Reference no: EM132234955

Question: FASB Codification

On July 1, 2009, Financial Accounting Standards Board (FASB) released its Accounting Standards Codification (Codification).

According to the FASB website,"The Codification is the single source of authoritative nongovernmental U.S. generally accepted accounting principles (US GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009. All previous level (a)-(d) US GAAP standards issued by a standard setter are superseded. Level (a)-(d) US GAAP refers to the previous accounting hierarchy. All other accounting literature not included in the Codification is nonauthoritative.

See Codification Topic 105, Generally Accepted Accounting Principles, for additional details"(July 19, 2009).

The purpose of the codification is to:

1) place all authoritative US GAAP in one spot,

2) represent authoritative US GAAP as of July 1, 2009, and

3) design an up-to-date codification research system (FASB, 2009).

It is important to learn the appropriate terminology employed in the FASB Codification and be able to conduct research in the system.

Throughout the semester, you will research accounting topics (GAAP) using the Codification. This week you are tasked to review the Codification, learn how it is structured, and develop research skills using the Codification. Your ability to research the Codification will impact your success throughout the course. Learning how to use the Codification early in the semester will be beneficial in meeting the remaining course requirements.

Accessing the FASB Codification:

View the videos FASB Codification Part I and Part II posted above. Or, view on YouTube.

Take lessons 1 - 6 in the Codification Learning Guide (found in Course Resources). Summarize what you learned in a 2 - 3 page double spaced paper. Don't forgot to cite your sources!