Accounting Trends and Techniques: U.S. GAAP Financial Statements--Best Practices in Presentation and Disclosure. AICPA

  • ID: 4450654
  • Book
  • Region: United States
  • 800 Pages
  • John Wiley and Sons Ltd
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Updated for new accounting and auditing guidance issued, this valuable tool provides hundreds of high quality disclosure examples from carefully selected U.S. companies of different sizes, across industries such as banking, credit and insurance, communication services, and healthcare from such organizations as Scotts Miracle–Gro, Coca–Cola, Caterpillar, and BB&T.

Illustrations of the most important, immediate, and challenging disclosures, such as derivatives and hedging, consolidations, and fair value measurement are provided. Hot topics include statement of cash flows, going concern, and business combinations and intangibles. This edition also provides clear, direct guidance to help you understand and comply with all significant reporting requirements and detailed indexes to help you quickly find exactly what you need.
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1 General Topics 01 134

Survey Entities   01 02

General Financial Statement Considerations  03 30

RecognitionandMeasurement  03 08

Presentation  09 13

Disclosure   14 19

PresentationandDisclosure Excerpts   20 30

Quarterly FinancialData  20

SelectedInformationfor FiveYears  21

Forward–LookingInformation 22

Liquidity andCapitalResources 23

NewAccountingStandards  24

MarketRisk Information  25

CriticalAccountingPolicies andEstimates.  26

Summaryof SignificantAccountingPolicies  27

NatureofOperations  28

Useof Estimates   29

Vulnerability due to Certain Concentrations  30

SegmentReporting   31 36

Presentation  31 34

PresentationandDisclosure Excerpts   35 36

Segment Information  35 36

AccountingChanges andError Corrections  37 61

Presentation  37 43

Disclosure   44

PresentationandDisclosure Excerpts   45 61

Change inAccountingPrinciple Inventory.  45

Change in Accounting Principle Defined Benefit Pension and Other Postretirement Benefit Plans  46

Change inAccountingPrinciple DiscontinuedOperations   47

Change inAccountingPrinciple Variable Interest Entities   48

Change inAccountingPrinciple NetAssetValue. 49

Change inAccountingPrinciple Interest–Imputationof Interest  50

Change in Accounting Principle Simplifying the Accounting for Measurement–Period Adjustments 51

