Wiley GAAP 2019

Wiley GAAP 2019

by Joanne M. Flood
Released March 2019
Publisher(s): Wiley
ISBN: 9781119511571

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Book description

The most comprehensive guide to FASB Codifications, updated with the latest pronouncements

Wiley GAAP 2019 is the essential resource for US GAAP implementation. Covering all codifications by the Financial Accounting Standards Board (FASB)—including the latest updates—this book provides clear explanations and practical examples for real-world application of these dynamic guidelines. Each chapter includes relevant sources of GAAP and expert guidance on interpretation, terminology, relevant concepts, and applicable rules, while in-depth discussion on the issues surrounding specific pronouncements offers informative perspective for a variety of scenarios.

This user-friendly reference covers every pronouncement currently in effect or being deliberated—including FASB Technical Bulletins, FASB Implementation Guides, AcSEC Practice Bulletins, and AICPA Accounting Interpretations—in a single volume, fully referenced to the FASB Current Text and cross-referenced to the new FASB codification system. Clear and concise without sacrificing depth or rigor, this invaluable resource simplifies research and helps CPAs and other accounting professionals ensure accuracy and compliance.

  • Examine the latest changes to US GAAP standards and practices
  • Gain expert perspectives on the issues surrounding specific pronouncements
  • Learn how the standards translate to common real-world scenarios
  • Clarify implementation through numerous illustrations and real-world examples

Staying up-to-date with constantly-evolving guidelines is a challenge, but the requirement for accurate interpretation and appropriate application adds an additional layer of complexity in an area where noncompliance could expose an organization to significant risk. Wiley GAAP 2019 provides the guidance, insight, and perspective accounting professionals need to ensure accurate and up-to-date GAAP implementation.

