FASB Codification Guide-2

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Unformatted text preview: Sections you think are relevant to your research. You can then navigate to an individual Section’s page (as explained in Lesson 1 and also later in this lesson) or you can use the ―JOIN ALL SECTIONS‖ feature to assemble, on a single page, all of the Section-level content of the Subtopic (as explained in Lesson 2). For example, the following screen image shows the page for the Overall Subtopic of the Receivables Topic within the Assets Area (the page has been scrolled down slightly to show more of the ―Table of Contents‖ outline). Observe that the Sections listed in the ―Table of Contents‖ outline include Section 35 and Section S35, both titled, Subsequent Measurement. Lesson 3: Working with Section-Level Content 25 Look Now Go to the landing page for the Overall Subtopic within the Receivables Topic within the Assets Area. Observe the Sections listed in the outline near the top of the page. FINDING AND DISTINGUISHING BETWEEN FASB GUIDANCE AND SEC GUIDANCE The Codification includes authoritative financial accounting and reporting guidance that has been issued by the FASB (―FASB guidance‖) and relevant portions of financial accounting and reporting guidance that has been issued by the SEC and its staff (―SEC guidance‖). All authoritative guidance issued by the FASB is included in the Codification. The SEC and its staff issue many kinds of guidance that apply to its registrants; the Codification includes relevant portions of authoritative content issued by the SEC and selected SEC staff interpretations and administrative guidance that pertain to financial accounting and reporting, but it does not include other kinds of SEC guidance. Examples of included SEC content are: 1. Regulation S-X (SX) 2. Financial Reporting Releases (FRR)/Accounting Series Releases (ASR) 3. Interpretive Releases (IR) 4. SEC Staff guidance in: Lesson 3: Working with Section-Level Content 26 a. Staff Accounting Bulletins (SAB) b. EITF Topic D and SEC Staff Observer comments. The SEC guidance that is included in the Codification does not originate with the FASB—it is provided on a ―pass through‖ basis merely as a convenience to Codifica...
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