2005
U.S. Master
GAAP Guide
TM
Bill D. Jarnagin, Ph.D., C.P.A.
Allen, Gibbs & Houlik Faculty Fellow in Accounting
School of Accountancy
Wichita State University
Table of Contents
CCH INCORPORATED
Chicago
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Topic
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Basic Financial Statements
ARB No. 43, Chapter 1—Prior Opinions, ARB No. 43, Chapter 2—
Form of Statements, ARB No. 46—Discontinuance of Dating
Earned Surplus, APB Opinion No. 6—Status of Accounting
Research Bulletins, APB Opinion No. 12—Omnibus Opinion—1967,
APB Opinion No. 20—Accounting Changes, SFAS No. 73—
Reporting a Change in Accounting for Railroad Track Structures
and SFAS No. 111—Rescission of FASB Statement No. 32 and
Technical Corrections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
APB Opinion No. 22—Disclosure of Accounting Policies . . . . . . . . .
APB Opinion No. 9—Reporting the Results of Operations, APB
Opinion No. 10—Omnibus Opinion—1966, APB Opinion No. 30—
Reporting the Results of Operations and SFAS No. 144—
Accounting for the Impairment or Disposal of Long-Lived Assets .
APB Opinion No. 9—Reporting the Results of Operations and SFAS
No. 16—Prior Period Adjustments . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 57—Related Party Disclosures . . . . . . . . . . . . . . . . . . . .
SFAS No. 95—Statement of Cash Flows, SFAS No. 102—Statement of
Cash Flows—Exemption of Certain Enterprises and Classification
of Cash Flows from Certain Securities Acquired for Resale and
SFAS No. 104—Statement of Cash Flows—Net Reporting of Certain
Cash Receipts and Cash Payments and Classification of Cash Flows
from Hedging Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 130—Reporting Comprehensive Income . . . . . . . . . . . . .
Summary of American Institute of Certified Public Accountants
(AICPA) Statements of Position (SOP) . . . . . . . . . . . . . . . . . . . .
Supplementary Financial Information
SFAS No. 131—Disclosures About Segments of an Enterprise and
Related Information and SFAS No. 135—Rescission of FASB
Statement No. 75 and Technical Corrections . . . . . . . . . . . . . . . .
SFAS No. 89—Financial Reporting and Changing Prices and SFAS
No. 139—Rescission of FASB Statement No. 53 and Amendments to
FASB Statements No. 63, 89 and 121 . . . . . . . . . . . . . . . . . . . . . .
Current Assets and Investments
ARB No. 43, Chapter 3—Working Capital, ARB No. 43, Chapter 4—
Inventory Pricing and APB Opinion No. 6—Status of Accounting
Research Bulletins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
APB Opinion No. 18—The Equity Method of Accounting for
Investments in Common Stock and SFAS No. 94—Consolidation of
All Majority-Owned Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 115—Accounting for Certain Investments in Debt and
Equity Securities, SFAS No. 135—Rescission of FASB Statement
No. 75 and Technical Corrections and SFAS No. 140—Accounting
for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . .
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FASB Technical Bulletin No. 85-4—Accounting for Purchases of Life
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Productive Tangible Assets
ARB No. 43, Chapter 9—Depreciation and APB Opinion No. 12—
Omnibus Opinion—1967 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
401
APB Opinion No. 29—Accounting for Nonmonetary Transactions . .
421
SFAS No. 34—Capitalization of Interest Cost, SFAS No. 42—
Determining Materiality for Capitalization of Interest Cost, SFAS
No. 58—Capitalization of Interest Cost in Financial Statements That
Include Investments Accounted for by the Equity Method and
SFAS No. 62—Capitalization of Interest Cost in Situations Involving
Certain Tax-Exempt Borrowings and Certain Gifts and Grants . . .
431
SFAS No. 143—Accounting for Asset Retirement Obligations . . . . .
446
APB Opinion No. 6—Status of Accounting Research Bulletins, SFAS
No. 144—Accounting for the Impairment or Disposal of Long-Lived
Assets and SFAS No. 147—Acquisitions of Certain Financial
Institutions—an Amendment of FASB Statements No. 72 and 144
and FASB Interpretation No. 9 . . . . . . . . . . . . . . . . . . . . . . . . . .
