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A thorough study of all generally accepted accounting principles (GAAP) set forth in the pronouncements of the Financial Accounting Standards Board (FASB). This useful guide contains AICPA Accounting Standards Executive Committee (ASEC) Statements of Position. It explains all pronouncements and includes practice–oriented real world examples. Each chapter discusses perspectives and issues, describes sources of GAAP, includes definitions of terms, and outlines concepts, rules and examples. This timely reference helps accountants stay on top of all of the changes in GAAP. It includes a complete listing of GAAP pronouncements, both interpretation and application of new concepts, and all the latest findings of the Emerging Issues Task Force. Readers will also find CPE examinations through which they can earn up to 40 credits. Plenty of real–world examples make interpreting and applying GAAP a snap.