Wiley GAAP Codification Enhanced

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

• ISBN13: 9780470498309
• ISBN10: 0470498307
• Format: eBook
• Copyright: 2009-04-01
• Publisher: Wiley

Summary

The essential guide to the new GAAP Accounting Standards CodificationWiley's long-running series of annual GAAP references has been the essential series for accountants using U.S. Generally Accepted Accounting Standards for more than a generation. Every year, the Federal Accounting Standards Board (FASB) adds more rulings and more details to the end of an already long and complicated list, and Wiley GAAP brings order to the chaos. But this year is different: the FASB has spent several years and a reported $13 million consolidating all of those many and varied pronouncements on standards into a single, integrated Accounting Standards Codification (ASC). Under the old system, GAAP pronouncements were listed chronologically. Now newly codified standards will be listed by subjectso information is easier to find then ever.In April of 2009, when the FASB switches to the new ASC, every accountant in the nation will need a guide to the new system. Wiley GAAP Codification Enhanced is a full and complete guide to using the newly reorganized standards, providing complete coverage of all levels of GAAP in a single volume. It explains the original, highly technical pronouncements in easy-to understand terms with copious practical implementation guidance.Barry J. Epstein (Chicago, IL) is a partner with Russell Novak & Company, LLP, where he specializes in technical consultation on accounting and auditing matters and corporate governance. Ralph Nach (Chicago, IL) 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. 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. He is the author of more than 30 Wiley titles.

Table of Contents

Codification Taxonomy

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.

Appendix: Standards Applicable to Pre-2009 Business Combinations

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.

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

Disclosure Checklist

International vs. US Accounting Standards

Index

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