461
Summary of American Institute of Certified Public Accountants
(AICPA) Statements of Position (SOP) . . . . . . . . . . . . . . . . . . . .
495
Intangibles (Including Research and Development and Computer Software)
SFAS No. 2—Accounting for Research and Development Costs . . . .
521
SFAS No. 68—Research and Development Arrangements . . . . . . . .
561
SFAS No. 86—Accounting for the Costs of Computer Software To Be
Sold, Leased, or Otherwise Marketed . . . . . . . . . . . . . . . . . . . . .
581
SFAS No. 142—Goodwill and Other Intangible Assets, SFAS No.
145—Rescission of FASB Statements No. 4, 44 and 64, Amendment
of FASB Statement No. 13, and Technical Corrections and SFAS
No. 147—Acquisitions of Certain Financial Institutions—an
Amendment of FASB Statements No. 72 and 144 and FASB
Interpretation No. 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
590
Summary of American Institute of Certified Public Accountants
(AICPA) Statements of Position (SOP) . . . . . . . . . . . . . . . . . . . .
596
Taxes
ARB No. 43, Chapter 10—Real and Personal Property Taxes . . . . . .
601
APB Opinion No. 10—Omnibus Opinion—1966, APB Opinion No. 2—
Accounting for the “Investment Credit and APB Opinion No. 4
(Amending No. 2)—Accounting for the “Investment Credit . . . . .
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SFAS No. 109—Accounting for Income Taxes . . . . . . . . . . . . . . . . .
651
Equities—Part I
ARB No. 43, Chapter 3—Working Capital . . . . . . . . . . . . . . . . . . . .
701
APB Opinion No. 12—Omnibus Opinion—1967 and APB Opinion No.
21—Interest on Receivables and Payables . . . . . . . . . . . . . . . . . .
705
©2004, CCH INCORPORATED. All rights reserved.
Table of Contents
Topic
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APB Opinion No. 26—Early Extinguishment of Debt, SFAS No. 140—
Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities and SFAS No. 145—Rescission of
FASB Statements No. 4, 44 and 64, Amendment of FASB Statement
No. 13, and Technical Corrections . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 5—Accounting for Contingencies, SFAS No. 11—
Accounting for Contingencies—Transition Method, SFAS No.
114—Accounting by Creditors for Impairment of a Loan and SFAS
No. 118—Accounting by Creditors for Impairment of a Loan—
Income Recognition and Disclosures . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 6—Classification of Short-Term Obligations Expected To
Be Refinanced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 15—Accounting by Debtors and Creditors for Troubled
Debt Restructurings, SFAS No. 114—Accounting by Creditors for
Impairment of a Loan and SFAS No. 118—Accounting by Creditors
for Impairment of a Loan—Income Recognition and Disclosures . .
SFAS No. 43—Accounting for Compensated Absences . . . . . . . . . .
SFAS No. 47—Disclosure of Long-Term Obligations . . . . . . . . . . . .
SFAS No. 78—Classification of Obligations That Are Callable by the
Creditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 146—Accounting for Costs Associated with Exit or Disposal
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FASB Interpretation No. 39—Offsetting of Amounts Related to Certain
Contracts and FASB Interpretation No. 41—Offsetting of Amounts
Related to Certain Repurchase and Reverse Repurchase
Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FASB Technical Bulletin No. 90-1—Accounting for Separately Priced
Extended Warranty and Product Maintenance Contracts . . . . . . .
Summary of American Institute of Certified Public Accountants
(AICPA) Statements of Position (SOP) . . . . . . . . . . . . . . . . . . . .
Equities—Part II
ARB No. 43, Chapter 7—Capital Accounts, ARB No. 46—
Discontinuance of Dating Earned Surplus and APB Opinion No. 6—
Status of Accounting Research Bulletins . . . . . . . . . . . . . . . . . . .
APB Opinion No. 14—Accounting for Convertible Debt and Debt
Issued with Stock Purchase Warrants . . . . . . . . . . . . . . . . . . . . .
ARB No. 43, Chapter 13—Compensation Involved in Stock Option and
Stock Purchase Plans, APB Opinion No. 25—Accounting for Stock
Issued to Employees, SFAS No. 123—Accounting for Stock-Based
Compensation and SFAS No. 148—Accounting for Stock-Based
Compensation—Transition and Disclosure—an Amendment of
FASB Statement No. 123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 48—Revenue Recognition When Right of Return Exists . .
