Fasb Codification System Orientation Paper
Essay Preview: Fasb Codification System Orientation Paper
Report this essay
FASB Codification System Orientation Paper
The purpose of this paper is to explain what the FASB Codification System is as well as its purpose. This paper will also cover the nine areas of content of the FASB Codification System and the items are located under each content area.
FASB Codification System
The FASB Codification System is a database that is use by accountant professionals to access important information regarding guidelines, rules and pronouncements from authoritative entities like the FASB, the Emerging Issues Task Force or EITF, the Accounting Standards Executive Committee or AcSEC, the Accounting Principles Board and the Securities and Exchange Commission or SEC, all of this available in one searchable system.
FASB Codification System Purpose
The purpose of the FASB Codification System is to help accountant professionals to access in a organized way accounting principles and laws, the FASB Codification System reduces the amount of time that user need to invest while researching the information that they seek. The FASB Codification System help the user avoid instances of non-compliance as it presents the information in a clear manner and has constant updates of the information contained whiting the code.
FASB Codification System Content Areas
The FASB Codification System has nine areas of content and they are:
General Principles: in this area the user can find information regarding the Generally Accepted Accounting Principles (GAAP)
Presentation: In this area the user can find information regarding how to prepare and present financial statements, interim reports, personal financial stamens, among other information.
Assets: In this area the user can find information regarding cash and cash equivalents, inventory and other assets.
Liabilities: In this area the user can find information regarding liabilities, deferred revenue, contingencies and debts.
Equity: In this area the user can find information regarding equity, especially about treasury stock, stock dividends and stock splits, among other information.
Revenue: In this area the user can find information regarding revenue