Codification Research Process Paper

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On July 1, 2009, after five years of development, the FASB introduced the online Accounting Standards Codification research system. The FASB’s development of the Codification intended to serve three main purposes. Theses purposes included simplifying the means by which a user accessed the GAAP coding, ensuring the accuracy of the authoritative GAAP codified content and establishing a research system that could easily be updated with the results of the latest standard-setting activity (Financial, 2014). The Codification research system simplifies the way users access information. Because of the structure, organization and search capabilities of the online system, users are able to search various topics and retrieve related GAAP content all in one location, rather than searching through thousands of past standards. Furthermore, locating all the GAAP codification in one place allows users quick access to content and confidence they have …show more content…

Knowing one place provides all the authoritative and up-to-date content will provide confidence when searching for specific information. Furthermore, having worked as a bookkeeper at an accounting firm, I know the time restraints accountants work under, especially during tax season. Therefore, the research timesaving aspect of the Codification will be invaluable. The simplification of user access, the assurance of accurate authoritative GAAP content and the ability to update the system easily and timely were the primary benefits the Accounting Standards Codification research system was created to provide. Without a doubt, accountants using the Codification system will continue to benefit from FASB’s efforts and dedication in establishing the Accounting Standards Codification Research

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