Fasb System Orientation

Topics: Balance sheet, Asset, Income statement Pages: 3 (740 words) Published: January 30, 2013
ACC 497 Individual Assignment - FASB System Orientation

Week 1 Individual Assignment
FASB Codification System Orientation Paper
ACC 497

Feedback from Instructor (Published: Mon 11/12/2012 07:00 AM MST) -------------------------------------------------
Earned Points: 5/5
Comments: GREAT JOB

FASB Codification System Orientation Paper

The purpose of this paper is to determine why the Financial Accounting Standard Board (FASB) set-up the codification of Generally Accepted Accounting Principles (GAAP). In the following paragraphs the purpose and reason are defined. The break-down of the nine main areas are described with a break-down of each area. An accounting professional will use these areas many times in his or her career, so the knowledge offered is important. The FASB codification system is a database system set-up for the authoritative combination of GAAP to be found in one place. A person does not have to search several sites and accounting board standards to find accounting information. “This site is designed to allow users to offer feedback, perform research, and view site contents” (About the FASB codification system, 2012, p. 1). The objective of creating the FASB codification system is to take a large amount of accounting standards data following GAAP and reduce the standards into a simpler form for means of research. The purpose is to develop a system that allows a user to find GAAP standards quickly with less research. This conveys the standards into an explanation that users can follow and allow comparability of interpretation instead of different interpretations of the same standards. Accounting professionals therefore, are uniformed in accounting reports and use work effectively on helping clients instead of spending time researching. There are nine content areas listed in the FASB codification system. These...
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