...FASB Codification System Orientation Paper Millay Dimond June 15, 2015 ACC 497 Shonda Meadows FASB Codification System Orientation Paper In effort to create a system to aid professionals when researching accounting principles, the Financial Accounting Standards Board created the FASB Codification System. The new Codification system is widely accepted as the source of authoritative United States Generally Accepted Accounting Principles. This paper will explain the FASB Codification System and its purpose as well as describe the nine con tent areas located n the FASB codification system. FASB Codification System is a database and research system developed by the Financial Accounting Standards Board that pulls together many of the authoritative resources about accounting standards into a single, searchable system. The purpose of this system is to better organize accounting principles and laws to simplify user access. Codification is intended to reduce the complexity of nongovernmental accounting standards, while facilitating the increased need for international accounting standards. As the authoritative source for US GAAP, Codification topics are intended to reduce the amount of standards, and standard setters, with the guidance of the Securities and Exchange Commission. The nine content areas located in the system include Presentation, Assets, Liabilities, Equity, Revenue, Expenses, Broad Transactions, and Industry. Presentations offers guidance on income statement preparation...
Words: 409 - Pages: 2
...FASB Codification System Orientation Paper The Financial Accounting Standard Board (FASB) Codification System would be a system that has been put into place that holds all resources together from the GAAP standards. The standards includes FASB, the Accounting Principle Board, the Securities and Exchange. The information within the FASB has all of the information located within one central location. The purpose of having the FASB Codification System in place would be for all of the information within one central location. The system also helps to avoid valuable information from being overlooked due to having the information within multiple locations. With the FASB codification system another purpose was to make researching simple; less complicated. The nine content areas located in the FASB Codification System consist of: 1. General Principles which within this locations holds the overall information of the General Acceptance Accounting Principles. 2. Presentation which holds overview and information for the following: a. Presentation of Financial Statements b. Balance Sheet c. Statement of Shareholder Equity d. Comprehensive Income e. Income Statement f. Statement of Cash Flows g. Notes to Financial Statements h. Accounting Changes and Error Corrections i. Earnings Per Share j. Interim Reporting k. Limited Liability Entries l. Personal Financial Statement 3. Assets containing: a. Cash and Cash Equivalents b. Receivables c. Investments d. Inventory ...
Words: 348 - Pages: 2
...According to FASB (2012), “The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities” (FASB Accounting Standards Codification, Para. 1). The FASB accounting standards codification is basically a record of bookkeeping data that will allow clients to browse amongst thousands of GAAP proclamations that are put into about 100 issues. The system is planned to help lessen the convulsion of nongovernmental standards, at the same time as smoothing the progress of the augmented must for international standards. Since this system is basically a trustworthy basis for GAAP, the system matters are planned to diminish the quantity of values, and the ones who set the values, with the direction of the Securities and Exchange Commission. The main purpose of the FASB Codification System is to help integrate and synthesize existing GAAP and not to create new GAAP. It creates one level of GAAP which is considered authoritative. The FASB Codification Research System (CRS) is an-on-line real time data base that provides easy access to the Codification. The Codification and the related CRS provides a topically organized structure that is subdivided into topic, subtopics, sections, and paragraphs. The nine content areas located in the FASB Codification System are: General Principles, Presentation, Assets, Liabilities, Equity, Revenue, Expenses, Broad...
Words: 402 - Pages: 2
...FASB Codification Orientation Paper Sara Litko ACC/497 June 15, 2015 Teresa Jenkinson FASB Codification System Orientation This paper will describe the FASB codification system and the purpose of it. This paper will describe the nine content areas located in the FASB codification system. Finally, this paper will describe the types of items that are located under each content area. What is FASB Codification System and its purpose? The Financial Accounting Standards Board (FASB) developed a database and research system. A codification is given FASB for which all accounting standards in a single system known as FASB Codification. The purpose of the FASB codification system is to have a better organized accounting principles and laws to make it easier for the user. In fact, FASB codification reduces the research time as all information available with single search at one place. The nine content areas and the items under them in the codification system The nine content areas located in the FASB Codification system are General Principles, Presentation, Assets, Liabilities, Equity, Revenue, Expenses, Broad Transactions and Industry. The General Principles are used to recognize the accounting principles and framework sources and use them to select the principles that will be used in preparing the nongovernmental entities financial statements. These financial statements are presented in conformity with the GAAP. “Presentation offers guidance on income statement preparation...