Change inAccountingPrinciple DeferredTaxes (ProspectiveApproach)  52

Change inAccountingPrinciple DeferredTaxes (RetrospectiveApproach) 53

Change inAccountingPrinciple DebtValuationAdjustments  54

Change inAccountingPrinciple Share–BasedPaymentAccounting  55

Change inAccountingPrinciple Statementof CashFlows   56

Change inAccountingPrinciple Successful EffortsMethodofAccounting. 57

Change inAccountingEstimates   58 59

Correctionof Errors  60 61

Consolidation   62 74

RecognitionandMeasurement  62 67

Presentation  68 69

Disclosure   70 72

PresentationandDisclosure Excerpts   73 74

Consolidation 73 74

Business Combinations   75 80

RecognitionandMeasurement  75

Disclosure   76 78

PresentationandDisclosure Excerpts   79 80

Business Combinations   79 80

Commitments   81 84

Disclosure   81

PresentationandDisclosure Excerpts   82 84

Restrictive Covenants  82 83

LeaseAgreements  84

Contingencies   85 94

RecognitionandMeasurement  85 87

PresentationandDisclosure Excerpts   88 94

LegalMatters   88

Tax Contingencies  89

EnvironmentalMatters   90

Insurance    91

GovernmentMatters  92

Guarantees   93

GainContingencies LitigationSettlements  94

Financial Instruments   95 107

RecognitionandMeasurement  95 96

Disclosure   97 103

Presentation and Disclosure Excerpts   104 107

Lineof Credit   104

Derivative Financial Instruments InterestRate SwapAgreements   105

Derivative Financial Instruments ForeignCurrency Contracts  106

Credit Facility   107

Fair Value  108 113

Recognition and Measurement  108 110

Disclosure   111 112

PresentationandDisclosure Excerpt   113

FairValueMeasurements  113

Subsequent Events   114 122

Recognition and Measurement  114 117

Disclosure   118 119

Presentation and Disclosure Excerpts   120 122

Debt   120

Merger   121

Acquisitions   122

Related Party Transactions  123 126

Disclosure   123

Presentation and Disclosure Excerpts   124 126

Transactions with Related Parties   124 126

Inflationary Accounting  127 129

Disclosure   127 128

PresentationandDisclosure Excerpt   129

InflationaryAccounting   129

Substantial Doubt About an Entity s Ability to Continue as a Going Concern  130 134

