GAAP Implementation Guide

The most practical, authoritative guide to implementing GAAP Until now, accountants have had no guidance for what controls, policies, procedures, forms, reports, or archiving requirements they should use to properly mesh with the latest GAAP. An ideal companion volume to the Wiley GAAP 2004 guide, the GAAP Implementation Guide provides the practical application information essential to ensuring that a company’s accounting systems are fully capable of incorporating the most recent GAAP. GAAP Implementation Guide features handy, illustrative decision trees showing how to determine which GAAP ruling to use in a variety of situations, eliminating hours of time wading through detailed GAAP rulings. Other helpful, timesaving features include: A concise version of the more detailed GAAP found in the Wiley GAAP guides Specific accounting policies that comply with GAAP, especially in terms of creating controls that mesh with GAAP The most common accounting transactions modified to work within GAAP restrictions Specific controls that allow the maximum level of control over accounting systems while remaining in compliance with GAAP Templates for forms and reports that can be used in a GAAP-compliant accounting system Numerous examples of footnotes that can be used to describe GAAP-mandated financial disclosures Hundreds of GAAP-compliant journal entries for most accounting transactions Identification of the types of reports and other information to be retained as part of a comprehensive accounting system GAAP Implementation Guide is a valuable tool for CFOs, controllers, accounting managers, and general ledger accountants who need to ensure that their company properly treats all types of accounting transactions in accordance with GAAP. Now fully updated and at your fingertips the most practical, authoritative guide to implementing GAAP Get the answers you need to prepare financial statements and keep up to date on the latest FASB requirements. Now fully revised and updated, Wiley GAAP Policies and Procedures, Second Edition is an ideal companion to the Wiley GAAP guide and provides the practical application information essential to ensuring that a company's accounting systems are fully capable of incorporating the most recent GAAP. A concise version of the more detailed GAAP found in the Wiley GAAP guides, Wiley GAAP Policies and Procedures, Second Edition features handy, illustrative decision trees showing how to determine which GAAP ruling to use in a variety of situations, eliminating hours of time wading through detailed GAAP rulings and presents:

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• New chapters on interim reporting, segment reporting, and accounting changes and correction of errors
  
• Updated content on FAS No. 151, Inventory Costs, FAS No. 153, Exchanges of Non-monetary Assets, FAS No. 154, Accounting Changes and Error Correction, FAS No. 156, Servicing of Financial Assets
  
• Implementation on nineteen newly issued EITFs
  
• Specific accounting policies that comply with GAAP, especially in terms of creating controls that mesh with GAAP
  
• The most common accounting transactions modified to work within GAAP restrictions
  
• Specific controls that allow the maximum level of control over accounting systems while remaining in compliance with GAAP
  
• Templates for forms and reports that can be used in a GAAP-compliant accounting system
  
• Numerous examples of footnotes that can be used to describeGAAP-mandated financial disclosures
  
• Hundreds of GAAP-compliant journal entries for most accounting transactions
  

Wiley GAAP Policies and Procedures, Second Edition is a valuable tool for CFOs, controllers, accounting managers, and general ledger accountants who need to ensure that their company properly treats all types of accounting transactions in accordance with GAAP. This essential guide offers clear advice on how accountants can convert a set of GAAP rules into an operational implementation, including related policies and procedures, controls, forms, and record keeping requirements. Each chapter contains definitions and concepts addressing the most common GAAP issues, and a decision tree for each accounting rule offers several alternatives available to the user Preface. Chapter 1. Researching GAAP Implementation Problems. Chapter 2. Cash, Receivables, and Prepaid Expenses. Chapter 3. Short-Term Investments and Financial Instruments. Chapter 4. Inventory. Chapter 5. Revenue Recognition. Chapter 6. Long-Lived Assets. Chapter 7. Investments. Chapter 8. Current Liabilities and Contingencies. Researching GAAP implementation problems Cash, receivables, and prepaid expenses Short-term investments and financial instruments Inventory Revenue recognition Long-lived assets Investments Current liabilities and contingencies Long-term debt Leases Stockholders' equity Foreign currency.