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Fasb Assignment Week 1

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FASB Pre-codification standards

Summary-Statement of Financial Accounting Standards No. 168
Statement of Financial Accounting Standards No. 168 was issued in June 2009. This statement became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The statement replaces FASB Statement No. 162, The Hierarchy of Generally accepted Accounting Principles. FASB Accounting Standards Codification is the source of authoritative U.S.GAAP accounting and reporting standards for nongovernmental entities. Please note the guidance issued by the Securities and Exchange Commission (SEC) is also used by public entities. FASB Accounting Standards Codification considerably changed the way financial statement preparers, auditors and academics perform accounting research. In addition, the FASB no will no longer issue new standards as Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. FASB now issues Accounting Standard Updates also called ASU’s. FASB Accounting Standards Codification restructured the accounting and reporting standards in a way that simplifies all authoritative U.S. GAAP by formatting the standards in a topically organized structure. The FASB Codification reorganized the thousands of U.S. GAAP pronouncements into approximately 90 accounting topics and displays the topics using a consistent structure. It also includes relevant Securities and Exchange Commission guidance that follows the same topical structure in separate sections in the Codification. The SFAS No. 168 reduces the amount of time and effort required to perform accounting research. It also provides up to date and accurate information for new standards. Some say that this will help with the convergence of accounting standards globally. In addition, any guidance that is not in the FASB ASC

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