The most practical, authoritative guide to GAAP Wiley GAAP 2012 contains complete coverage of all levels of GAAP, indexed to the ASC. Wiley GAAP renders GAAP more understandable and accessible for research, and has been designed to reduce the amount of time and effort needed to solve accounting research issues. Providing interpretive guidance and a wealth of real-world, content-rich examples and illustrations, this invaluable guide offers clear, user-friendly guidance on every pronouncement including FASB Technical Bulletins, AcSEC Practice Bulletins, FASB Implementation Guides, AICPA Statements of Position, and AICPA Accounting Interpretations.* Offers insight into the application of complex financial reporting rules* Contains detailed index for easy reference use* Includes a comprehensive cross-reference of accounting topics to the FASB codification system* Other titles by Bragg: Wiley Practitioner's Guide to GAAS 2012 With easy-to-access information, this practicable and reliable resource offers complete coverage of the entire GAAP hierarchy.

Table of Contents

Preface vii About the Author ix About the Online Resources xi Codification Taxonomy xiii 1 Researching GAAP Matters 1 2 Statement of Financial Position 29 3 Statements of Income and Comprehensive Income 55 4 Statement of Cash Flows 89 5 Accounting Policies, Changes, and Restatements 105 6 Fair Value 141 7 Cash, Receivables, and Prepaid Expenses 177 8 Short-Term Investments and Financial Instruments 235 9 Inventory 305 10 Revenue Recognition-Evolving Principles and Specialized Applications 347 Revenue Recognition-General Principles 349 Long-Term Construction Contracts 357 Service Revenues 372 Sales When Collection Is Uncertain 380 Revenue Recognition When Right of Return Exists 387 Profit Recognition on Real Estate Sales 391 Real Estate Operations 412 Franchising: Accounting by Franchisors 416 Other Special Accounting and Reporting Issues 421 11 Long-Lived Assets 431 12 Long-Term Investments 495 13 Business Combinations and Consolidated Financial Statements 587 14 Current Liabilities and Contingencies 671 15 Long-Term Liabilities 697 16 Leases 747 17 Research and Development 823 18 Nonmonetary Transactions 829 19 Income Taxes 839 20 Pensions and Other Postretirement Benefits 913 21 Stockholders' Equity 963 Appendix A: Financial Statement Presentation 1034 22 Earnings Per Share 1037 Appendix: Comprehensive Example 1063 23 Interim Reporting 1067 24 Segment Reporting 1081 25 Foreign Currency 1091 Appendix: Accounts to Be Remeasured Using Historical Exchange Rates 1119 26 Personal Financial Statements 1121 Appendix: Hypothetical Set of Personal Financial Statements 1126 27 Specialized Industry GAAP 1129 Banking and Thrift 1131 Broadcasting 1146 Cable Television 1150 Casinos 1153 Computer Software Developers 1154 Employee Benefit Plans, Including Pension Funds 1163 Finance Companies 1171 Government Contractors 1175 Insurance 1177 Investment Companies 1188 Mortgage Banking 1194 Motion Pictures 1201 Not-for-Profit Organizations 1211 Oil and Gas Producers 1226 Recording and Music 1228 Regulated Operations 1231 Title Plant 1235 Appendix A: Disclosure Checklist for Commercial Businesses 1237 Index 1301

About the Author

Steven Bragg, CPA, (Centennial, CO), has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He has published over 30 books through John Wiley & Sons. Among his most prominent titles are Accounting Best Practices, 6th edition, Controllership: The Role of the Managerial Accountant , and Wiley Practitioner's Guide to GAAS annual.