Wiley GAAP 2025 E-Book

Joanne M. Flood

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Serie: Wiley Regulatory Reporting
• Sprache: Englisch

Seitenzahl: 2908

Veröffentlichungsjahr: 2024

Beschreibung

The gold standard in US GAAP resources—completely revised to include the newest pronouncements

US GAAP is consistently reviewed and updated, which requires accountants and financial practitioners to keep one eye on revisions and changes. Wiley GAAP 2025 delivers comprehensive coverage of all Financial Accounting Standards Board (FASB) Topics—along with all the latest updates.

Each chapter provides a discussion of perspectives and issues, GAAP sources, practice-oriented examples, and concise definitions of concepts, rules, and terms. Every Topic is clearly explained in an easy-to-understand way and is accompanied by illustrations and graphics that help the reader apply the information.

This practice resource:

• Reviews the latest changes to accounting principles
• Provides authoritative guidance on complicated issues raised by specific pronouncements
• Includes topic-specific chapters and cross-references for easy research
• Illustrates how each standard might apply to common scenarios
• Clarifies the implementation of each standard with practice examples

The 2025 edition covers the latest developments in the presentation and disclosures in financial statements, reporting crypto assets, improved segment reporting, and new disclosures for joint venture formations and income taxes.

Non-compliance with GAAP is not an acceptable option for skilled financial professionals and accountants. Wiley GAAP 2025 remains your one-stop resource for staying up to date with constantly changing guidelines and delivers the guidance and insight you need.

BONUS: Downloadable, online Financial Statement Disclosure and Presentation Checklist, now with industry-specific disclosures! New this year access to a newsletter updating information throughout the year.

