The 2011-2012 GAAP Financial Statement Disclosures Manual provides a complete, quick, and valuable reference source for financial statement disclosures and key presentation requirements. TheGAAP Financial Statement Disclosures Manual (2011-2012) is now available in an eBook format which you can download to your computer instantly. Specifically, the Manual:
- Provides over 750 examples of realistic sample footnote disclosures to assist in the preparation of financial statements for an audit, a review, or a compilation engagement.
- Facilitates compliance with U.S. GAAP by integrating, in each chapter, the specific disclosure and key presentation requirements with the sample footnotes.
- Provides sample disclosures that are technically sound, understandable, and comprehensive and that cover a variety of scenarios, from the most common to the most unusual.
- Incorporates all currently effective accounting standards, including those that cover areas of unusual difficulty, such as financial instruments, fair value, business combinations, consolidation, income taxes, pensions, accounting changes, and variable interest entities.
All of the sample disclosures in the GAAP Financial Statement Disclosures Manual are included on the accompanying CD-ROM. Therefore, once you’ve identified the disclosure suited to your specific needs, you can simply select it from the CD-ROM, place it into your financial statements, then modify it as necessary. Also included is a financial statement disclosures checklist that provides a centralized resource of the required and recommended GAAP disclosures and key presentation items currently in effect, using the style referencing under the FASB Accounting Standards Codification as well as references to pre-Codification FASB literature. It is designed to assist the user in determining whether the required financial statement disclosures and key presentation matters have been addressed.
The GAAP Financial Statement Disclosures Manual is current through FASB Accounting Standards Update No. 2011-01, Receivables (Topic 310): Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20.
Material can be located several ways: the Cross-Reference shows the chapter in which a particular pronouncement is discussed; the Index provides a quick page reference.
The GAAP Financial Statement Disclosures Manual meets accounting industry standards overseen by the peer review system and contains a document covering the peer review of this book.
Benefits and Features
This Manual is arranged into the following major parts, consistent with the Codification’s broad structure:
- Part 1 General Principles (Topic Codes 100s)
- Part 2 Presentation (Topic Codes 200s)
- Part 3 Assets (Topic Codes 300s)
- Part 4 Liabilities (Topic Codes 400s)
- Part 5 Equity (Topic Codes 500s)
- Part 6 Revenue (Topic Codes 600s)
- Part 7 Expenses (Topic Codes 700s)
- Part 8 Broad Transactions (Topic Codes 800s)
- Part 9 Other
The Manual is designed for ease of use. Accordingly, each chapter is structured as a stand-alone chapter, providing you with all the information you’ll need on a specific topic. Each chapter consists of the following parts:
- 1. Executive Summary. This summary provides a clear and concise discussion of the specific financial statement topic.
- 2. Authoritative Accounting Literature. This section provides reference to the relevant FASB ASC Topic, as well as reference to pre-Codification accounting literature so that you can access the information quickly and easily.
- 3. Disclosure and Key Presentation Requirements. This section provides a detailed listing of (a) the disclosure requirements (FASB ASC Section 50) and (b) those key presentation requirements (FASB ASC Section 45) that are relevant to enhance compliance with and better understand the disclosure requirements. This section also provides specific references to the FASB ASC Paragraphs and the related pre-Codification literature that prescribe the specific disclosure or key presentation requirement.
- 4. Examples of Financial Statement Disclosures. This section contains specific examples of disclosures that cover different situations, circumstances, assumptions, and so on. Unless specifically indicated, the examples provided assume that the most recent financial statements presented are for the year ended December 31, 20X2. It should be noted that references to authoritative literature in financial statements and related footnotes should be conformed to FASB ASC rather than to pre-Codification standards, effective for interim and annual periods ending after September 15, 2009.
