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ACC/497 Week 1 FASB Codification System Operation Paper

An analysis of FASB codification and its role in accounting standards.

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    FASB Codification System Operation 1 Running Head: FASB CODIFICATION SYSTEM OPERATION PAPER Week 1 Individual Assignment FASB Codification System Operation Paper Daphane Morgan ACC/497 University of Phoenix Professor Jenkinson Monday, September 6, 2010 Explain the purpose and structure of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) System. Describe the nine content areas included in the FASB ASC and provide examples of key topics found under each content area. Discuss how this system aids in streamlining access to Generally Accepted Accounting Principles (GAAP) for non - governmental entities in the United States. Word count requirement: 1000 - 1200 words.

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    FASB Codification System Operation 2 FASB Codification System Operation Paper The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) S ystem is an online database and search engine, which incorporates and catalogs all of the generally accepted a ccounting p rinciples (GAAP) for public companies, who are classified as non - governmental companies. The principles include assertions from all standard setters. The purpose of the Financial Accounting Standards Board Accounting Standards Codification System is to provide a single database, whic h contains all of the authoritative accounting and reporting standards for entities operating in the United States , which are not classified as governmental entities. The American Institute of Certified Public Accountants (AICPA ) oversees the Financial Accounting Standards Board Accounting Standards Codification System. The American Institute of Certified Public Accountants also ensures that the Financial Accounting Standards Board Accounting Standards Codification System strives to abridge users’ access to all of the generally accepted accounting principles, through supplying an authoritative literature in a subject categorized structure. This database also is an online storage and search system, which provides and permits managers to concentrate on decision - making, instead of focusing on how to report for transactions. There are nine content areas included in the Financial Accounting Standards Board Accounting Standards Codification System. The following is a list of the nine content areas, along with the items found under each of the content areas: 1. “General Principles  105 – Generally Accepted Accounting Principles

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    FASB Codification System Operation 3 2. Presentation  205 – Presentation of Financial Statements  210 – Balance Sheet  215 – Statement of Shareholder Equity  220 – Comprehensive Income  225 – Income Statements  230 – Statement of Cash Flows  235 – Notes to Financial Statements  250 – Accounting Changes and Error Corrections  255 – Changing Prices  260 – Earnings Per Share  270 – Interim Reporting  272 – Limited Liabilities Entities  274 – Personal Financial Statements  275 – Risks and Uncertainties  280 – Segment Reporting

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