Using concise, plain-language explanations, this desktop reference helps attorneys decipher financial statements, plan business transactions, structure agreements, and stay on top of the latest accounting, auditing, and reporting rules. Also included are full chapters on accountants' legal liability, accountants' support services to the legal community, reporting for not-for-profit organizations, and partnerships and joint ventures. Numerous practical examples are provided, including sample letters, forms and financial statements.

The 2010 update has integrated into all relevant chapters the FASB's comprehensive new Accounting Standards Codification, which changes significantly how generally accepted accounting principles (GAAP) are referenced in financial statements and other financial documents. However, the treatise continues to report references to GAAP in terms of the historical, numerical GAAP pronouncements by showing a side-by-side comparison of those pronouncements with the Codification's references.

It also includes: (1) the most recent examples of statements and notes taken from major corporations' annual reports; (2) the most recent SEC and Public Company Accounting Oversight Board pronouncements and activities; (3) recent developments in the nonprofit community, including the adoption by most states of the Uniform Prudent Management of Institutional Funds Act; (4) the latest summary of the AICPA's auditing standards for non-public "non-issuers," including the current outstanding audit and accounting guides and Statements of Position; and (5) a Form 10-K for Gardner Denver, Inc., reflecting the current depth of reporting required for publicly-held issuers.