FASB Codification Guide-2

In particular this lesson will help you learn to

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Unformatted text preview: ing Outcomes You will find the answers to your research questions within one or more of the Codification’s Sections. In the scenario above, Daria used the System to identify and access specific content at the Section level. This lesson will help you learn to work effectively and efficiently with Section-level content like Daria does. In particular, this lesson will help you learn to: Identify specific Codification Sections that are relevant to your research questions Find both FASB and SEC guidance at the Section level and distinguish each kind of guidance from the other Systematically browse the content within Codification Sections. Lesson 3: Working with Section-Level Content 22 IDENTIFYING RELEVANT SECTIONS The next step after you identify a relevant Subtopic through systematically browsing the Codification is to identify the relevant Section or Sections within that Subtopic. The more familiar you are with the Codification’s specific Sections, the faster you will be at finding answers to your research questions. Fortunately, it is easy to familiarize yourself with the Codification’s Sections because they are standardized across all of the Codification’s Subtopics. In the System, each Subtopic’s landing page contains a ―Table of Contents‖ outline near the top of the page. The outline shows the Topic to which the Subtopic belongs, the Subtopic itself, and the Sections within the Subtopic. Each Section is identified by a title and a two-digit number. The titles and numbers are standardized across all Subtopics, as shown below. Note, however, that not every Section is present in every Subtopic. Standardized Codification Sections XXX-YY-ZZ where XXX = Topic, YY = Subtopic, ZZ = Section XXX-YY-00 Status XXX-YY-05 Overview and Background XXX-YY-10 Objectives XXX-YY-15 Scope and Scope Exceptions XXX-YY-20 Glossary XXX-YY-25 Recognition XXX-YY-30 Initial Measurement XXX-YY-35 Subsequent Measurement XXX-YY-40 Derecognition XXX-YY-45 Other Presentation Matters XXX-YY-50 Disclosure XXX-YY-55 Implementation Guidance and Illustrations XXX-YY-60...
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This note was uploaded on 03/27/2014 for the course ECON 12586 taught by Professor Yorambarzel during the Fall '09 term at University of Washington.

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