FASB Codification Guide-2

Most of the time charlie cannot answer his clients

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Unformatted text preview: eir questions. As a result of being able to find answers faster, Charlie spends less time at the office and has more satisfied clients. Most of the time Charlie cannot answer his clients’ questions from memory, but he is very efficient at using the System. For example, Charlie knows how to quickly browse the Codification’s ―outline‖ of Areas, Topics, and Subtopics without clicking or typing. Once he identifies a Subtopic of interest, it takes him only two clicks to navigate to that Subtopic and display all of its Section-level content on a single page. Learning Outcomes In the business world, there is a big difference between being able to answer questions eventually and being able to answer them quickly. In the scenario above, Charlie can find the answers to his clients’ questions quickly because he is very familiar with the System. This lesson will help you become more familiar with the System’s content and features so that you can find answers to your research questions faster, as Charlie is able to do. Specifically, this lesson will help you learn to: Identify the Areas, Topics, and Subtopics that are relevant to your research questions Assemble, on a single page, all Sections within a Subtopic. IDENTIFYING RELEVANT AREAS, TOPICS, AND SUBTOPICS As explained in Lesson 1, a simple and direct way to find the provisions of U.S. GAAP related to a particular aspect of financial accounting or reporting is to systematically browse the Codification content. The more familiar you are with the Codification’s specific Areas, Topics, and Subtopics, the faster you will be at finding answers to your research questions. Lesson 2: Navigating the Codification 11 Fortunately, the organizational structure of the Codification content and the features of the System make it easy to familiarize yourself with the Codification’s Areas, Topics, and Subtopics. In fact, the best way to familiarize yourself with the Codification is learning by doing: as you systematically browse through the Codification’s Areas, Topics, and Subtopics, pay attention to what content is available each step of the way. Identifying Relevant Areas Recall fro...
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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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