ACC497Week1Individual Assignment b

ACC497Week1Individual Assignment b - FASB Accounting...

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FASB Accounting Standards Codification Orientation Paper ACC/497
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FASB Accounting Standards Codification Orientation Paper The FASB Accounting Standards Codification (FASB ASC) o rganized thousands of GAAP pronouncements under approximately 90 accounting and reporting topic areas in an online research tool. On June 30, a final standard was issued (FASB Statement No. 168, The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles – a replacement of FASB Statement No. 162, which was titled The Hierarchy of Generally Accepted Accounting Principles), to flatten the GAAP hierarchy. The new standard essentially reduces the GAAP hierarchy to two levels, one that is authoritative (in the codification) and one that is not (not in the codification). (AICPA, 2009) The codification completely changed the way accounting standards are researched and referenced. This means no more FASB Statement Nos., FASB Interpretation Nos. (FIN), accounting Statements of Position (SOP), etc. Accounting guidance that was once discussed
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This note was uploaded on 12/08/2010 for the course ACC 497 taught by Professor Jones during the Spring '09 term at University of Phoenix.

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ACC497Week1Individual Assignment b - FASB Accounting...

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