Wiley GAAP 2013 Interpretation and Application of Generally Accepted Accounting Principles

The most practical, authoritative guide to GAAP Now including the latest Financial Accounting Standards Board (FASB) updates on comprehensive income, fair value, balance sheet offsetting, goodwill, and more, the Accounting Standards Codification (ASC) supersedes virtually all promulgated generally accepted accounting principles (GAAP), replacing what had previously comprised four levels in the GAAP hierarchy with a single set of codified GAAP. The Codification has created a new, clearer indexing system that is much easier to access and use to research solutions to real-world financial reporting problems. Although the Codification does not itself change US GAAP, it has comprehensively reorganized the myriad of GAAP rules (FASB statements, AICPA statements of position, EITF consensuses, guidance from Audit and Accounting Guides, FASB staff positions, etc.) into a single, easy-to-use compendium conveniently organized by topic or subject. Wiley GAAP 2013 contains, as did preceding editions, complete coverage of GAAP and, for ease of reference, is now arranged by ASC topics. Wiley GAAP renders GAAP more understandable and accessible for research, and has been designed to reduce the amount of time and effort needed to solve accounting research issues. As it has since its inception in 1985, Wiley GAAP provides interpretive guidance and a wealth of real-world, content-rich examples and illustrations to provide the type of insight into the application of complex financial reporting rules that traditional handbooks and their "plain vanilla" illustrations simply cannot offer. Wiley GAAP 2013 is your one necessary authoritative guide to GAAP under the new codification system. This invaluable resource makes learning the new ASC system a breeze, with at-your-fingertips information that does the work for you. Practicable and reliable, Wiley GAAP 2013 is the essential tool to navigate these waters.

Preface vii About the Author ix About the Online Resources xi Codification Taxonomy xiii 1 Researching GAAP Matters 1 2 Statement of Financial Position 27 3 Statements of Income and Comprehensive Income 53 4 Statement of Cash Flows 87 5 Accounting Policies, Changes, and Restatements 105 6 Fair Value 137 7 Cash, Receivables, and Prepaid Expenses 171 8 Transfers and Servicing of Financial Assets 197 9 Investments—Debt and Equity 235 10 Derivatives and Hedging 263 11 Inventory 317 12 Revenue Recognition—Evolving Principles and Specialized Applications 359 Revenue Recognition—General Principles 361 Long–Term Construction Contracts 369 Service Revenues 384 Sales When Collection Is Uncertain 392 Revenue Recognition When Right of Return Exists 399 Profit Recognition on Real Estate Sales 403 Real Estate Operations 424 Franchising: Accounting by Franchisors 429 Other Special Accounting and Reporting Issues 433 13 Intangibles—Goodwill and Other 445 14 Property, Plant, and Equipment 465 15 Investments—Equity Method and Joint Ventures 511 16 Investments—Other 545 17 Business Combinations and Consolidated Financial Statement 555 18 Collaborative Arrangements 633 19 Current Liabilities and Contingencies 643 20 Long–Term Liabilities 669 21 Leases 719 22 Research and Development 793 23 Nonmonetary Transactions 799 24 Income Taxes 809 25 Compensation—Retirement Benefits 881 26 Compensation—Stock Compensation 925 27 Stockholders’ Equity 959 28 Earnings Per Share 1005 29 Interim Reporting 1035 30 Segment Reporting 1049 31 Foreign Currency 1059 32 Personal Financial Statements 1089 33 Specialized Industry GAAP 1097 Appendix A: Disclosure Checklist for Commercial Businesses 1203 Index 1285