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FASB Codification Guide-2

After reviewing that section angela logs out of the

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Unformatted text preview: uires accounting adjustments to reduce the recorded dollar value of inventory on-hand. After reviewing that Section, Angela logs out of the System, ready for her meeting with Barry. Learning Outcomes In the scenario above, Angela used the System to find the provisions of U.S. GAAP related to a particular aspect of financial accounting. This lesson will help you learn to do what Angela did, specifically: Recognize when to consult the System Log in to the System Find relevant accounting guidance by systematically browsing the Codification content Log out of the System. RECOGNIZING WHEN TO CONSULT THE SYSTEM The System provides access to a large amount of diverse information. Understanding what information is and is not available through the System will help you to save time by consulting the appropriate sources of information to answer your research questions. Lesson 1: Getting Started with the Codification 1 The System provides access to the content of the Codification. Here are key things to remember about the Codification content that will help you know when it is appropriate to consult it: The Codification contains only accounting guidance, not auditing, tax preparation, or other kinds of guidance. The Codification contains only authoritative guidance. Nonauthoritative guidance is not included in the Codification content itself, although certain sources of nonauthoritative guidance are available through the System (see below). The Codification is applicable only to U.S. entities. It does not contain GAAP for other countries or International Financial Reporting Standards (IFRS). The Codification is the source of authoritative U.S. GAAP recognized by the FASB to be applied to nongovernmental entities. It does not contain guidance for governmental entities. To increase the utility of the Codification for public companies, relevant portions of authoritative content issued by the SEC and selected SEC staff interpretations and administrative guidance have been included for reference i...
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