GAAP Explained With Examples | Mapping Income Statement Lines to GAAP

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This is my version of an engaging method to teach you US GAAP or Generally Accepted Accounting Pricinples, simply by discussing how they apply to each line item on the income statement.
Buy this summary along with the Balance Sheet version here:
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All views expressed on my channel are mine alone. Not intended as financial or professional advice.

[@worldsecrets8323]

Yesterday I watched your video and I can answer most of the interview questions related to accounts successfully in my today's interview... Keep post more video my dear friend..

[@TheFinancialController]

Good job!

[@GurpreetSingh-hx6nf]

Which video you watched bro

[@erwinoria2028]

Great video! When I had my english interview for a job position in accounting last year I watched bunches of videos from this channel. I consider I got prepared very well for my interview, and guess what? I got the job! Great channel to learn about accounting. Btw, I am a non native english speaker. :)

[@joysreesharma8892]

Thank you Bill for explaining the overall GAAP procedures. I really appreciate it!

[@mfriverao]

Bill I do love your content! You are a great teacher! Very concise and practical piece of information

[@hackit9578]

Hi Bill , Thank you for a well explained video. Your presentation makes so much sense and its easy to follow. Thanks 😊

[@TheFinancialController]

Super :)

[@richardgordon]

Love this video. Its very clear and well explained. Many thanks!

[@jenniferlim2250]

Hi Bill. Very lucid & concise! You got to the core of accounting theory textbooks in one short & sweet presentation. Will you be able to show us a video showing 1) Reconciliation of presentation of IS (income statement) as well as Balance Sheet, based on latest IFRS, vs US GAAP &/or SOX 2) Treatment for material differences; and 3) Impact of the treatment or any reclassifications (including tax impact, if any). Thank you so much! 🙇

[@stephenadeya8662]

Thanks a lot, Finance Controller, your explanations are highly valued.

[@TheFinancialController]

Thanks 🙏

[@DavidLee-ph8mp]

Thank you for posting this valuable information. It’s easy to follow and very helpful.

[@imranhashmi6759]

You made tuff topics easier to understand. Great job 👍

[@evansjuma3831]

You have enhanced my understanding and interpretation of income statement, this is super good!
I would appreciate your deep dive of IFRS 16

[@TheFinancialController]

Will do :)

[@danelaituarte5917]

First time I see this topic in an NO BORING presentation. Thanks so much, it's so hard to try to learn just by reading without a visual exercise.

[@luckyvaishnav6398]

Air I breath in was really beautiful

[@jogradinjj5591]

thank you I refreshed a lot of learnings

[@mthomas1160]

I'm an accounting student. I'm glad you provide us with these videos. I feel like I can breathe.

[@qww760]

Excellent video!

[@janiopontes6000]

Hi Bill, Very nice method that you use to explain each line and actions in IS, it is clear to everyone, I guess...but it is helpful for me...tks a lot.

[@winworld8259]

it is very useful for my interview panel, now I am started watching all your videos. Thanks a lot,

[@TheFinancialController]

Thanks for watching 😎

[@alyxalyx97]

Hi im studying online bookkeeping and accounting. Your videos are highly interesting. Im from philippines.

[@tanmaybasu10]

Very useful

[@kiransankardebnath1449]

Bill you are really awesome. Thank you for sharing the knowledge.

[@TheFinancialController]

Thanks 🙏

[@rosmaryalgarin9292]

thanks for everything you teach us on this video

[@TheFinancialController]

Thanks for watching

[@thetaxangels]

You make very informative videos. Please keep going!

[@TheFinancialController]

Thanks 🙏

[@jobymichael8981]

Very Informative

[@worldsecrets8323]

Thanks for your videos

[@apoorvasharma9365]

Thanks for such a nice illustration! Please upload more videos wrt US GAAP.

