Wiley GAAP 2020

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


Index 1391