Book Description:
GAAP Guide Level A analyzes authoritative GAAP literature contained in Level A of the GAAP hierarchy, established by Statement on Auditing Standards No. 69, including FASB Statements and Interpretations, as well as APB Opinions and Accounting Research Bulletins. In clear language, each pronouncement is discussed in a comprehensive format that makes it easy to understand and apply. Practical illustrations and examples demonstrate and clarify specific accounting principles. The 2009 edition covers up to FAS-163 and contains the following specific information: Changes in the GAAP hierarchy promulgated in FAS-162 (The Hierarchy of Generally Accepted Accounting Principles). Changes required by FAS-141(R) (Business Combinations). Reporting requirements for noncontrolling interests required by FAS-160 (Noncontrolling Interests in Consolidated Financial Statements). Amendments to FAS-133 found in FAS-161 (Disclosures about Derivative Instruments and Hedging Activities). Recently issued FAS-163 (Accounting for Financial Guarantee Insurance Contracts). In addition, accounting pronouncements are organized alphabetically by topic under two general areas: generally accepted accounting principles and specialized industry accounting principles. Pronouncements covering the same subject are incorporated into a single chapter, so that the authoritative information is easily accessible. The Practice Pointers throughout point out, in plain English, how to apply the standards just discussed. Observations enrich the discussion by presenting interesting aspects of GAAP, such as conflicts within the authoritative literature. To facilitate research, GAAP Guide Level A includes references to pertinent paragraphs of the original pronouncements. Where applicable, topics related to international standards are cross-referenced to CCH's International Accounting/Financial Reporting Standards Guide. Material can be located several ways: the Cross-Reference shows the chapter in which a particular pronouncement is discussed and where to find its counterpart in the proposed FASB codification; the Index provides a quick page reference; and the chapters' tables of contents list all topics covered and the page on which they begin.
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