[@TheFinancialController]

Thanks 🙏 will do

[@MohamedSalem-wm2yf]

Amazing thank you it helped me a lot to understand GAAP just in few minutes

[@TheFinancialController]

Glad to hear that

[@babylon2134]

Well explained

[@Wanderlust_strummer]

Thank you for keeping the words. Can I expect more videos in this topic?? As it is very vast portion and your explanation save our times with better understanding. Thanks once again.

[@TheFinancialController]

Yes I will dive more into some of these principles

[@sonyeasow]

Excellent 🎉

[@FundamentalEconomics]

Love you Sir. You are the Boss

[@umeshutage1837]

Simple and short Nice video keep it up👍

[@TheFinancialController]

🙏 thanks

[@leejmuam1]

Great video to review

[@Perfectsound88]

Watching all your videos and Ads without skipping. 😂.Fantastic videos 🙏

[@TheFinancialController]

Thanks 😆

[@TusharKumar-dw1xz]

Hi Bill, your videos are amazing...I learnt many things from your videos...Even I gave my last interview after preparation from your videos...Thank You for making such meaningful videos...One que I have, I am from India how can I get job in abroad???

[@llbbtk]

Thanks so much

[@TheFinancialController]

Any time!

[@rahulbathwal4658]

Good explanation 👍

[@TheFinancialController]

Thanks!

[@elhamnazari5653]

Thank you for the video!❤️ I have a question.
Is there any certification based on that I can show that I have a good knowledge of GAAP?

[@geeteshanand958]

Bill you are really doing excellent work for the accountants and financial controllers community round the world actually and not just USA. Keep up the good work and God bless you!

[@TheFinancialController]

I appreciate that!

[@harkeshsharma8421]

Hi Bill, Thanks for this wonderful lession. what happened with General, selling & administrative expenses? Is this bifurcation of below items like Rent, TE & Commissions?

[@marthashikongo3319]

Hi, your videos are very informative, can you also perhaps consider a refresher on IFRS 9, 15 and 16...

[@TheFinancialController]

Ok sure

[@maimisa]

The Financial Controller ; We are Still Waiting for IFRS 9, 15 and 16...Videos... 14.05.2022. Regards, From MAIMISA EMMANUEL STEPHEN. Lusaka, Zambia.

[@amiramir-bh5dk]

Hi Bill, thanks a lot for the nice video. Could you please make videos to analyze financial statements by considering the (IFRS & ASPE) standards plus preparation of year-end audit/annual audit based on a real-life sample, as such by any chance quarterly SOX report?
Thanks in advance.

[@TheFinancialController]

Ok will do

[@benscrumhalf]

Hi Bill, great video. Could you make a video on multi-national qualifications? I have my final ACCA Exam in a couple of weeks; Interested to see which American employers would recognise this over CPA. Thanks!

[@TheFinancialController]

Sure will do

[@jessiesi1412]

Please make more videos. I learned a lot. Could you please make some videos related with payroll such vacation accrual? Thanks

[@TheFinancialController]

👌 ok :)

[@JLC304]

All your videos helped me a lot.
would you please explain how to become a financial controller and what is your responsibility if you don’t mind thanks

[@TheFinancialController]

Ok will talk about it in a future video

[@camilomanrriquesierra6545]

Hi, i would like to ask you for a recommendation to take a full course about US GAAAP. Thank you.

[@abhinavpandey3022]

Thanks a lot, Please make video for balance sheet also using GAAP

[@TheFinancialController]

Hi I made balance sheet version 4 weeks ago

[@jackjohn1895]

Sir, As per my knowledge and google search, you only explained well about GAAP. If you give a example journal entires along GAAP mapping, also helpful for us Thanks

[@TheFinancialController]

Sure

[@yinyin7614]

Excellent video.

[@Liam-B]

Crab cakes sound really good right now. I haven't had one in years, come to think of it!

[@TheFinancialController]

They are!

