Manual Of Accounting Financial Instruments 2012

Author : Rosemarie Sangiuolo
Publisher :
ISBN 13 : 9780808052609
Total Pages : pages
Book Rating : 4.0/5 (526 download)

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Download or read book Financial Instruments: A Comprehensive Guide to Accounting & Reporting (2020) written by Rosemarie Sangiuolo and published by . This book was released on 2019-10-23 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose of This Product Wolters Kluwer's Financial Instruments is a comprehensive reference manual on accounting for financial instruments, including loans, securities, securitizations, and derivatives. It integrates and analyzes all of the existing accounting literature on this topic into one volume, and provides analysis and explanation of that guidance. Financial Instruments is written for practicing accountants and other professionals who need to understand the accounting for financial instruments. This product pulls together all of the existing accounting literature on financial instruments into one volume, organizes it logically, and describes the requirements as simply as possible. Given the complexity of the subject matter, there are limits on how "simple" one can make this material. However, this comprehensive, topic-based approach will save practitioners time and effort in researching accounting issues and provide a comfort level knowing that they have considered all of the relevant guidance. The text includes visual aids whenever possible; observations, such as differences between instrument types; practice pointers; and examples to help readers understand the requirements. The product also includes a cross-reference between original pronouncements, the relevant Accounting Standards Codification Topic, and cites the chapter(s) in which they are discussed, a glossary of terms that includes references to the applicable chapter(s), and a detailed index. What This Product Covers Financial Instruments is a comprehensive reference manual of generally accepted accounting principles (U.S. GAAP) in the United States about financial instruments. A financial instrument is cash, an ownership interest in another entity (such as common stock), or a contract that conveys an obligation and a corresponding right to require delivery of (or exchange) a financial instrument(s). The right may be contingent (such as an option) or unconditional (such as a loan). A financial instrument is ultimately convertible to cash (or stock) and does not involve the delivery of goods or services. This product includes guidance originally issued by the Financial Accounting Standards Board, and the FASB's Emerging Issues Task Force and Derivatives Implementation Group (DIG). It also includes accounting guidance issued by the American Institute of Certified Public Accountants (AICPA), including standards issued by the Accounting Standards Executive Committee (AcSEC), and the audit and accounting guides issued by various committees of the AICPA. It covers accounting requirements for public and private companies and touches on unique aspects of reporting financial instruments by nonprofit organizations. Financial Instruments does not cover certain transactions that are technically financial instruments, but that are accounted for under specialized accounting models, including stock compensation and other forms of employee benefits (from the issuer's perspective), most leasing transactions, and insurance contracts. This product does not address the equity method of accounting (for investments that convey significant influence over the investee), consolidation of operating entities (for investments that convey control over the investee), or business combinations. Wolters Kluwer's GAAP Guide addresses all of those subjects in detail. However, this product does address consolidation of special-purpose entities that are used to securitize financial assets. This product does not discuss in detail the specialized accounting models used by pension plans, brokers and dealers in securities, and investment companies whereby substantially all of their assets (and certain liabilities) are carried at fair value. This product refers to positions of the SEC staff (and other guidance published by the SEC) when it interprets or elaborates on a financial reporting requirement originally established by the FASB or AICPA. This product does not represent a comprehensive guide to SEC reporting requirements, even for financial instruments. This product contains cross-references to the Accounting Standards Codification so that readers can carefully review the full text and other relevant material. In certain instances, references to the Codification are not included (e.g., tentative guidance, effective date and transition guidance for standards that are already fully effective, standards that are superseded, content from the basis for conclusions of accounting pronouncements). In addition, this product contains references to sources that are outside the scope of the Codification, including FASB Concepts Statements, auditing standards, rulings of the Internal Revenue Service, and regulatory principles developed by the federal banking agencies and the National Association of Insurance Commissioners. Those references are intended to provide context and depth to the discussion of the topic being discussed. However, any accounting literature not included in the Codification is considered nonauthoritative. This product also includes a high-level discussion of the relevant International Financial Reporting Standards (IFRS) for financial instruments covered in each chapter. "IFRSs" consist of pronouncements issued by the International Accounting Standards Board (IASB) and standards and interpretations issued and approved by the IASB's predecessor Board, the International Accounting Standards Committee (IASC).