Wiley GAAP 2021 Interpretation and Application of Generally Accepted Accounting Principles

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 2021 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 graphics 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 credit losses, inventory, financial instruments, leases, and revenue
• 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 2021 is your one-stop resource for staying up-to-date with constantly-changing guidelines—providing the insight and guidance accounting professionals need.

Joanne M. Flood, MBA, CPA, (Rockville Centre, NY) has accounting experience within both a Big 4 international firm and a small firm. She has worked as a senior manager in the AICPA's Professional Development group. Joanne received her MBA in Accounting Summa Cum Laude from Adelphi University. While in public accounting, she worked on major clients in retail, manufacturing, and finance and on small business clients in construction, manufacturing, and professional services. At the AICPA, she managed the development and wrote courses in the accounting and auditing product line. She also wrote and produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA's e-learning product line.

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 87

8 ASC 250 Accounting Changes and Error Corrections 93

9 ASC 255 Changing Prices 113

10 ASC 260 Earnings Per Share 117

11 ASC 270 Interim Reporting 149

12 ASC 272 Limited Liability Entities 161

13 ASC 274 Personal Financial Statements 165

14 ASC 275 Risks and Uncertainties 173

15 ASC 280 Segment Reporting 179

16 ASC 310 Receivables 189

17 ASC 320 Investments—Debt and Equity Securities 233

18 ASC 320 Investments—Debt Securities 257

19 ASC 321 Investments—Equity Securities 279

20 ASC 323 Investments—Equity Method and Joint Ventures 285

21 ASC 325 Investments—Other 323

22 ASC 326 Financial Instruments—Credit Losses 331

23 ASC 330 Inventory 349

24 ASC 340 Other Assets and Deferred Costs 389

25 ASC 350 Intangibles—Goodwill and Other 405

26 ASC 360 Property, Plant, and Equipment 437

27 ASC 405 Liabilities 481

28 ASC 410 Asset Retirement and Environmental Obligations 487

29 ASC 420 Exit or Disposal Cost Obligations 505

30 ASC 430 Deferred Revenue 511

31 ASC 440 Commitments 513

32 ASC 450 Contingencies 517

33 ASC 460 Guarantees 525

34 ASC 470 Debt 537

35 ASC 480 Distinguishing Liabilities from Equity 575

36 ASC 505 Equity 591

37 ASC 605 Revenue Recognition 619

38 ASC 606 Revenue from Contracts with Customers 665

39 ASC 610 Other Income 739

40 ASC 705 Cost of Sales and Services 745

41 ASC 710 Compensation—General 747

42 ASC 712 Compensation—Nonretirement Post-Employment Benefits 753

43 ASC 715 Compensation—Retirement Benefits 755

44 ASC 718 Compensation— Stock Compensation 795

45 ASC 720 Other Expenses 833

46 ASC 730 Research and Development 839

47 ASC 740 Income Taxes 845

48 ASC 805 Business Combinations 897

49 ASC 808 Collaborative Arrangements 943

50 ASC 810 Consolidations 955

51 ASC 815 Derivatives and Hedging 995

52 ASC 820 Fair Value Measurements 1063

53 ASC 825 Financial Instruments 1083

54 ASC 830 Foreign Currency Matters 1089

55 ASC 835 Interest 1109

56 ASC 840 Leases 1127

57 ASC 842 Leases 1193

58 ASC 845 Nonmonetary Transactions 1209

59 ASC 850 Related-Party Disclosures 1223

60 ASC 852 Reorganizations 1225

61 ASC 853 Service Concession Arrangements 1229

62 ASC 855 Subsequent Events 1231

63 ASC 860 Transfers and Servicing 1233

64 ASC 900s Specialized Industry GAAP 1265

Appendix A: Definitions of Terms 1355

Appendix B: Disclosure and Presentation Checklist for

Commercial Businesses 1389

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