Recognition and Measurement  130 131

Disclosure   132 134

2 Balance Sheet and Related Disclosures 01 156

GeneralBalance Sheet Considerations 01 05

Presentation  01 03

Disclosure   04 05

CashandCashEquivalents  06 07

Presentation  06

Disclosure   07

Marketable Securities   08 20

RecognitionandMeasurement  08 10

Presentation  11

Disclosure   12 17

PresentationandDisclosure Excerpts   18 20

Marketable Securities Available–for–Sale Securities  18

Marketable Securities Held–to–Maturity (HTM) Securities   19

Marketable Securities TradingSecurities  20

CurrentReceivables   21 25

Presentation  21

Disclosure   22

PresentationandDisclosure Excerpts   23 25

Contracts   23

FinanceReceivables  24

Insurance Claims  25

Receivables Soldor Collateralized.  26 33

RecognitionandMeasurement  26 28

Disclosure   29 30

PresentationandDisclosure Excerpts   31 33

Receivables Soldor Collateralized   31 32

AccountsReceivable FactoringandSecuritization 33

Inventory  34 42

RecognitionandMeasurement  34 35

Presentation  36

Disclosure   37 38

PresentationandDisclosure Excerpts   39 42

First–inFirst–Out   39

Last–inFirst–Out   40

Average Cost   41

RetailMethod   42

Other CurrentAssets   43 49

Presentation  43

PresentationandDisclosure Excerpts   44 49

Advances  44

AssetsHeldfor Sale.  45

Costs and Estimated Earnings in Excess of Billings 46

Derivatives   47

PrepaidExpenses  48

Contracts   49

Property,Plant, andEquipment  50 58

RecognitionandMeasurement  50 51

Presentation  52 53

Disclosure   54 56

PresentationandDisclosure Excerpts   57 58

Property,Plant, andEquipment   57 58

EquityMethodandJointVentures  59 64

RecognitionandMeasurement  59

Presentation  60

Disclosure   61

PresentationandDisclosure Excerpts   62 64

EquityMethod   62

CostMethod   63

FairValue    64

NoncurrentReceivables  65 67

Presentation  65 66

PresentationandDisclosure Excerpt   67

Long–TermReceivables   67

IntangibleAssets    68 81

RecognitionandMeasurement  68 72

Presentation  73

Disclosure   74

PresentationandDisclosure Excerpts   75 81

Goodwill   75

Trademarks   76

CustomerRelationships   77

Technology   78

Software   79

Licenses   80

PurchasedIntangibleAssets  81

OtherNoncurrentAssets  82 91

RecognitionandMeasurement  82

Disclosure   83

PresentationandDisclosure Excerpts   84 91

AssetsofDiscontinuedOperations   84

DeferredIncome Taxes   85

RestrictedCashandInvestments   86

CashSurrenderValueof Life Insurance  87

Derivatives   88

Software   89

InsuranceRecoveries  90

Leases 91

Short–TermDebt    92 97

Presentation  92

Disclosure   93 95

PresentationandDisclosure Excerpts   96 97

Short–TermDebt   96

ConvertibleDebt  97

TradeAccountsPayable  98 100

RecognitionandMeasurement  98

Presentation  99

Disclosure   100

Employee–Related Liabilities  101 104

Presentation  101

Disclosure   102 103

PresentationandDisclosure Excerpt   104

Employee–Related Liabilities  104

Income Tax Liability   105 107

Presentation  105

Disclosure   106

PresentationandDisclosure Excerpt   107

Income TaxesPayable  107

Current Amount of Long–Term Debt  108 110

Presentation  108

Disclosure   109

PresentationandDisclosure Excerpt   110

CurrentAmountof Long–TermDebt  110

Other Current Liabilities  111 122

Presentation  111

Presentation and Disclosure Excerpts   112 122

Advances  112

Product Liability   113

Billings in Excess of Costs and Estimated Earnings 114

Liabilities Held for Sale   115

Insurance    116

DeferredRevenue  117

Environment   118

Litigation    119

Derivatives   120

Claims andDiscounts  121

AssetRetirementObligations  122

Long–Term Debt    123 130

Presentation   123 124

Disclosure   125 126

Presentation and Disclosure Excerpts   127 130

Unsecured    127

Collateralized   128

Convertible   129

Debt Issuance Costs.  130

Credit Agreements   131 132

Disclosure   131

PresentationandDisclosure Excerpt   132

CreditAgreements  132

Long–Term Leases   133 139

RecognitionandMeasurement  133

Presentation   134 135

Disclosure   136

Presentation and Disclosure Excerpts   137 139

Lessee Leases   137 138

Lessor Leases   139

Other Noncurrent Liabilities  140 152

Presentation   140 143

Presentation and Disclosure Excerpts   144 152

DeferredIncome Taxes   144

UnrecognizedTaxBenefits  145

Insurance    146

Warranty  147

Environmental   148

AssetRetirementObligations  149

Litigation    150

Derivatives   151

DeferredRevenue  152

Accumulated Other Comprehensive Income  153 156

Presentation  153

Presentation and Disclosure Excerpts   154 156

AccumulatedOther Comprehensive Income Equity SectionofBalance Sheet 154

AccumulatedOther Comprehensive Income Statementof Stockholders Equity. 155

AccumulatedOther Comprehensive Income Notes toConsolidatedFinancial Statements  156

