Gaap Handbook of Policies and Procedures: 2002

, by Siegel, Joel, Ph.D.; Levine, Mark, Ph.D.; Querishi, Anique, Ph.D.; Shim, Jae K. Ph.D

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

ISBN: 9780130423689 | 0130423688
Cover: Paperback
Copyright: 10/1/2001

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This handbook offers comprehensive coverage of all important, authoritative pronouncements--FASB Statements, Interpretations, Technical Bulletins and Concepts, as well as the Generally Accepted Accounting Practices of the AICPA.

What This Book Will Do for You

PART I FINANCIAL STATEMENTS

Financial Statement Reporting: Reporting, Presentation, and Disclosures for the Income Statement

(98)

Revenue, Expenses, Gains, and Losses

(3)

Revenues

(2)

Expenses

(1)

Gains and Losses

(1)

Income Statement Presentation Before Income from Continuing Operations

(3)

Income Statement Presentation Starting with Income from Continuing Operations

(1)

Comprehensive Income

(4)

Extraordinary Gains and Losses

(2)

Nonrecurring Gains or Losses

(1)

Discontinued Operations

(6)

Disclosures Associated with Operations

(1)

Research and Development Costs

(4)

Compensation Expense Arising from the Stock Issued to Employees

(9)

Stock Option Plans

(7)

Nonvested Stock

(1)

Employee Stock Purchase Plans

(1)

Stock Compensation Awards Required to be Settled by Paying Cash

(1)

Disclosures

(1)

Tax Aspects

(1)

Deferred Compensation Arrangements

(2)

Advertising Costs

(1)

Insurance Costs

(4)

Life Insurance

(2)

Casualty Insurance

(2)

Restructuring Charges

(1)

Earnings Per Share

(10)

Basic Earnings per Share

(3)

Diluted Earnings per Share

(5)

Business Combinations

(1)

Disclosures

(1)

Annual Report References

(48)

Revenue Recognition

101

(44)

Service Sales Revenue

101

(4)

Revenue Recognition Methods

105

(8)

Realization

105

(1)

At the Completion of Production

106

(1)

During Production

107

(1)

On a Cash Basis

107

(6)

Long-Term Construction Contracts

113

(4)

Contract Costs

113

(2)

Contract Types

115

(1)

Aggregating and Segmenting Contracts

116

(1)

Contract Options

116

(1)

Claims

117

(1)

Common Construction Contract Methods

117

(9)

Percentage-of-Completion Method

117

(5)

Completed Contract Method

122

(4)

Government Contract Accounting

126

(1)

Revenue Recognition When a Right of Return Exists

127

(4)

Software Revenue Recognition

131

(1)

Contributions

132

(2)

Warrantly and Maintenance Contracts

134

(3)

Annual Report References

137

(8)

Balance Sheet Reporting and Disclosures: Assets

145

(78)

Cash

146

(1)

Receivables

147

(10)

Accounts Receivable

148

(7)

Notes Receivable

155

(1)

Loans Receivable

156

(1)

Impairment of Loans

157

(4)

Determining the Value of an Impaired Loan

157

(2)

Evaluating Loan Collectibility

159

(1)

Income Recognition

160

(1)

Disclosure Requirements

160

(1)

Inventory

161

(16)

Purchase Contract Commitments

162

(1)

Freight Terms

162

(1)

Consigned Goods

163

(1)

Financing Product Arrangements

164

(3)

Financing Product Arrangements---Other Considerations

167

(1)

Lower of Cost or Market Value

168

(1)

Retail Method

169

(1)

Retail Lower of Average Cost or Market Value

170

(1)

Retail LIFO

171

(2)

Dollar Value LIFO

173

(1)

Base Stock Method

173

(1)

Costs Excluded from Inventory

174

(1)

Standard Costing

174

(1)

Relative Sales Value Method

174

(1)

Research and Development

175

(1)

