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FASB Codification Guide-2

Financial reporting releases frraccounting series

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Unformatted text preview: n the Codification, such as: a. Regulation S-X (SX) b. Financial Reporting Releases (FRR)/Accounting Series Releases (ASR) c. Interpretive Releases (IR) d. FASB vs. SEC Guidance Lesson 3 of this Learning Guide explains how FASB guidance and SEC guidance are distinguished from each other in the Codification. SEC Staff guidance in: 1. Staff Accounting Bulletins (SAB) 2. EITF Topic D and SEC Staff Observer comments. The SEC Sections do not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. For example, the Codification does not include all content related to matters outside the basic financial statements, such as Management’s Discussion and Analysis (MD&A), or to auditing or independence matters. The Codification content includes examples and implementation guidance. The System also provides access to certain nonauthoritative sources of information: a. The Codification’s Notice to Constituents–About the Codification b. Accounting Standards Updates c. Proposed Accounting Standards Updates d. Other Exposure Documents e. Pre-Codification Standards Lesson 1: Getting Started with the Codification 2 Other Sources Lesson 10 of this Learning Guide describes each of these nonauthoritative sources of information. f. Maintenance Updates. The Codification is not a textbook or tutorial on accounting. It is assumed that users possess basic knowledge of double-entry accounting techniques and the principal financial statements. The Codification does not contain the conceptual framework for U.S. GAAP, which is found in the FASB’s Statements of Financial Accounting Concepts, accessible at www.fasb.org. LOGGING IN To use the System, you must have a user account and access to the internet. Instructions for obtaining a user account can be found at http://asc.fasb.org. This Learning Guide assumes that you have ―Professional View‖ access to the System, either through a paid subscription or through the American Accounting Association...
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