GAAP Financial Statement Disclosures Manual, 2020-2021

Author(s): George Georgiades

Published: Aug 31, 2020
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ISBN: 9780808054634
Product Number: 10029932-0014
Volumes: 1
Update Frequency: Annually
1210 Pages

The GAAP Financial Statement Disclosures Manual provides a complete, quick, and valuable reference source for financial statement disclosures and key presentation requirements. Specifically, the Manual.

· Provides over 750 examples of realistic sample footnote disclosures to assist in the preparation of

financial statements for an audit, a review, or a compilation engagement.

· Facilitates compliance with U.S. GAAP by integrating, in each chapter, the specific disclosure and key

presentation requirements with the sample footnotes.

· Provides sample disclosures that are technically sound, understandable, and comprehensive and that

cover a variety of scenarios, from the most common to the most unusual.

· Incorporates all currently effective accounting standards, including those that cover areas of unusual difficulty, such as revenue recognition, financial instruments, fair value, business combinations, consolidation, income taxes, pensions, leases, accounting changes, and variable interest entities.

This Manual is arranged into the following major parts, consistent with the Codification’s structural organization:


· Part 1 General Principles (ASC Topics 100s)

· Part 2 Presentation (ASC Topics 200s)

· Part 3 Assets (ASC Topics 300s)

· Part 4 Liabilities (ASC Topics 400s)

· Part 5 Equity (ASC Topics 500s)

· Part 6 Revenue (ASC Topics 600s)

· Part 7 Expenses (ASC Topics 700s)

· Part 8 Broad Transactions (ASC Topics 800s

The Manual is designed for ease of use. Accordingly, each chapter is structured as a stand-alone chapter, providing you with all the information you’ll need on a specific topic. The majority of chapters consist of the following parts:

1. Executive Summary. This section provides a clear and concise overview of the specific financial

statement topic.

2. Authoritative Accounting Literature. This section provides reference to the relevant FASB ASC Topic.

3. Disclosure and Key Presentation Requirements. This section provides a detailed listing of (a) the disclosure requirements (FASB ASC Section 50) and (b) those key presentation requirements (FASB ASC Section 45) that are relevant to enhance compliance with and better understand the disclosure requirements. This section also provides specific references to the FASB ASC paragraphs that prescribe the specific disclosure or key presentation requirement.

Some of the items included in this section do not refer to any specific authoritative literature. Nevertheless, the disclosure or presentation items they address are considered informative for users of the financial statements and usually are disclosed or presented. These disclosures or presentation items are generally accepted by accountants and auditors and, accordingly, are referenced as “Generally accepted practice” in this section.

4. Examples of Financial Statement Disclosures. This section contains specific examples of disclosures that cover different situations, circumstances, assumptions, and so on. Unless specifically indicated, the examples provided assume that the most recent financial statements presented are for the year ended December 31, 2020.

The 2020-2021 GAAP Financial Statement Disclosures Manual is current through FASB Accounting Standards Update No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections.

Material can be located several ways: the Cross-Reference shows the chapter in which a particular pronouncement is discussed; the Index provides a quick page reference.


The GAAP Financial Statement Disclosures Manual includes the following topics:

Part 1—General Principles

ASC Topic 105: Generally Accepted Accounting Principles

Part 2—Presentation

ASC Topic 205: Presentation of Financial Statements

ASC Topic 210: Balance Sheet

ASC Topic 215: Statement of Shareholder Equity

ASC Topic 220: Income Statement—Reporting Comprehensive Income

ASC Topic 225 (Superseded): Income Statement

ASC Topic 230: Statement of Cash Flows

ASC Topic 235: Notes to Financial Statements

ASC Topic 250: Accounting Changes and Error Corrections

ASC Topic 255: Changing Prices

ASC Topic 260: Earnings Per Share

ASC Topic 270: Interim Reporting

ASC Topic 272: Limited Liability Entities

ASC Topic 275: Risks and Uncertainties

ASC Topic 280: Segment Reporting

Part 3—Assets

ASC Topic 305 (Superseded): Cash and Cash Equivalents

ASC Topic 310: Receivables

ASC Topic 320: Investments—Debt and Equity Securities

ASC Topic 321: Investments—Equity Securities

ASC Topic 323: Investments—Equity Method and Joint Ventures

ASC Topic 325: Investments—Other

ASC Topic 326: Financial Instruments—Credit Losses

ASC Topic 330: Inventory

ASC Topic 340: Other Assets and Deferred Costs

ASC Topic 350: Intangibles—Goodwill and Other

ASC Topic 360: Property, Plant, and Equipment

Part 4—Liabilities

ASC Topic 405: Liabilities

ASC Topic 410: Asset Retirement and Environmental Obligations

ASC Topic 420: Exit or Disposal Cost Obligations

ASC Topic 430: Deferred Revenue

ASC Topic 440: Commitments

ASC Topic 450: Contingencies

ASC Topic 460: Guarantees

ASC Topic 470: Debt

ASC Topic 480: Distinguishing Liabilities from Equity

Part 5—Equity

ASC Topic 505: Equity

Part 6—Revenue

ASC Topic 605: Revenue Recognition

ASC Topic 606: Revenue from Contracts with Customers

ASC Topic 610: Other Income

Part 7—Expenses

ASC Topic 705: Cost of Sales and Services

ASC Topic 710: Compensation—General

ASC Topic 712: Compensation—Nonretirement Postemployment Benefits

ASC Topic 715: Compensation—Retirement Benefits

ASC Topic 718: Compensation—Stock Compensation

ASC Topic 720: Other Expenses

ASC Topic 730: Research and Development

ASC Topic 740: Income Taxes

Part 8—Broad Transactions

ASC Topic 805: Business Combinations

ASC Topic 808: Collaborative Arrangements

ASC Topic 810: Consolidation

ASC Topic 815: Derivatives and Hedging

ASC Topic 820: Fair Value Measurement

ASC Topic 825: Financial Instruments

ASC Topic 830: Foreign Currency Matters

ASC Topic 835: Interest

ASC Topic 840: Leases

ASC Topic 842: Leases

ASC Topic 845: Nonmonetary Transactions

ASC Topic 850: Related Party Disclosures

ASC Topic 852: Reorganizations

ASC Topic 853: Service Concession Arrangements

ASC Topic 855: Subsequent Events

ASC Topic 860: Transfers and Servicing

Accounting Resources on the Web

Cross-Reference to Pre-Codification Accounting Literature






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