ACC5160-F10-Ch3-FASBCodificationAssignment-Inventory - ACC...

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ACC 5160 – Fall 2010 FASB Codification The Financial Accounting Standards Board (FASB) issued the FASB Accounting Standards Codification on July 1, 2009. This Codification is the “single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP)” and is effective for interim and annual periods ending after September 15, 2009. The Codification includes standards in levels A through D of the then-current U.S. GAAP hierarchy. These standards include those issued by the FASB, American Institute of Certified Public Accountants (AICPA), and Emerging Issues Task Force (EITF), as well as other related literature. The Codification does not change GAAP but simply introduces a new, more easily accessible and user-friendly structure. As Wayne State University students, you have academic access to the FASB Codification database through the American Accounting Association. Website URL:
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This note was uploaded on 10/03/2010 for the course ACCOUNTING Finance 23 taught by Professor Bob during the Spring '10 term at Wayne State University.

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