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Wiley GAAP 2018, 16th Edition

Book Description

Get the most comprehensive coverage of the FASB Codification and the latest FASB updates in a single volume

Wiley GAAP 2018: Interpretation and Application of Generally Accepted Accounting Principles is a thorough study and analysis of all US Generally Accepted Accounting Principles (GAAP) set forth in the pronouncements of the FASB (Financial Accounting Standards Board) Codification. All topics are explained with relevant terminology and practice-oriented real world examples. Each chapter is composed of a discussion of perspectives and issues, definitions of terms, concepts, rules, and examples.

US GAAP is constantly being updated, and its users require expert interpretation and explanation of the relevant principles. This book provides the most comprehensive coverage of each Codification topic. It contains clear, user-friendly guidance on every pronouncement. 

  • Fully up-to-date with all the latest changes, including those to inventory, financial instruments, revenue, and leases
  • Includes more real-world examples and illustrations than competing titles
  • Arranged according to the FASB Codification, all topics are referenced to the Codification

Wiley GAAP 2018 renders GAAP more understandable and accessible for research and is designed to reduce the amount of time and effort needed to solve accounting research and implementation issues, making it the best go-to source for CPAs and others working in accounting.

Table of Contents

  1. Cover
  2. Series Page
  3. Title Page
  4. Copyright
  5. Preface
  6. About the Author
  7. Codification Taxonomy
    1. 1: ASC 105 Generally Accepted Accounting Principles
      1. Perspectives and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Search Authoritative Literature (Step 6)—Further Explanation
      5. The Concept of Materiality
      6. Descriptions of Materiality
      7. The Conceptual Framework
      8. CON 8—Chapter 1: The Objective of General Purpose Financial Reporting
      9. CON 8—Chapter 3: Qualitative Characteristics of Useful Financial Information
      10. CON 5: Recognition and Measurement in Financial Statements of Business Enterprises
      11. CON 6: Elements of Financial Statements
      12. CON 7: Using Cash Flow Information and Present Value in Accounting Measurements
    2. 2: ASC 205 Presentation Of Financial Statements
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    3. 3: ASC 210 Balance Sheet
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    4. 4: ASC 215 Statement of Shareholder Equity
      1. Perspective and Issues
    5. 5: ASC 220 Comprehensive Income
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    6. 6: ASC 225 Income Statement
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    7. 7: ASC 230 Statement of Cash Flows
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    8. 8: ASC 235 Notes to Financial Statements
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    9. 9: ASC 250 Accounting Changes and Error Corrections
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    10. 10: ASC 255 Changing Prices
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    11. 11: ASC 260 Earnings Per Share
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Comprehensive Example
      5. Notes
    12. 12: ASC 270 Interim Reporting
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Part I—Requirements Applicable to All reporting Entities
      5. Part II—Requirements Applicable to Public Reporting Entities
    13. 13: ASC 272 Limited Liability Entities
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    14. 14: ASC 274 Personal Financial Statements
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    15. 15: ASC 275 Risks and Uncertainties
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    16. 16: ASC 280 Segment Reporting
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    17. 17: ASC 305 Cash and Cash Equivalents
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    18. 18: ASC 310 Receivables
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Other Sources (ASC 310-10-60)
      5. Notes
    19. 19: ASC 320 Investments—Debt and Equity Securities1
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    20. 20: ASC 320 Investments—Debt Securities1
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    21. 21: ASC 321 Investments—Equity Securities
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    22. 22: ASC 323 Investments—Equity Method and Joint Ventures
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    23. 23: ASC 325 Investments—Other
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    24. 24: ASC 326 Financial Instruments—Credit Losses
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    25. 25: ASC 330 Inventory
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    26. 26: ASC 340 Other Assets and Deferred Costs
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    27. 27: ASC 350 Intangibles—Goodwill and Other
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    28. 28: ASC 360 Property, Plant, and Equipment
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    29. 29: ASC 405 Liabilities
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    30. 30: ASC 410 Asset Retirement and Environmental Obligations
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    31. 31: ASC 420 Exit or Disposal Cost Obligations
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    32. 32: ASC 430 Deferred Revenue
    33. 33: ASC 440 Commitments
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    34. 34: ASC 450 Contingencies
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    35. 35: ASC 460 Guarantees
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    36. 36: ASC 470 Debt
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    37. 37: ASC 480 Distinguishing Liabilities from Equity
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Mandatorily Redeemable Shares and Similar Instruments
    38. 38: ASC 505 Equity
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    39. 39: ASC 605 Revenue Recognition1
      1. Revenue Recognition—General Principles
      2. ASC 605-10, Overall
      3. Definitions of Terms
      4. Concepts, Rules, and Examples
      5. ASC 605-15, Products
      6. Perspective and Issues
      7. Definitions of Terms
      8. Concepts, Rules, and Examples
      9. ASC 605-20, Service Revenues
      10. Perspective and Issues
      11. Definitions of Terms
      12. Concepts, Rules, and Examples
      13. ASC 605-25, Multiple-Element Arrangements
      14. Perspective and Issues