Table of contents

  1. Cover
  2. Preface
  3. About the Author
  4. Codification Taxonomy
  5. 1 ASC 105 Generally Accepted Accounting Principles
    1. Perspectives and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  6. 2 ASC 205 Presentation of Financial Statements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  7. 3 ASC 210 Balance Sheet
  8. 4 ASC 215 Statement of Shareholder Equity
    1. Perspective and Issues
  9. 5 ASC 220 Income Statement—Reporting Comprehensive Income
    1. Technical Alert
    2. Perspective and Issues
    3. Definitions of Terms
    4. Concepts, Rules, and Examples
    5. Notes
  10. 6 ASC 230 Statement of Cash Flows
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Additional information (all relating to 20X2)
    5. Explanation of entries to compile the statement of cash flows
    6. Calculation of amounts for operating activities section
    7. Reconciliation of net income to net cash provided by operating activities
    8. Note
  11. 7 ASC 235 Notes to Financial Statements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  12. 8 ASC 250 Accounting Changes and Error Corrections
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  13. 9 ASC 255 Changing Prices
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  14. 10 ASC 260 Earnings Per Share
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Comprehensive Example
    5. Notes
  15. 11 ASC 270 Interim Reporting
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Requirements Applicable to All Reporting Entities
    5. Requirements Applicable to Public Reporting Entities
  16. 12 ASC 272 Limited Liability Entities
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  17. 13 ASC 274 Personal Financial Statements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  18. 14 ASC 275 Risks and Uncertainties
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  19. 15 ASC 280 Segment Reporting
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  20. 16 ASC 310 Receivables
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  21. 17 ASC 320 Investments—Debt and Equity Securities1
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  22. 18 ASC 320 Investments—Debt Securities1
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  23. 19 ASC 321 Investments—Equity Securities
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  24. 20 ASC 323 Investments—Equity Method and Joint Ventures
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples—ASC 323-10, OVERALL: THE EQUITY METHOD of ACCOUNTING FOR INVESTMENTS
    4. Concepts, Rules, and Examples—ASC 323-30, EQUITY INVESTMENTS IN CORPORATE JOINT VENTURES and NONCORPORATE ENTITIES
    5. Concepts, Rules, and Examples—ASC 323-740, Qualified Affordable Housing Project Investments
    6. Other Sources
    7. Notes
  25. 21 ASC 325 Investments—Other
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  26. 22 ASC 326 Financial Instruments—Credit Losses
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  27. 23 ASC 330 Inventory
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Market Determination
    5. Notes
  28. 24 ASC 340 Other Assets and Deferred Costs
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  29. 25 ASC 350 Intangibles—Goodwill and Other
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  30. 26 ASC 360 Property, Plant, and Equipment
    1. Perspective and Issues
    2. Definitions of Terms
    3. ASC 360-10, Property, Plant, and Equipment—Overall
    4. Analysis.
    5. ASC 360-20, REAL ESTATE SALES—Concepts, Rules, and Examples
    6. Notes
  31. 27 ASC 405 Liabilities
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  32. 28 ASC 410 Asset Retirement and Environmental Obligations
    1. Perspective and Issues
    2. Definitions of Terms
    3. ASC 410-20, Asset Retirement Obligations
    4. Entries to Record Annual Accretion
    5. Depreciation Computations
    6. Entry to Record Annual Depreciation
    7. Settlement of ARO
    8. ASC 410-30, Environmental Obligations
  33. 29 ASC 420 Exit or Disposal Cost Obligations
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  34. 30 ASC 430 Deferred Revenue
  35. 31 ASC 440 Commitments
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  36. 32 ASC 450 Contingencies
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  37. 33 ASC 460 Guarantees
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  38. 34 ASC 470 Debt
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Trial and Error Calculation
  39. 35 ASC 480 Distinguishing Liabilities from Equity
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  40. 36 ASC 505 Equity
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  41. 37 ASC 605 Revenue Recognition1
    1. Revenue Recognition—General Principles
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. ASC 605-15, Products
    5. Perspective and Issues
    6. Definitions of Terms
    7. Concepts, Rules, and Examples
    8. ASC 605-20, Service Revenues
    9. Perspective and Issues
    10. Definitions of Terms
    11. Concepts, Rules, and Examples
    12. ASC 605-25, Multiple-Element Arrangements
    13. Perspective and Issues
    14. ASC 605-28, Milestone Method
    15. Perspective and Issues
    16. Concepts, Rules, and Examples
    17. ASC 605-35, Construction-Type and Production-Type Contracts
    18. Perspective and Issues
    19. Definitions of Terms
    20. Concepts, Rules, and Examples
    21. ASC 605-45, Principal-Agent Considerations
    22. Perspective and Issues
    23. Concepts, Rules, and Examples
    24. ASC 605-50, Customer Payments and Incentives
    25. Notes
  42. 38 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. Disclosures Required by the Standard
    9. Notes
  43. 39 ASC 610 Other Income
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  44. 40 ASC 705 Cost of Sales and Services
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  45. 41 ASC 710 Compensation— General
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  46. 42 ASC 712 Compensation—Nonretirement Post-Employment Benefits
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  47. 43 ASC 715 Compensation—Retirement Benefits
    1. Perspective and Issues
    2. Definitions of Terms
    3. ASC 715-10, Defined Benefit Plans—Overall
    4. ASC 715-20, Defined Benefits Plans—General
    5. ASC 715-30, Defined Benefit Plans—Pension
    6. Notes
  48. 44 ASC 718 Compensation— Stock Compensation
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  49. 45 ASC 720 Other Expenses
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  50. 46 ASC 730 Research and Development
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  51. 47 ASC 740 Income Taxes
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Property and equipment future taxable temporary difference
    5. Notes
  52. 48 ASC 805 Business Combinations
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  53. 49 ASC 808 Collaborative Arrangements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Analysis
    5. Components of Equalization Payment to MML
    6. Notes
  54. 50 ASC 810 Consolidations
    1. Perspective and Issues
    2. Definitions of Terms
    3. Consolidation Models—Introduction and Background
    4. The Vie Model
    5. Analysis of Example under ASC 810
    6. Other Lease Terms and Provisions.
    7. Existence or Absence of Guarantees.
    8. Above- or Below-market Rentals.
    9. Analysis by Clubco
    10. Voting Interest Model
    11. Notes
  55. 51 ASC 815 Derivatives and Hedging
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Note
  56. 52 ASC 820 Fair Value Measurements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  57. 53 ASC 825 Financial Instruments
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. ASC 825-20
    5. Notes
  58. 54 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
  59. 55 ASC 835 Interest
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  60. 56 ASC 840 Leases1
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  61. 57 ASC 842 Leases
    1. Perspective and Issues
    2. Overview
    3. Definitions of Terms
    4. Concepts, Rules, and Examples
  62. 58 ASC 845 Nonmonetary Transactions
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  63. 59 ASC 850 Related-Party Disclosures
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  64. 60 ASC 852 Reorganizations
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  65. 61 ASC 853 Service Concession Arrangements
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  66. 62 ASC 855 Subsequent Events
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
  67. 63 ASC 860 Transfers and Servicing
    1. Perspective and Issues
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Notes
  68. 64 ASC 900S Specialized Industry Gaap
    1. Contractors—Federal Government (ASC 912)1
    2. Definitions of Terms
    3. Concepts, Rules, and Examples
    4. Entertaintment—Broadcasters (ASC 920)3
    5. Entertainment—Cable Television (ASC 922)5
    6. Perspective and Issues
    7. Definitions of Terms
    8. Concepts, Rules, and Examples
    9. Entertainment—Casinos (ASC 924)8
    10. Entertainment—Film (ASC 926)
    11. Perspective and Issues
    12. Definitions of Terms
    13. Concepts, Rules, and Examples
    14. Entertainment—Music (ASC 928) 11
    15. Extractive Activities—OIL and GAS (ASC 932)12
    16. Perspective and Issues
    17. Concepts, Rules, and Examples
    18. Financial Services—Depository and Lending (ASC 942)13
    19. Financial Services—Insurance (ASC 944)
    20. Perspective and Issues
    21. Concepts, Rules, and Examples
    22. Financial Services—Investment Companies (ASC 946)15
    23. Financial Services—Mortgage Banking (ASC 948)18
    24. Financial Services—Title Plant (ASC 950)
    25. Perspective and Issues
    26. Definitions of Terms
    27. Concepts, Rules, and Examples
    28. Franchisors (ASC 952)23
    29. Not-for-Profit Entities (ASC 958)24
    30. Plan Accounting (ASC 960, ASC 962, ASC 965)
    31. Perspective and Issues
    32. Definitions of Terms
    33. Concepts, Rules, and Examples
    34. Real Estate—General (ASC 970)25
    35. Real Estate—Retail Land (ASC 976)26
    36. Real Estate Time-Sharing Activities (ASC 978)28
    37. Regulated Operations (ASC 980)29
    38. Software (ASC 985)31
    39. Notes
  69. Appendix Adefinitions of Terms
  70. Appendix Bdisclosure and Presentation Checklist for Commercial Businesses
  71. Index
  72. End User License Agreement

Product information

  • Title: Wiley GAAP 2019
  • Author(s): Joanne M. Flood
  • Release date: March 2019
  • Publisher(s): Wiley
  • ISBN: 9781119511571