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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Situation

You are working as a teaching assistant for an accounting professor. The professor is preparing a new introductory accounting course for college-level students. In preparing the course, the professor has asked for your help in developing materials to introduce students to the FASB Accounting Standards Codification system. The professor is planning to have the Codification discussion toward the end of the course, after students have been introduced to the financial statements and what they report, and the major accounts and what they represent.

Directions

Write a memo that can be used as a handout in class for college students in an introductory course in accounting. The memo should explain:

  1. a. What the FASB Accounting Standards Codification system is
  2. b. How it is structured
  3. c. Step-by-step instructions for how students should use it

To determine

Draft a memorandum explaining the structure of FASB Accounting Standard Codification system, its structure, and instructions to use the system effectively.

Explanation

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates Generally Accepted Accounting Principles (GAAP).

Draft a memorandum explaining the structure of FASB Accounting Standard Codification system, its structure, and instructions to use the system effectively.

MEMO

Date:        April 2, 2019

To:        The Professor

From:        Ms J, Assistant Professor

Subject:  FASB Accounting Standard Codification system

FASB Accounting Standard Codification system is an electronic application recognized by FASB, which provides access to users about the authoritative Generally Accepted Accounting Principles (GAAP). The Codification is the major source of accounting standards, and integrates the basis for recording transactions, and reporting the financial statements. Securities Exchange Commission is the government agency that governs the Financial Accounting Standards Board (FASB) along with the financial markets.

The user should obtain the user account to login by registering through the FASB website provided in the chapter. The user can view the website home page after logging in. The content of the Codification is organized in the following hierarchical structure:

  1. Areas: Areas is a component which is listed on the home page, represents nine broad and general accounting issues like General Principles, Presentation, Assets, Liabilities, Equity, Revenue, Expenses, Broad Transactions, and Industry. This component also contains Master Link and a ‘Go To’ box which leads the user to the selected topic based on the Codification numbering system. A ‘Search’ box is also provided at the top of home page...

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