Joanne M. Flood - Wiley GAAP - Financial Statement Disclosure Manual
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Financial Statement Disclosures Manual
Wiley GAAP
Determining the correct wording and presentation formats for disclosures is a time consuming effort. Standards are continually updated, and the latest changes to revenue recognition impact virtually all financial statements. This book is a guide to enhanced disclosure as standardized by FASB, and works in conjunction with other Wiley GAAP products to provide a complete professional reference.
Find specific GAAP codification and explanations quickly and easily Get up to speed on the latest developments and updates Follow references to relevant content in Wiley GAAP and the Disclosure Checklist Study expertly-prepared examples to understand GAAP applications Enhanced disclosure requirements have come about in response to accounting scandals, the proliferation of complicated instruments, and the pressure toward transparency. Keeping abreast of the latest developments – and their applications and requirements – is an essential but time-consuming part of the accountant's role.
simplifies statement preparation by providing complete disclosures information, cross-referenced to relevant GAAP information and tools.
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The FASB has made it clear in its Background Comments for ASU 2013‐01 that the disclosure requirements do not apply to:
Loan and customer deposits at the same financial institution.
Financial instruments only subject to collateral agreement. The FASB views these as primarily credit enhancements.
Trade receivables and payables with a counterparty to be netted in the event of default. The FASB views these as primarily credit enhancements. In addition, requiring these to be disclosed would cause an undue burden on financial statement preparers.
Receivables and payables of brokers dealers resulting from unsettled regular‐way trades.
Offsetting relates to presentation only. If an asset and liability are presented net, it does not mean that the entity no longer has a contractual right or obligation. Therefore, to adequately inform the users, the Codification requires entities to disaggregate the relevant information. The disclosures must include:
1 The gross amounts for those recognized assets and liabilities,
2 The amounts offset to determine the net amounts presented in the balance sheet,
3 The net amounts presented in the balance sheet,
4 Amounts subject to an enforceable netting arrangement not included in the statement of financial position, instruments that the entity makes an election not to offset, and the amounts related to financial collateral.
5 The net amount after deducting “d” from “c” above.(ASC 210‐20‐50‐3)
Unless another format is more appropriate, the disclosures above must be presented in tabular format, separately by assets and liabilities. (ASC 210‐20‐50‐4)
In addition to the quantitative information, the entity must present a description of the rights of setoff for recognized assets and liabilities subject to an enforceable master netting or similar arrangement. (ASC 210‐20‐50‐5)
PRESENTATION AND DISCLOSURE EXAMPLES
Example 3.1: Statement of Financial Position—Highly Aggregated
ABC Corporation Statement of Financial Position December 31, 20X1
| Assets | |
| Current assets | xxx |
| Long‐term investments | xxx |
| Property, plant, and equipment, net | xxx |
| Deferred income tax assets | xxx |
| Goodwill | xxx |
| Intangible and other assets | xxx |
| Total assets | xxx |
| Liabilities and Shareholders' Equity | |
| Current liabilities | xxx |
| Deferred income tax liabilities | xxx |
| Long‐term debt | xxx |
| Total liabilities | xxx |
| Capital stock | xxx |
| Additional paid‐in capital | xxx |
| Retained earnings | xxx |
| Accumulated other comprehensive income | xxx |
| Total shareholders' equity | xxx |
| Total liabilities and shareholders' equity | xxx |
The following more comprehensive statement of financial position includes more line items (for details about specific assets and liabilities) than are found in most statements of financial position.
