Click on the FASB Accounting Standards Codification. Under Help, click About the
ID: 2328573 • Letter: C
Question
Click on the FASB Accounting Standards Codification. Under Help, click About the Codification. Please answer the following questions using this document.
@ Briefly describe what the Codification is and when it is effective.
@ What are the 3 primary goals in developing the FASB’s codification?
@ The Codification is composed of what literature issued by various standard setters?
Access the glossary (“Master Glossary”) at the FASB Codification website to answer the following:
@ What is the definition of fair value?
@ What is the definition of comprehensive income?
@ What guidance does the Codification provide concerning the Format of accounting disclosures? (Hint: Information can be found at 235-10-50 Disclosure.)
Explanation / Answer
Answer 1-
The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to non-governmental entities. The Codification is effective for interim and annual periods ending after September 15, 2009.
Answer- 2
3 Primary goals in developing the FASB's Codification :
1. Simplify usee acess by codifying all US GAAP in one spot.
2. Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.
3. Create a codification research system that is up to date for the released results of standard setting activity.
Answer- 3
The codification was composed of the following literature issued by various standard setters:
1.Financial Accounting Standards Board.(FASB)
2. Emerging Issue Task Force (EITE)
3. Derivative Implementation Group (DIG)
4. Accounting Principle Board (APB) Opinions
5. Accounting Research Bulletins (ARB)
6.Accounting Interpritations (AIN)
7. American Institute of Certified Public Accountants (AICPA)
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