Leseprobe

Table of Contents

COVER

TITLE PAGE

COPYRIGHT

PREFACE

ABOUT THE AUTHOR

CODIFICATION TAXONOMY

1 ASC 105 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

PERSPECTIVES AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

2 ASC 205 PRESENTATION OF FINANCIAL STATEMENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTES

3 ASC 210 BALANCE SHEET

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTE

4 ASC 215 STATEMENT OF SHAREHOLDER EQUITY

PERSPECTIVE AND ISSUES

5 ASC 220 INCOME STATEMENT—REPORTING COMPREHENSIVE INCOME

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTES

6 ASC 230 STATEMENT OF CASH FLOWS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTES

7 ASC 235 NOTES TO FINANCIAL STATEMENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTE

8 ASC 250 ACCOUNTING CHANGES AND ERROR CORRECTIONS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTES

9 ASC 255 CHANGING PRICES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTE

10 ASC 260 EARNINGS PER SHARE

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

COMPREHENSIVE EXAMPLE

NOTES

11 ASC 270 INTERIM REPORTING

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

REQUIREMENTS APPLICABLE TO ALL REPORTING ENTITIES

REQUIREMENTS APPLICABLE TO PUBLIC REPORTING ENTITIES

OTHER SOURCES

NOTES

12 ASC 272 LIMITED LIABILITY ENTITIES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

13 ASC 274 PERSONAL FINANCIAL STATEMENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

14 ASC 275 RISKS AND UNCERTAINTIES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

15 ASC 280 SEGMENT REPORTING

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

16 ASC 310 RECEIVABLES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

17 ASC 320 INVESTMENTS—DEBT SECURITIES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

18 ASC 321 INVESTMENTS—EQUITY SECURITIES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

19 ASC 323 INVESTMENTS—EQUITY METHOD AND JOINT VENTURES

TECHNICAL ALERT

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES—ASC 323-10,

OVERALL

: THE EQUITY METHOD OF ACCOUNTING FOR INVESTMENTS

CONCEPTS, RULES, AND EXAMPLES—ASC 323-30,

EQUITY INVESTMENTS IN CORPORATE JOINT VENTURES AND NONCORPORATE ENTITIES

CONCEPTS, RULES, AND EXAMPLES—ASC 323-740,

QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

NOTES

20 ASC 325 INVESTMENTS—OTHER

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

21 ASC 326 FINANCIAL INSTRUMENTS—CREDIT LOSSES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES—ASC 326-10,

OVERALL

CONCEPTS, RULES, AND EXAMPLES—ASC 326-20,

MEASURED AT AMORTIZED COST

CONCEPTS, RULES, AND EXAMPLES—ASC 326-30,

AVAILABLE-FOR-SALE DEBT SECURITIES

PRESENTATION AND DISCLOSURE

NOTE

22 ASC 330 INVENTORY

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTE

23 ASC 340 OTHER ASSETS AND DEFERRED COSTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTES

24 ASC 350 INTANGIBLES—GOODWILL AND OTHER

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES—ASC 350-10,

OVERALL

CONCEPTS, RULES, AND EXAMPLES—ASC 350-20,

GOODWILL

CONCEPTS, RULES, AND EXAMPLES—ASC 350-30,

GENERAL INTANGIBLES OTHER THAN GOODWILL

CONCEPTS, RULES, AND EXAMPLES—ASC 350-40,

INTERNAL-USE SOFTWARE

CONCEPTS, RULES, AND EXAMPLES—ASC 350-50,

WEBSITE DEVELOPMENT COSTS

NOTES

25 ASC 360 PROPERTY, PLANT, AND EQUIPMENT

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

OVERALL—ASC 360-10,

PROPERTY, PLANT, AND EQUIPMENT

PRESENTATION AND DISCLOSURE

26 ASC 405 LIABILITIES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

27 ASC 410 ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

ASC 410-20,

ASSET RETIREMENT OBLIGATIONS

ASC 410-30,

ENVIRONMENTAL OBLIGATIONS

PRESENTATION AND DISCLOSURE

28 ASC 420 EXIT OR DISPOSAL COST OBLIGATIONS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

29 ASC 430 DEFERRED REVENUE AND CONTRACT LIABILITIES

30 ASC 440 COMMITMENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

31 ASC 450 CONTINGENCIES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

NOTE

32 ASC 460 GUARANTEES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

33 ASC 470 DEBT

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

34 ASC 480 DISTINGUISHING LIABILITIES FROM EQUITY

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

NOTES

35 ASC 505 EQUITY

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE REQUIREMENTS

NOTE

36 ASC 605 REVENUE RECOGNITION

CONCEPTS, RULES, AND EXAMPLES

DEFINITIONS OF TERMS

ASC 605-20,

REVENUE RECOGNITION—PROVISION FOR LOSSES ON SEPARATELY PRICED EXTENDED WARRANTY AND PRODUCT MAINTENANCE CONTRACTS

ASC 605-35,

CONSTRUCTION-TYPE AND PRODUCTION-TYPE CONTRACTS

37 ASC 606 REVENUE FROM CONTRACTS WITH CUSTOMERS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

STEP 1: IDENTIFY THE CONTRACT WITH THE CUSTOMER

STEP 2: IDENTIFYING THE PERFORMANCE OBLIGATIONS

