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Wiley GAAP 2016: Interpretation and Application of Generally Accepted Accounting Principles

ISBN: 978-1-119-10607-4
1488 pages
November 2015
Wiley GAAP 2016: Interpretation and Application of Generally Accepted Accounting Principles (1119106079) cover image

Description

The complete, cross-referenced GAAP guide, with illustrations, explanations, and examples

Wiley GAAP 2016 contains the most comprehensive coverage of all GAAP pronouncements in a single volume, providing professionals with a complete reference to the entire GAAP hierarchy. This new edition includes the latest updates to the standards, along with AICPA ASEC statements of position and a comprehensive cross-reference of accounting topics to the new FASB codification system. All pronouncements are fully explained in detail, including terminology, and practice exercises demonstrate real-world application. Each chapter includes a discussion of perspectives and issues, sources of GAAP, definitions, concepts, rules, and examples, with specific appendices where applicable. This useful guide contains numerous examples and illustrations, and all original pronouncements are referenced to the FASB Current Text.

GAAP is constantly being updated, and users require expert interpretation and explanation of relevant principles with every new pronouncement. This book provides clear, comprehensive guidance, including FASB Technical Bulletins, AcSEC Practice Bulletins, FASB Implementation Guides, and AICPA Statements of Position and Accounting Interpretations. Readers will:

  • Refer to GAAP standards and ASEC statements
  • Understand relevant terminology, concepts, and rules
  • Study detailed examples to gain a solid working knowledge of the standards
  • Gain confidence by practicing GAAP applications before using it in the field

This guide represents the most complete, comprehensive GAAP reference available, and the digital format allows for instant access to information through the point-and-click Index and Table of Contents. A thorough study and analysis of all US Generally Accepted Accounting Principles, Wiley GAAP 2016 is the essential reference.

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Table of Contents

Preface ix

About the Author xiii

Codification Taxonomy xv

1 ASC 105 Generally Accepted Accounting Principles 1

2 ASC 205 Presentation of Financial Statements 25

3 ASC 210 Balance Sheet 33

4 ASC 215 Statement of Shareholder Equity 47

5 ASC 220 Comprehensive Income 49

6 ASC 225 Income Statement 57

7 ASC 230 Statement of Cash Flows 69

8 ASC 235 Notes to Financial Statements 89

9 ASC 250 Accounting Changes and Error Corrections 95

10 ASC 255 Changing Prices 123

11 ASC 260 Earnings Per Share 127

12 ASC 270 Interim Reporting 159

13 ASC 272 Limited Liability Entities 173

14 ASC 274 Personal Financial Statements 177

15 ASC 275 Risks and Uncertainties 185

16 ASC 280 Segment Reporting 191

17 ASC 305 Cash and Cash Equivalents 203

18 ASC 310 Receivables 207

19 ASC 320 Investments—Debt and Equity Securities 243

20 ASC 323 Investments—Equity Method and Joint Ventures 269

21 ASC 325 Investments—Other 303

22 ASC 330 Inventory 313

23 ASC 340 Other Assets and Deferred Costs 353

24 ASC 350 Intangibles—Goodwill and Other 361

25 ASC 360 Property, Plant, and Equipment 383

26 ASC 405 Liabilities 427

27 ASC 410 Asset Retirement and Environmental Obligations 431

28 ASC 420 Exit or Disposal Cost Obligations 445

29 ASC 430 Deferred Revenue 451

30 ASC 440 Commitments 453

31 ASC 450 Contingencies 457

32 ASC 460 Guarantees 465

33 ASC 470 Debt 477

34 ASC 480 Distinguishing Liabilities From Equity 515

35 ASC 505 Equity 533

36 ASC 605 Revenue Recognition 561

Appendix—Overview of ASC 606

37 ASC 705 Cost of Sales and Services 629

38 ASC 710 Compensation—General 631

39 ASC 712 Compensation—Nonretirement Postemployment Benefits 637

40 ASC 715 Compensation—Retirement Benefits 639

41 ASC 718 Compensation—Stock Compensation 687

42 ASC 720 Other Expenses 723

43 ASC 730 Research and Development 729

44 ASC 740 Income Taxes 735

45 ASC 805 Business Combinations 787

46 ASC 808 Collaborative Arrangements 835

47 ASC 810 Consolidations 845

48 ASC 815 Derivatives and Hedging 887

49 ASC 820 Fair Value Measurements 945

50 ASC 825 Financial Instruments 967

51 ASC 830 Foreign Currency Matters 975

52 ASC 835 Interest 1003

53 ASC 840 Leases 1023

54 ASC 845 Nonmonetary Transactions 1087

55 ASC 850 Related-Party Disclosures 1101

56 ASC 852 Reorganizations 1103

57 ASC 853 Service Concession Arrangements 1107

58 ASC 855 Subsequent Events 1109

59 ASC 860 Transfers and Servicing 1113

60 ASC 900s Specialized Industry GAAP 1151

Appendix A: Definitions of Terms 1283

Appendix B: Disclosure Checklist for Commercial Businesses 1301

Index 1401

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Author Information

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.
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