GAAP Financial Statement Disclosures Manual (2022-2023)

The GAAP Financial Statement Disclosures Manual provides a complete, quick, and valuable reference source for financial statement disclosures and key presentation requirements. Specifically, the Manual:

• Provides over 750 examples of realistic sample footnote disclosures to assist in the preparation of financial statements for an audit, a review, or a compilation engagement.
• Facilitates compliance with U.S. GAAP by integrating, in each chapter, the specific disclosure and key presentation requirements with the sample footnotes.
• Provides sample disclosures that are technically sound, understandable, and comprehensive and that cover a variety of scenarios, from the most common to the most unusual.
• Incorporates all currently effective accounting standards, including those that cover areas of unusual difficulty, such as financial instruments, fair value, business combinations, consolidation, income taxes, pensions, accounting changes, and variable interest entities.

This Manual is arranged into the following major parts, consistent with the Codification’s broad structure:

• Part 1 — General Principles (Topic Codes 100s)
• Part 2 — Presentation (Topic Codes 200s)
• Part 3 — Assets (Topic Codes 300s)
• Part 4 — Liabilities (Topic Codes 400s)
• Part 5 — Equity (Topic Codes 500s)
• Part 6 — Revenue (Topic Codes 600s)
• Part 7 — Expenses (Topic Codes 700s)
• Part 8 — Broad Transactions (Topic Codes 800s)

The Manual is designed for ease of use. Accordingly, each chapter is structured as a stand-alone chapter, providing you with all the information you’ll need on a specific topic. Each chapter consists of the following parts:

1. Executive Summary. This summary provides a clear and concise discussion of the specific financial statement topic.
2. Authoritative Accounting Literature. This section provides reference to the relevant FASB ASC Topic.
3. Disclosure and Key Presentation Requirements. This section provides a detailed listing of (a) the disclosure requirements (FASB ASC Section 50) and (b) those key presentation requirements (FASB ASC Section 45) that are relevant to enhance compliance with and better understand the disclosure requirements. This section also provides specific references to the FASB ASC paragraphs that prescribe the specific disclosure or key presentation requirement.
4. Examples of Financial Statement Disclosures. This section contains specific examples of disclosures that cover different situations, circumstances, assumptions, and so on. Unless specifically indicated, the examples provided assume that the most recent financial statements presented are for the year ended December 31, 20X2.

This edition of the Manual incorporates the financial statement disclosure requirements through FASB Accounting Standards Update No. 2021-03, Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events. The material can be located in several ways: the Cross-Reference shows the chapter in which a particular pronouncement is discussed; the Index provides a quick page reference.

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