Words: 427 - Pages: 2
...Week 1 Individual Assignment FASB Codification System Orientation Paper Name ACC 497 Date Instructor ------------------------------------------------- Feedback from Instructor (Published: Mon 11/12/2012 07:00 AM MST) ------------------------------------------------- Earned Points: 5/5 ------------------------------------------------- Comments: GREAT JOB FASB Codification System Orientation Paper The purpose of this paper is to determine why the Financial Accounting Standard Board (FASB) set-up the codification of Generally Accepted Accounting Principles (GAAP). In the following paragraphs the purpose and reason are defined. The break-down of the nine main areas are described with a break-down of each area. An accounting professional will use these areas many times in his or her career, so the knowledge offered is important. The FASB codification system is a database system set-up for the authoritative combination of GAAP to be found in one place. A person does not have to search several sites and accounting board standards to find accounting information. “This site is designed to allow users to offer feedback, perform research, and view site contents” (About the FASB codification system, 2012, p. 1). The objective of creating the FASB codification system is to take a large amount of accounting standards data following GAAP and reduce the standards into a simpler form for means of research. The purpose is to develop a system that allows a user to find GAAP...
Words: 733 - Pages: 3
...FASB Codification System Orientation Paper Joel Bermudez ACC/497 January 28, 2015 Nanette Morrow In a constant developing economy and globalization, a need was created to make a guideline for an easier, clearer, and useful financial reporting system. For this purpose, the Financial Accounting Standards Board (FASB) created the Accounting Standards Codification that was launched on July 1, 2009, for interim and financial reporting after September 15, 2009. The Financial Accounting Standards Board (FASB) codification system or Accounting Standards Codification (ASC) is a system that compiles all general accepted accounting principles (GAAP) to be used in the United States for public financial reporting. The FASB’s codification system is a database and research system created to compile all the accounting standards and resources into a single, easier to understand and research list of contents. The main purpose of the Accounting Standards Codification (ASC) or the FASB Codification System is to make a guide of accounting principles and regulations, and compile them into an easier to navigate, research, and reference list. By only having a single system of rules to follow, a lot of confusion and extra research and/or work is saved, instead of having an overload of different and separated guidelines and principles where to choose from. The FASB Codification System is divided into nine areas, which in turn are divided into topics, which then are divided into subtopics, and...
Words: 502 - Pages: 3
...us/product/acc-497-entire-course/ Contact us at: SUPPORT@WISEAMERICAN.US ACC 497 ENTIRE COURSE ACC 497 Week 1 DQs AND SUMMARY ACC 497 Week 1 Individual Assignment FASB Codification System Orientation Paper ACC 497 Week 2 DQS AND SUMMARY ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I ACC 497 Week 2 LT Assignment Case Study Assignment ACC 497 Week 3 DQs AND SUMMARY ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II ACC 497 Week 3 Individual Assignments From the Readings ACC 497 Week 3 LT Assignment Case Study Assignment ACC 497 Week 3 LT Assignment From the Reading ACC 497 Week 4 DQs and Summary ACC 497 Week 4 Individual Assignments From the Readings ACC 497 Week 4 Learning Team Assignments from the Readings ACC 497 Week 5 Individual Assignments From the Readings ACC 497 Week 5 Learning Team Case Study Assignment ACC 497 Week 5 Learning Team Case Study Presentation ACC 497 Week 5 Summary ACC 497 ENTIRE COURSE ACC 497 Week 1 DQs AND SUMMARY ACC 497 Week 1 Individual Assignment FASB Codification System Orientation Paper ACC 497 Week 2 DQS AND SUMMARY ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I ACC 497 Week 2 LT Assignment Case Study Assignment ACC 497 Week 3 DQs AND SUMMARY ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II ACC 497 Week 3 Individual Assignments From the Readings ACC 497 Week 3 LT Assignment Case Study Assignment ACC 497 Week 3 LT Assignment From the Reading ...