3 Income Statement 01 89

Income Statement Format  01 03

Presentation  01 02

PresentationandDisclosure Excerpt   03

Reclassifications   03

Revenues andGains   04 17

RecognitionandMeasurement  04 05

Disclosure   06

PresentationandDisclosure Excerpts   07 17

Revenues    07 08

Net Investment Income   09

Equity,Royalty andInterest Income fromInvestees 10

Equity inEarningsofAffiliatedCompanies  11

GainonAssetDisposals   12

GainonBusiness Combination 13

Litigation    14

Derivatives   15

InsuranceRecoveries  16

GainsonExtinguishmentofDebt   17

Expenses andLosses   18 40

Presentation  18

PresentationandDisclosure Excerpts   19 40

Selling, General, and Administrative  19

ResearchandDevelopment  20

Exploration   21

Advertising   22

Provisionfor Losses  23

Warranty  24

Interest   25

AccretiononAssetRetirementObligation.  26

ImpairmentofAssets  27

Restructuring 28

IntangibleAssetAmortization 29

LossonExtinguishmentofDebt   30

SoftwareAmortization   31

Litigation    32

Equity inLossofUnconsolidatedJointVentures  33

Environmental   34

SaleofAccountsReceivables  35

Mergers   36

Acquisition–RelatedCosts  37

Change inFairValueofDerivatives  38

Impairmentsof IntangibleAssets andGoodwill  39

ForeignCurrency  40

Pensions andOtherPostretirementBenefits  41 49

RecognitionandMeasurement  41

Disclosure   42 44

PresentationandDisclosure Excerpts   45 49

Pensions andOtherPostretirementBenefits  45

DefinedContributionPlans  46

Supplemental Retirement Plans (SERP)  47

Multi–EmployerPlans  48

PlanAmendment  49

PostemploymentBenefits  50 51

RecognitionandMeasurement  50

PresentationandDisclosure Excerpt   51

PostemploymentBenefits  51

Employee CompensatoryPlans  52 59

RecognitionandMeasurement  52

PresentationandDisclosure Excerpts   53 59

StockOptionPlans  53

Stock–BasedCompensation  54

Employee StockPurchasePlans (ESPP)  55

DeferredCompensationPlans  56

Incentive CompensationPlans 57

Employee StockOwnershipPlans (ESOP)   58

Profit SharingPlans  59

DepreciationExpense   60 66

RecognitionandMeasurement  60 61

Disclosure   62

PresentationandDisclosure Excerpts   63 66

Straight–Line andAcceleratedMethods  63 64

Units–of–ProductionMethod  65

Group–LifeMethodofDepreciation  66

Income Taxes   67 73

RecognitionandMeasurement  67

Presentation  68

Disclosure   69

PresentationandDisclosure Excerpts   70 73

ExpenseProvision.  70

TaxBenefit   71

OperatingLoss andTax Credit Carryforwards  72

DistributedandUndistributedForeignEarnings 73

Construction–Type andProduction–Type Contracts  74 76

RecognitionandMeasurement  74

PresentationandDisclosure Excerpts   75 76

Construction– andProduction–Type Contracts  75 76

DiscontinuedOperations  77 83

RecognitionandMeasurement  77 78

Presentation  79 81

PresentationandDisclosure Excerpts   82 83

Divestitures   82

SeparationofBusiness   83

Unusualor InfrequentlyOccurringItems   84 85

Presentation  84

PresentationandDisclosure Excerpt   85

Unusual Items   85

EarningsPer Share   86 89

Presentation  86

Disclosure   87

PresentationandDisclosure Excerpts   88 89

EarningsPer Share  88 89

4 Comprehensive Income 01 14

Comprehensive Income in Annual Filings   01 14

RecognitionandMeasurement  01

Presentation  02 05

PresentationandDisclosure Excerpts   06 14

CombinedStatementof Income andComprehensive Income.  06

Separate Statementof Comprehensive Income  07

Tax EffectDisclosure intheNotes   08

Tax EffectDisclosureonthe Faceof the Financial Statements   09

ForeignCurrency Translation  10

PensionandPostretirementPlans   11

Net Change inUnrealizedGains andLossesonInvestments 12

Gains andLossesonDerivatives   13

ReclassificationAdjustments  14

5 Stockholders Equity 01 46

Format of Stockholders Equity in Annual Filings   01 11

Presentation  01 04

Disclosure   05 06

PresentationandDisclosure Excerpts   07 11

InitialPublicOffering  07

CommonStock IssuedinanAcquisition  08

Conversionof Stock  09

TaxWithholdingsRelatedtoVestingof Share–BasedPayments  10

Warrants   11

CommonStock   12

Disclosure   12

PreferredStock   13 16

Presentation  13 14

Disclosure   15

PresentationandDisclosure Excerpt   16

PreferredStock 16

Dividends  17 19

Presentation  17

PresentationandDisclosure Excerpts   18 19

CashDividends   18

CashandStockDividends.  19

Stock Splits   20 23

RecognitionandMeasurement  20 21

PresentationandDisclosure Excerpts   22 23

Stock Split    22

Reverse Stock Split  23

