Assignment 3.docx - Running Head ASSIGNMENT 3 Running Head...

This preview shows page 1 - 3 out of 4 pages.

Running Head: ASSIGNMENT 3
Image of page 1

Subscribe to view the full document.

Running Head: ASSIGNMENT 3 FASB Codification To start, what is the FASB codification? What does that mean? It is generally accepted by the GAAP also ratified by the FASB. Though this codification is consist of four sections which are broad transactions, industries, financial statement accounts, and presentations. These codifications are accepted by interim and annual time period and this time interval ends on the 15 th of September, 2009. In the start of July FASB approved the accounting standard of accounting which establishes a single option of authoritative US accounting and reporting standards, besides the guidance which is issued and framed by the SEC. After the ASC, FASB introduced accounting literature which has seven categories, which are presented, large transaction, revenue, equity, liabilities, assets, expenses, and industry category. Though these seven categories are divided by the topics and these topics are further divided by the further questions In the Sailor videos, how does he explain the impact of the FASB Codification project?
Image of page 2
Image of page 3

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern