interpretations to specific real-world situations.

  • Provides easy-to-understand clarity and guidance on interpretation and application of the overwhelming and voluminous GAAP standards
  • Offers explanations supplemented with examples, case studies, solutions, and illustrations for enhanced understanding of GAAP
  • Includes newly issued accounting pronouncements and information on the GAAP codification

Wiley GAAP: Practical Implementation Guide and Workbook is a quick reference guide on Generally Accepted Accounting Principles and their application with easy to understand outlines of FASB standards, practical insights, case studies with solutions, illustrations, and multiple choice questions with solutions. It greatly facilitates understanding of the practical implementation issues involved in applying these complex rules-based standards.

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About the Authors vii

Chapter 1 Researching GAAP 1

Chapter 2 Statement of Financial Position (ASC 210) 25

Chapter 3 Income Statement (ASC 225) 31

Chapter 4 Statement of Cash Flows (ASC 230) 37

Chapter 5 Accounting Policies, Changes in Accounting Estimates and Errors (ASC 250) 43

Chapter 6 Fair Value (ASC 820) 53

Chapter 7 Cash, Receivables, and Prepaid Expenses (ASC 305, 310, 860) 67

Chapter 8 Inventory (ASC 330) 81

Chapter 9 Revenue Recognition (ASC 605) 99

Chapter 10 Property, Plant, and Equipment (ASC 360) 107

Chapter 11 Financial Instruments (ASC 825) 115

Chapter 12 Equity Method Investments and Joint Ventures (ASC 323) 155

Chapter 13 Intangible Assets (ASC 350) 169

Chapter 14 Consolidated and Separate Financial

Statements (ASC 810) 183

Chapter 15 Business Combinations (ASC 805) 191

Chapter 16 Income Taxes (ASC 740) 207

Chapter 17 Current Liabilities and Contingencies (Various Sections under the ASC) 227

Chapter 18 Long-Term Liabilities (ASC 480 and 835) 249

Chapter 19 Leases (ASC 840) 261

Chapter 20 Segment Reporting (ASC 280) 271

Chapter 21 Interim Reporting (ASC 270) 277

Chapter 22 Foreign Currency (ASC 830) 283

Chapter 23 Earnings Per Share (ASC 260) 297

Chapter 24 Employee Benefits (ASC 715) 305

Chapter 25 Accounting and Reporting by Retirement Benefit Plans (ASC 960 and 962) 323

Chapter 26 Stockholders’ Equity (ASC 505) 331

Chapter 27 Personal Financial Statements (ASC 274) 345

Answers for Multiple-Choice Questions 353

Index 357

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BARRY J. EPSTEIN, PhD, CPA, the lead coauthor of Wiley GAAP and Wiley IFRS, is a partner with Russell Novak & Company LLP in Chicago. His work is centered on technical consultations on GAAP, IFRS, and auditing standards, and he serves as a consulting and testifying expert on commercial litigation, accountants' liability, and white-collar criminal matters.

NADIRA M. SAAFIR, CPA, is a senior litigation consultant with Chicago-based Russell Novak & Company LLP. Prior to joining the firm in 2009, she served as a senior auditor at Deloitte, where she gained an extensive knowledge base regarding the theory and practical application of Generally Accepted Accounting Principles and International Financial Reporting Standards, with particular emphasis on accounting and auditing for complex financial instruments.

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