FASB Codification System The purpose of this document is to become acquainted about FASB Codification System. It is necessary to include what is the FASB Codification System, what is the purpose of the system, what are the nine content areas located in the system, and what types of items are located under each content area. FASB Codification System is a database and research system developed by the Financial Accounting Standards Board that pulls together many of the authoritative resources about accounting standards into a single, searchable system. The purpose of this system is to better organize accounting principles and laws to simplify user access. The nine content areas located in the system include Presentation, Assets, Liabilities, Equity, Revenue, Expenses, Broad Transactions, and Industry. Presentations offers guidance on income statement preparation, notes to financial statements, and for calculating earnings per share. The Assets section contains information on accounting for receivables, investments, and inventory. Liabilities section contains assets retirement and environmental obligations, contingencies, and distinguishing liabilities from equity, and accounting professionals. The Equity section discusses status, recognition, and SEC materials needed to record equity-based payments to non-employees. The Revenue area guide accounting professionals on revenue recognition and updates to accounting standards that affect revenue recognition. Expenses describes procedures used to report compensation, including stock compensation, research and development, and for preparing income taxes. The Broad Transaction area contains information on business combinations, consolidation, fair value measurements and disclosures, financial instruments, and leases. Finally, the Industry area shows the user data related to specific industries, including oil and gas, broker and dealers, and depository and lending. In conclusion the FASB Codification System
PARTIES INVOLVED IN STANDARD-SETTING
* Securities and Exchange
* American Institute of CPAs
* Financial Accounting
* Standards Board
* Changing role of the AICPA
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
* FASB Codification
ISSUES IN FINANCIAL REPORTING
* Political environment
* Expectations gap
* Financial reporting
* International accounting
The essential characteristics of accounting are
Unit 2 Case Study
Access the FASB Codification and prepare responses to the following questions, providing Codification references as support for your answers.
1. Access the glossary and give the definition for:
a. Firm Fixed-Price Contract
This is a contract of the price which allows it not be subject to adjustment as a result of the performance provided as outlined in the contract. What was outlined in the contract is what will be the cost. There cannot be any hidden fees added once the….
FSAB Codification System Orientation Paper 1
The codification is effective for provisional and annual periods ending after September 2009. All current standards typical written communication is obsolete as define in FASB, the FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles. In this paper the reader will learn what the FASB Codification System is and the purpose for the FASB Codification. This paper will….
costs incurred beyond the Research and Development stage can be capitalized when it is pertaining to the development of software that is to be sold, leased, or otherwise marketed to third parties. Standard 985-330-25-1 applies to these costs as the FASB ASC defines the Product Masters as "a completed version, ready for copying, of the computer software product, the documentation, and the training materials that are to be sold, leased, or otherwise marketed".
The company has established technological….
FASB Codification System Orientation Paper
Becoming an accountant there are many guidelines and regulations that one must become aware of. The FASB assists in establishing these guidelines through generally accepted accounting principles, GAAP. As an accountant one must follow GAAP while producing any reports for a business. Consequently, the author will explore the FASB Codification System, its purpose, and contents.
The FASB Codification System
The FASB Codification Systems….
Intermediate Accounting Research Assignment Questions
Directions: Type your answer starting on the line after each question.
1. FASB Accounting Standards Codification FASC
a. When did the FASC Codification become effective?
According to the Notice to Constituents (v4.7), the FASC Codification was released on July 1, 2009 and became effective for interim and annual periods ending after September 15, 2009.
b. Did the FASC change prior GAAP?
According to the Notice to Constituents (v4.7), the….
FASB Codification/ARO Case
1. According to FASB the asset retirement obligation should be recorded in the period in which the liability meets FASB’s definition of a “probable future sacrifice of economic benefits arising from a present obligation,” and in which its amount can be reasonably measured. Uncertainty with respect to the timing or method of settlement that is conditional on future occurrences does not affect the recognition of the liability but may be factored into its measurement.….
FASB Accounting Standards Codification:
410 Asset Retirement and Environmental Obligations
The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing….
FASB Codification Assignment 1 – Receivables
You are spending your summer working for a local wholesale furniture company, Beds and Beyond, Inc. The company is considering a proposal from a local financial institution, Old Faithful Financial, to factor Bed and Beyond’s receivables. The company controller is unfamiliar with the most recent FASB pronouncement that deals with accounting for the transfer of financial assets and has asked you to do some research. The controller wants to make sure….
(a) What authoritative literature addresses comprehensive income? When was issued?
The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.
Statement of Financial Accounting Standards No. 130
Reporting Comprehensive Income
Issued: June 1997
(b) Provide the definition of….