Unformatted text preview: pre-Codification standards and if so, which ones, Julia uses the ―Cross Reference‖
feature of the System. After specifying the Codification paragraph in which she found
relevant guidance, Julia directs the System to generate a report that will list the paragraph’s
sources, including pre-Codification standards.
The report indicates that the content of paragraph 230-10-45-17 came from paragraph
23 of Statement of Financial Accounting Standards No. 95, Statement of Cash Flows, and the
Discussion portion of Emerging Issues Task Force Issue No. 02-6, ―Classification in the
Statement of Cash Flows of Payments Made to Settle an Asset Retirement Obligation within
the Scope of FASB Statement No. 143.‖ Julia accesses both of those pre-Codification
pronouncements through the System and confirms that the guidance did not change when
U.S. GAAP was codified. Learning Outcomes
In the scenario above, Julia used the System to cross-reference Codification content
and the corresponding sources. This lesson will help you learn to do what Julia did and more,
specifically: Identify sources of Codification content Identify where pre-Codification content is located in the Codification Print Codification content including sources. Lesson 14: Cross Referencing Codification Content and Its Sources 136 BACKGROUND ON CROSS REFERENCING
About Content Sources
On July 1, 2009, the FASB recognized the Codification as the source of authoritative
U.S. GAAP to be applied by nongovernmental entities. Previously, U.S. GAAP had been
documented in a collection of many different kinds of pronouncements that had been issued
by different standard setters. Those pronouncements, which are no longer authoritative, are
the ―pre-Codification standards‖ that are available through the System.
The initial content of the Codification was derived from pre-Codification standards
that were in effect immediately before July 1, 2009. The pre-Codification pronouncements
were disassembled into tens of thousands of text...
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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.
- Fall '09