What does FASB believe is the best way to search GAAP? (RAB 10) Using Investopedia for a basic reference, then searching the rules Using the advanced search function within the ASC Attending trainings by FASB's experts Using the built in logic to move from ASC topic & subtopic to section & paragraph Which of the following organizations creates the rules provided in
1.
The correct answer is:
(D) Using the built in logic to move from ASC topic & subtopic to section & paragraph.
The Financial Accounting Standards Board (FASB) is the organization responsible for developing and maintaining Generally Accepted Accounting Principles (GAAP) in the United States. The FASB believes that the best way to search GAAP is through its online accounting standards codification (ASC) system.
The ASC is an online database that provides a comprehensive, up-to-date source of GAAP. It organizes accounting standards by topic and subtopic and includes all relevant guidance, interpretations, and examples. The ASC is continuously updated as new accounting standards are issued or existing ones are amended or superseded.
The FASB believes that using the ASC system is the best way to search for GAAP because it provides a single, authoritative source of accounting standards that is accessible to all users. It simplifies the search process by allowing users to search by keyword, topic, subtopic, or other criteria, and it provides detailed cross-references to related standards and interpretations. The ASC system also includes tools and features to help users navigate and understand the accounting standards, such as a glossary, examples, and a "feedback" button to submit questions or comments to the FASB.
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