Fasb Financial Accounting Standards Board Essay

646 words - 3 pages

FASB Codification System Orientation PaperACC/497Friday, January 08, 2010AbstractIn this term paper I answer the following questions regarding FASB Codification System.1. What is the FASB Codification System?2. What is the purpose of the FASB Codification System?3. What are the eight content areas located in the FASB Codification System?4. What types of items are located under each content area?FASB Codification System Orientation PaperIn July 2009 The Financial Accounting Standards Board initiated the Codification System. The Codification Project was a result of a 5-year process that involved hundreds of professionals and several accounting boards (Financial Accounting Standards Board, p 4, 2009). The Codification System restructured the many topics of US GAAP pronouncements into a consistent structure that accounting professionals use in their daily decisions of a firms financial position (Financial Accounting Standards Board, p 4, 2009). The FASB Codification System is the only resource of respected nongovernmental U.S. generally accepted accounting principles (US GAAP). Any form of accounting literature that is not in the Codification is considered non-authoritative (Financial Accounting Standards Board, p 4, 2009). The three major goals the FASB developed in the publishing of the Codification:1). The Codification System wanted to simplify the new system so that all users could access the codification system on all the authoritative US GAAP publishing notifications.2). The Codification System was to endure that the content precisely represented US GAAP as stated in the date of July 1, 2009.3). The Codification System created an investigating tool that is kept current according to the standards of US GAAP (Financial Accounting Standards Board, p 5,2009).The purpose of the Codification system states in the three major goals above it gives the accounting professional the tools to look up anything in one place and the accountant will know it is set to the standards of US GAAP. It can be a remarkable tool for the accounting professional to reduce the amount of time and work that involves in the research of an important subject. It provides precise information about the subject updates when new standards are published. Through the updated literature, it can diminish the...

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