Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015

Chapter 1ASC 105 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

1. PERSPECTIVES AND ISSUES
   1. What Is GAAP?
2. DEFINITIONS OF TERMS
3. CONCEPTS, RULES, AND EXAMPLES
   1. History of GAAP
   2. GAAP Codification
   3. Standards-setting Process
   4. Researching GAAP Problems
   5. Research Procedures
   6. Search Authoritative Literature (Step 6)—Further Explanation
   7. The Concept of Materiality
   8. The Conceptual Framework
   9. CON 8—Chapter 1: The Objective of General Purpose Financial Reporting
   10. CON 8—Chapter 3: Qualitative Characteristics of Useful Financial Information
   11. CON 5: Recognition and Measurement in Financial Statements of Business Enterprises
   12. CON 6: Elements of Financial Statements
   13. CON 7: Using Cash Flow Information and Present Value in Accounting Measurements

PERSPECTIVES AND ISSUES

What Is GAAP?

The FASB Accounting Standards Codification^TM (ASC) is the

…source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed by the staff in administering SEC disclosure requirements, and it utilizes SEC Staff Announcements and Observer comments made at Emerging Issues Task Force meetings to publicly announce its views on certain accounting ...