Unit II-HW_Cases_1-9_and_1-12

Unit II-HW_Cases_1-9_and_1-12 - Asmir Begic Intermediate...

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Asmir Begic Intermediate Accounting I AC300 June 21, 2011 Unit II Case 1-9 Currently, there is no single document that includes all the accounting standards. However, Financial Accounting Standards Board (FASB) has released its FASB Accounting Standards Codification for verification by its constituents. When finalized, this Codification will be electronic and will integrate and topically organize U.S. accounting standards. In the meantime, there are electronic databases such as the FASB Financial Accounting Research System (FARS) that include most accounting standards. However, to aid in researching the sources of generally accepted accounting principles, a hierarchy of four categories of GAAP and the authoritative sources applicable to each category for companies. Hierarchy of Sources of GAAP Categories Authoritative Sources (Pronouncements) A FASB Statements of Financial Accounting Standards and Interpretations, FASB Statements 133 Implementation issues, FASB Staff Positions, and APB
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Unit II-HW_Cases_1-9_and_1-12 - Asmir Begic Intermediate...

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