US GAAP (Generally Accepted Accounting Principles)
Practical, standard-by-standard guidance on applying US GAAP — the accounting framework set by the FASB — covering recognition, measurement, and disclosure the way accountants actually apply it day to day.
25 Guides Published
chapters
ASC 606 Revenue Recognition: The Five-Step Model Explained
How to identify performance obligations, determine the transaction price, and recognize revenue as control transfers to the customer.
ASC 842 Lease Accounting: Recognition and Measurement Guide
Classifying leases, recognizing the right-of-use asset and lease liability, and applying the short-term lease exemption.
ASC 820 Fair Value Measurement: The Three-Level Hierarchy Explained
The fair value hierarchy, valuation techniques, and disclosure requirements for assets and liabilities measured at fair value.
ASC 330 Inventory: Costing Methods and Lower of Cost or NRV
Costing methods, the lower of cost and net realizable value test, and disclosure requirements for inventory balances.
ASC 805 & ASC 810: Business Combinations and Consolidation Guide
Purchase price allocation, goodwill recognition, noncontrolling interests, and when to consolidate an investee.
ASC 360 Impairment of Long-Lived Assets: The Recoverability Test
Triggering events, the recoverability test, and measuring and recording an impairment loss on long-lived assets.
ASC 606 Revenue Recognition Worked Examples: Applying the Five-Step Model
Step-by-step numerical examples applying the five-step revenue model to real transaction scenarios, from contract identification through revenue recognition.
ASC 606 Variable Consideration Constraint: Estimation Methods and Risk Factors
How to estimate variable consideration using the expected value or most likely amount method, and when the constraint limits how much revenue you can recognize.
ASC 606 Contract Modifications: Separate Contract, Prospective, or Catch-Up
How to determine whether a contract modification is accounted for as a separate contract, a prospective adjustment, or a cumulative catch-up.
ASC 606 Principal vs. Agent: Gross vs. Net Revenue Presentation
How to apply the control-based principal-versus-agent test to decide whether revenue is presented gross or net.
ASC 606 Licensing and Sales- or Usage-Based Royalties
How to distinguish a right to use from a right to access intellectual property, and when the sales- or usage-based royalty exception applies.
ASC 842 Worked Examples: Operating vs. Finance Lease Accounting Side by Side
Side-by-side numerical examples comparing the initial and subsequent accounting for operating and finance leases under ASC 842.
ASC 842 Lease Liability Remeasurement: Triggers, Mechanics, and Worked Examples
The events that trigger lease liability remeasurement and how to recalculate the liability and right-of-use asset when they occur.
ASC 842 Lease Modifications: Separate Contract, Scope Decrease, or Remeasurement
How to classify a lease modification and account for it as a separate contract, a partial termination, or a remeasurement of the existing lease.
ASC 842 Sale-and-Leaseback Transactions: When Does It Actually Qualify as a Sale?
The control-based test for determining whether a sale-and-leaseback transaction qualifies as a sale, and how to account for it when it does not.
ASC 842 Lessor Accounting: Sales-Type, Direct Financing, and Operating Leases
How lessors classify and account for sales-type, direct financing, and operating leases under ASC 842.
ASC 820 Worked Examples: Leveling Real Assets Through the Fair Value Hierarchy
Worked examples leveling real assets and liabilities through the Level 1, 2, and 3 fair value hierarchy.
ASC 820 Level 3 Inputs and Valuation Techniques: Market, Income, and Cost Approaches
How to select and apply the market, income, and cost valuation approaches when measuring fair value using unobservable Level 3 inputs.
ASC 820 Nonfinancial Assets: Highest and Best Use and the In-Use vs. In-Exchange Premise
How the highest-and-best-use concept and the in-use versus in-exchange premise shape the fair value measurement of nonfinancial assets.
ASC 820 Fair Value Disclosures: The Level 3 Reconciliation and Sensitivity Requirements
What the Level 3 rollforward reconciliation and quantitative sensitivity disclosures require, and how to prepare them.
ASC 330 Costing Methods Worked Examples: FIFO vs. Weighted Average vs. LIFO
Side-by-side worked examples comparing FIFO, weighted average, and LIFO costing under the same inventory data.
ASC 330 LIFO Reserve, Conformity, and Dollar-Value LIFO Explained
How the LIFO reserve is calculated and disclosed, and what the IRS conformity rule and dollar-value LIFO method require.
ASC 330 Lower of Cost or Net Realizable Value vs. Lower of Cost or Market
The difference between the lower-of-cost-or-NRV test used under GAAP for most inventory and the lower-of-cost-or-market test still used for LIFO/retail inventory.