Wiley GAAP 2013: Interpretation and Application of Generally Accepted Accounting Principles

CHAPTER 1

RESEARCHING GAAP MATTERS

Development of GAAP

What Is GAAP?

Who Created GAAP?

Other sources

Accounting standards codification

American Institute of Certified Public Accountants

GAAP Codification

How Is GAAP Created?

Emerging Issues Task Force

The Concept of Materiality

On the Horizon

Researching GAAP Problems

Research Procedures

Step 1: Identify the Problem

Step 2: Analyze the Problem

Step 3: Refine the Problem Statement

Step 4: Identify Plausible Alternatives

Step 5: Develop a Research Strategy

Step 6: Search Authoritative Literature

Step 7: Evaluation

Search Authoritative Literature (Step 6)—Further Explanation

Researching Wiley GAAP

Researching the GAAP Codification

Researching nonpromulgated GAAP

Internet-based research sources

Conducting Research through the FASB Codification Web Site

The Conceptual Framework

Components of the conceptual framework

CON 8: Conceptual Framework for Financial Reporting

CON 8—Chapter 1: The Objective of General Purpose Financial Reports

CON 8—Chapter 3: Qualitative Characteristics of Useful Financial Information

Usefulness for decision

Relevance

Faithful representation

Verifiability

Timeliness

Understandable

Trade-offs

Cost constraint

CON 3: Elements of Financial Statements of Business Enterprises

CON 5: Recognition and Measurement in Financial Statements of Business Enterprises

CON 6: Elements of Financial Statements

CON 7: Using Cash Flow Information and Present Value in Accounting Measurements

How CON 7 measures differ from previously ...