Danielwardleacc300research2

Danielwardleacc300research2 - ACC300 Spring 2011 Sections...

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ACC300 Spring 2011 Research Assignment 2 Name : Daniel Wardle ________________ Task 1 1. The three reasons given for the codification are: to simplify the overly complex structure of U.S. GAAP before the codification made researching a topic excessively difficult; to create an easier system for standard-setting, including FASB/IASB convergence; and to create an easy-to-use database of standards, circumventing the decades-old problem of multiple numbering systems created by various standard-setting bodies. (Notice to Constituents, pp. 34-35) 2. FASB’s primary goals with the codification were to codify all standards in one spot, to ensure that the content accurately represented current U.S. GAAP, and to create and up- to-date research system for all released standards. (Notice to Constituents, pp. 5) 3. The codification includes all authoritative literature but does not include standards for state and local governments. (Notice to Constituents, pp. 7) 4. New standards will not become authoritative until the codification itself is updated. (Notice to Constituents, pp. 29)
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This note was uploaded on 10/20/2011 for the course ACC 300 taught by Professor Lori during the Spring '10 term at Michigan State University.

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Danielwardleacc300research2 - ACC300 Spring 2011 Sections...

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