FASB Codification System Orientation

Topics: Balance sheet, Generally Accepted Accounting Principles, Income statement Pages: 2 (482 words) Published: November 25, 2013
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 All current standards typical written communication is obsolete as define in FASB, the FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles.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 discuss the nine content areas located in the FASB Codification System. According to FASB (2012), “The FASB Accounting Standards Codification I the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities” (FASB Accounting Standards Codification, Para. 2). The FASB accounting standards codification is essentially a transcript of accounting formation what will allow clients to look through thousands of GAAP notifications that are put into about 100 issues (FASB Codification Q&A, 2012). The FASB Codification system was designed to help mitigate the disturbance of nongovernmental standards, and at the same time facilitating the progress of the augmented must for international standards. Because FASB Codification system is a trustworthy system it has support for Generally Accepted Accounting Principles, the system matters are planned to reduce the quantity of values, and the ones who set the value with the guidance and control of the Securities and Exchange Commission (FASB Codification System Orientation, 2012).

FSAB Codification System Orientation Paper 2 The Primary purpose of the FASB Codification System is to help harmonize and incorporate current GAAP and not to establish new generally accepted accounting principles. The FASB codification System establishes one level of GAAP which...

References: 3
FASB Codification Q & A. (2012). Retrieved from http://aaahq.org/fasb/BASB_FAQ.pdf
FASB Codification System Orientation. (2012). Retrieved from http://hubpages.com/hub/FASB-Codification-System-Orientation
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