Wiley GAAP 2016: Interpretation and Application of Generally Accepted Accounting Principles

The most practical, authoritative guide to GAAP

Wiley GAAP 2016 contains complete coverage of the Financial Accounting Standards Board′s (FASB) Accounting Standards Codification® (ASC), the source of authoritative generally accepted accounting principles (GAAP). 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 and implementation issues.

The 2016 edition reflects the new FASB guidance on:

Revenue recognition Consolidation Presentation of debt issuance costs Discontinued operations Development stage entities And more

Providing interpretive guidance, analytical explanations, and more than 300 real–world, content–rich examples and illustrations, this invaluable guide offers clear, user–friendly guidance on every ASC Topic in the Codification.

Offers insight into the application of complex financial reporting rules Contains a detailed index for easy reference use Includes a comprehensive cross–reference to the FASB codification system, making it efficient for you to perform in–depth research

As a bonus, a comprehensive disclosure checklist offers practical guidance to preparing financial statements for commercial entities in accordance with GAAP. For easy reference and research, the checklist follows the order of the codification.

With easy–to–access information, this reliable resource offers complete coverage of the FASB Codification.

Preface ix

About the Author xiii

Codification Taxonomy xv

1 ASC 105 Generally Accepted Accounting Principles 1

2 ASC 205 Presentation of Financial Statements 25

3 ASC 210 Balance Sheet 33

4 ASC 215 Statement of Shareholder Equity 47

5 ASC 220 Comprehensive Income 49

6 ASC 225 Income Statement 57

7 ASC 230 Statement of Cash Flows 69

8 ASC 235 Notes to Financial Statements 89

9 ASC 250 Accounting Changes and Error Corrections 95

10 ASC 255 Changing Prices 123

11 ASC 260 Earnings Per Share 127

12 ASC 270 Interim Reporting 159

13 ASC 272 Limited Liability Entities 173

14 ASC 274 Personal Financial Statements 177

15 ASC 275 Risks and Uncertainties 185

16 ASC 280 Segment Reporting 191

17 ASC 305 Cash and Cash Equivalents 203

18 ASC 310 Receivables 207

19 ASC 320 Investments Debt and Equity Securities 243

20 ASC 323 Investments Equity Method and Joint Ventures 269

21 ASC 325 Investments Other 303

22 ASC 330 Inventory 313

23 ASC 340 Other Assets and Deferred Costs 353

24 ASC 350 Intangibles Goodwill and Other 361

25 ASC 360 Property, Plant, and Equipment 383

26 ASC 405 Liabilities 427

27 ASC 410 Asset Retirement and Environmental Obligations 431

28 ASC 420 Exit or Disposal Cost Obligations 445

29 ASC 430 Deferred Revenue 451

30 ASC 440 Commitments 453

31 ASC 450 Contingencies 457

32 ASC 460 Guarantees 465

33 ASC 470 Debt 477

34 ASC 480 Distinguishing Liabilities From Equity 515

35 ASC 505 Equity 533

36 ASC 605 Revenue Recognition 561

Appendix Overview of ASC 606

37 ASC 705 Cost of Sales and Services 629

38 ASC 710 Compensation General 631

39 ASC 712 Compensation Nonretirement Postemployment Benefits 637

40 ASC 715 Compensation Retirement Benefits 639

41 ASC 718 Compensation Stock Compensation 687

42 ASC 720 Other Expenses 723

43 ASC 730 Research and Development 729

44 ASC 740 Income Taxes 735

45 ASC 805 Business Combinations 787

46 ASC 808 Collaborative Arrangements 835

47 ASC 810 Consolidations 845

48 ASC 815 Derivatives and Hedging 887

49 ASC 820 Fair Value Measurements 945

50 ASC 825 Financial Instruments 967

51 ASC 830 Foreign Currency Matters 975

52 ASC 835 Interest 1003

53 ASC 840 Leases 1023

54 ASC 845 Nonmonetary Transactions 1087

55 ASC 850 Related–Party Disclosures 1101

56 ASC 852 Reorganizations 1103

57 ASC 853 Service Concession Arrangements 1107

58 ASC 855 Subsequent Events 1109

59 ASC 860 Transfers and Servicing 1113

60 ASC 900s Specialized Industry GAAP 1151

Appendix A: Definitions of Terms 1283

Appendix B: Disclosure Checklist for Commercial Businesses 1301

Index 1401