      15. ASC 605-28, Milestone Method
      16. Perspective and Issues
      17. Concepts, Rules, and Examples
      18. ASC 605-35, Construction-Type and Production-Type Contracts
      19. Perspective and Issues
      20. Definitions of Terms
      21. Concepts, Rules, and Examples
      22. ASC 605-45, Principal-Agent Considerations
      23. Perspective and Issues
      24. Concepts, Rules, and Examples
      25. ASC 605-50, Customer Payments and Incentives
      26. Notes
    40. 40: ASC 606 Revenue from Contracts With Customers
      1. Overview
      2. Step 1: Identify the Contract with the Customer
      3. Step 2: Identifying the Performance Obligations
      4. Step 3: Determine the Transaction Price
      5. Step 4: Allocate the Transaction Price
      6. Step 5: Recognize Revenue when (or as) the Entity Satisfies a Performance Obligation
      7. Other Issues
      8. Notes
    41. 41: ASC 610 Other Income
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    42. 42: ASC 705 Cost of Sales and Services
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    43. 43: ASC 710 Compensation—General
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    44. 44: ASC 712 Compensation—Nonretirement Post-Employment Benefits
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    45. 45: ASC 715 Compensation—Retirement Benefits
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    46. 46: ASC 718 Compensation—Stock Compensation
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    47. 47: ASC 720 Other Expenses
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    48. 48: ASC 730 Research and Development
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    49. 49: ASC 740 Income Taxes
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Notes
    50. 50: ASC 805 Business Combinations
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    51. 51: ASC 808 Collaborative Arrangements
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    52. 52: ASC 810 Consolidations
      1. Perspective and Issues
      2. Definitions of Terms
      3. Consolidation Models—Introduction and Background
      4. The VIE Model
      5. Voting Interest Model
    53. 53: ASC 815 Derivatives and Hedging
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    54. 54: ASC 820 FAIR VALUE MEASUREMENTS
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    55. 55: ASC 825 FINANCIAL INSTRUMENTS
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. ASC 825-20
    56. 56: ASC 830 Foreign Currency Matters
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
      4. Accounts to be Remeasured Using Historical Exchange Rates
    57. 57: ASC 835 Interest
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    58. 58: ASC 840 LEASES 1
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    59. 59: ASC 842 Leases
      1. FASB Issues New Standard for Lease Accounting
    60. 60: ASC 845 Nonmonetary Transactions
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    61. 61: ASC 850 Related-Party Disclosures
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    62. 62: ASC 852 Reorganizations
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    63. 63: ASC 853 Service Concession Arrangements
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    64. 64: ASC 855 Subsequent Events
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    65. 65: ASC 860 Transfers and Servicing
      1. Perspective and Issues
      2. Definitions of Terms
      3. Concepts, Rules, and Examples
    66. 66: ASC 900S Specialized Industry GAAP
      1. Contractors—Federal Government (ASC 912)1
      2. Perspective and Issues
      3. Definitions of Terms
      4. Concepts, Rules, and Examples
      5. Entertaintment—Broadcasters (ASC 920)3
      6. Perspective and Issues
      7. Definitions of Terms
      8. Concepts, Rules, and Examples
      9. Entertainment—Cable Television (ASC 922)5
      10. Perspective and Issues
      11. Definitions of Terms
      12. Concepts, Rules, and Examples
      13. Entertainment—Casinos (ASC 924)7
      14. Perspective and Issues
      15. Definitions of Terms
      16. Concepts, Rules, and Examples
      17. Entertainment—Film (ASC 926)8
      18. Perspective and Issues
      19. Definitions of Terms
      20. Concepts, Rules, and Examples
      21. Entertainment—Music (ASC 928)9
      22. Perspective and Issues
      23. Definitions of Terms
      24. Concepts, Rules, and Examples
      25. Extractive Activities—Oil and Gas (ASC 932)10
      26. Perspective and Issues
      27. Concepts, Rules, and Examples
      28. Financial Services—Depository and Lending (ASC 942)11
      29. Perspective and Issues
      30. Definitions of Terms
      31. Concepts, Rules, and Examples
      32. Financial Services—Insurance (ASC 944)
      33. Perspective and Issues
      34. Concepts, Rules, and Examples
      35. Financial Services—Investment Companies (ASC 946)13
      36. Perspective and Issues
      37. Definitions of Terms
      38. Concepts, Rules, and Examples
      39. Financial Services—Mortgage Banking (ASC 948)16
      40. Perspective and Issues
      41. Definitions of Terms
      42. Concepts, Rules, and Examples
      43. Financial Services—Title Plant (ASC 950)
      44. Perspective and Issues
      45. Definitions of Terms
      46. Concepts, Rules, and Examples
      47. Franchisors (ASC 952)21
      48. Perspective and Issues
      49. Definitions of Terms
      50. Concepts and Rules
      51. Not-for-Profit Entities (ASC 958)22
      52. Perspective and Issues
      53. Definitions of Terms
      54. Concepts, Rules, and Examples
      55. Plan Accounting (ASC 960, ASC 962, ASC 965)
      56. Perspective and Issues
      57. Definitions of Terms
      58. Concepts, Rules, and Examples
      59. Real Estate—General (ASC 970)25
      60. Perspective and Issues
      61. Definitions of Terms
      62. Concepts, Rules, and Examples
      63. Real Estate—Retail Land (ASC 976)26
      64. Perspective and Issues
      65. Definitions of Terms
      66. Concepts, Rules, and Examples
      67. Real Estate Time-Sharing Activities (ASC 978)28
      68. Perspective and Issues
      69. Definitions of Terms
      70. Concepts, Rules, and Examples
      71. Regulated Operations (ASC 980)29
      72. Perspective and Issues
      73. Concepts, Rules, and Examples
      74. Software (ASC 985)31
      75. Perspective and Issues
      76. Definitions of Terms
      77. Concepts, Rules, and Examples
  8. Appendix A: Definitions of Terms
  9. Appendix B: Disclosure and Presentation Checklist for Commercial Businesses
  10. Index
  11. End User License Agreement