Example 3.2: Statement of Financial Position—Highly Detailed
ABC Corporation Statement of Financial Position December 31, 20X1
| Assets | |||
| Current assets: | |||
| Cash and bank deposits: | |||
| Restricted to current bond maturity | $xxx | ||
| Unrestricted | xxx | $xxx | |
| Short‐term investments: | |||
| Marketable equity securities (trading) | xxx | ||
| Marketable debt securities (available‐for‐sale) | xxx | ||
| Refundable income taxes | xxx | ||
| Receivables from affiliates | xxx | ||
| Accounts receivable | xxx | ||
| Less allowance for uncollectible accounts | (xxx) | xxx | |
| Notes receivable due in 20X2 | xxx | ||
| Less discounts on notes receivable | (xxx) | xxx | |
| Installment notes receivable due in 20X2 | xxx | ||
| Interest receivable | xxx | ||
| Creditors' accounts with debit balances | xxx | ||
| Advances to employees | xxx | ||
| Inventories (carried at the lower of cost or market using FIFO): | |||
| Finished goods | xxx | ||
| Work in process | xxx | ||
| Raw materials | xxx | xxx | |
| Deferred income taxes (net of valuation allowance of $xxx) | |||
| Prepaid expenses: | |||
| Prepaid rent | xxx | ||
| Prepaid insurance | xxx | xxx | |
| Total current assets | $xxx | ||
| Long‐term investments: | |||
| Investments in equity securities (available‐for‐sale) | xxx | ||
| Investments in bonds (held‐to‐maturity) | xxx | ||
| Investments in equity securities (at cost, plus equity in undistributed net earnings since acquisition) | xxx | ||
| Investments in unused land and facilities | xxx | ||
| Cash surrender value of officers' life insurance policies | xxx | ||
| Sinking fund for bond retirement | xxx | ||
| Plant expansion fund | xxx | ||
| Total long‐term investments | $xxx | ||
| Property, plant, and equipment: | |||
| Land | $xxx | ||
| Buildings (including capitalized interest of $xxx) | xxx | ||
| Machinery and equipment | xxx | ||
| Furniture and fixtures | xxx | ||
| Assets under leases | xxx | ||
| Leasehold improvements | xxx | ||
| Less accumulated depreciation and amortization | (xxx) | ||
| Total property, plant, and equipment | xxx | ||
| Intangible assets net of amortization: | |||
| Goodwill of acquired businesses | $xxx | ||
| Patents | xxx | ||
| Trademarks | xxx | ||
| Total intangible assets, net | xxx | ||
| Other assets: | |||
| Installment notes due after 20X2 | $xxx | ||
| Unamortized bond issue costs | xxx | ||
| Deferred income taxes (net of valuation allowance of $xxx) | xxx | ||
| Total other noncurrent assets | xxx | ||
| Total assets | $xxx | ||
| Liabilities and Shareholders' Equity | |||
| Current liabilities: | |||
| Current maturities of long‐term debt | $xxx | ||
| Current maturities of lease obligations | xxx | ||
| Commercial paper and other short‐term notes payable | xxx | ||
| Accounts payable | xxx | ||
| Accrued salaries, wages, and commissions | xxx | ||
| Payroll taxes withheld and accrued | xxx | ||
| Employee 401(k) contributions withheld | xxx | ||
| Accrued rent | xxx | ||
| Income taxes payable | xxx | ||
| Sales taxes payable | xxx | ||
| Dividends payable | xxx | ||
| Rent revenue collected in advance | xxx | ||
| Other advances from customers | xxx | ||
| Deferred income taxes | xxx | ||
| Short‐term portion of accrued warranty costs | xxx | ||
| Other accrued liabilities | xxx | ||
| Total current liabilities 1 | $xxx | ||
| Noncurrent liabilities: | |||
| Notes payable due after 20X2 | $xxx | ||
| Plus unamortized note premium | xxx | $xxx | |
| Long‐term bonds: | |||
| 10% debentures due 20X8 | xxx | ||
| 9 1/2% collateralized obligations maturing serially to 20X3 | xxx | ||
| 8% convertible subordinated debentures due 20X9 | xxx | ||
| Less unamortized discounts net of premiums | (xxx) | xxx | |
| Accrued pension cost | xxx | ||
| Lease obligations | xxx | ||
| Asset retirement obligations (net of accumulated accretion of $xxx) | xxx | ||
| Deferred income taxes | xxx | ||
| Long‐term portion of accrued warranty costs | xxx | ||
| Total noncurrent liabilities | xxx | ||
| Total liabilities | $xxx | ||
| Shareholders' equity | |||
| Capital stock: | |||
| $12.50 convertible preferred stock, $100 stated value, 200,000 shares authorized, 175,000 outstanding | $xxx | ||
| 12% cumulative preferred stock, $100 stated value, callable at $115, 100,000 shares authorized and outstanding | xxx | ||
| Common stock, $10 stated value, 500,000 shares authorized, 450,000 issued, 15,000 held in treasury | xxx | ||
| Common stock subscribed 10,000 shares | xxx | ||
| Less: Subscriptions receivable | (xxx) | $xxx | |
| Additional paid‐in capital: | |||
| From 12% cumulative preferred | xxx | ||
| From common stock | xxx | ||
| From treasury stock transactions | xxx | ||
| From stock dividends | xxx | ||
| From expiration of share options | xxx | ||
| Warrants outstanding | xxx | xxx | |
| Retained earnings | xxx | ||
| Accumulated other comprehensive income | (xxx) | ||
| Less: Treasury stock at cost | (xxx) | ||
| Total shareholders' equity | $xxx | ||
| Total liabilities and shareholders' equity | $xxx |
Example 3.3: Disclosure by Type of Financial Instrument 2
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