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Capitalization

In: Business and Management

Submitted By TLong80
Words 781
Pages 4
AC540
Week 3 Assignment
By
Terrace M. Long

Please complete the below problems and submit your answers in the Week 3 Dropbox. See "Syllabus/Due Dates for Assignments & Exams" for due date information. 1. In the Course Home tab of your course shell, click on “FASB Codification Access.” Scroll to the bottom of the page and click on “For tutorials please click on the link here.” Watch and listen to the four tutorial modules and answer the following questions with information you learned in the tutorial, your book and through Internet research: a. Why was codification needed? Codification was needed to simplify access to ASC, improve accuracy of research, mitigate risk of non-compliance, streamline the research process, provide real-time updates, and assist with IFRS convergence. b. What is the goal of codification? The goal of the Codification is to simplify the organization of thousands of authoritative U.S. accounting pronouncements issued by multiple standard-setters. To achieve this goal, the FASB initiated a project to integrate and topically organize all relevant accounting pronouncements issued by the U.S. standard-setters including those of the FASB, the American Institute of Certified Public Accountants (AICPA), and the Emerging Issues Task Force (EITF). c. What authoritative literature does the codification supersede? The FASB Codification will supersede all then-existing non-SEC accounting and reporting standards for nongovernmental entities. All other non-grandfathered, non-SEC accounting literature not included in the Codification will become non-authoritative. d. How is the codification structured? Include as discussion of the topic, subtopics, sections and subsections in your answer. The new Codification does not change GAAP, but all existing accounting standard documents are superseded. The Codification...

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