STEP 3: DETERMINE THE TRANSACTION PRICE

STEP 4: ALLOCATE THE TRANSACTION PRICE

STEP 5: RECOGNIZE REVENUE WHEN (OR AS) THE ENTITY SATISFIES A PERFORMANCE OBLIGATION

OTHER ISSUES

NOTES

38 ASC 610 OTHER INCOME

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

39 ASC 705 COST OF SALES AND SERVICES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

40 ASC 710 COMPENSATION—GENERAL

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

41 ASC 712 COMPENSATION— NONRETIREMENT POST-EMPLOYMENT BENEFITS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

42 ASC 715 COMPENSATION—RETIREMENT BENEFITS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

ASC 715-20,

DEFINED BENEFITS PLANS—GENERAL

ASC 715-30,

DEFINED BENEFIT PLANS—PENSION

ASC 715-60,

DEFINED BENEFITS PLANS—OTHER POSTRETIREMENT

ASC 715-70,

DEFINED CONTRIBUTION PLANS

ASC 715-80,

MULTIEMPLOYER PENSION PLANS

PRESENTATION AND DISCLOSURE

43 ASC 718 COMPENSATION—STOCK COMPENSATION

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

NOTES

44 ASC 720 OTHER EXPENSES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

45 ASC 730 RESEARCH AND DEVELOPMENT

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

46 ASC 740 INCOME TAXES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

47 ASC 805 BUSINESS COMBINATIONS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

NOTES

48 ASC 808 COLLABORATIVE ARRANGEMENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

NOTE

49 ASC 810 CONSOLIDATIONS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONSOLIDATION MODELS—INTRODUCTION AND BACKGROUND

THE VIE MODEL

VOTING INTEREST MODEL

PRESENTATION AND DISCLOSURE

NOTES

50 ASC 815 DERIVATIVES AND HEDGING

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

NOTES

51 ASC 820 FAIR VALUE MEASUREMENTS

TECHNICAL ALERT

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

52 ASC 825 FINANCIAL INSTRUMENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

ASC 825-20,

REGISTRATION PAYMENT ARRANGEMENTS

PRESENTATION AND DISCLOSURE

OTHER SOURCES

NOTES

53 ASC 830 FOREIGN CURRENCY MATTERS

ASC 830,

FOREIGN CURRENCY MATTERS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

54 ASC 832 GOVERNMENT ASSSISTANCE

PERSPECTIVE AND ISSUES

DEFINITION OF TERM

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

55 ASC 835 INTEREST

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

56 ASC 842 LEASES

PERSPECTIVE AND ISSUES

OVERVIEW

DEFINITIONS OF TERMS

ASC 842-10,

OVERALL

, CONCEPTS, RULES, AND EXAMPLES

ASC 842-20,

LESSEES

, CONCEPTS, RULES, AND EXAMPLES

ASC 842-30,

LESSOR

, CONCEPTS, RULES, AND EXAMPLES

ASC 842-40,

SALE AND LEASEBACK TRANSACTIONS

, CONCEPTS, RULES, AND EXAMPLES

ASC 842-50,

LEVERAGED LEASES

, CONCEPTS, RULES, AND EXAMPLES

PRESENTATION—USING THE DISPLAY APPROACH

PRESENTATION AND DISCLOSURE

IMPLEMENTATION CONSIDERATIONS

57 ASC 845 NONMONETARY TRANSACTIONS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

OTHER SOURCES

NOTE

58 ASC 848 REFERENCE RATE REFORM

TECHNICAL ALERT

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTES

59 ASC 850 RELATED PARTY DISCLOSURES

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

60 ASC 852 REORGANIZATIONS

PERSPECTIVES AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURES

61 ASC 853 SERVICE CONCESSION ARRANGEMENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

62 ASC 855 SUBSEQUENT EVENTS

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

63 ASC 860 TRANSFERS AND SERVICING

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PRESENTATION AND DISCLOSURE

64 ASC 900s SPECIALIZED INDUSTRY GAAP

TECHNICAL ALERT

CONTRACTORS—FEDERAL GOVERNMENT (ASC 912)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

ENTERTAINMENT—BROADCASTERS (ASC 920)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

ENTERTAINMENT—CABLE TELEVISION (ASC 922)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

ENTERTAINMENT—CASINOS (ASC 924)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

ENTERTAINMENT—FILM (ASC 926)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

ENTERTAINMENT—MUSIC (ASC 928)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

EXTRACTIVE ACTIVITIES—OIL AND GAS (ASC 932)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

FINANCIAL SERVICES—DEPOSITORY AND LENDING (ASC 942)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

FINANCIAL SERVICES—INSURANCE (ASC 944)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

FINANCIAL SERVICES—INVESTMENT COMPANIES (ASC 946)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

FINANCIAL SERVICES—MORTGAGE BANKING (ASC 948)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

FINANCIAL SERVICES—TITLE PLANT (ASC 950)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

FRANCHISORS (ASC 952)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS AND RULES

NOT-FOR-PROFIT ENTITIES (ASC 958)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

