FASB Codification System contains eight different data bases. When providing guidance and direction to management concerning business decisions and how accounting treatment of these decisions will impact the financial treatment of these decisions, which data base would you rely upon to give management the proper advice.© BrainMass Inc. brainmass.com June 4, 2020, 12:13 am ad1c9bdddf
FASB Codification System
First, the Financial Accounting Standards Board Codification System aims to collect all generally accepted accounting principles and relevant information in a signal database and system. In others words, FASB pulled authoritative sources about accounting standards into one system.
Second, there are eight main content areas or different data bases. These are 1) presentation, 2) assets, 3) liabilities, 4) ...
The solution determines which data base would be relied upon to give management proper advice.