GAAP Policies and Procedures, Second Edition

Chapter 9. Current Liabilities and Contingencies

Definitions of Terms			230
Concepts and Examples			230
	Current Liabilities—Presentation		230
	Current Liabilities—Advances		230
	Current Liabilities—Bonuses		230
	Current Liabilities—Commissions		231
	Current Liabilities—Compensated Absences		231
	Current Liabilities—Debt		231
	Current Liabilities—Employee Terminations		232
	Current Liabilities—Property Taxes		232
	Current Liabilities—Royalties		233
	Current Liabilities—Wages		233
	Current Liabilities—Warranty Claims		233
	Contingencies		234
	Contingencies—Debt Covenant Violation		234
	Contingencies—Debt Guarantees		235
	Contingencies—Guaranteed Minimum Option Price		235
Policies			235
	Current Liabilities		235
Procedures			235
	Current Liabilities—Accounts Payable		235
Controls			236
	Current Liabilities		236
	Contingencies		239
Forms and Reports			239
	Current Liabilities—Commission Calculation Worksheet		239
	Current Liabilities—Wage Accrual Spreadsheet		241
	Current Liabilities—Royalty Calculation Spreadsheet		241
	Current Liabilities—Vacation Accrual Spreadsheet		242
Footnotes			243
	Disclosure of Collective Bargaining Agreements		243
	Disclosure of Contingent Asset Purchase Obligation		243
	Disclosure of Contingent Liabilities		244
	Disclosure of Employment Contract Liabilities		244
	Disclosure of Gain Contingencies		245
	Disclosure of Geographic Risk		245
	Disclosure of Government Investigation		246
	Disclosure of Indebtedness Guarantees		246
	Disclosure of Industry Risk		246
	Disclosure of Litigation		246
	Disclosure of Outsourced Production Liability		247
	Disclosure of Postemployment Benefits		247