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Fasb Codification System Orientation Paper

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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, notes to financial statements, and for calculating earnings per share. The Assets section contains information on accounting for receivables, investments, and inventory. Liabilities section contains assets retirement and environmental obligations, contingencies, and distinguishing liabilities from equity, and accounting professionals. The Equity section discusses status, recognition,...

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