Joanne M. Flood - Wiley GAAP - Financial Statement Disclosure Manual

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Streamline financial statement preparation with this cross-referenced guide
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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Gross Amounts Not Offset in the Statement of Financial Position
Net Amounts of Assets Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount
Counterparty A $XX,XXX $XX,XXX $XX,XXX $XX,XXX
Counterparty B XX,XXX XX,XXX XX,XXX XX,XXX
Other XX,XXX XX,XXX XX,XXX XX,XXX
Total $XX,XXX $XX,XXX $XX,XXX $XX,XXX

The counterparty should present similar tables.

Example 3.6: Netting of Certain Balance Sheet Accounts

Certain risk management assets and liabilities and certain accrued gas sales and purchases are presented on a net basis in the balance sheet when all of the following exist: (i) Gas Storage Partners and the other party owe the other a determinable amount; (ii) the Company has the right to set off the amount owed with the amount owed by the other party; (iii) Gas Storage Partners intends to set off; and (iv) the right of setoff is enforceable by law.

Notes

1 1Total of current liabilities is required. (ASC 210‐10‐45‐5)

2 2Example based on example in ASC 210‐20‐55.

3 3Example based on example in ASC 210‐20‐55.

4 4Example based on example in ASC 210‐20‐55.

4 ASC 215 STATEMENT OF SHAREHOLDER EQUITY

1 Authoritative Literature

AUTHORITATIVE LITERATURE

ASC 215, Statement of Shareholder Equity , contains one Subtopic:

ASC 215‐10, Overall

That Subtopic merely provides a referral to disclosure guidance in ASC 505, Equity .

5 ASC 220 INCOME STATEMENT—REPORTING COMPREHENSIVE INCOME

1 Authoritative Literature Subtopics Scope

2 Practice Alert

3 Disclosure and Presentation RequirementsASC 220‐10, Overall Format of Statement of Income and Comprehensive Income Entities with an Outstanding Noncontrolling Interest The Order of Presentation and Headings Consistency of Form Aggregation Income from Continuing Operations Income from Continuing Operations Net Income Items of Other Comprehensive Income ASC 220‐20, Unusual Items or Infrequently Occurring Items ASC 220‐30, Business Interruption Insurance

4 Disclosure and Presentation ExamplesExample 5.1: Basic Order of Income Statement and Comprehensive Income Statement Example 5.2: A Multiple‐Step Format for Income from Continuing Operations Example 5.3: A Single‐Step Format for Income from Continuing Operations Example 5.4: Combined Statement of Income and Comprehensive Income with “Net of Tax” Presentation Example 5.5: Combined Statement of Income and Comprehensive Income with “Gross of Tax” Presentation Example 5.6: Two Separate but Consecutive Statements of Income and Comprehensive Income—Net of Tax Presentation Example 5.7: Note X: Income Taxes Example 5.8: Unusual or Infrequently Occurring Item—Fire at Manufacturing Facility Example 5.9: Unusual or Infrequently Occurring Items—Legal Settlement Example 5.10: Business Interruption and Insurance Recovery Example 5.11: Business Interruption and Insurance Recovery

AUTHORITATIVE LITERATURE

In financial reporting, performance is primarily measured by net income and its components, which are presented in the income statement. A second performance measure—comprehensive income—is a more inclusive notion of performance than net income. It includes all recognized changes in equity that occur during a period except those resulting from investments by owners and distributions to owners.

Because comprehensive income includes the effects on an entity of economic events largely outside of management's control, some have said that net income is a measure of management's performance and comprehensive income is a measure of entity performance.

In contrast to the statement of financial position, which provides information about an entity at a point in time, an income statement provides information about a period of time. It reflects information about the transactions and other events occurring within the period. Most of the weaknesses of an income statement are a result of its periodic nature. Entities are continually creating and selling goods and services, and at any single point in time some of those processes will be incomplete.

Subtopics

ASC 220, Income Statement—Reporting Comprehensive Income , contains three Subtopics:

ASC 220‐10, Overall

ASC 220‐20, Unusual Items or Infrequently Occurring Items

ASC 220‐30, Business Interruption Insurance

The three Subtopics provide discrete information and are not interrelated. (ASC 220‐10‐05‐1 through 05‐5)

Scope

ASC 220 applies to all entities except it does not apply to the following:

Those that do not have any items of comprehensive income.

Those not‐for‐profit entities that are required to follow the guidance in ASC 958‐205. (ASC 220‐10‐15‐3)

It applies to general purpose financial statements that present results of operations according to GAAP. (ASC 220‐10‐15‐5)

ASC 220 focuses on presentation and disclosure and does not address recognition and measurement requirements.

PRACTICE ALERT

Income statement classification is a frequent topic of SEC comment letters. While SEC rules only apply to public entities, preparers of financial statements can benefit from the findings of SEC reviewers. Topics for comment include:

Omitting certain required line items.

Disclosure of policies related to alternative permissible classifications under the guidance in ASC 235‐10.

Disaggregation of material amounts, especially in the “other expense” line item.

Separation of product and service revenue if greater than 10%. See the section on aggregation later in this chapter for more information.

Types of expenses in cost of sales. For example, do the amounts include depreciation and amortization?

If the entity includes a subtotal for operating income, determine if items are properly included in the operating and nonoperating categories.

DISCLOSURE AND PRESENTATION REQUIREMENTS

ASC 220‐10, Overall

Format of Statement of Income and Comprehensive IncomeIn the period they are recognized, entities must present all items that meet the definition of comprehensive income:

In a combined statement of income and comprehensive income, or

In two separate, but consecutive statements.(ASC 220‐10‐45‐1C)

Exhibit 5.1Items Required to Be Displayed in Either Acceptable Format of the Statement of Comprehensive Income

Reporting Comprehensive Income
Single Continuous Statement of Net Income and Comprehensive Income Two Separate but Consecutive Statements
Show:Components of net incomeTotal net incomeComponents of other comprehensive incomeTotal of other comprehensive incomeTotal comprehensive income In the statement of net income show:Components of net incomeTotal of net incomeIn the statement of comprehensive income presented immediately after the statement of net income begin with net income and show:Components of other comprehensive incomeTotal of other comprehensive incomeTotal of comprehensive income
(ASC 220‐10‐45‐1A) (ASC 220‐10‐45‐1B and 45‐1C)

Entities with an Outstanding Noncontrolling InterestIn addition to presenting consolidated net income and comprehensive income, entities with an outstanding noncontrolling interest are required to report the following items in the financial statement in which net income and comprehensive income are presented:

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