GAAP Financial Statement Disclosures Manual (2019-2020)

Author(s): George Georgiades

Published: Aug 30, 2019
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ISBN: 9780808052494
Product Number: 10029932-0013
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:

  • Executive Summary. This section provides a clear and concise overview of the specific financial statement topic.
  • Authoritative Accounting Literature. This section provides reference to the relevant FASB ASC Topic.
  • 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.

  • 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, 20X2.

    The 2019-2020 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.

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