By mid-2009, the Financial Accounting Standards Board (FASB) is expected to release its Accounting Standards Codification (ASC), a new, clearer indexing system that is much easier to access and research. Though the Codification does not change U.S. generally accepted accounting principles (GAAP), it does reorganize the thousands of U.S. GAAP pronouncements from difficult-to-use chronological listings and multiple series of pronouncements into a single, easily accessible source conveniently organized by topic/subject.
Arriving at just the right time, Wiley GAAP Codification Enhanced contains complete coverage of all levels of GAAP, as well as integrated cross-references to the new ASC. In addition, Wiley GAAP Codification Enhanced renders GAAP more understandable and accessible for research and is designed to reduce the amount of time and effort you spend to solve accounting research issues.
Your authoritative guide to GAAP under the new codification system, this invaluable resource makes learning the new ACS system a breeze, with at-your-fingertips information that does the work for you. Practical and reliable, Wiley GAAP Codification Enhanced is your essential tool to navigate through these new, uncharted waters.
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About the Author
Ralph Nach is a Vice President of AuditWatch, Inc., where he writes, teaches, and consults on a wide range of accounting, auditing, and financial reporting matters.
Steven M. Bragg 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 thirty Wiley titles.
Table of ContentsCodification Taxonomy.
1 Researching GAAP Matters.
2 Balance Sheet.
3 Statements of Income and Comprehensive Income.
4 Statement of Cash Flows.
5 Accounting Policies, Changes, and Restatements.
6 Fair Value.
7 Cash, Receivables, and Prepaid Expenses.
8 Short-Term Investments and Financial Instruments.
10 Revenue Recognition—Evolving Principles and Specialized Applications.
Revenue Recognition—General Principles.
Long-Term Construction Contracts.
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.
11 Long-Lived Assets.
12 Long-Term Investments.
13 Business Combinations and Consolidated Financial Statements.
Appendix: Standards Applicable to Pre-2009 Business Combinations.
14 Current Liabilities and Contingencies.
15 Long-Term Liabilities.
17 Income Taxes.
18 Pensions and Other Postretirement Benefits.
19 Stockholders’ Equity.
Appendix A: Financial Statement Presentation.
20 Earnings Per Share.
Appendix: Comprehensive Example.
21 Interim Reporting.
22 Segment Reporting.
23 Foreign Currency.
Appendix: Accounts to Be Remeasured Using Historical Exchange.
24 Personal Financial Statements.
Appendix: Hypothetical Set of Personal Financial Statements.
25 Specialized Industry GAAP.
Banking and Thrift.
Computer Software Developers.
Employee Benefit Plans, Including Pension Funds.
Oil and Gas Producers.
Recording and Music.
Appendix A: Disclosure Checklist.
Appendix B: International vs. US Accounting Standards.