PLAN ACCOUNTING (ASC 960, ASC 962, ASC 965)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

REAL ESTATE—GENERAL (ASC 970)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

REAL ESTATE—COMMON INTEREST REALTY ASSOCIATIONS (ASC 972)

DEFINITIONS OF TERMS

CONCEPTS RULES AND EXAMPLES

REAL ESTATE—RETAIL LAND (ASC 976)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

REAL ESTATE TIME-SHARING ACTIVITIES (ASC 978)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

REGULATED OPERATIONS (ASC 980)

PERSPECTIVE AND ISSUES

CONCEPTS, RULES, AND EXAMPLES

DEFINITIONS OF TERMS

SOFTWARE (ASC 985)

PERSPECTIVE AND ISSUES

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

NOTES

APPENDIX A: DEFINITIONS OF TERMS

APPENDIX B: DISCLOSURE AND PRESENTATION CHECKLIST FOR COMMERCIAL BUSINESSES

INDEX

END USER LICENSE AGREEMENT

List of Tables

Chapter 10

Table 10.1

Table 10.2 Computations of Basic EPS and Diluted EPS

Table 10.3 Computations of Basic EPS and Diluted EPS

Guide

Cover

Title Page

Copyright

Preface

About the Author

Codification Taxonomy

Table of Contents

Begin Reading

Appendix A: Definitions of Terms

Appendix B: Disclosure and Presentation Checklist for Commercial Businesses

Index

End User License Agreement

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Practitioner’s Guide to GAAP 2025

Interpretation and Application of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

Joanne M. Flood, MBA, CPA

Copyright © 2025 by John Wiley & Sons, Inc. All rights reserved All rights reserved, including rights for text and data mining and training of artificial technologies or similar technologies.Copyright © by the American Institute of Certified Public Accountants, Inc. Several items were quotes or referred to with permission.

Portions of this book have their origin in copyrighted materials from the Financial Accounting Standards Board. These are noted by reference to the specific pronouncement except for the definitions introduced in bold type that appear in a separate section at the beginning of each chapter. Complete copies are available directly from the FASB. Copyright © by the Financial Accounting Standards Board, 401 Merritt 7, PO Box 5116, Norwalk, Connecticut 06856-5116, USA.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, [phone], fax [phone], or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, [phone], fax [phone], or online at http://www.wiley.com/go/permission.

Trademarks: Wiley and the Wiley logo are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is not associated with any product or vendor mentioned in this book.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging-in-Publication Data is Available:

ISBN 9781394199747 (Paperback)ISBN 9781394199761 (ePDF)ISBN 9781394199754 (ePub)

Cover Design and Image: Wiley

PREFACE

Wiley GAAP 2025: Interpretation and Application provides 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.® Wiley 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 book—to 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 author’s 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 and not-for-profit entities in accordance with GAAP. For easy reference and research, the checklist also follows the order of the Codification. Go to www.wiley.com/go/GAAP2025 (password: Flood2025).

The author’s 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 2024 and through June 2024. 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 2023-03,

Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022, EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update)

ASU 2023-04,

Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121 (SEC Update)

ASU 2023-05,

Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

ASU 2023-06,

Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

ASU 2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

ASU 2023-08,

Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets

ASU 2023-09,

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU 2024-01,

Codification Improvements—Amendments to Remove References to the Concepts Statements

ASU 2024-02,

Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards

Concept Statement Issued Since Last Edition In August 2023, the Financial Accounting Standards Board (FASB) issued a new chapter of the Conceptual Framework, Chapter 5, Recognition and Derecognition of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting. For more information, see the Technical Alert in Chapter 1.

On the Horizon. Significant accounting changes are on the horizon. In the next year, the FASB is expected to make strides on the following major projects and others:

Conceptual framework projects on measurement, recognition, and derecognition

Credit losses—Purchased Financial Assets

Derivatives Scope Refinement

Disaggregation–Income Statement Expenses

Environmental credit programs

Government Grants

Hedge Accounting Improvements

Induced Conversions of Convertible Debt Instruments

Interim Reporting

Scope Applications of Profit Interest Awards: Compensation—Stock Compensation

Software Costs

Statement of Cash Flows—Targeted Improvements

New this year!: Joanne Flood will be posting status updates to FASB projects and other useful GAAP information. The newsletter can be found at www.JoanneFlood.net.