Words: 329 - Pages: 2
...BUSINESS ENVIRONMENT AND CONCEPTS Section 1: Business Structure 1. The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is A. The Model Business Corporation Act B. The Uniform Commercial Code C. The Revised Model Business Commercial Code D. The Standard Incorporation Act 2. Which of the following statements is true? A. The exchange of stock for services rendered is not a taxable transaction. B. The repeal of Sec. 351 would result in more existing businesses being incorporated. C. Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences. D. Section 351 is an example of a negative aspect of the corporate form of business organization. 3. Which of the following statements is true? A. Formation of a partnership requires legal documentation. B. An individual engaged in the active conduct of a business must elect not to be taxed as a partnership. C. If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes. D. The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity. Want to download the Final Exam answers..?? Click ACC 497 Final Exam ...
Words: 6211 - Pages: 25
...Deferred Taxes 50 VII. Derivatives, Hedging, & Translation 52 VIII. Fixed Assets 56 IX. Governmental Accounting 62 X. Personal Financial Statements, Segments, & Interim Reporting 73 XI. Partnership Accounting 76 XII. Inventory 79 XIII. Investments 85 XIV. Leases 87 XV. Current Assets & Liabilities 91 XVI. Not-For-Profit Accounting 93 XVII. Pensions 99 XVIII. Statement of Cash Flows 101 XIX. Stockholders’ Equity 103 2 The N.I.N.J.A. Framework NAIL THE CONCEPTS Watch your CPA Review videos first – before working any assigned homework questions. The CPA Review industry says to watch a section of CPA Review video and then work the accompanying MCQs. This perspective stems from the old-school approach to the paper and pencil exam where you had to sit in a live classroom and learn from an instructor on weekends. Today, there is a smarter way to study. You don’t have to go to a weekend live course. You can fire up the laptop on a Tuesday morning and knock out two hours of material before you even brush your teeth. If you work MCQs in week one over your week one topic, guess what? You will work them again in week 5 or 6 when you review because you will forget what you learned. If you watch a video in week one and score an 85 on the corresponding MCQs, will you be able to score an 85 four weeks later? Not likely. You will need to work them again anyway and it’s not a smart use of study time. Instead, let the N.I.N.J.A. Framework guide you...
Words: 11984 - Pages: 48
...Consolidations 48 VI. Deferred Taxes 51 VII. Derivatives, Hedging, & Translation 53 VIII. Fixed Assets 57 IX. Governmental Accounting 63 X. Personal Financial Statements, Segments, & Interim Reporting 74 XI. Partnership Accounting 77 XII. Inventory 80 XIII. Investments 86 XIV. Leases 88 XV. Current Assets & Liabilities 92 XVI. Not-For-Profit Accounting 94 XVII. Pensions 100 XVIII. Statement of Cash Flows 102 XIX. Stockholders’ Equity 104 2 The N.I.N.J.A. Framework NAIL THE CONCEPTS Watch your CPA Review videos first – before working any assigned homework questions. The CPA Review industry says to watch a section of CPA Review video and then work the accompanying MCQs. This perspective stems from the old-school approach to the paper and pencil exam where you had to sit in a live classroom and learn from an instructor on weekends. Today, there is a smarter way to study. You don’t have to go to a weekend live course. You can fire up the laptop on a Tuesday morning and knock out two hours of material before you even brush your teeth. If you work MCQs in week one over your week one topic, guess what? You will work them again in week 5 or 6 when you review because you will forget what you learned. If you watch a video in week one and score an 85 on the corresponding MCQs, will you be able to score an 85 four weeks later? Not likely. You will need to work them again anyway and it’s not a smart use of study time. Instead, let the N.I.N.J.A. Framework guide you. INTENSE NOTES...
