Wiley GAAP 2024 : Interpretation and Application of Generally Accepted Accounting Principles.

Format:

Book

Author/Creator:

Flood, Joanne M.

Series:

Wiley Regulatory Reporting Series

Language:

English

Subjects (All):

Auditing--Standards--United States.

Auditing.

Accounting--Standards--United States.

Accounting.

Local finance--Accounting--Standards--United States.

Local finance.

Finance, Public--Accounting--Standards--United States.

Finance, Public.

Physical Description:

1 online resource (1363 pages)

Edition:

1st ed.

Place of Publication:

Newark : John Wiley & Sons, Incorporated, 2023.

Summary:

The gold standard in US GAAP resources--fully revised to reflect the latest pronouncements US GAAP undergoes constant revision and review, requiring accountants and other financial practitioners to keep a close eye on updates and changes. Wiley GAAP 2024 offers the most comprehensive coverage of all Financial Accounting Standards Board (FASB) Topics--including all the latest updates. Every chapter offers a discussion of relevant perspectives and issues, GAAP sources, practice-oriented examples, and clear definitions of terms, concepts, and rules. Every FASB Topic is clearly explained in a reader-friendly way and includes dynamic graphics to help the reader understand and retain the nuanced subject matter. Extensively updated to reflect all current US GAAP changes, this invaluable practice resource: Reviews all the latest changes to accounting principles Offers expert guidance on complex issues raised by specific pronouncements For ease of research, includes topic-specific chapters and comprehensive cross-references Illustrates how each standard applies to common, real-world scenarios Clarifies how to implement each standard with numerous practical examples The 2024 edition includes the latest revisions to standards on credit losses, leases, derivatives, and more, plus guidance on a new FASB Codification topic on government assistance. Non-compliance with GAAP is not an option for effective accounting and financial professionals. Wiley GAAP 2024 is your one-stop resource for staying current with constantly evolving guidelines and delivers the insight and guidance you need. BONUS: Online, downloadable Financial Statement Disclosure and Presentation Checklist, now including industry- specific disclosures!.

Contents:

Cover Page

Title Page

Copyright Page

Contents

Preface

About the Author

Codification Taxonomy

1 ASC 105 Generally Accepted Accounting Principles

Perspectives and Issues

Technical Alert

What Is GAAP?

Definitions of Terms

Concepts, Rules, and Examples

History of GAAP

GAAP Codification

The Standards-SettingProcess

Codification Terminology

Researching GAAP Problems

Research Procedures

Search Authoritative Literature (Step 6)-Further Explanation

Descriptions of Materiality

The Conceptual Framework

CON 8-Chapter1: The Objective of General Purpose Financial Reporting

CON 8-Chapter3: Qualitative Characteristics of Useful Financial Information

CON 8-Chapter4: Elements of Financial Statements

CON 8-Chapter7: Presentation

CON 8-Chapter8: Notes to Financial Statements

CON 5: Recognition and Measurement in Financial Statements of Business Enterprises

CON 7: Using Cash Flow Information and Present Value in Accounting Measurements

2 ASC 205 Presentation of Financial Statements

Perspective and Issues

Subtopics

Scope and Scope Exceptions

ASC 205-10, Overall

ASC 205-20, Discontinued Operations

ASC 205-30, Liquidation Basis of Accounting

ASC 205-40, Going Concern

Disclosure Requirements

3 ASC 210 Balance Sheet

Overview

Form of the Statement of Financial Position

ASC 210-10, Overall

Liabilities

Presentation

ASC 210-20, Offsetting

4 ASC 215 Statement of Shareholder Equity

5 ASC 220 Income Statement-ReportingComprehensive Income

Definitions of Terms.

Concepts, Rules, and Examples

ASC 220-10, Overall-Comprehensive Income

Format of Statement of Income and Comprehensive Income

Income from Continuing Operations

Items of Other Comprehensive Income

Reporting Comprehensive Income in a Combined Statement of Income and Comprehensive Income

Reporting Comprehensive Income in Two Separate but Consecutive Statementsof Income and Comprehensive Income

Pro Forma Earnings

ASC 220-20,Unusual Items or Infrequently Occurring Items

ASC 220-30,Business Interruption Insurance

6 ASC 230 Statement of Cash Flows

Subtopic

Cash Focus

Classification of Cash Receipts and Disbursements

Operating Activities Presentation

Other Requirements

Net Reporting by Financial Institutions

Reporting Hedging Transactions

Reporting Foreign Currency Cash Flows

Preparation of the Statement-Comprehensive Example

Statement of Cash Flows for Consolidated Entities

Disclosures

Practice Alert

Other Sources (ASC 230-10-60)

