The GAAP Guide Level A, in both the text and on the accompanying easy-to-use CD-ROM, analyzes authoritative GAAP literature contained in Level A of the GAAP hierarchy, established by Statement on Auditing Standards No. 69, which include FASB Statements and Interpretations, as well as APB Opinions and Accounting Research Bulletins. It is written in clear, comprehensible 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). 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 explicate, 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, the GAAP Guide Level A includes extensive 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 useful counterpart in the proposed FASB codification; the Index provides a quick page reference; and the chapters' table of contents list all topics covered and the page on which they begin. The GAAP Guide Level A meets accounting industry standards overseen by the peer review system and contains a document covering the peer review of this book.
JOSEPH V. CARCELLO, Ph.D., CPA, CMA, CIA is the Ernst & Young and Business Alumni Professor in the Department of Accounting and Information Management at the University of Tennessee. He also is the cofounder and Director of Research at the University of Tennessee's Corporate Governance Center.
Dr. Carcello is the co-author of CCH's GAAP Guide and GAAS Guide, and the co-author of McGraw-Hill's Financial & Managerial Accounting and Financial Accounting textbooks. He teaches courses on financial accounting, auditing, fraud, and corporate governance.
Dr. Carcello has provided consulting services for a number of public company audit committees, including the audit committee of a Fortune 50 company. Dr. Carcello also has provided consulting services on revenue recognition to the software industry, and has served the Securities and Exchange Commission and private attorneys as an expert witness. He has served as an expert in evaluating corporate governance reforms instituted as part of legal settlements of shareholder claims in federal and state courts. Dr. Carcello has provided training to a number of public and private companies on fraudulent financial reporting and on corporate governance, including Section 404 of the Sarbanes-Oxley Act and related PCAOB auditing standards, and the COSO internal control framework. Finally, he has taught continuing professional education courses for two of the Big 4 accounting firms, AICPA, Institute of Internal Auditors, The Institute of Management Accountants, and the Tennessee and Florida Societies of CPAs.
