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- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Serie: Wiley Regulatory Reporting
- Sprache: Englisch
The most comprehensive guide to US GAAP--thoroughly updated to reflect the latest pronouncements US GAAP is constantly being updated, requiring its users to be armed with expert interpretation and explanation of the relevant principles. Wiley GAAP 2022 provides the most complete coverage of all Financial Accounting Standards Board (FASB) Topics--including the latest updates. Each chapter includes discussion of perspectives and issues, sources of GAAP, practice-oriented examples, and accurate definitions of terms, concepts, and rules. Every FASB Topic is fully explained in a clear, reader-friendly way with dynamic graphic to aid in understanding complex topics. Extensively updated to reflect all current US GAAP changes, this indispensable book: * Reviews the latest changes to accounting principles, including inventory, financial instruments, leases, debt, and goodwill * Offers expert guidance on issues surrounding specific pronouncements * Includes comprehensive cross-references and topic-specific appendices * Explains how the standards apply to common real-world scenarios * Clarifies implementation through numerous illustrations and practical examples Accurate and up-to-date GAAP implementation is crucial for eliminating the risk of noncompliance. Wiley GAAP 2022 is your one-stop resource for staying up-to-date with constantly-changing guidelines--providing the insight and guidance accounting professionals need.
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Veröffentlichungsjahr: 2022
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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
NOTES
2 ASC 205 PRESENTATION OF FINANCIAL STATEMENTS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
3 ASC 210 BALANCE SHEET
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
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
NOTE
7 ASC 235 NOTES TO FINANCIAL STATEMENTS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
8 ASC 250 ACCOUNTING CHANGES AND ERROR CORRECTIONS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTE
9 ASC 255 CHANGING PRICES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
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
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
16 ASC 310 RECEIVABLES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
17 ASC 320 INVESTMENTS—DEBT SECURITIES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
18 ASC 321 INVESTMENTS—EQUITY SECURITIES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
19 ASC 323 INVESTMENTS—EQUITY METHOD AND JOINT VENTURES
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
20 ASC 325 INVESTMENTS—OTHER
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
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
22 ASC 330 INVENTORY
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
23 ASC 340 OTHER ASSETS AND DEFERRED COSTS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTE
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
CONCEPTS, RULES, AND EXAMPLES—ASC 360-20,
REAL ESTATE SALES
—SALE LEASEBACK ACCOUNTING
26 ASC 405 LIABILITIES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
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
28 ASC 420 EXIT OR DISPOSAL COST OBLIGATIONS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTE
29 ASC 430 DEFERRED REVENUE AND CONTRACT LIABILITIES
30 ASC 440 COMMITMENTS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
31 ASC 450 CONTINGENCIES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
32 ASC 460 GUARANTEES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
33 ASC 470 DEBT
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
34 ASC 480 DISTINGUISHING LIABILITIES FROM EQUITY
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
35 ASC 505 EQUITY
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
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
39 ASC 705 COST OF SALES AND SERVICES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
40 ASC 710 COMPENSATION—GENERAL
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
41 ASC 712 COMPENSATION— NONRETIREMENT POST-EMPLOYMENT BENEFITS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
42 ASC 715 COMPENSATION—RETIREMENT BENEFITS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
ASC 715-10,
DEFINED BENEFIT PLANS—OVERALL
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
43 ASC 718 COMPENSATION—STOCK COMPENSATION
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTE
44 ASC 720 OTHER EXPENSES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
45 ASC 730 RESEARCH AND DEVELOPMENT
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
46 ASC 740 INCOME TAXES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTE
47 ASC 805 BUSINESS COMBINATIONS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
48 ASC 808 COLLABORATIVE ARRANGEMENTS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
49 ASC 810 CONSOLIDATIONS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONSOLIDATION MODELS—INTRODUCTION AND BACKGROUND
THE VIE MODEL
VOTING INTEREST MODEL
Exhibit—Voting Interest Model
NOTES
50 ASC 815 DERIVATIVES AND HEDGING
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
51 ASC 820 FAIR VALUE MEASUREMENTS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
52 ASC 825 FINANCIAL INSTRUMENTS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
53 ASC 830 FOREIGN CURRENCY MATTERS
ASC 830,
FOREIGN
CURRENCY MATTERS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