Terminated Contracts

176

(1)

Discontinued Operations

176

(1)

Taxes

176

(1)

Disclosures

176

(1)

Prepaid Expenses

177

(1)

Long-Term Investments

177

(1)

Fixed Assets

177

(21)

Self-Constructed Assets

179

(1)

Donation of Fixed Assets

179

(1)

Writing Up Fixed Assets

180

(1)

Land and Land Improvements

180

(1)

Repairs

181

(1)

Environmental

181

(1)

Depreciation

181

(3)

Capitalized Interest

184

(4)

Nonmonetary Transactions

188

(5)

Impairment of Fixed Assets

193

(4)

Involuntary Conversion

197

(1)

Disclosure

198

(1)

Natural Resources

198

(3)

Intangible Assets

201

(3)

Goodwill

204

(2)

Other Assets

206

(1)

Annual Report References

207

(16)

Balance Sheet Presentation and Disclosures: Liabilities

223

(68)

Introduction to Liabilities

223

(8)

Estimated Liabilities and Contingencies

231

(4)

Risks and Uncertainties

235

(1)

Compensated Absences

236

(2)

Deferred Compensation Agreement

238

(1)

Accounting for Special Termination Benefits (Early Retirement)

238

(2)

Troubled Debt

240

(8)

Accounting by Creditors for Impairment of a Loan

240

(3)

Troubled Debt Restructuring

243

(5)

Refinancing Short-Term Debt to Long-Term Debt

248

(2)

Callable Obligations by the Creditor

250

(1)

Inducement Offer to Convert Debt to Equity

251

(3)

Accounting for Bonds Payable

254

(9)

Early Extinguishment of Debt

263

(4)

Extinguishment of Tax-Exempt Debt

267

(1)

Imputing Interest on Noninterest Notes Payable

267

(3)

Environmental Liabilities

270

(2)

Disclosure of Long-Term Obligations

272

(1)

Commitments

272

(1)

Offsetting Assets and Liabilities

273

(2)

Annual Report References

275

(16)

Balance Sheet Reporting: Stockholders' Equity

291

(48)

Preferred Stock

292

(3)

Common Stock

295

(1)

Stock Retirements

296

(1)

Treasury Stock

297

(3)

Dividends

300

(5)

Appropriation of Retained Earnings

305

(1)

Stock Splits

306

(1)

Stock Warrants

307

(3)

Fractional Share Warrants

310

(1)

Stock Rights

311

(1)

Quasi-Reorganization

311

(2)

Disclosure

313

(1)

Summary

314

(3)

Annual Report References

317

(22)

Statement of Cash Flows

339

(40)

Cash and Cash Equivalents

340

(1)

Reconciliation of Net Income to Cash Flow from Operations

341

(3)

Direct Method

344

(1)

Indirect (Reconciliation) Method

345

(2)

Gross Versus Net Cash Flows

347

(3)

Operating Activities

350

(2)

Investing Activities

352

(1)

Financing Activities

353

(1)

Multiclassification

353

(1)

Noncash Investing and Financing Activities

354

(1)

Special Items in the Income Statement

355

(1)

Agency Arrangements

355

(1)

Hedging Transactions

355

(1)

Foreign Currency Cash Flows

356

(1)

Case Studies

356

(4)

Comprehensive Examples

360

(15)

The Cash Flow Statement Using the Direct Method

360

(3)

Additional Data for Cherry Inc.

