Wiley GAAP 2021 – Interpretation and Application of Generally Accepted Accounting Principles

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 69

7 ASC 235 Notes to Financial Statements 93

8 ASC 250 Accounting Changes and Error Corrections 99

9 ASC 255 Changing Prices 119

10 ASC 260 Earnings per Share 123

11 ASC 270 Interim Reporting 157

12 ASC 272 Limited Liability Entities 169

13 ASC 274 Personal Financial Statements 173

14 ASC 275 Risks and Uncertainties 181

15 ASC 280 Segment Reporting 187

16 ASC 310 Receivables 197

17 ASC 320 Investments—Debt Securities 243

18 ASC 321 Investments—Equity Securities 265

19 ASC 323 Investments—Equity Method and Joint Ventures 271

20 ASC 325 Investments—Other 307

21 ASC 326 Financial Instruments—Credit Losses 315

22 ASC 330 Inventory 333

23 ASC 340 Other Assets and Deferred Costs 375

24 ASC 350 Intangibles—Goodwill and Other 389

25 ASC 360 Property, Plant, and Equipment 423

26 ASC 405 Liabilities 471

27 ASC 410 Asset Retirement and Environmental Obligations 477

28 ASC 420 Exit or Disposal Cost Obligations 495

29 ASC 430 Deferred Revenue and Contract Liabilities 501

30 ASC 440 Commitments 503

31 ASC 450 Contingencies 507

32 ASC 460 Guarantees 515

33 ASC 470 Debt 527

34 ASC 480 Distinguishing Liabilities from Equity 567

35 ASC 505 Equity 583

36 ASC 605 Revenue Recognition 605

37 ASC 606 Revenue from Contracts with Customers 609

38 ASC 610 Other Income 681

39 ASC 705 Cost of Sales and Services 685

40 ASC 710 Compensation—General 689

41 ASC 712 Compensation—Nonretirement Post-Employment Benefits 695

42 ASC 715 Compensation—Retirement Benefits 697

43 ASC 718 Compensation—Stock Compensation 739

44 ASC 720 Other Expenses 777

45 ASC 730 Research and Development 785

46 ASC 740 Income Taxes 791

47 ASC 805 Business Combinations 843

48 ASC 808 Collaborative Arrangements 889

49 ASC 810 Consolidations 901

50 ASC 815 Derivatives and Hedging 941

51 ASC 820 Fair Value Measurements 1013

52 ASC 825 Financial Instruments 1031

53 ASC 830 Foreign Currency Matters 1037

54 ASC 835 Interest 1057

55 ASC 840 Leases 1075

56 ASC 842 Leases 1141

57 ASC 845 Nonmonetary Transactions 1157

58 ASC 848 Reference Rate Reform 1169

59 ASC 850 Related-Party Disclosures 1177

60 ASC 852 Reorganizations 1179

61 ASC 853 Service Concession Arrangements 1183

62 ASC 855 Subsequent Events 1185

63 ASC 860 Transfers and Servicing 1187

64 ASC 900s Specialized Industry GAAP 1221

Appendix A: Definitions of Terms 1313

Appendix B: Disclosure and Presentation Checklist for Commercial Businesses 1351

Index 1353