Assignment System : The FASB Codification Research System

The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.

This reflection learning log and essay guide is a helpful learning tool for you to access when you are completing your learning log and also your reflection essay. It provides you with an introduction to the purpose for setting a reflective piece of work and the benefits this produces for you. It provides activities to help you along the way (see separate guide “ACCG 399 Developing a Reflective Capacity Guidance”) and clearly sets out the requirements that are expected of you, including what you will need to hand in at the end of the semester.

Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates. The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial, link and similar corrections are included separately in Maintenance Updates.

In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).

SFAC No. 8 addresses the cost constraint on useful financial reporting, “Cost is a pervasive constraint that standard setters, as well as providers and users of financial information, should keep in mind when considering the benefits of a financial reporting requirement.” (SFAC No. 8 BC 3.47) However, the ability to place a dollar value and fully enumerate a cost or benefit is almost an impossible task for standard-setters. Additionally, there is no way to successfully identify and measure all of the economic consequences associated with a new standard. The FASB should be applauded though for advancing uniformity in accounting standards, however; uniform financial reporting suggests a one size fits all approach. “Smaller, non-publicly listed firms (and their auditors) argue that accounting standards are formulated mainly for larger, publicly traded firms” and that “compliance costs are disproportionately higher and the

The method I use to find particular topics in the FASB Codification is to first browse through the topics on the left, especially if I have specific information that gives me an idea of where to go. If I don't find what I'm looking for in that area, I go to the master glossary and search. I haven't had any specific problems, if I find myself getting frustrated because I'm not finding what I need then I take a 15 to 30 minute break to relax and clear my head. When I return I start fresh. I also keep a note pad handy. I have found when looking through the codification it refers to other codifications, so as I research I write down the codification I am reviewing and a brief note about it. Then I go to the codification it is referring to

The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing and Accounting Guides, SOX Reporter, and GAAP Practice Manual. A summary of benefits and issues with the searches of each database will also be discussed.

In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. Therefore, the FASB plays a vital and important role in protecting the financial well being and the overall stability of our

The purpose of this assignment is to identify the theories, values and philosophies of care pertaining to own area of practice, describe how the personalisation agenda supports individual choice within service provision, demonstrate understanding of codes of practice and methods of service monitoring, describe the process of marginalisation/stigma and societal responses to de-valued individuals and groups including user involvement and advocacy and finally describe and discuss the principles and process of protecting vulnerable people. Confidentiality and anonymity will be preserved throughout the essay by following the Skills for Health and Skills for Care (2013) Code of Conduct for Healthcare Support Workers. Philosophy means the study of

As the business environment grows and companies find new ways to expand into their respective - or even new – markets, it is important that reporting standards stay up to date with changes and continue to assist companies in providing their users with useful accounting information. Information is labelled as being useful when it meets the

The Codification’s goal is to clarify the company of thousands of U.S. authoritative accounting announcements published by diverse standard-setters. Therefore, to accomplish this objective, the FASB sponsored a project to incorporate and typically adapt all related accounting publication announced by the standard-setters of the U.S. in conjunction with those of the FASB, the Emerging Issues Task Force (EITF) and the American Institute of Certified Public Accountants

Codification as of the actual date. It is successful for financial statements matters for annual periods and

Accounting Information Systems Controls and Processes, 1st Edition_Leslie Turner, Andrea Weickgenannt (SM+TB+IM +Spatteli,s Pizzeria Solutions+Process

The accounting world is shaped by stringent and clear rules, principles, standards and guidelines. These are all meant to define accounting operations and reporting discipline. With the emergence of International Accounting Standards (IAS), which was later replaced by International Financial Reporting Standards (IFRS), the accounting concepts, analysis, disclosures, reporting and presentation became easier and practical. Currently, accountants, managers and related parties find it concrete and consistent in protecting professional boundaries.

The Codification is intended to (1) become the single source of U.S. accounting standards and