363

(3)

FASB Statement Number 95

366

(7)

FASB Statement No. 102: Statement of Cash Flows---Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale

373

(1)

FASB Statement No. 104: Statement of Cash Flows---Net Reporting of Certain Cash Receipts and Cash Payments and Classification of Cash Flow from Hedging Transactions

373

(2)

Annual Report References

375

(4)

Other Financial Statement Types and Related Items

379

(30)

Interim Financial Reports

379

(6)

Revenue and Expense Recognition

381

(1)

Inventory

381

(1)

Taxes

382

(1)

Accounting Changes

383

(1)

Prior Period Adjustments

384

(1)

Disclosures

384

(1)

Personal Financial Statements

385

(2)

Incorporation of a Business

387

(1)

Divestitures

388

(3)

Annual Report References

391

(18)

Disclosures

409

(62)

Disclosure of Accounting Policies

409

(1)

Segmental Reporting

410

(7)

Related Parties

417

(3)

Disclosure of Contingencies and Commitments

420

(1)

Disclosure of Long-Term Purchase Contract Obligations

420

(2)

Development Stage Companies

422

(1)

Reporting on the Costs of Startup Activities

423

(1)

Inflation Information

424

(1)

Disclosures for Derivatives

424

(1)

Annual Report References

425

(46)

PART II MAJOR ACCOUNTING AREAS AND REPORTING

Accounting Changes and Error Corrections

471

(18)

Change in Accounting Principle (Method)

472

(6)

Change in Accounting Estimate

478

(1)

Change in Reporting Entity

479

(1)

Error Corrections

480

(5)

Annual Report References

485

(4)

Investments in Equity and Debt Securities

489

(62)

FASB Statement No. 115 (Market Value method and Amortized Cost Method)

490

(15)

Trading Securities

490

(3)

Available-for-Sale Securities

493

(6)

Held-to-Maturity Securities

499

(6)

Structured Notes

505

(1)

Bond Quotes

506

(1)

Statement of Cash Flows

506

(1)

General Accounting for Investments

506

(9)

Block of Stock

511

(1)

Lump-Sum Purchase

512

(1)

Exchange (Conversion) of Securities

513

(1)

Stock Dividends

513

(1)

Stock Splits

514

(1)

Reclassification Adjustments Relating to Investments

515

(2)

Transfers of Securities Between Categories

517

(3)

Disclosures

520

(1)

Financial Statement Analysis

521

(7)

Equity Method

528

(13)

Appendix: Investment by Banks in Debt Securities

541

(2)

Annual Report References

543

(8)

Business Combinations

551

(40)

Pooling-of-Interests Method

552

(12)

Accounting and Reporting

557

(6)

Disclosures

563

(1)

Advantages and Disadvantages

563

(1)

Purchase Method

564

(15)

Accounting and Reporting

564

(9)

Contingent Considerations

573

(1)

Minority Interest

574

(1)

Pension Aspects

575

(1)

Tax Considerations

575

(1)

Disclosures

575

(2)

Advantage and Disadvantages

577

(2)

Annual Report References

579

(12)

Consolidation

591

(56)

Accounting in Consolidation

593

(8)

Elimination Entries

601

(10)

Minority Interest

611

(4)

Spinoffs

615

(1)

Consolidation Reporting

615

(1)

Taxes

616

(1)

Disclosures

617

(1)

Combined Financial Statements

618

(1)

Comprehensive Examples and Applications

619

Annual Report References

614

(33)

Leases

647

(64)

Lessee

648

(13)

Operating Method

649

(4)

Capital Lease Method

653

(8)

Lessor

661

(15)

Operating Method

661

(3)

Direct Financing Method

664

(4)

Sales-Type Method

668

(8)

Residual Value Considerations

676

(1)

Transfer of Lease Receivable

677

(1)

Sales-Leaseback

678

(5)

Subleases and Similar Arrangements

683

(1)

Modifications and Terminations

684

(3)

Renewals and Extensions

687

(1)

Leveraged Leases

688

(3)

Related Parties

691

(1)

Money-Over-Money Lease

692

(1)

Third Parties

692

(1)

Wrap Leases

693

(2)

Business Combinations

695

(1)

Disposal of a Business Segment

696

(1)

Current Value Financial Statements

696

(1)

Real Estate Leases

696

(7)

Land Only

697

(1)

Land and Building

698

(2)

