Wiley Practitioner's Guide to GAAP 2022: Interpretation and Application of Generally Accepted Accounting Principles

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Wiley Practitioner's Guide to GAAP 2022: Interpretation and Application of Generally Accepted Accounting Principles

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The most comprehensive guide to US GAAP—thoroughly updated to reflect the latest pronouncements

US GAAP is constantly being updated, requiring its users to be armed with expert interpretation and explanation of the relevant principles. Wiley GAAP 2022 provides the most complete coverage of all Financial Accounting Standards Board (FASB) Topics—including the latest updates.

Each chapter includes discussion of perspectives and issues, sources of GAAP, practice-oriented examples, and accurate definitions of terms, concepts, and rules. Every FASB Topic is fully explained in a clear, reader-friendly way with dynamic graphic to aid in understanding complex topics. Extensively updated to reflect all current US GAAP changes, this indispensable book:
- Reviews the latest changes to accounting principles, including inventory, financial instruments, leases, debt, and goodwill
- Offers expert guidance on issues surrounding specific pronouncements
- Includes comprehensive cross-references and topic-specific appendices
- Explains how the standards apply to common real-world scenarios
- Clarifies implementation through numerous illustrations and practical examples
Accurate and up-to-date GAAP implementation is crucial for eliminating the risk of noncompliance. Wiley GAAP 2022 is your one-stop resource for staying up-to-date with constantly-changing guidelines—providing the insight and guidance accounting professionals need.
Preface ix

About the Author xi

Codification Taxonomy xiii

1 ASC 105 Generally Accepted Accounting Principles 1

2 ASC 205 Presentation of Financial Statements 27

3 ASC 210 Balance Sheet 39

4 ASC 215 Statement of Shareholder Equity 49

5 ASC 220 Income Statement—Reporting Comprehensive Income 51

6 ASC 230 Statement of Cash Flows 69

7 ASC 235 Notes to Financial Statements 93

8 ASC 250 Accounting Changes and Error Corrections 99

9 ASC 255 Changing Prices 119

10 ASC 260 Earnings per Share 123

11 ASC 270 Interim Reporting 157

12 ASC 272 Limited Liability Entities 169

13 ASC 274 Personal Financial Statements 173

14 ASC 275 Risks and Uncertainties 181

15 ASC 280 Segment Reporting 187

16 ASC 310 Receivables 197

17 ASC 320 Investments—Debt Securities 243

18 ASC 321 Investments—Equity Securities 265

19 ASC 323 Investments—Equity Method and Joint Ventures 271

20 ASC 325 Investments—Other 307

21 ASC 326 Financial Instruments—Credit Losses 315

22 ASC 330 Inventory 333

23 ASC 340 Other Assets and Deferred Costs 375

24 ASC 350 Intangibles—Goodwill and Other 389

25 ASC 360 Property, Plant, and Equipment 423

26 ASC 405 Liabilities 471

27 ASC 410 Asset Retirement and Environmental Obligations 477

28 ASC 420 Exit or Disposal Cost Obligations 495

29 ASC 430 Deferred Revenue and Contract Liabilities 501

30 ASC 440 Commitments 503

31 ASC 450 Contingencies 507

32 ASC 460 Guarantees 515

33 ASC 470 Debt 527

34 ASC 480 Distinguishing Liabilities from Equity 567

35 ASC 505 Equity 583

36 ASC 605 Revenue Recognition 605

37 ASC 606 Revenue from Contracts with Customers 609

38 ASC 610 Other Income 681

39 ASC 705 Cost of Sales and Services 685

40 ASC 710 Compensation—General 689

41 ASC 712 Compensation—Nonretirement Post-Employment Benefits 695

42 ASC 715 Compensation—Retirement Benefits 697

43 ASC 718 Compensation—Stock Compensation 739

44 ASC 720 Other Expenses 777

45 ASC 730 Research and Development 785

46 ASC 740 Income Taxes 791

47 ASC 805 Business Combinations 843

48 ASC 808 Collaborative Arrangements 889

49 ASC 810 Consolidations 901

50 ASC 815 Derivatives and Hedging 941

51 ASC 820 Fair Value Measurements 1013

52 ASC 825 Financial Instruments 1031

53 ASC 830 Foreign Currency Matters 1037

54 ASC 835 Interest 1057

55 ASC 840 Leases 1075

56 ASC 842 Leases 1141

57 ASC 845 Nonmonetary Transactions 1157

58 ASC 848 Reference Rate Reform 1169

59 ASC 850 Related-Party Disclosures 1177

60 ASC 852 Reorganizations 1179

61 ASC 853 Service Concession Arrangements 1183

62 ASC 855 Subsequent Events 1185

63 ASC 860 Transfers and Servicing 1187

64 ASC 900s Specialized Industry GAAP 1221

Appendix A: Definitions of Terms 1313

Appendix B: Disclosure and Presentation Checklist for Commercial Businesses 1351

Index 1353
Joanna Flood, MBA, CPA, has worked with small business and large enterprise clients. She has worked for a Big 4 international firm and a small firm. Formerly a senior manager in the AICPA’s Professional Development Group, Joanne has produced training materials on accounting in a wide variety of media.