The FASB Accounting Standards Codification is an advanced
application that allows users to access the authoritative content, perform
research, and submit feedback (asc.fasb.org). The purpose of the FASB
Codification system is to make the accounting standards easier to find and
navigate through by using one online database under a mutual referencing
system. The US accounting standards may be converged with IFRS in the future
and the FASB Accounting Standards Codification systems is making a path for
convergence to take place. The Codification system organizes the accounting
laws and accounting principles and gives accounting professionals easier access
to these laws and principles. Implementation
of the FASB Accounting Standards codification system reduces the amount of time
that is used to search for accounting topics and we, as accounting
professionals can complete our work faster and work more efficiently. The
purpose of the FASB Codification was to reorganize all existing U.S. accounting
and reporting standards issued by the FASB and other related private-sector
standard setters into one authoritative body of literature, which will ease
research of accounting literature and reduce the risk of noncompliance. The
FASB Accounting Standards Codification System can be used to make better
accounting decisions by giving accounting professionals a better organized
format that is easier to understand than the structure of GAAP and also user
friendly. The Codification system with have real-time updates that will help to
prevent the risks of noncompliance.
Showing posts with label What is the FASB Codification System?. Show all posts
Showing posts with label What is the FASB Codification System?. Show all posts
Monday, January 21, 2013
Subscribe to:
Posts (Atom)