Discuss the major features of Accounting Standards Codification

Discuss the major features of Accounting Standards Codification

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Unformatted text preview: Discuss the major features of Accounting Standards Codification (ASC), including its structures and styles. Also, explain rationales for ASC. Due date: Sept. 08. The Accounting Standards Codification is the only source of authoritative nongovernmental U.S. generally accepted accounting principles. The Codification structure is very different from the structure of previous standards. The structures of the Accounting Standards Codification are as follows: Topics: signifies a collection of related guidance and associates closely to standards issued by the International Accounting Standards Boards. Topic has different areas which are 1. General Principles: these relate to broad conceptual matters. 2. Presentation: topics relate to presentation matters only and do not address recognition, measurements and derecognition matters. 3. Financial Statement Accounts: it organizes topics in a financial statement order including Assets, Liabilities, Equity, Revenue, and Expenses....
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Discuss the major features of Accounting Standards Codification

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