Changes toRetainedEarnings   24 34

RecognitionandMeasurement  24

Presentation  25 28

PresentationandDisclosure Excerpts   29 34

AdoptionofAccountingStandard   29 30

Other Changes inRetainedEarnings ShareRepurchasePrograms   31

Other Changes inRetainedEarnings Spin–Off 32

Other Changes inRetainedEarnings Change inAccountingMethod  33

Other Changes inRetainedEarnings Dividends 34

Spinoffs  35 37

RecognitionandMeasurement  35 36

PresentationandDisclosure Excerpt   37

Spinoffs   37

Treasury Stock   38 40

Presentation  38 39

PresentationandDisclosure Excerpt   40

Treasury Stock   40

Other Componentsof Stockholders Equity.  41 46

Presentation  41 42

Disclosure   43 44

PresentationandDisclosure Excerpts   45 46

DeferredCompensation   45

Noncontrolling Interest   46

6 Statement of Cash Flows 01 35

General  01 13

Presentation  01 05

Disclosure   06 07

PresentationandDisclosure Excerpts   08 13

CashandCashEquivalents  08

Classificationof CertainCashReceipts andCashPayments 09

NewAccountingStandard RestrictedCash  10

Interest andIncome TaxPayments  11 12

NoncashActivities  13

CashFlows FromOperatingActivities 14 23

Presentation  14 16

PresentationandDisclosure Excerpts   17 23

DirectMethod   17

Indirect/Reconciliation Method   18

Adjustments toReconcileNet Income RestructuringCharges  19

Adjustments toReconcileNet Income Share–BasedCompensation  20

Adjustments toReconcileNet Income Impairment Charges  21

Adjustments toReconcileNet Income PensionSettlement Charges  22

Adjustments toReconcileNet Income RevaluationGain 23

CashFlows FromInvestingActivities  24 29

Presentation  24

PresentationandDisclosure Excerpts   25 29

Divestitures   25

Acquisitions   26

Escrow   27

FinanceReceivables  28

Purchasesof Investments.  29

CashFlows FromFinancingActivities 30 35

Presentation  30

PresentationandDisclosure Excerpts   31 35

IssuanceofDebt   31

Issuance of Noncontrolling Interests  32

EarlyRetirementofDebt  33

Paymentof Contingent Consideration  34

Acquisition of Noncontrolling Interests  35

7 Independent Auditors Report 01 72

PresentationinAnnualReport   01 03

Presentation  01 03

Auditors Reports    04 22

Presentation  04 19

Nonissuers 04 15

Issuers   16 19

PresentationandDisclosure Excerpts   20 22

PricewaterhouseCoopers LLPAuditor sReport  20

StatementsofOperations andComprehensive Income  21

Statementsof Shareholders Equity  22

Reference totheReportofOtherAuditors  23 30

Presentation  23 29

Nonissuers 23 27

Issuers   28 29

PresentationandDisclosure Excerpt   30

Reference toOtherAuditors  30

Uncertainties   31 32

Presentation  31 32

Nonissuers 31

Issuers   32

Lackof Consistency   33 43

Presentation  33 39

Nonissuers 33 34

Issuers   35 39

PresentationandDisclosure Excerpts   40 43

Inventory    40

Deferred Tax Assets and Liabilities   41 42

PensionandPostretirementBenefits  43

Emphasisof aMatter   44 47

Presentation  44 46

Nonissuers 44 45

Issuers   46

PresentationandDisclosure Excerpt   47

Emphasisof aMatter  47

Departures FromUnmodified(Unqualified)Opinions  48 50

Presentation  48 50

Nonissuers 48

Issuers   49 50

ReportsonComparative Financial Statements  51 53

Presentation  51 52

Nonissuers 51

Issuers   52

PresentationandDisclosure Excerpt   53

Change inAuditors  53

Opinion Expressed on Supplementary Financial Information  54 56

Presentation  54

PresentationandDisclosure Excerpts   55 56

Supplementary Financial Information  55 56

DatingofReport    57 60

Presentation  57 59

Nonissuers 57 58

Issuers   59

PresentationandDisclosure Excerpt   60

DatingofReport   60

Auditors ReportsonInternal ControlOver FinancialReporting 61 68

Presentation  61 63

PresentationandDisclosure Excerpts   64 68

SeparateReportonInternal Control  64

CombinedReportonFinancial Statements andInternal Control  65

ReportonInternal ControlWithSpecific Items Excluded 66

ReportonInternal ControlWithIneffective Internal Controls   67 68

GeneralManagement andSpecial–Purpose CommitteeReports 69 72

Presentation  69

PresentationandDisclosure Excerpts   70 72

ReportofManagement   70

Management sReportonInternal ControlOver FinancialReporting   71

Reportof theAudit andFinance Committee  72

Appendix/Indexes 741 771

Appendixof 350 Entities   741

Appendix of Survey Entity Industries   747

Index of Authoritative Accounting & AuditingGuidance  753

Subject Index   757

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