SFAS No. 49—Accounting for Product Financing Arrangements . . .
SFAS No. 84—Induced Conversions of Convertible Debt . . . . . . . . .
SFAS No. 129—Disclosure of Information About Capital Structure . .
©2004, CCH INCORPORATED. All rights reserved.
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Topic
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10
11
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Summary of American Institute of Certified Public Accountants
(AICPA) Statements of Position (SOP) . . . . . . . . . . . . . . . . . . . .
Earnings Per Share
SFAS No. 128—Earnings per Share and SFAS No. 150—Accounting
for Certain Financial Instruments with Characteristics of both
Liabilities and Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leases
SFAS No. 13—Accounting for Leases, SFAS No. 27—Classification of
Renewals or Extensions of Existing Sales-Type or Direct Financing
Leases, SFAS No. 28—Accounting for Sales with Leasebacks, SFAS
No. 29—Determining Contingent Rentals, SFAS No. 91—
Accounting for Nonrefundable Fees and Costs Associated with
Originating or Acquiring Loans and Initial Direct Costs of Leases,
SFAS No. 98—Accounting for Leases: Sale-Leaseback Transactions
Involving Real Estate, Sales-Type Leases of Real Estate, Definition
of the Lease Term, Initial Direct Costs of Direct Financing Leases,
SFAS No. 135—Rescission of FASB Statement No. 75 and Technical
Corrections and SFAS No. 145—Rescission of FASB Statements
No. 4, 44 and 64, Amendment of FASB Statement No. 13, and
Technical Corrections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 22—Changes in the Provisions of Lease Agreements
Resulting from Refunding of Tax-Exempt Debt . . . . . . . . . . . . . .
SFAS No. 23—Inception of the Lease . . . . . . . . . . . . . . . . . . . . . . .
Employee Benefits
SFAS No. 35—Accounting and Reporting by Defined Benefit Pension
Plans and SFAS No. 110—Reporting by Defined Benefit Pension
Plans of Investment Contracts . . . . . . . . . . . . . . . . . . . . . . . . . .
APB Opinion No. 12—Omnibus Opinion—1967, SFAS No. 87—
Employers’ Accounting for Pensions, SFAS No. 132—Employers’
Disclosures About Pensions and Other Postretirement Benefits,
SFAS No. 135—Rescission of FASB Statement No. 75 and Technical
Corrections and SFAS No. 146—Accounting for Costs Associated
with Exit or Disposal Activities . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 88—Employers’ Accounting for Settlements and
Curtailments of Defined Benefit Pension Plans and for Termination
Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 106—Employers’ Accounting for Postretirement Benefits
Other Than Pensions, SFAS No. 132 (Revised)—Employers’
Disclosures About Pensions and Other Postretirement Benefits and
SFAS No. 135—Rescission of FASB Statement No. 75 and Technical
Corrections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 112—Employers’ Accounting for Postemployment Benefits
...............................................
Summary of American Institute of Certified Public Accountants
(AICPA) Statements of Position (SOP) . . . . . . . . . . . . . . . . . . . .
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Foreign Currency and Derivatives
ARB No. 43, Chapter 12—Foreign Operations and Foreign Exchange
and SFAS No. 52—Foreign Currency Translation . . . . . . . . . . . .
SFAS No. 107—Disclosures about Fair Value of Financial
Instruments, SFAS No. 126—Exemption from Certain Required
Disclosures about Financial Instruments for Certain Nonpublic
Entities, SFAS No. 133—Accounting for Derivative Instruments and
Hedging Activities, SFAS No. 137—Accounting for Derivative
Instruments and Hedging Activities—Deferral of the Effective Date
of FASB Statement No. 133, SFAS No. 138—Accounting for Certain
Derivative Instruments and Certain Hedging Activities, SFAS No.
145—Rescission of FASB Statements No. 4, 44 and 64, Amendment
of FASB Statement No. 13, and Technical Corrections and SFAS
No. 149—Amendment of Statement No. 133 on Derivative
Instruments and Hedging Activities . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 150—Accounting for Certain Financial Instruments with
Characteristics of both Liabilities and Equity . . . . . . . . . . . . . . . .
Summary of EITFs Related to Derivatives and Other Financial
Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business Combinations
ARB No. 51—Consolidated Financial Statements . . . . . . . . . . . . . . .