Land, Building, and Equipment

700

(1)

Portion of a Building

700

(1)

Sale-Leaseback Involving Real Estate

701

(1)

Subleases

702

(1)

Annual Report References

703

(8)

Pension Plans and Other Postretirement Benefit Plans

711

(76)

Pension Plans

711

(36)

Terminology

713

(4)

Defined Contribution Pension Plan

717

(1)

Defined Benefit Pension Plan

718

(6)

Pension Plan Benefit Formula

724

(1)

Types of Methods

725

(1)

Plan Assets

725

(2)

Underfunding or Overfunding

727

(1)

Minimum Pension Liability

728

(9)

Retirement Benefit

737

(1)

Comprehensive Examples

738

(2)

Business Combinations

740

(1)

Discontinued Operations

740

(1)

Employers Having More Than One Defined Benefit Plan

741

(1)

Multiemployer Plans

741

(1)

Multiple-Employer Plans

742

(1)

Annuity (Allocated) Contracts

743

(1)

Disclosures

744

(2)

Financial Statement Analysis

746

(1)

Employee Retirement Income Security Act (ERISA)

747

(1)

Settlement, Curtailment, and Termination

747

(5)

Settlment

747

(3)

Curtailment

750

(1)

Termination

751

(1)

Trustee Reporting in a Defined Benefit Pension Plan

752

(1)

Postretirement Benefit Plans Other Than Pensions

753

(4)

Accounting

754

(2)

Disclosures

756

(1)

FASB Statement Number 132: Employers' Disclosures about Pension and Other Postretirement Benefits

757

(1)

Pension Plan Financial Statements

757

(11)

Net Assets Available for Benefits

760

(3)

Statement of Changes in Net Assets Available for Benefits

763

(2)

Actuarial Present Value of Plan Benefits

765

(2)

Changes in Actuarial Present Value of Plan Benefits

767

(1)

Required Disclosures

767

(1)

Employer's Accounting for Postemployment Benefits

768

(1)

Profit Sharing Plans

769

(2)

Annual Report References

771

(16)

Income Tax Accounting

787

(50)

Temporary Differences

788

(3)

Deferred Tax Liability

791

(4)

Deferred Tax Asset

795

(5)

Permanent Differences

800

(2)

Intraperiod Tax Allocation

802

(1)

Balance Sheet Presentation

803

(1)

Income Statement Presentation

804

(1)

Loss Carrybacks

805

(1)

Loss Carryforwards

806

(3)

Tax Rates

809

(3)

Multiple Tax Jurisdictions

812

(1)

Tax Credits

813

(1)

Tax Status Changes

813

(1)

Business Investments

814

(1)

Business Combinations

814

(3)

Separate Financial Statements of a Subsidiary

817

(1)

Leases

817

(1)

Employee Stock Ownership Plans (ESOPs)

818

(1)

Quasi-Reorganization

818

(1)

Disclosures

818

(1)

Indefinite Reversal

819

(1)

Comprehensive Example

820

(3)

Property Taxes

823

(2)

Accounting Requirements

823

(1)

Reporting Requirements

823

(2)

Annual Report References

825

(12)

PART III FOREIGN OPERATIONS AND DERIVATIVE INSTRUMENTS

Foreign Currency Translation and Transactions

837

(36)

Terminology

838

(3)

The Functional Currency

841

(2)

Foreign Currency Transactions

843

(6)

Translation Process

849

(3)

Highly Inflationary Environment in Foreign Country

852

(4)

Hedging

856

(2)

Forward Exchange Contracts

858

(4)

Condition 1

858

(2)

Condition 2

860

(1)

Condition 3

861

(1)

Sale or Liquidation of an Investment in a Foreign Entity

862

(1)

Intercompany Profits

863

(1)

Excluding a Foreign Entity From Financial Statements

863

(1)

Foreign Operations in the United States

864

(1)

Taxes

864

(1)

