FASB Codification Guide-2

For example the area assets contains multiple topics

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Unformatted text preview: has a numeric identifier as well as a title. For example, the Area, Assets, contains multiple Topics, including Topic 330, Inventory, which contains multiple Subtopics, including Subtopic 10, Overall, which contains multiple Sections, including Section 35, Subsequent Measurement. TIP FOR SUCCESS: Focus on Sections The Codification is the source of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities. If the answers to your research questions are in the Codification, you will find them in one or more of the Codification’s Sections. The higher levels in the Codification’s hierarchical structure exist merely to contain and organize the Section-level content and do not add anything to what is in the Sections. So when using the System, you should focus on identifying the specific Section or Sections that are relevant to the research questions you are trying to answer . For example, the Assets Area and Inventory Topic landing pages do not contain any Codification content. Instead, the pages display tables of contents that provide links to all of the Topics in the Area and links to all of the Subtopics in the Topic, respectively. Lesson 1: Getting Started with the Codification 5 Areas The Codification’s nine Areas are General Principles Presentation Assets Liabilities Equity Revenue Expenses Broad Transactions Industry How to Navigate through the Codification Content In the System, each content Area, Topic, Subtopic, and Section has its own page. The pages for Areas, Topics, and Subtopics are often referred to as ―landing pages.‖ When using the System, you can navigate through the Codification content simply by clicking links that take you to the pages you want to go to. Area, Topic, and Subtopic landing pages only contain linked tables of contents. Sections are the only pages with Codification content. Remember that you will need to navigate to a specific Section or Sections to find answers to your research questions. You can navigate to a Section’s page from anywhere within the System in just four clicks—one click for each of the four levels of the...
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