Joanne M. Flood - Wiley GAAP 2020: Interpretation and Application of Generally Accepted Accounting Principles

Joanne M. Flood

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Copyright by the American Institute of Certified Public Accountants, Inc. Several items were quotes or referred to with permission.

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ISBN 978-1-119-65262-5 (Paperback)
ISBN 978-1-119-65269-4 (ePDF)
ISBN 978-1-119-65267-0 (ePub)
ISBN 978-1-119-65266-3 (Obook)

Wiley GAAP 2020: Interpretation and Applicationprovides analytical explanations, copious illustrations, and nearly 300 examples of all current generally accepted accounting principles. The book integrates principles promulgated by the FASB in its Accounting Standards Codification.TMWiley GAAP is organized to align fully with the structure of the FASB Codification. Each chapter begins with a list of the subtopics included within the topic, scope, scope exceptions, technical alerts of any FASB Updates, and an overview of the topic. The remainder of each chapter contains a detailed discussion of the concepts and practical examples and illustrations. This organization facilitates the primary objective of the bookto assist financial statement preparers and practitioners in resolving the myriad practical problems faced in applying GAAP.

Hundreds of meaningful, realistic examples guide users in the application of GAAP to the complex fact situations that must be dealt with in the real world practice of accounting. In addition to this emphasis, a major strength of the book is that it explains the theory of GAAP in sufficient detail to serve as a valuable adjunct to accounting textbooks. Much more than merely a reiteration of currently promulgated GAAP, it provides the user with the underlying conceptual bases for the rules. It facilitates the process of reasoning by analogy that is so necessary in dealing with the complicated, fast-changing world of commercial arrangements and transaction structures. It is based on the authors belief that proper application of GAAP demands an understanding of the logical underpinnings of all its technical requirements.

As a bonus, a comprehensive presentation and disclosure checklist, available online to all Wiley GAAP purchasers, offers practical guidance on preparing financial statements for commercial entities in accordance with GAAP. For easy reference and research, the checklist also follows the order of the Codification. Go to for password).

The authors wish is that this book will serve preparers, practitioners, faculty, and students as a reliable reference tool to facilitate their understanding of, and ability to apply, the complexities of the authoritative literature.

ASUs Issued Since Previous Edition. The following FASB Accounting Standards Updates (ASUs) were issued since Wiley GAAP 2019 and through June 2020. Their requirements are incorporated into this edition of Wiley GAAP, as and where appropriate, and/or in the Technical Alert section at the beginning of the topic referenced in the ASU title.

• ASU 2018-07CompensationStock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
• ASU 2018-08Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
• ASU 2018-09Codification Improvements [Revised 07/18/18Wording corrected in summary to reflect actual codification wording.]
• ASU 2018-10Codification Improvements to Topic 842, Leases
• ASU 2018-11Leases (Topic 842): Targeted Improvements
• ASU 2018-12Financial ServicesInsurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
• ASU 2018-13Fair Value Measurement (Topic 820): Disclosure FrameworkChanges to the Disclosure Requirements for Fair Value Measurement
• ASU 2018-14CompensationRetirement BenefitsDefined Benefit PlansGeneral (Subtopic 715-20): Disclosure FrameworkChanges to the Disclosure Requirements for Defined Benefit Plans
• ASU 2018-15IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)