The most comprehensive guide to US GAAP—thoroughly updated to reflect the latest pronouncements
US GAAP is constantly being updated, requiring its users to be armed with expert interpretation and explanation of the relevant principles. Wiley GAAP 2020 provides the most complete coverage of all Financial Accounting Standards Board (FASB) Topics—including the latest updates.
Each chapter includes discussion of perspectives and issues, sources of GAAP, practice-oriented examples, and accurate definitions of terms, concepts, and rules. Every FASB Topic is fully explained in a clear, reader-friendly way with dynamic graphic to aid in understanding complex topics. Extensively updated to reflect all current US GAAP changes, this indispensable book:
- Reviews the latest changes to accounting principles, including inventory, financial instruments, leases, and revenue
- Offers expert guidance on issues surrounding specific pronouncements
- Includes comprehensive cross-references and topic-specific appendices
- Explains how the standards apply to common real-world scenarios
- Clarifies implementation through numerous illustrations and practical examples
Accurate and up-to-date GAAP implementation is crucial for eliminating the risk of noncompliance. Wiley GAAP 2020 is your one-stop resource for staying up-to-date with constantly-changing guidelines—providing the insight and guidance accounting professionals need.
Joanna Flood, MBA, CPA, has worked with small business and large enterprise clients. She has worked for a Big 4 international firm and a small firm. Formerly a senior manager in the AICPA’s Professional Development Group, Joanne has produced training materials on accounting in a wide variety of media.
Preface ix
About the Author xi
Codification Taxonomy xiii
1 ASC 105 Generally Accepted Accounting Principles 1
2 ASC 205 Presentation of Financial Statements 27
3 ASC 210 Balance Sheet 39
4 ASC 215 Statement of Shareholder Equity 49
5 ASC 220 Income Statement—Reporting Comprehensive Income 51
6 ASC 230 Statement of Cash Flows 69
7 ASC 235 Notes to Financial Statements 93
8 ASC 250 Accounting Changes and Error Corrections 99
9 ASC 255 Changing Prices 119
10 ASC 260 Earnings per Share 123
11 ASC 270 Interim Reporting 157
12 ASC 272 Limited Liability Entities 169
13 ASC 274 Personal Financial Statements 173
14 ASC 275 Risks and Uncertainties 181
15 ASC 280 Segment Reporting 187
16 ASC 310 Receivables 197
17 ASC 320 Investments—Debt Securities 243
18 ASC 321 Investments—Equity Securities 265
19 ASC 323 Investments—Equity Method and Joint Ventures 271
20 ASC 325 Investments—Other 307
21 ASC 326 Financial Instruments—Credit Losses 315
22 ASC 330 Inventory 333
23 ASC 340 Other Assets and Deferred Costs 375
24 ASC 350 Intangibles—Goodwill and Other 389
25 ASC 360 Property, Plant, and Equipment 423
26 ASC 405 Liabilities 471
27 ASC 410 Asset Retirement and Environmental Obligations 477
28 ASC 420 Exit or Disposal Cost Obligations 495
29 ASC 430 Deferred Revenue and Contract Liabilities 501
30 ASC 440 Commitments 503
31 ASC 450 Contingencies 507
32 ASC 460 Guarantees 515
33 ASC 470 Debt 527
34 ASC 480 Distinguishing Liabilities from Equity 567
35 ASC 505 Equity 583
36 ASC 605 Revenue Recognition 605
37 ASC 606 Revenue from Contracts with Customers 609
38 ASC 610 Other Income 681
39 ASC 705 Cost of Sales and Services 685
40 ASC 710 Compensation—General 689
41 ASC 712 Compensation—Nonretirement Post-Employment Benefits 695
42 ASC 715 Compensation—Retirement Benefits 697
43 ASC 718 Compensation—Stock Compensation 739
44 ASC 720 Other Expenses 777
45 ASC 730 Research and Development 785
46 ASC 740 Income Taxes 791
47 ASC 805 Business Combinations 843
48 ASC 808 Collaborative Arrangements 889
49 ASC 810 Consolidations 901
50 ASC 815 Derivatives and Hedging 941
51 ASC 820 Fair Value Measurements 1013
52 ASC 825 Financial Instruments 1031
53 ASC 830 Foreign Currency Matters 1037
54 ASC 835 Interest 1057
55 ASC 840 Leases 1075
56 ASC 842 Leases 1141
57 ASC 845 Nonmonetary Transactions 1157
58 ASC 848 Reference Rate Reform 1169
59 ASC 850 Related-Party Disclosures 1177
60 ASC 852 Reorganizations 1179
61 ASC 853 Service Concession Arrangements 1183
62 ASC 855 Subsequent Events 1185
63 ASC 860 Transfers and Servicing 1187
64 ASC 900s Specialized Industry GAAP 1221
Appendix A: Definitions of Terms 1313
Appendix B: Disclosure and Presentation Checklist for Commercial Businesses 1351
Index 1353
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