Financial Instruments: A Comprehensive Guide to Accounting & Reporting (2016)

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9780808042259: Financial Instruments: A Comprehensive Guide to Accounting & Reporting (2016)

Financial Instruments: A Comprehensive Guide to Accounting and Reporting is written for practicing accountants and other professionals who need to understand the accounting for financial instruments. This unique book pulls together all of the existing accounting literature on financial instruments into one volume, organizes it logically, and describes the requirements as simply as possible. This comprehensive, topic-based approach will save practitioners time and effort in researching accounting issues. This comprehensive reference includes guidance issued by the Financial Accounting Standards Board, the FASB's Emerging Issues Task Force and Derivatives Implementation Group. It also includes standards issued by the AICPA Accounting Standards Executive Committee, and the audit and accounting guides issued by various committees of the AICPA. This guide covers accounting requirements for public and private companies and touches on unique aspects of reporting financial instruments by nonprofit organizations. Over 400 pieces of authoritative literature are referenced in this book. Each chapter covers the relevant accounting questions for each type of instrument, including: - When and how to initially recognize the instrument in the balance sheet - How to measure the instrument in subsequent periods - How to recognize income or expense - When and how impairment must be recognized - When the instrument should be removed from the balance sheet - What disclosures should be provided in the footnotes. The text includes visual aids whenever possible; observations, such as differences between instrument types; practice pointers; and examples to make the requirements as clear as possible to the reader. The book also includes: a cross-reference to the original pronouncements, citing the chapters in which they are discussed; a glossary of terms including references to the applicable chapters; and a detailed topical index. To facilitate research, the text includes references to pertinent paragraphs of the authoritative literature addressing key points.

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About the Author:

Rosemarie Sangiuolo is an independent consultant specializing in accounting and reporting for financial instruments. In that capacity, she has consulted on accounting matters for various organizations and is currently involved in a variety of standard-setting projects related to financial instrument accounting. Ms. Sangiuolo has authored and served as technical reviewer for various publications including CCH's interpretations on Derivatives and Hedging. She served as a member of the core project team to develop the FASB Accounting Standards Codification, focusing on the codification of complex areas of GAAP related to transfers and servicing of financial assets, derivatives and hedging, interest income recognition, and loan impairment, among others. She was also the lead technical reviewer in the FASB's project to update the XBRL taxonomy released in 2009 to incorporate referencing of existing accounting standards. Previously, Ms. Sangiuolo was a project manager at the Financial Accounting Standards Board, where she focused primarily on standard-setting efforts associated with derivatives and hedging, asset transfers, and securitization transactions. In that capacity, she contributed to numerous accounting pronouncements issued by the FASB, the Emerging Issues Task Force, and the Derivatives Implementation Group. Prior to joining the FASB, Ms. Sangiuolo was a Vice President at J.P. Morgan & Co., where she dealt with accounting policy, regulatory, and financial reporting issues relevant to the financial services industry. Ms. Sangiuolo graduated summa cum laude from Fordham University with a major in economics and received her M.B.A. from New York University's Stern School of Business.


Scott Taub is a Managing Director of Financial Reporting Advisors, LLC (FRA), which provides consulting services related to accounting and SEC reporting and litigation support services. FRA specializes in applying generally accepted accounting principles to complex business transactions and also provides litigation support and expert services. Mr. Taub is also a member of the IASB's International Financial Reporting Interpretations Committee. From September 2002 through January 2007, Mr. Taub was a Deputy Chief Accountant at the Securities and Exchange Commission (SEC) and twice served as Acting Chief Accountant for a total of 14 months. He played a key role in the SEC's implementation of the accounting reforms under the landmark Sarbanes-Oxley Act and was responsible for the day-to-day operations of the Office of the Chief Accountant. Mr. Taub represented the SEC in many venues, including the FASB and IASB's advisory committees, and served as the SEC Observer to the FASB's Emerging Issues Task Force (EITF) and as Chair of the Accounting and Disclosure committee of the International Organization of Securities Commissions (IOSCO). Prior to September 2002, Mr. Taub was a partner in Arthur Andersen's Professional Standards Group (PSG), where he consulted on complex financial reporting matters, helped to establish and disseminate Andersen's policies regarding financial reporting matters, and represented the firm before various standards setters, including the FASB, SEC, AICPA, and IASB. Mr. Taub also authored interpretive guidance for Andersen on a wide variety of accounting and reporting issues. Mr. Taub is a frequent speaker, having addressed numerous audiences sponsored by a variety of organizations, and writes a periodic column for Compliance Week on financial reporting developments. He is a licensed CPA in Michigan and Illinois and is a member of the American Institute of Certified Public Accountants. --Author Bio continued:

Leslie F. Seidman is a certified public accountant (inactive) with extensive experience in the financial services industry and in accounting standard-setting. With an English major from Colgate University and a Masters Degree in accounting from New York University Stern School of Business, Ms. Seidman has a unique combination of writing ability and accounting knowledge. Ms. Seidman started her career as an auditor for Ernst & Young LLP before joining J.P. Morgan, where she was a Vice President of accounting policy for many years. Ms. Seidman was selected for an industry fellowship at the Financial Accounting Standards Board, where she later served as assistant director of implementation and practice issues. Subsequently, Ms. Seidman had her own financial reporting consulting firm, serving financial institutions, accounting firms, and other organizations. She has authored, reviewed, and edited hundreds of accounting pronouncements of the FASB and AICPA, and contributed to several books and other publications. Ms. Seidman is a member of the AICPA and the Institute of Management Accountants, where she served on the Financial Reporting Committee. Subsequent to writing this book, Ms. Seidman was appointed to a three-year term as a member of the Financial Accounting Standards Board. She was reappointed to a five-year term in March 2006. Ms. Seidman was appointed the chairman of the FASB in December, 2010 and served in that role until her term at the FASB ended on June 30, 2013. Currently, Ms. Seidman is the Executive Director of the Center for Excellence in Financial Reporting at the Lubin School of Business at Pace University. She is also a Director of Moody's Corporation, where she serves on the Audit, Governance & Compensation and MIS (Moody's Investors Service) committees and a Public Governor of the Financial Industry Regulatory Authority (FINRA). --Author Bio Continued:

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