Wiley GAAP 2009 : Interpretation and Application of Generally Accepted Accounting Principles

by Barry J. Epstein (Checkers, Simon & Rosner, Chicago); Ralph Nach (American Express Tax and Business Inc.); Steven M. Bragg (Englewood, Colorado)

• ISBN13: 9780470286067
• ISBN10: 0470286067
• Format: Paperback
• Copyright: 2008-10-01
• Publisher: Wiley

Summary

The most practical, authoritative guide to GAAP Wiley GAAP 2009 is a thorough study and analysis of all generally accepted accounting principles (GAAP) set forth in the pronouncements of the FASB (Financial Accounting Standards Board) and its predecessor agencies. This useful guide contains AICPA Accounting Standards Executive Committee (ASEC) Statements of position, with all pronouncements explained, using relevant terminology and practice-oriented real-world examples. Delivering the most recent professional standards developments, in addition to detailed analysis of all GAAP, Wiley GAAP 2009 explains the original, highly technical pronouncements in easy-to-understand terms through a host of completely updated examples. Barry J. Epstein (Chicago, IL) is a partner with Russell Novak & Company, LLP, where he specializes in technical consultation, litigation consulting, and corporate governance. Ralph Nach (Chicago, IL) is a Vice President of AuditWatch for which he writes, teaches, and consults on a wide range of accounting, auditing, and financial reporting matters. Steven M. Bragg (Centennial, CO) has been the Chief Financial Officer or Controller of four companies, as well as a consulting manager at Ernst & Young.

Author Biography

Barry J. Epstein, PhD, CPA, is a partner with Chicago-based Russell Novak & Company, LLP, where he specializes in technical consultation on accounting and auditing matters and corporate governance, and maintains a national practice as a consulting and testifying expert for commercial and other litigation matters, including accountants' malpractice, contractual dispute resolution, damages modeling, and white-collar criminal defense. He has previously served in senior technical and litigation consulting positions with several regional and national CPA firms, and as a corporate finance executive and college professor. Dr. Epstein has authored or coauthored six books (including Wiley IFRS Interpretation and Application), hundreds of professional education courses, several articles in business or professional journals, and a weekly business column for an international newspaper. He has served on several state and national technical committees, including the AICPA's Board of Examiners, served as chair of the Illinois CPA Society's senior accounting technical committee, and held teaching positions at several universities. Dr. Epstein received his doctorate from the University of Pittsburgh, and also holds degrees from DePaul University and the University of Chicago,. he is a member of the Illinois CPA Society, the AICPA, and the American Accounting Association.

Ralph Nach, CPA, is a Vice-President of AuditWatch, Inc. for whom he writes, teaches, and consults on a wide range of accounting, auditing, and financial reporting matters. Mr. Nach has been a practitioner for over thirty years, during which he has served in capacities including accountant, auditor, technical reviewer, educator, and consultant for several public accounting firms including Arthur Andersen LLP and in the National Office of Audit and Accounting of McGladrey & Pullen, LLP. Mr. Nach is a former adjunct lecturer in graduate accounting and finance at Northwestern University in Evanston, Illinois. Mr. Nach holds a BSBA with honors from the Walter E. Heller School of Business Administration of Roosevelt University in Chicago, and is a licensed CPA in Illinois. Mr. Nach has coauthored several other books and speaks nationally on accounting, auditing, and financial reporting topics. He is a member of the American Institute of Certified Public Accountants, the Information Systems Audit and Control Association (ISACA), the Illinois CPA Society, where he has served as a chairman and/or member of numerous committees, and an associate member of the Association of Certified Fraud Examiners.

Steven Bragg, CPA, CMA, CIA, CPIM, has been the chief financial officer or controller of four companies, as well as a consulting manger at Ernst & Young and Auditor at Deloitte & Touche. He received a master's degree in finance from Bentley College, an MBA from Babson College, and a Bachelor's degree in Economics from the University of Maine. he is the author of 28 books, including Accounting Best Practices, The Ultimate Accountants' Reference, and Controllership. He has been the two-time president of the Colorado Mountain Club. He resides with his wife and two daughters in Centennial, Colorado, Sigh up for his free accounting best practices newsletter at www.stevebragg.com.

Table of Contents

Authoritative Accounting Pronouncements

Researching GAAP Matters

Balance Sheet

Statements of Income and Comprehensive Income

Statement of Cash Flows

Accounting Policies, Changes, and Restatements

Fair Value

Cash, Receivables, and Prepaid Expenses

Short-Term Investments and Financial Instruments

Inventory

Revenue Recognition-Evolving Principles and Specialized Applications

Revenue Recognition-General Principles

Long-Term Construction Contracts

Service Revenues

Sales When Collection Is Uncertain

Revenue Recognition When Right of Return Exists

Profit Recognition on Real Estate Sales

Real Estate Operations

Franchising: Accounting by Franchisors

Other Special Accounting and Reporting Issues

Long-Lived Assets

Long-Term Investments

Business Combinations and Consolidated Financial Statements

Current Liabilities and Contingencies

Long-Term Liabilities

Leases

Income Taxes

Pensions and Other Postretirement Benefits

Stockholders' Equity

Appendix A: Financial Statement Presentation

Earnings Per Share

Appendix: Comprehensive Example

Interim Reporting

Segment Reporting

Foreign Currency

Appendix: Accounts to Be Remeasured Using Historical Exchange Rates

Personal Financial Statements

Appendix: Hypothetical Set of Personal Financial Statements

Specialized Industry GAAP

Banking and Thrift

Broadcasting

Cable Television

Computer Software Developers

Employee Benefit Plans, Including Pension Funds

Finance Companies

Government Contractors

Insurance

Investment Companies

Mortgage Banking

Motion Pictures

Not-for-Profit Organizations

Oil and Gas Producers

Recording and Music

Regulated Operations

Title Plant

Appendix A: Disclosure Checklist

Appendix B: International vs. US Accounting Standards

Appendix C: Proposed FASB Accounting Codification Chapter Cross-Reference

Index

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