Words: 12439 - Pages: 50
...2011 ANNUAL REPORT notice of annual meeting of stockholders and proxy statement Corporate Profile AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the United States. The Company also operates stores in Puerto Rico and Mexico. 1 52 155 23 53 40 67 478 38 104 84 181 157 119 67 62 59 79 85 547 112 98 180 14 221 144 26 101 6 45 233 121 70 13 129 20 37 71 15 69 1 34 19 5 2 6 1 30 233 Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, and public sector accounts. AutoZone also sells the ALLDATA brand of diagnostic and repair software through www.alldata.com. Additionally, we sell automotive hard parts, maintenance items, accessories, non-automotive products and subscriptions to ALLDATAdiy product through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. AutoZone does not derive revenue from automotive repair or installation. 279 27 4,534 stores in 48 states in the United States, the District of Columbia and Puerto Rico 279 stores in 31 Mexican states and the Federal District. Selected...
Words: 72977 - Pages: 292
...Handbook of Management Accounting Research Volume 3 Edited by CHRISTOPHER S. CHAPMAN Imperial College London, UK ANTHONY G. HOPWOOD University of Oxford, UK MICHAEL D. SHIELDS Michigan State University, USA AMSTERDAM – BOSTON – HEIDELBERG – LONDON – NEW YORK – OXFORD PARIS – SAN DIEGO – SAN FRANCISCO – SINGAPORE – SYDNEY – TOKYO Elsevier The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK First edition 2009 Copyright © 2009 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively visit the Science and Technology Books website at www.elsevierdirect.com/rights for further information Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for...
Words: 187223 - Pages: 749
...Growing In A Fast-Changing World Colgate-Palmolive Company Growing In A Fast-Changing World Colgate’s sharp focus on its proven global strategies is fueling growth in today’s fastchanging global marketplace. This focus, supported by Colgate’s global values of Caring, Continuous Improvement and Global Teamwork, has enabled the Company to improve and adapt with speed and insight. In 2012, Colgate delivered another year of strong results despite volatile currencies and challenging macroeconomic conditions worldwide. Colgate people remain sharply focused on the Company’s four strategic initiatives: Engaging to Build Our Brands, Innovation for Growth, Effectiveness and Efficiency, and Leading to Win. Colgate-Palmolive Company is a $17.1 billion global company serving people in more than 200 countries and territories with consumer products that make lives healthier and more enjoyable. The Company focuses on strong global brands in its core businesses – Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate follows a tightly defined strategy to grow market shares for key products, such as toothpaste, toothbrushes, bar and liquid soaps, deodorants/antiperspirants, dishwashing detergents, household cleaners, fabric conditioners and specialty pet food. Cover: Photo taken in rural Uttar Pradesh, India. Brazil United Kingdom Brands Innovation Engaging To Build Our For Growth Italy Efficiency Effectiveness And IFC 2 8 10 12 14 16 20 Contents: Growing...
Words: 55473 - Pages: 222
...Eastman Kodak Company 2010 Annual Report on Form 10-K and Notice of 2011 Annual Meeting and Proxy Statement SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K X Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the year ended December 31, 2010 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from Commission File Number 1-87 to EASTMAN KODAK COMPANY (Exact name of registrant as specified in its charter) NEW JERSEY (State of incorporation) 343 STATE STREET, ROCHESTER, NEW YORK (Address of principal executive offices) Registrant’s telephone number, including area code: __________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each Class Common Stock, $2.50 par value Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [X] No [ ] Name of each exchange on which registered New York Stock Exchange 16-0417150 (IRS Employer Identification No.) 14650 (Zip Code) 585-724-4000 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X] Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding...
Words: 115418 - Pages: 462
...A GUIDE TO FORENSIC ACCOUNTING INVESTIGATION THOMAS W. GOLDEN, STEVEN L. SKALAK, AND MONA M. CLAYTON JOHN WILEY & SONS, INC. A GUIDE TO FORENSIC ACCOUNTING INVESTIGATION THOMAS W. GOLDEN, STEVEN L. SKALAK, AND MONA M. CLAYTON JOHN WILEY & SONS, INC. This book is printed on acid-free paper. Copyright © 2006 by PricewaterhouseCoopers LLP. PricewaterhouseCoopers refers to the individual member firms of the worldwide PricewaterhouseCoopers organization. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this...
Words: 246885 - Pages: 988