Disclosures

864

(1)

Summary

865

(2)

Annual Report References

867

(6)

Derivatives, Repurchase Agreements, and Disclosures of Credit Risk and Fair Values: Accounting, Reporting, and Disclosures

873

(76)

Terminology

873

(4)

Background

877

(1)

Derivative Financial Instruments

878

(5)

Recent Developments Related to Derivatives

883

(1)

Concentrations of Credit Risk for All Financial Instruments

884

(2)

Fair Value Disclosures for All Financial Instruments

886

(1)

How to Arrive at Fair Value

887

(2)

Other Related Disclosures for Financial Instruments

889

(8)

Net Trading Gains and Losses

892

(1)

Credit Risk from Trading

893

(4)

Pre-FASB Statement No. 133: Accounting for Derivatives

897

(8)

Forward Foreign Exchange Contracts

897

(8)

Futures Contracts

905

(1)

Post-FASB Statement No. 133: Accounting for Derivatives

905

(10)

Discussion

906

(1)

Definition of Derivative Financial Instrument Under FASB Statement No. 133

907

(1)

Fair Value Hedges

908

(2)

Cash Flow Hedges

910

(2)

Foreign Currency Hedges

912

(1)

Hedge Effectiveness Criteria

913

(1)

Disclosure Requirements under FASB Statement No. 133

913

(2)

Transition to the New Standard

915

(1)

Offsetting of Assets and Obligations

915

(2)

Transfers and Servicing of Financial Assets and Extinguishments of Liabilities

917

(5)

Sale Accounting under FASB Statement Number 125

917

(2)

Mortgage Servicing Rights

919

(2)

Collateral Pledged in Repurchase Agreements and Securities Lending Arrangements

921

(1)

Options on Issuer's Securities

922

(1)

Authoritative Literature

923

(6)

FASB Statement No. 80: Accounting for Futures Contracts

923

(1)

FASB Statement No. 105: Disclosure of Information about Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentrations of Credit Risk

923

(1)

FASB Statement No. 107: Disclosures about Fair Value of Financial Instruments

924

(1)

FASB Statement No. 119: Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments

924

(1)

FASB Statement No. 125: Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities

925

(1)

FASB Statement No. 133: Accounting for Derivative Instruments and Hedging Activities

925

(1)

FASB Statement No. 137: Accounting for Derivative Instruments and Hedging Activities---Deferral of the Effective Date of FASB Statement Number 133

925

(1)

FASB Statement No. 138: Accounting for Certain Derivative Instruments and Certain Hedging Activities---an Amendment of FASB Statement Number 133

926

(1)

FASB Statement No. 140: Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities

926

(2)

FASB Statement No. 39: Offsetting of Amounts Related to Certain Contracts

928

(1)

FASB Statement No. 41: Offsetting of Amounts Related to Certain Repurchase and Reverse Repurchase Agreements

928

(1)

Annual Report References

929

(20)

PART IV GAAP IN SPECIALIZED INDUSTRIES

Accounting in Specialized Industries

949

(126)

Broadcasting Industry

949

(5)

Banking and Thrift Industry

954

(7)

Cable Television

961

(6)

Computer Software Development

967

(5)

Accounting for the Costs of Computer Software Developed or Obtained for Internal Use

972

(2)

Franchising: Accounting by Franchisors

974

(8)

Insurance Industry

982

(20)

Motion Picture Industry

1002

(17)

Record and Music Industry

1019

(3)

Government Contracts

1022

(4)

Oil- and Gas-Producing Activities

1026

(18)

Real Estate Transactions

1044

(16)

Health Care Industry

1060

(3)

Finance Industry

1063

(4)

Investment Industry

1067

(2)

Mortgage Banking Industry

1069

(6)

Self-Study CPE Program

1075

(71)

Index

1146

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Gaap Handbook of Policies and Procedures: 2002

Summary

Table of Contents

Supplemental Materials