7 ASC 235 Notes to Financial Statements

Scope

Accounting Policies

Disclosure Techniques

8 ASC 250 Accounting Changes and Error Corrections

Accounting Changes

Change in Accounting Principle

Disclosure of Effect of ASUs Not Yet in Effect

Disclosure of Proposed GAAP

Change in Accounting Estimate

Change in Accounting Estimate Affected by a Change in Accounting Principle

Change in Reporting Entity

Error Corrections

Evaluating Uncorrected Misstatements

Interim Reporting Considerations.

Disclosures

Other Sources

9 ASC 255 Changing Prices

Elective Disclosures

10 ASC 260 Earnings Per Share

Presentation on the Income Statement

Basic EPS Calculation-Simple Capital Structure

Diluted Earnings per Share (DEPS)

Examples of EPS Computation

Effect of Contracts That May Be Settled in Stock or Cash on the Computation of DEPS

Inclusions/Exclusions from Computation of DEPS

Partially Paid Shares

Effect of Certain Derivatives on EPS Computations

Effect on EPS of Redemption or Induced Conversion of Preferred Stock

Special Issues Affecting Basic and Diluted EPS

Participating Securities and the Two-Class Method

EPS Impact of Tax Effect of Dividends Paid on Unallocated ESOP Shares

Earnings Per Share Implications of ASC 718

Master Limited Partnerships-Dropdown Transactions

Comprehensive Example

Diluted EPS (DEPS)

Note X: Earnings per Share (Illustrative Disclosure Based on Facts from the Example)

11 ASC 270 Interim Reporting

Differentiation between Public and Nonpublic Entities

Requirements Applicable to All Reporting Entities

Revenues

Product Costs and Direct Costs

Other Costs and Expenses

Seasonality

Fair Value of Financial Instruments

Unusual or Infrequent Items and Disposals of Components

Contingencies

Requirements Applicable to Public Reporting Entities

Quarterly Reporting to the SEC

12 ASC 272 Limited Liability Entities.

Perspective and Issues

Reporting by Limited Liability Companies and Partnerships

13 ASC 274 Personal Financial Statements

Measurement

14 ASC 275 Risks and Uncertainties

Certain Significant Estimates

Application of Disclosure Criteria

15 ASC 280 Segment Reporting

Operating Segments

Reassessment of Segments

Measurement Issues

Segment and Entity-Wide Disclosures

Restatement of Previously Reported Segment Information

16 ASC 310 Receivables

ASC 310-10, Overall

Initial Measurement

Subsequent Measurement

Derecognition

ASC 310-20, Nonrefundable Fees and Other Costs

Recognition

Presentation and Disclosures

17 ASC 320 Investments-Debt Securities

Technical Alerts

Investment Topics

Classification of Debt Securities

Held-to-Maturity Debt Securities

Trading Debt Securities

Available-for-Sale Securities

Transfers between Categories

18 ASC 321 Investments-Equity Securities

Initial Measurement-Investments That No Longer Qualify for the Equity Method

Investment in Equity Securities of an Equity Method Investee

Sales of Securities

Dividend Income

Presentation and Disclosure

19 ASC 323 Investments-Equity Method and Joint Ventures

ASU 2023-02

Concepts, Rules, and Examples-ASC 323-10, Overall: The Equity Method of Accounting For Investments

Significant Influence

Recognition and Initial Measurement

Subsequent Accounting

Equity Method Losses

Deferred Income Tax Accounting

Decreases in Investment Value

Example of Adjustment of Good will for Other-Than-Temporary Impairment of an Equity Method Investment-That Ignores Income Taxes

Changes in Level of Ownership or Degree of Influence

Example of Accounting for a Discontinuance of the Equity Method

Concepts, Rules, and Examples-ASC 323-30, Equity Investments in Corporate Joint Ventures and Noncorporate Entities

General Partnerships

Limited Liability Companies

Concepts, Rules, and Examples-ASC 323-740, Qualified Affordable Housing Project Investments

The Proportional Amortization Method Election

Equity Method

20 ASC 325 Investments-Other

ASC 325-10, Overall

ASC 325-30, Investments in Insurance Contracts.

ASC 325-40, Beneficial Interests in Securitized Financial Assets.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781394199822

1394199821

OCLC:

1410389087