Wiley GAAP 2006 Interpretation and Application of Generally Accepted Accounting Principles

The most practical, authoritative guide to GAAP

midst a national parade of corporate scandals, accounting professionals require a timely, rock–solid resource in order to instill clients and investors with the confidence they have come to expect. Wiley GAAP 2006 delivers the most recent developments and analysis of all generally accepted accounting principles (GAAP), restating the original, highly technical pronouncements in easy–to–understand terms and providing battle–tested implementation guidance. Unlike other guides, Wiley GAAP 2006 offers complete coverage of Levels A, B, and C GAAP in a single volume, including EITF issues that have not yet been reduced to consensus, as well as EITF Appendix D discussion matters. Wiley GAAP 2006 contains a host of completely updated features, such as:

• A streamlined format that helps readers find what they need to know quickly
• Contains almost 100 new examples
• Includes important new guidance on how to implement the FASB's new standards on share–based compensation and conditional asset retirement obligations
• Contains an update on the current FASB recodification project and the related proposed FASB GAAP Hierarchy
• Provides practical guidance in dealing with the complex and sometimes counterintuitive consolidation requirements under FIN 46R
• Includes new International Convergence standards on nonmonetary exchanges
• In–depth coverage of inventory costs and FIN 47 on Conditional Asset Retirement Obligations
• Integrates the formerly end–of–chapter summaries of EITF and other pronouncements directly into the relevant sections of the text to enhance the logical organization of the text and to improve the readability and understandability of the discussion

Featuring numerous real–world examples, illustrations, and helpful practice hints that are extremely user–friendly, Wiley GAAP 2006 is designed with the needs of the reader in mind. Covering the entire GAAP hierarchy, Wiley GAAP addresses all effective pronouncements, including:

• FASB Interpretations
• FASB Technical Bulletins
• FASB Statements of Financial Accounting Concepts
• FASB Statements of Financial Accounting Standards (SFASs)
• Consensus Opinions of the Emerging Issues Task Force of the FASB
• AICPA Statements of Position
• Accounting Research Bulletins
• Accounting Principles Board Opinions
• AICPA Audit and Accounting Guides

As clients demand accounting procedures they can trust, accountants require up–to–date reference materials they know they can depend on. More than any other resource, Wiley GAAP 2006 provides the indispensable tools for the accounting professional.

Authoritative Accounting Pronouncements.

1 Researching GAAP Problems.

2 Balance Sheet.

3 Statements of Income and Comprehensive Income.

4 Statement of Cash Flows.

5 Cash, Receivables, and Prepaid Expenses.

6 Short–Term Investments and Financial Instruments.

7 Inventory.

8 Revenue Recognition Evolving Principles and Specialized Applications.

Revenue Recognition General Principles.

Long–Term Construction Contracts.

Service Revenues.

Sales When Collection Is Uncertain.

Revenue Recognition When Right of Return Exists.

Profit Recognition on Real Estate Sales.

Real Estate Operations.

Franchising: Accounting by Franchisors.

Other Special Accounting and Reporting Issues.

9 Long–Lived Assets.

10 Investments.

11 Business Combinations and Consolidated Financial Statements.

12 Current Liabilities and Contingencies.

13 Long–Term Debt.

14 Leases.

15 Income Taxes.

16 Pensions and Other Postretirement Benefits.

17 Stockholders Equity.

Appendix A: Financial Statement Presentation.

18 Earnings Per Share.

Appendix: Comprehensive Example.

19 Interim Reporting.

20 Segment Reporting.

21 Accounting Changes and Correction of Errors.

Appendix A: Accounting Changes in Interim Periods.

Appendix B: Exposure Draft Outstanding: Reporting Accounting Changes.

22 Foreign Currency.

Appendix: Accounts to Be Remeasured Using Historical Exchange Rates.

23 Personal Financial Statements.

Appendix: Hypothetical Set of Personal Financial Statements.

24 Specialized Industry GAAP.

Banking and Thrift.

Broadcasting.

Cable Television.

Computer Software Developers.

Employee Benefit Plans, Including Pension Funds.

Finance Companies.

Government Contractors.

Insurance.

Investment Companies.

Mortgage Banking.

Motion Pictures.

Not–for–Profit Organizations.

Oil and Gas Producers.

Recording and Music.

Regulated Operations.

Title Plant.

Appendix A: Disclosure Checklist.

Appendix B: International vs. US Accounting Standards.

Index.

Barry J. Epstein, PhD, CPA, is a partner with Russell Novak & Company, LLP, a Chicago–based firm, where he specializes in technical consultation on accounting and auditing matters and corporate governance, and serves as a consulting and testifying expert for various litigation matters including accountants malpractice, contractual dispute resolution, and commercial damages modeling. He has previously served in senior technical and litigation consulting positions with several regional and national CPA firms, as a corporate finance executive, and as a college professor. Dr. Epstein has authored or coauthored six books (including Wiley IFRS Interpretation and Application), hundreds of professional education courses, and several articles, and has previously coauthored a weekly business column for an international newspaper. He has served on several state and national technical committees, including the AICPA s Board of Examiners, and served as chair of the Illinois CPA Society s senior accounting technical committee. Most of his career has been in public accounting, but also with teaching stints at several major universities. Dr. Epstein received his doctorate from the University of Pittsburgh, and holds degrees from DePaul University and the University of Chicago. He is a member of the Illinois CPA Society, the AICPA, and the American Accounting Association.

Ralph Nach, CPA, is a managing director with RSM McGladrey, Inc. Mr. Nach has been a practitioner for over thirty years, during which he has specialized in accounting, auditing, and financial reporting issues. Mr. Nach holds a BSBA with honors from the Walter E. Heller School of Business Administration of Roosevelt University in Chicago, and is a CPA in Illinois. Previously Mr. Nach served in capacities including accountant, auditor, technical reviewer, educator, and consultant for several public accounting firms including Arthur Andersen LLP, and taught graduate accounting and finance at Northwestern University in Evanston, Illinois. Mr. Nach has coauthored several other books and speaks nationally on accounting, auditing, and financial reporting topics. He is a member of the American Institute of Certified Public Accountants and chairs its Educational Management Exchange Subcommittee (EDMAX). He is also a member of the Illinois CPA Society, where he has served as a chairman and/or member of numerous committees, and an associate member of the Association of Certified Fraud Examiners.

Steven Bragg, CPA, CMA, CIA, CPIM, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He received a master s degree in finance from Bentley College, an MBA from Babson College, and a Bachelor s degree in Economics from the University of Maine. He is the author of 28 books, including Accounting Best Practices, The Ultimate Accountants Reference, and Controllership. He has been the two–time president of the Colorado Mountain Club. He resides with his wife and two daughters in Centennial, Colorado. Sign up for his free accounting best practices newsletter at www.stevebragg.com.