Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles
in the United States

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Omnibus Opinion
(APB Opinion No. 12)

U.S. GAAP by Topic

Accounting Principles Board (APB) Opinions

Statements of Financial Accounting Standards (SFAS)

APB Opinion No. 12

Accounting Principles Board (APB) Opinion No. 12
        a. Omnibus Opinion
        b. Issued in December 1967

APB Opinion No. 12 addresses 6 topics:

        1. Classification and disclosure of allowances

             Allowances
             --> should be deducted from the related assets

             Examples of allowances
             a. Allowance for doubtful accounts receivable
             b. Valuation allowance for investments
             c. Accumulated depreciation

        2. Disclosure of depreciable assets and depreciation

             Following disclosures are required regarding depreciation:
             a. Depreciation expense
             b. Balances of major classes of depreciable assets
             c. Accumulated depreciation
             d. Description of depreciation method

        3. Deferred compensation contracts
             --> amended by SFAS No. 87 and No. 106.

        4. Capital changes

             Following disclosures are required regarding capital changes:
             a. Changes in the separate accounts
                  --> comprising stockholders' equity
             b. Changes in the number of shares of equity securities.

        5. Convertible debt and debt issued with stock warrants
             --> deleted by APB Opinion No. 14.

        6. Amortization of debt discount and expense or premium

             Interest method of amortization of discount or premium on debt
             --> an acceptable method (and theoretically sound).

Other Accounting Topics

Inventory Valuation Methods

Depreciation Methods

Revenue Recognition Principle

Accrual Basis vs. Cash Basis Accounting

Basics of Journal Entries

Ratios for Financial Statement Analysis

U.S. GAAP by Topic

Statements of Financial Accounting Standards (SFAS)

	Wiley GAAP 2008: Interpretation and Application of Generally Accepted Accounting Principles 2008 Paperback Edition CD-Rom Edition Book & CD-Rom Edition
	Wiley CPA Exam Review 2007-2008: 2 Volume Set 2 Volume Set Volume 1: Outlines and Study Guides Volume 2: Problems and Solutions
	Wiley CPA Exam Review 2007: 4 Volume Set 4 Volume Set Financial Accounting and Reporting Business Environment and Concepts Regulation Auditing and Attestation