This annual edition of Wiley GAAP 2006 provides the most comprehensive coverage of all the pronouncements in a single volume that encompasses the entire GAAP hierarchy. It provides thorough coverage of all accounting principles currently effective or being deliberated and gives clear, user-friendly guidance on every pronouncement, including FASB Technical Bulletins, AcSEC Practice Bulletins, FASB Implementation Guides, AICPA Statements of Position, and AICPA Accounting Interpretations. All pronouncements are explained with relevant terminology and practice-oriented, real-world examples. Each chapter is composed of a discussion of perspectives and issue, sources of GAAP, a definition of terms, concepts, rules and examples, and when appropriate, specific appendices.