SFAS No. 141—Business Combinations and SFAS No. 147—
Acquisitions of Certain Financial Institutions—an Amendment of
FASB Statements No. 72 and 144 and FASB Interpretation No. 9 .
SFAS No. 72—Amended by SFAS Nos. 141, 142 and 147—Accounting
for Certain Acquisitions of Banking and Thrift Institutions and
SFAS No. 147—Acquisitions of Certain Financial Institutions—an
Amendment of FASB Statements No. 72 and 144 and FASB
Interpretation No. 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interim Reporting
APB Opinion No. 28—Interim Financial Reporting and SFAS No. 3—
Reporting Accounting Changes in Interim Financial Statements . .
Specialized Industries
ARB No. 43, Chapter 11—Government Contracts and ARB No. 45—
Long-Term Construction-Type Contracts . . . . . . . . . . . . . . . . . . .
SFAS No. 19—Financial Accounting and Reporting by Oil and Gas
Producing Companies, SFAS No. 25—Suspension of Certain
Accounting Requirements for Oil and Gas Producing Companies
and SFAS No. 69—Disclosures about Oil and Gas Producing
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 7—Accounting and Reporting by Development Stage
Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 45—Accounting for Franchise Fee Revenue . . . . . . . . . . .
SFAS No. 50—Financial Reporting in the Record and Music Industry .
...............................................
SFAS No. 51—Financial Reporting by Cable Television Companies .
©2004, CCH INCORPORATED. All rights reserved.
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SFAS No. 60—Accounting and Reporting by Insurance Enterprises,
SFAS No. 97—Accounting and Reporting by Insurance Enterprises
for Certain Long-Duration Contracts and for Realized Gains and
Losses from the Sale of Investments, SFAS No. 113—Accounting
and Reporting for Reinsurance of Short-Duration and LongDuration Contracts and SFAS No. 120—Accounting and Reporting
by Mutual Life Insurance Enterprises and by Insurance Enterprises
for Certain Long-Duration Participating Contracts . . . . . . . . . . . .
SFAS No. 61—Accounting for Title Plant . . . . . . . . . . . . . . . . . . . .
SFAS No. 63—Financial Reporting by Broadcasters and SFAS No.
139—Rescission of FASB Statement No. 53 and Amendments to
FASB Statements No. 63, 89 and 121 . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 65—Accounting for Certain Mortgage Banking Activities
and SFAS No. 134—Accounting for Mortgage-Backed Securities
Retained after the Securitization of Mortgage Loans Held for Sale
by a Mortgage Banking Enterprise . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 66—Accounting for Sales of Real Estate . . . . . . . . . . . . . .
SFAS No. 67—Accounting for Costs and Initial Rental Operations of
Real Estate Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 71—Accounting for the Effects of Certain Types of
Regulation, SFAS No. 101—Regulated Enterprises—Accounting for
the Discontinuation of FASB Statement No. 71 and SFAS No. 135—
Rescission of FASB Statement No. 75 and Technical Corrections .
SFAS No. 90—Regulated Enterprises—Accounting for Abandonments
and Disallowances of Plant Costs . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 91—Accounting for Nonrefundable Fees and Costs
Associated with Originating or Acquiring Loans and Initial Direct
Costs of Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 92—Regulated Enterprises—Accounting for Phase-In Plans
...............................................
SFAS No. 93—Recognition of Depreciation by Not-for-Profit
Organizations and SFAS No. 99—Deferral of the Effective Date of
Recognition of Depreciation by Not-for-Profit Organizations . . . . .
SFAS No. 116—Accounting for Contributions Received and
Contributions Made and SFAS No. 136—Transfer of Assets to a
Not-for-Profit Organization or Charitable Trust that Raises or Holds
Contributions for Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 117—Financial Statements of Not-for-Profit Organizations
SFAS No. 124—Accounting for Certain Investments Held by Not-forProfit Organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SFAS No. 140—Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities . . . . . . . . . . . . . . . . . .
Summary of American Institute of Certified Public Accountants
(AICPA) Statements of Position (SOP) . . . . . . . . . . . . . . . . . . . .
Summary of Financial Accounting Standards Board Statements of
Financial Accounting Concepts (SFAC) . . . . . . . . . . . . . . . . . . . .
©2004, CCH INCORPORATED. All rights reserved.
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