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!
Table of Contents
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 67
7 ASC 235 Notes to Financial Statements 91
8 ASC 250 Accounting Changes and Error Corrections 97
9 ASC 255 Changing Prices 117
10 ASC 260 Earnings Per Share 121
11 ASC 270 Interim Reporting 155
12 ASC 272 Limited Liability Entities 167
13 ASC 274 Personal Financial Statements 171
14 ASC 275 Risks and Uncertainties 179
15 ASC 280 Segment Reporting 183
16 ASC 310 Receivables 195
17 ASC 320 Investments - Debt Securities 213
18 ASC 321 Investments - Equity Securities 229
19 ASC 323 Investments - Equity Method and Joint Ventures 235
20 ASC 325 Investments - Other 267
21 ASC 326 Financial Instruments - Credit Losses 275
22 ASC 330 Inventory 289
23 ASC 340 Other Assets and Deferred Costs 329
24 ASC 350 Intangibles - Goodwill and Other 343
25 ASC 360 Property, Plant, and Equipment 375
26 ASC 405 Liabilities 401
27 ASC 410 Asset Retirement and Environmental Obligations 409
28 ASC 420 Exit or Disposal Cost Obligations 429
29 ASC 430 Deferred Revenue and Contract Liabilities 435
30 ASC 440 Commitments 437
31 ASC 450 Contingencies 441
32 ASC 460 Guarantees 449
33 ASC 470 Debt 461
34 ASC 480 Distinguishing Liabilities from Equity 501
35 ASC 505 Equity 517
36 ASC 605 Revenue Recognition 539
37 ASC 606 Revenue from Contracts with Customers 547
38 ASC 610 Other Income 619
39 ASC 705 Cost of Sales and Services 623
40 ASC 710 Compensation - General 627
41 ASC 712 Compensation - Nonretirement Post- Employment Benefits 633
42 ASC 715 Compensation - Retirement Benefits 635
43 ASC 718 Compensation - Stock Compensation 677
44 ASC 720 Other Expenses 719
45 ASC 730 Research and Development 727
46 ASC 740 Income Taxes 733
47 ASC 805 Business Combinations 789
48 ASC 808 Collaborative Arrangements 837
49 ASC 810 Consolidations 849
50 ASC 815 Derivatives and Hedging 887
51 ASC 820 Fair Value Measurements 963
52 ASC 825 Financial Instruments 985
53 ASC 830 Foreign Currency Matters 993
54 ASC 832 Government Asssistance 1015
55 ASC 835 Interest 1019
56 ASC 842 Leases 1039
57 ASC 845 Nonmonetary Transactions 1075
58 ASC 848 Reference Rate Reform 1087
59 ASC 850 Related Party Disclosures 1099
60 ASC 852 Reorganizations 1103
61 ASC 853 Service Concession Arrangements 1109
62 ASC 855 Subsequent Events 1111
63 ASC 860 Transfers and Servicing 1115
64 ASC 900s Specialized Industry GAAP 1151
Appendix A: Definitions of Terms 1255
Appendix B: Disclosure and Presentation Checklist for Commercial Businesses 1297
Index 1299