[@vishakharaut5478]

Can you please assist me so I can learn more and gain a knowledge

[@kanagasrinivasan3793]

Great stuff dear Bill :) Appreciated.. And May i just check one thing here, will go for accrual only if incase we are not billed to customer? Or do we have any other scenario where we accrue revenue except Unbilled to customer?

[@TheFinancialController]

Yeah unbilled and also revenue share agreements

[@kanagasrinivasan3793]

Thanks Bill.. not just putting the video you are clarifying any questions that arises as well. Great!!

[@sumathysakthivel8888]

Plus is it possible to get a job as an accountant without knowing the GAAP standards bt knowing the IFRS in USA?

[@pw7266]

Could you tell me what are US Accounting law practices and where can I find subject matter about that. I need that urgently.

[@tracydoolittle8825]

i am so confused - under GAAP rules and accrual accounting - if you sell a contract for a one-year $10,000 subscription and the contract is signed 1/1. you invoice monthly beginning on 1/15. and the subscription is effective 2/1. how.... how... do i record this? what date is the revenue "recognized"?

[@trackstarlexi]

I too would like to know

[@hue2140]

Hi Bill. I have a question. I am working for a building material company. If a customer returns over stock items within 6 months, what main account should I charge to ? I have revenue account and allowance account. Allowance account is for damage items, back charge for labor. I am not sure if the return items (good items and resellable) is belong to sales revenue account or allowance account. Thank you very much.

[@user-xy2ly4uz6p]

Quick question so you say there is no math in accounting in Shane’s video?
Sorry I didn’t understand that part very much. Thank you!

[@TheFinancialController]

The math part is handled by excel sheets, that’s what I mean

[@stacydavis1682]

Hi, I work for a Chrysler dealership doing A/P, A/R, payroll, balancing statements, entering, and expensing invoices & so much more. How do I know if this company uses GAAP? since I do not do anything with the financial statements.

[@benderbendingrofriguez3300]

can you explaine the Al Capone case and how they charge with with Tax Evasion?

[@TheFinancialController]

Will look into it

[@debanjanmukhopadhyay5854]

👌

[@vishakharaut5478]

Hi, I am from India and I am working as accountant but not exactly end to end doing only doing a 1 part of it so now I am searching for job as a financial controllerand for that I have saw lots of vedios on youtube but not exactly understanding the concept very deeply if you will give traning or online course on it if possible in easier way so it would be great help to me to crack an interviews

[@rayalakiran000874]

Can u pls make a video on us Sox compliance for internal accountants

[@TheFinancialController]

Yes Sox will make good topic, will do

[@abbasboro]

Is ifrs better than gaap?

[@rickykumar8595]

One thing I want to correct here for hand break pull it without pushing and down it with pushing

[@sumathysakthivel8888]

Hey, who has to prepare the income statement? The accountant?

[@TheFinancialController]

Yes

[@user-rr1xg3hl5q]

The correction I suggest: this is not the reason for your existence!
Your existence has many and more important reasons!
As per the accounting explanation good job!

[@TheFinancialController]

Haha thanks for this!!

[@vamanrao28]

I'm from India and how can I pursue CPA

[@ansumanmishra21]

Can INDIA CA/CMA students watch this ? Will it be helpful for INDIA CA/CMA?

[@TheFinancialController]

I think you'd benefit from this because though US GAAP is specific to the US, the principles are based on 'fair presentation' of financial statements, which applies to all countries/regions

[@ansumanmishra21]

@@TheFinancialController OK thanks

[@rangasivaraju144]

Accrual. "Even if the invoice is not issued" your statement is not correct, accrual basis is business on credit, invoices are issued, bills are received but realization will happen later.

[@ugaugauga488]

It would've helped more if you had filled in numbers and described what these numbers were for.

[@TheFinancialController]

Ok, thanks for the feedback, I plan on a new video on this topic!

[@ugaugauga488]

@@TheFinancialController I forgot to say, thank you, and again.

[@ranch2970]

Can anyone who doesn't have mush mouth explain this.