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Tenth Edition ACCOUNTANTS’ HANDBOOK VOLUME ONE: Financial Accounting and General Topics D. R. Carmichael Paul H. Rosenfield JOHN WILEY & SONS, INC. Tenth Edition ACCOUNTANTS’ HANDBOOK VOLUME ONE: Financial Accounting and General Topics Update Service BECOME A SUBSCRIBER! Did you purchase this product from a bookstore? If you did, it’s important for you to become a subscriber. John Wiley & Sons, Inc., may publish, on a periodic basis, supplements and new editions to reflect the latest changes in the subject matter that you need to know in order to stay competitive in this ever-changing industry. By contacting the Wiley office nearest you, you’ll receive any current update at no additional charge. In addition, you’ll receive future updates and revised or related volumes on a 30-day examination review. If you purchased this product directly from John Wiley & Sons, Inc., we have already recorded your subscription for this update service. 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The Atrium Southern Gate, Chichester West Sussex PO19 8SQ ENGLAND Phone: 44-1243-779777 Fax: 44-1243-775878 Email: customer@wiley.co.uk John Wiley & Sons (Asia) Pte., Ltd. 2 Clementi Loop #02-01 SINGAPORE 129809 Phone: 65-64632400 Fax: 65-64634604/5/6 Customer Service: 65-64604280 Email: enquiry@wiley.com.sg Tenth Edition ACCOUNTANTS’ HANDBOOK VOLUME ONE: Financial Accounting and General Topics D. R. Carmichael Paul H. Rosenfield JOHN WILEY & SONS, INC. This book is printed on acid-free paper. ∞ Copyright © 2003 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada. 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For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3998 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Accountant’s handbook / [edited by] D.R. Carmichael, Paul Rosenfield.—, 10th ed. p. cm. Includes bibliographical references. Contents: v. 1. Financial accounting and general topics — ISBN 0-471-26993-X (set : alk. paper)—ISBN 0-471-26991-3 (pbk. : v. 1 : alk. paper).—ISBN 0-471-26992-1 (pbk. : v. 2 : alk. paper) 1. Accounting—Encyclopedias. 2. Accounting—Handbooks, manuals, etc. I. Carmichael, D. R. (Douglas R.), 1941– . II. Rosenfield, Paul. HF5621 .A22 2003 657—dc21 2002153108 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 ABOUT THE EDITORS D. R. Carmichael, PhD, CPA, CFE, is the Wollman Distinguished Professor of Accountancy at the Zicklin School of Business, The Stan Ross Department of Accountancy at Bernard M. Baruch College, The City University of New York. Until 1983, he was the vice president, auditing, at the AICPA, where he was in charge of the development of professional standards. Dr. Carmichael has written numerous professional books, college texts, and articles in professional as well as academic journals. He has acted as a consultant to CPA firms, state and federal government agencies, public corporations, and attorneys. He has dealt with issues related to accounting, auditing, ethics, and controls standards and practices. He has testified as an expert witness in civil and criminal litigation and proceedings. Paul Rosenfield, CPA, was director of the Accounting Standards Division of the American Institute of Certified Public Accountants for 14 years. He previously was the first secretary general of the International Accounting Standards Committee, director of the Technical Research Division of the American Institute of Certified Public Accountants, and a member of the staff of its Accounting Research Division. He has authored two books and numerous articles on financial reporting in professional and academic journals. v ABOUT THE CONTRIBUTORS James R. Adler, PhD, CPA, CFE, is founder of Adler Consulting Ltd., which specializes in forensic accounting. He has 40 years of public accounting and academic experience working with generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS). He has had a diversified clientele, including public and private entities as well as governmental bodies such as the SEC, the U.S. Department of Justice, and the FDIC. He has written and lectured extensively on the professional standards and other accounting and economic issues. Juan Aguerrebere, Jr., CPA, is a founding member of Perez-Abreu, Aguerrebere, Sueiro LLC in Coral Gables, Florida. He has served on numerous AICPA and FICPA committees, including the AICPA Technical Issues Committee, Group of 100, AICPA Joint Trial Board, and FICPA Accounting and Auditing Committee. He has over 13 years of experience in public accounting and auditing and over 20 years of experience in accounting for financial institutions. He has lectured on numerous accounting and auditing issues. He is a member of the AICPA, FICPA, a Diplomat of the American Board of Forensic Accounting, and a Neutral/Arbitrator for the American Arbitration Association. Vincent Amoroso, FSA, is a principal in the employee benefits section of Deloitte & Touche LLP’s Washington National Office. He has published and spoken frequently in the employee benefits accounting area, both on pensions and retiree medical care. Ian J. Benjamin, CPA, is a managing director in the Not-for-Profit Services Group of American Express Tax and Business Services, Inc. Prior to joining American Express, Mr. Benjamin was a partner at Deloitte & Touche in their Tri-State Not-for-Profit and Higher Education Services Group. He is currently a member of the FASB working group on not-for-profit organizations and the Professional Ethics Committee of the New York State Society of CPAs. He is a former member of the International Accounting Committee and the Not-for-Profit Organizations Committee of the New York State Society of CPAs. Martin Benis, PhD, CPA, is a professor and former chairman of The Stan Ross Department of Accountancy at the Zicklin School of Business, Bernard M. Baruch College, CUNY. He is currently a consultant on accounting and auditing matters to more than 50 accounting firms and organizations throughout the United States. His articles have appeared in major accounting and auditing journals. Andrew J. Blossom, CPA, is a senior manager in the Public Services line of business of KPMG Peat Marwick LLP. He is assigned to KPMG’s Department of Professional Practice, where he is responsible for handling technical inquiries related to governmental accounting, auditing, and reporting. Mr. Blossom is a member of the AICPA Government Accounting and Auditing Committee. He received his BS degree from the University of Kansas. Stephen Bryan, MBA, PhD, is an associate professor of the Stan Ross Department of Accountancy at the Zicklin School of Business, Bernard M. Baruch College, CUNY. He received his doctorate in accounting from New York University. vii