Wiley GAAP 2022: Interpretation and Application provides analytical explanations, copious illustrations, and nearly 300 examples of all current generally accepted accounting principles. The book integrates principles promulgated by the FASB in its Accounting Standards Codification.^TM Wiley GAAP is organized to align fully with the structure of the FASB Codification. Each chapter begins with a list of the subtopics included within the topic, scope, scope exceptions, technical alerts of any FASB Updates, and an overview of the topic. The remainder of each chapter contains a detailed discussion of the concepts and practical examples and illustrations. This organization facilitates the primary objective of the book—to assist financial statement preparers and practitioners in resolving the myriad practical problems faced in applying GAAP.

Hundreds of meaningful, realistic examples guide users in the application of GAAP to the complex fact situations that must be dealt with in the real world practice of accounting. In addition to this emphasis, a major strength of the book is that it explains the theory of GAAP in sufficient detail to serve as a valuable adjunct to accounting textbooks. Much more than merely a reiteration of currently promulgated GAAP, it provides the user with the underlying conceptual bases for the rules. It facilitates the process of reasoning by analogy that is so necessary in dealing with the complicated, fast-changing world of commercial arrangements and transaction structures. It is based on the author's belief that proper application of GAAP demands an understanding of the logical underpinnings of all its technical requirements.

As a bonus, a comprehensive presentation and disclosure checklist, available online to all Wiley GAAP purchasers, offers practical guidance on preparing financial statements for commercial and not-for-profit entities in accordance with GAAP. For easy reference and research, the checklist also follows the order of the Codification. Go to www.wiley.com/go/GAAP2022 (password: Flood2022).

The author's wish is that this book will serve preparers, practitioners, faculty, and students as a reliable reference tool to facilitate their understanding of, and ability to apply, the complexities of the authoritative literature.

ASUs Issued Since Previous Edition. The following FASB Accounting Standards Updates (ASUs) were issued since Wiley GAAP 2021 and through June 2021. Their requirements are incorporated into this edition of Wiley GAAP, as and where appropriate, and/or in the Technical Alert section at the beginning of the topic referenced in the ASU title.

• ASU 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets
• ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables, Nonrefundable Fees, and Other Costs
• ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762
• ASU 2020-10, Codification Improvements
• ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application
• ASU 2021-01, Reference Rate Reform (Topic 848): Scope
• ASU 2021-02, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient
• ASU 2021-03, Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events
• ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options (a concensus of the FASB Emerging Issuers Task Force)

On the Horizon. Significant accounting changes are on the horizon. In the next year, the FASB is expected to make strides on the following major projects and others:

• Conceptual framework projects on elements, measurement, and presentation
• Leases
• Goodwill
• Credit losses
• Hedge accounting
• Identifiable intangible assets
• Numerous narrow scope projects

Readers are encouraged to check the FASB website for status updates to the above and other FASB projects.

Joanne M. Flood

June 2021

Joanne Flood, MBA, CPA, is an author and independent consultant on accounting and auditing technical topics and e-learning. She has experience as an auditor in both an international firm and a local firm and worked as a senior manager in the AICPA's Professional Development group. She received her MBA summa cum laude in accounting from Adelphi University and her bachelor's degree in English from Molloy College. Joanne received the New York State Society of Certified Public Accountants Award of Honor for outstanding scholastic achievement at Adelphi University. Joanne also has a certificate in Designing Interactive Multimedia Instruction from Teachers College, Columbia University.

While in public accounting, Joanne worked for a Big Four accounting firm, auditing on major clients in retail, manufacturing, and finance and on small business clients in construction, manufacturing, and professional services. At the AICPA, she developed and wrote e-learning, text, and instructor-led training courses on U.S. and international standards. She also produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA's e-learning product line. Joanne resides on Long Island, New York, with her daughter, Elizabeth. Elizabeth is also Joanne’s editorial assistant, providing valuable production and copyediting services. Joanne is the author of the following Wiley publications:

Financial Disclosure Checklist

Wiley GAAP 2022: Interpretation and Application of Generally Accepted Accounting Principles

Wiley Practitioner's Guide to GAAS 2021: Covering all SASs, SSAEs, SSARSs, and Interpretations

Wiley GAAP: Financial Statement Disclosures Manual

Wiley Revenue Recognition