Joanne M. FloodJuly 2024

ABOUT THE AUTHOR

Joanne Flood, MBA, CPA, is an author and independent consultant on accounting and auditing technical topics and e-learning. She has experience as an auditor in both an international firm and a local firm and worked as a senior manager in the AICPA’s Professional Development group. She received her MBA summa cum laude in accounting from Adelphi University and her bachelor’s degree in English from Molloy University. Joanne received the New York State Society of Certified Public Accountants Award of Honor for outstanding scholastic achievement at Adelphi University. Joanne also has a certificate in Designing Interactive Multimedia Instruction from Teachers College, Columbia University.

While in public accounting, Joanne worked for a Big Four accounting firm, auditing major clients in retail, manufacturing, and finance and for a small firm auditing business clients in construction, manufacturing, and professional services. At the AICPA, she developed and wrote e-learning, text, and instructor-led training courses on U.S. and international standards. She also produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA’s e-learning product line. Joanne resides in New York with her daughter, Elizabeth. Elizabeth is also Joanne’s editorial assistant, providing valuable production and copyediting services. Joanne is the author of the following Wiley publications:

Financial Disclosure Checklist

Wiley GAAP 2025: Interpretation and Application of Generally Accepted Accounting Principles

Wiley Practitioner’s Guide to GAAS 2023: Covering all SASs, SSAEs, SSARSs, and Interpretations

Wiley GAAP: Financial Statement Disclosures Manual

Wiley Revenue Recognition

CODIFICATION TAXONOMY

Topic # and title

Subtopic # and title

I. General Principles and Objectives

105

Generally Accepted Accounting

105-10

Overall Principles

II. Overall Financial Reporting, Presentation, and Display Matters

A. Overall Presentation of Financial Statements

205

Presentation of Financial Statements

205-10 205-20 205-30 205-40

Overall Discontinued Operations Liquidation Basis of Accounting Going Concern

210

Balance Sheet

210-10 210-20

Overall Offsetting

215

Statement of Shareholders’ Equity

215-10

Overall

220

Income Statement-Reporting Comprehensive Income

220-10 220-20 220-30

Overall Unusual or Infrequently Occurring Items Business Interruption Insurance

230

Statement of Cash Flows

230-10

Overall

235

Notes to Financial Statements

235-10

Overall

B. Various Financial Reporting, Presentation, and Display Matters

250

Accounting Changes and Error Corrections

250-10

Overall

255

Changing Prices

255-10

Overall

260

Earnings per Share

260-10

Overall

270

Interim Reporting

270-10

Overall

272

Limited Liability Entities

272-10

Overall

274

Personal Financial Statements

274-10

Overall

275

Risks and Uncertainties

275-10

Overall

280

Segment Reporting

280-10

Overall

III. Transaction-Related Topics

A. Financial Statement Accounts

310

Receivables

310-10 310-20 310-30 310-40

Overall Nonrefundable Fees and Other Costs Loans and Debt Securities Acquired with Deteriorated Credit Quality Troubled Debt Restructurings by Creditors

320

Investments—Debt Securities

320-10

Overall Securities

321

Investments—Equity Securities

321-10

Overall

323

Investments—Equity Method and Joint Ventures

323-10 323-30

Overall Joint Ventures Partnerships, Joint Ventures, and Limited Liability Entities

325

Investments—Other

325-10 325-20 325-30 325-40

Overall Cost Method Investments Investments in Insurance Contracts Beneficial Interests in Securitized Financial Assets

326

Financial Instruments—Credit Losses

326-10 326-20 326-30

Overall Measured at Amortized Cost Available-for-Sale Debt Securities

330

Inventory

330-10

Overall

340

Other Assets and Deferred Costs

340-10 340-20 340-30 340-40

Overall Capitalized Advertising Costs Insurance Contracts That Do Not Transfer Insurance Risk Contracts with Customers

