Wiley GAAP 2010 : 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: 9780470453193
• ISBN10: 0470453192
• Format: Paperback
• Copyright: 2009-10-01
• Publisher: Wiley

Summary

The most practical, authoritative guide to GAAPBeginning July 1, 2009, the Financial Accounting Standards Board's (FASB's) Accounting Standards Codification (ASC) has superseded virtually all promulgated GAAP, replacing what had previously comprised four levels in the GAAP hierarchy with a single set of codified GAAP. The objective was to create a new, clearer indexing system that is much easier to access and use to research solutions to real-world financial reporting problems. Although the Codification does not itself change U.S. generally accepted accounting principles (GAAP), it has comprehensively reorganized the myriad of GAAP rules (FASB statements, AICPA statements of position, EITF consensuses, guidance from Audit and Accounting Guides, FASB staff positions, etc.) into a single, easy-to-use compendium conveniently organized by topic or subject.Wiley GAAP 2010 contains, as did its predecessor editions, complete coverage of all levels of GAAP, now indexed to the new ASC. Wiley GAAP renders GAAP more understandable and accessible for research, and has been designed to reduce the amount of time and effort needed to solve accounting research issues. As it has since its inception in 1985, Wiley GAAP provides interpretive guidance and a wealth of real-world, content-rich examples and illustrations to provide the type of insight into the application of complex financial reporting rules that traditional handbooks and their "plain vanilla" illustrations simply cannot offer.Wiley GAAP 2010 is your one necessary authoritative guide to GAAP under the new codification system. This invaluable resource makes learning the new ASC system a breeze, with at-your-fingertips information that does the work for you. Practicable and reliable, Wiley GAAP 2010 is the essential tool to navigate these yet uncharted waters.

Table of Contents

Codification Taxonomy

Researching GAAP Matters

Statement of Financial Position

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

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

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

Disclosure Checklist

International vs. US Accounting Standards

Index

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