FASB Codification Papaer

FASB Codification Papaer - The FASB Accounting Standards...

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The FASB Accounting Standards Codification, also referred to as the FASB ASC, “is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities” (FASB). The Codification project took nearly 5 years to create with the help of over 200 individuals. The Codification is “the first step in organizing U.S. accounting standards for possible convergence with IFRS”. There are many reasons that the FASB Accounting Standards Codification was created. Amongst these reasons are the following: (1) To simplify user access so that all GAAP topics are in one place; (2) To decrease the amount of time and effort that is needed to solve an accounting issues; (3) To lessen the possible risk of noncompliance through more user friendly GAAP search engines; (4) To supply accurate information, including real-time updates on different Accounting Standards; and (5) To aid the FASB with the numerous research efforts. The Codifications is like the Dewey Decimal System for accountants. Within the
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This note was uploaded on 02/22/2011 for the course ACCT 497 taught by Professor Rainwater during the Fall '10 term at University of Phoenix.

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FASB Codification Papaer - The FASB Accounting Standards...

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