350

Intangibles—Goodwill and Other

350-10 350-20 350-30 350-40 350-50

Overall Goodwill General Intangibles Other Than Goodwill Internal-Use Software Website Development Costs

360

Property, Plant, and Equipment

360-10 360-20

Overall Real Estate Sales

405

Liabilities

405-10 405-20 405-30 405-40

Overall Extinguishments of Liabilities Insurance-Related Assessments Obligations Resulting from Joint and Several Liabilities

410

Asset Retirement and Environmental Obligations

410-10 410-20 410-30

Overall Asset Retirement Obligations Environmental Obligations

420

Exit or Disposal Cost Obligations

420-10

Overall

430

Deferred Revenue

430-10

Overall

440

Commitments

440-10

Overall

450

Contingencies

450-10 450-20

Overall Loss Contingencies

450-30

Gain Contingencies

460

Guarantees

460-10

Overall

470

Debt

470-10 470-20 470-30 470-40 470-50 470-60

Overview Debt with Conversion and Other Options Participating Mortgage Loans Product Financing Arrangements Modifications and Extinguishments Troubled Debt Restructurings by Debtors

480

Distinguishing Liabilities from Equity

480-10

Overall

505

Equity

505-10 505-20 505-30 505-50 505-60

Overall Stock Dividends and Stock Splits Treasury Stock Equity-Based Payments to Non-Employees Spin-offs and Reverse Spin-offs

605

Revenue Recognition

605-20 605-35

Revenue Recognition—Provisions for Losses on Separately Priced Extended Warranty and Product Maintenance Contracts Revenue Recognition—Provision for Losses on Construction-Type and Production-Type Contracts

606

Revenue from Contracts with Customers

606-10

Overall

610

Other Income

610-10 610-20 610-30

Overall Gains and Losses from the Derecognition of Nonfinancial Assets Gains and Losses on Involuntary Conversions

705

Cost of Sales and Services

705-10 705-20

Overall Accounting for Consideration Received from a Vendor

710

Compensation—General

710-10

Overall

712

Compensation—Nonretirement Postemployment Benefits

712-10

Overall

715

Compensation—Retirement Benefits

715-10 715-20 715-30 715-60 715-70 715-80

Overall Defined Benefit Plans—General Defined Benefit Plans—Pensions Defined Benefit Plans—Other Postretirement Defined Contribution Plans Multiemployer Plans

718

Compensation—Stock Compensation

718-10 718-20 718-30 718-40 718-50

Overall Awards Classified as Equity Awards Classified as Liabilities Employee Stock Ownership Plans Employee Share Purchase Plans

720

Other Expenses

720-10 720-15 720-20 720-25 720-30 720-35 720-40 720-45 720-50

Overall Start-Up Costs Insurance Costs Contributions Made Real and Personal Property Taxes Advertising Costs Electronic Equipment Waste Obligations Business and Technology Reengineering Fees Paid to the Federal Government by Pharmaceutical Manufacturers and Health Insurer

730

Research and Development

730-10 730-20

Overall Research and Development Arrangements

740

Income Taxes

740-10 740-20 740-30

Overall Intraperiod Tax Allocation Other Considerations or Special Areas

B. Broad Transactional Categories

805

Business Combinations

805-10

Overall

805-20

Identifiable Assets and Liabilities, and Any Noncontrolling Interest

805-30

Goodwill or Gain from Bargain Purchase, Including Consideration Transferred

805-40

Reverse Acquisitions

805-50

Related Issues

805-60

Joint Venture Formations

808

Collaborative Arrangements

808-10

Overall

810

Consolidation

810-10 810-20 810-30

Overall Control of Partnerships and Similar Entities Research and Development Arrangements

