GAAP Financial Statement Disclosures Manual (2024)

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, 2023.

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.

Material can be located several ways: the Cross-Reference shows the chapter in which a particular pronouncement is discussed; the Index provides a quick page reference.

CONTENTS:

The GAAP Financial Statement Disclosures Manual includes the following topics:

Part I General Principles

Chapter 1. ASC Topic 105: Generally Accepted Accounting Principles

Part II Presentation

Chapter 2. ASC Topic 205: Presentation of Financial Statements
Chapter 3. ASC Topic 210: Balance Sheet
Chapter 4. ASC Topic 215: Statement of Shareholder Equity
Chapter 5. ASC Topic 220: Comprehensive Income
Chapter 6. ASC Topic 225: Income Statement
Chapter 7. ASC Topic 230: Statement of Cash Flows
Chapter 8. ASC Topic 235: Notes to Financial Statements
Chapter 9. ASC Topic 250: Accounting Changes and Error Corrections
Chapter 10. ASC Topic 255: Changing Prices Chapter 11. ASC Topic 260: Earnings Per Share
Chapter 12. ASC Topic 270: Interim Reporting
Chapter 13. ASC Topic 272: Limited Liability Entities
Chapter 14. ASC Topic 275: Risks and Uncertainties
Chapter 15. ASC Topic 280: Segment Reporting

Part III Assets

Chapter 16. ASC Topic 305: Cash and Cash Equivalents
Chapter 17. ASC Topic 310: Receivables
Chapter 18. ASC Topic 320: Investments-Debt Securities
Chapter 19. ASC Topic 321: Investments-Equity Securities
Chapter 20. ASC Topic 323: Investments-Equity Method and Joint Ventures
Chapter 21. ASC Topic 325: Investments-Other
Chapter 22: ASC Topic 326: Financial Instruments-Credit Losses
Chapter 23. ASC Topic 330: Inventory
Chapter 24. ASC Topic 340: Other Assets and Deferred Costs
Chapter 25. ASC Topic 350: Intangibles-Goodwill and Other
Chapter 26. ASC Topic 360: Property, Plant, and Equipment

Part IV Liabilities

Chapter 27. ASC Topic 405: Liabilities
Chapter 28. ASC Topic 410: Asset Retirement and Environmental Obligations
Chapter 29. ASC Topic 420: Exit or Disposal Cost Obligations
Chapter 30. ASC Topic 430: Deferred Revenue
Chapter 31. ASC Topic 440: Commitments
Chapter 32. ASC Topic 450: Contingencies
Chapter 33. ASC Topic 460: Guarantees
Chapter 34. ASC Topic 470: Debt
Chapter 35. ASC Topic 480: Distinguishing Liabilities from Equity

Part V Equity

Chapter 36. ASC Topic 505: Equity

Part VI Revenue

Chapter 37. ASC Topic 606: Revenue from Contacts with Customers
Chapter 38: ASC Topic 610: Other Income

Part VII Expenses

Chapter 39. ASC Topic 705: Cost of Sales and Services
Chapter 40. ASC Topic 710: Compensation-General
Chapter 41. ASC Topic 712: Compensation-Nonretirement Postemployment Benefits
Chapter 42. ASC Topic 715: Compensation-General
Chapter 43. ASC Topic 718: Compensation-Nonretirement Postemployment Benefits
Chapter 44. ASC Topic 720: Other Expenses
Chapter 45. ASC Topic 730: Research and Development
Chapter 46. ASC Topic 740: Income Taxes

Part VIII Broad Transactions

Chapter 47. ASC Topic 805: Business Combinations
Chapter 48. ASC Topic 808: Collaborative Arrangements
Chapter 49. ASC Topic 810: Consolidation
Chapter 50. ASC Topic 815: Derivatives and Hedging
Chapter 51. ASC Topic 820: Fair Value Measurement
Chapter 52. ASC Topic 825: Financial Instruments
Chapter 53. ASC Topic 830: Foreign Currency Matters
Chapter 54. ASC Topic 835: Interest
Chapter 55. ASC Topic 840: Leases
Chapter 56: ASC Topic 842: Leases
Chapter 57. ASC Topic 845: Nonmonetary Transactions
Chapter 58. ASC Topic 848: Reference Rate Reform
Chapter 59. ASC Topic 850: Related Party Transactions
Chapter 60. ASC Topic 852: Reorganizations
Chapter 61: ASC Topic 853: Service Concession Arrangements
Chapter 62. ASC Topic 855: Subsequent Events
Chapter 63. ASC Topic 860: Transfers and Servicing

Appendix: U.S. GAAP Financial Statement Disclosures Checklist

Accounting Resources on the Web

Cross-Reference to Pre-Codification Accounting Literature

Index