Ducote week 1 - FASB Codification paper.docx
Ducote week 1 - FASB Codification paper.docx PRG211
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Date Created: 11/11/15
FASB Codi cation 1 FASB Codification Eric Ducote ACC497 Rick Kwan September 8 2014 FASB Codi cation 2 The FASB Codification System was created in 2009 to be the official source of authoritative nongovernmental US generally accepted accounting principles FASB 2009 The system reorganized the US GAAP pronouncements issued by the FASB and other standardsetting bodies into about 90 accounting topics and includes relevant SEC guidance in separate sections The purpose of the FASB Codification System is to organize the laws and accounting principles for simplicity The codification is used by accounting professionals analysts reporting professional investors and other outside users to research topics needed for information The codification system was created to make the research simple for the users With all uptodate information guidelines and pronouncements The users can browse by topic search for topic and use the Go To navigation to find the information intended FASB Codification System 2009 The nine content areas located on the FASB Codification System are General Principles Presentation Assets Liabilities Equity Revenue Expenses Broad Transactions Industry WWNQMPPP The general principles cover the Generally Accepted Accounting Principles Which identify the changes to the accounting standards updates Each subtopic covers the updates to the FASB Codi cation 3 GAAP guidelines modifications done to the guidelines and content grandfathered in after the creation of the Codification system Each subtopic of the presentation section covers a presentation of financial statements balance sheets statement of shareholders equity comprehensive income income statement statement of cash ows notes to the financial statements accounting changes and error corrections changing prices earnings per share interim reporting limited liability entities personal financial statements risks and uncertainties and segment reporting The assets section covers the information that appears on the balance sheet such as the cash and cash equivalents receivables investments debt and equity securities investments equity method and joint ventures other assets and deferred costs goodwill and other intangibles and property plant and equipment The subtopics of the liabilities section cover all the accounts in the liabilities section on the balance sheet The subtopics are the liabilities asset retirement and environmental obligations exit or disposal cost obligations deferred revenue commitments contingencies guarantees debt and distinguishing liabilities from equity The equity subtopics cover the stock dividends and stock splits treasury stock equity based payments to nonemployees spinoffs and reverse spinoffs agriculture and financial services for depository and lending insurance and investment companies The revenue section covers the subtopic of the revenue recognition The expense section covers the expenses of cost of sales and services compensation on general nonretirement postemployment benefits retirement benefits and stock compensation other expenses research and development and income taxes FASB Codi cation 4 The subtopics of the broad transactions are the business combinations collaborative arrangements consolidation derivatives and hedging fair value measurement financial instruments foreign currency matters interest leases nonmonetary transactions related party disclosures reorganizations subsequent events and transfers and service The industry subtopics cover the agriculture airlines contractors development stage entities entertainment extractive activities financial services franchisors health care entities notforprofit entities plan accounting real estate regulated operations software and US steamship entities Each topic and subtopic of the FASB Codification System Will help external users obtain the information they need to follow the laws and guidelines presented by the FASB and the SEC The Codification System Will make it easier on the users to search for the information and stay on task With the intended obligations For future reference it is a good idea to have the FASB Codification System Weblink bookmarked for When the information is needed References FASB Codi cation 5 FASBorg 2009 News Release 07012009 FASB Accounting Standards Codification Launches Today Retrieved September 7 2014 from httpWWWfasborgj spFASBFASBContentCNewsPageampcid1 176156318458 FASB Codification System 2009 FASB Codification QampA Retrieved September 7 2014 from httpaaahqorgFASBFASBFAQpdf
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