815

Derivatives and Hedging

815-10 815-15 815-20 815-25 815-30 815-35 815-40 815-45

Overall Embedded Derivatives Hedging—General Fair Value Hedges Cash Flow Hedges Net Investment Hedges Contracts in Entity’s Own Equity Weather Derivatives

820

Fair Value Measurements

820-10

Overall

825

Financial Instruments

825-10 825-20

Overall Registration Payment Arrangements

830

Foreign Currency Matters

830-10 830-20 830-30

Overall Foreign Currency Transactions Translation of Financial Statements

832

Government Assistance

832-10

Overall

835

Interest

835-10 835-20 835-30

Overall Capitalization of Interest Imputation of Interest

842

Leases

842-10 842-20 842-30 842-40 842-50

Overall Lessee Lessor Sale and Leaseback Transactions Leveraged Lease Arrangements

845

Nonmonetary Transactions

845-10

Overall

848

Reference Rate Reform

848-10 848-20 848-30 848-40 848-50

Overall Contract Modifications Hedging-General Fair Value Hedges Cash Flow Hedges

850

Related-Party Disclosures

850-10

Overall

852

Reorganization

852-20

Quasi-Reorganization

853

Service Concession Arrangements

853-10

Overall

855

Subsequent Events

855-10

Overall

860

Transfers and Servicing

860-10 860-20 860-30 860-40 860-50

Overall Sales of Financial Assets Secured Borrowings and Collateral Transfers to Qualifying Special-Purpose Entities Servicing Assets and Liabilities

IV. Industry/Unique Topics

905

Agriculture

905-10

Overall

908

Airlines

908-10

Overall

910

Contractors—Construction

910-10 910-20

Overall Contract Costs

912

Contractors—Federal Government

912-10 912-20

Overall Contract Costs

915

Development Stage Entities

915-10

Overall

920

Entertainment—Broadcasters

920-10

Overall

922

Entertainment—Cable Television

922-10

Overall

924

Entertainment—Casinos

924-10

Overall

926

Entertainment—Films

926-10 926-20

Overall Other Assets—Film Costs

928

Entertainment—Music

928-10

Overall

930

Extractive Activities—Mining

930-10

Overall

932

Extractive Activities—Oil and Gas

932-10

Overall

940

Financial Services—Brokers

940-10 940-20

Overall and Dealers Broker-Dealer Activities

942

Financial Services—Depository and Lending

942-10

Overall and Lending

944

Financial Services—Insurance

944-10 944-20 944-30 944-40 944-50 944-60 944-80

Overall Insurance Activities Acquisition Costs Claim Costs and Liabilities for Future Policy Benefits Policyholder Dividends Premium Deficiency and Loss Recognition Separate Accounts

946

Financial Services—Investment

946-10 946-20

Overall Companies Investment Company Activities

948

Financial Services—Mortgage Banking

948-10

Overall

950

Financial Services—Title Plant

950-350

Intangibles—Goodwill and Others

952

Franchisors

952-10

Overall

954

Health Care Entities

954-10

Overall

958

Not-for-Profit Entities

958-10 958-20 958-30

Overall Financially Interrelated Entities Split-Interest Agreements

960

Plan Accounting—Defined Benefit

960-10 960-20 960-30 960-40

Overall Accumulated Plan Benefits Net Assets Available for Plan Benefits Terminating Plans

962

Plan Accounting—Defined

962-10 962-40

Overall Contribution Pension Plans Terminating Plans

965

Plan Accounting—Health and Welfare

965-10 965-20 965-30 965-40

Overall Net Assets Available for Plan Benefits Plan Benefits Obligations Terminating Plans

970

Real Estate—General

970-10

Overall

972

Real Estate—Common Interest Realty Associations

972-10

Overall

974

Real Estate—Real Estate

974-10

Overall

976

Real Estate—Retail Land

976-10

Overall

978

Real Estate—Time-Sharing Activities

978-10

Overall

980

Regulated Operations

980-10 980-20

Overall Discontinuation of Rate-Regulated Accounting

985

Software

985-10 985-20

Overall Costs of Software to Be Sold, Leased, or Marketed

V. Glossary