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The Financial Accounting Standards Board Accounting Standards Codification (also known as “the Codification”) was created by the Financial Accounting Standards Board (FASB) to provide users of U.S. generally accepted accounting principles (GAAP) one place to access authoritative literature on GAAP. The FASB also developed the Financial Accounting Standards Board Codification Research System (CRS). “CRS is an online real-time database that provides easy access to the Codification. The Codification and the related CRS provide a topically organized structure, subdivided into topic, subtopics, sections, and paragraphs, using a numerical index system.” (Kieso, Weygandt, & Warfield, 2010, p 14) CRS can be used to research GAAP information such as accounting policies, comprehensive income, net income, other comprehensive income, and reclassification adjustments.
Definitions of accounting policies can be found in two ways on CRS website, asc.fasb.org/home. Definitions can be found in the Master Glossary. The link to the Master Glossary is the last entry in the far left column. Definitions can also be found in the Glossary link under each specific topic. For example, comprehensive income is defined as:
The change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
CRS furnishes information on which authoritative literature/standard addresses specific topics, subtopics, sections and paragraphs listed in the Codification. For example, GAAP regarding comprehensive income is addressed in FASB statement number 130, Reporting Comprehensive Income, which was issued in June 1997. The standard/authoritative literature can be researched using the Cross Reference

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