ACCOUNTS TO BE REMEASURED USING HISTORICAL EXCHANGE RATES
54 ASC 835 INTEREST
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTE
55 ASC 840 LEASES
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
56 ASC 842 LEASES
PERSPECTIVE AND ISSUES
OVERVIEW
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
57 ASC 845 NONMONETARY TRANSACTIONS
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTES
58 ASC 848 REFERENCE RATE REFORM
TECHNICAL ALERT
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
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
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
63 ASC 860 TRANSFERS AND SERVICING
PERSPECTIVE AND ISSUES
DEFINITIONS OF TERMS
CONCEPTS, RULES, AND EXAMPLES
NOTE
64 ASC 900s SPECIALIZED INDUSTRY GAAP
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
CONCEPTS, RULES, AND EXAMPLES
FINANCIAL SERVICES—INVESTMENT COMPANIES (ASC 946)
PERSPECTIVE AND ISSUES
REASSESSMENT OF INVESTMENT COMPANY STATUS
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
HEALTH AND WELFARE BENEFIT PLANS (ASC 965)
REAL ESTATE—GENERAL (ASC 970)
PERSPECTIVE AND ISSUES
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
Table of Contents
Title Page
Copyright
Preface
About the Author
Codification Taxonomy
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 2022
Interpretation and Application of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
Joanne M. Flood, MBA, CPA
Copyright © 2022 by John Wiley & Sons, Inc. All rights reserved.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.
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Library of Congress Cataloging-in-Publication Data is Available:
ISBN 9781119595830 (Paperback)ISBN 9781119595892 (ePDF)ISBN 9781119595885 (ePub)
Cover design and image: Wiley
PREFACE
Wiley GAAP 2022: 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.TM 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/GAAP2022 (password: Flood2022).
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 2021 and through June 2021. 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 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets
ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables, Nonrefundable Fees, and Other Costs
ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762
ASU 2020-10, Codification Improvements
ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application
ASU 2021-01, Reference Rate Reform (Topic 848): Scope
ASU 2021-02, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient
ASU 2021-03, Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events
ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options (a concensus of the FASB Emerging Issuers Task Force)
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 elements, measurement, and presentation
Leases
Goodwill
Credit losses
Hedge accounting
Identifiable intangible assets
Numerous narrow scope projects
Readers are encouraged to check the FASB website for status updates to the above and other FASB projects.
Joanne M. Flood
June 2021
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 College. 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 on major clients in retail, manufacturing, and finance and on small 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 on Long Island, 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 2022: Interpretation and Application of Generally Accepted Accounting Principles
Wiley Practitioner's Guide to GAAS 2021: 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 QualityTroubled Debt Restructurings by Creditors
Topic # and title
Subtopic # and title
320
Investments—Debt and Equity 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 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 Extinguishment 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
Topic # and title
Subtopic # and title
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-Empoyees Spin-offs and Reverse Spin-offs
605
Revenue Recognition
605-20
Revenue Recognition—Provisions for Losses on Separately Priced Extended Warranty and Product Maintenance Contracts
605-35
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 AssetsGains 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
Topic # and title
Subtopic # and title
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
805-10 805-20805-30 805-40 805-50
Overall Identifiable Assets and Liabilities, and Any Noncontrolling Interest Goodwill or Gain from Bargain Purchase, Including Consideration Transferred Reverse Acquisitions Related Issues
808
Collaborative Arrangements
808-10
Overall
Topic # and title
Subtopic # and title
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
835
Interest
835-10 835-20 835-30
Overall Capitalization of Interest Imputation of Interest
840
Leases
840-10 840-20 840-30 840-40
Overall Operating Leases Capital Leases Sale-Leaseback Transactions
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
Topic # and title
Subtopic # and title
852
Reorganization
852-20
Quasi-Reorganization
853
Service Concession Arrangements
853-10
Overall
855
Subsequent Events
855-10
Overall
860
Transfers and Servicing
860-10 860-20 860-30 860-40860-50
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
Topic # and title
Subtopic # and title
946
Financial Services—Investment
946-10 946-20
Overall Companies Investment Company Activities
948
Financial Services—Mortgage
948-10
Overall Banking
950
Financial Services—Title Plant
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
972-10
Overall Realty Associations
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
