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    FASB Accounting Standards Codification

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    a. What is the FASB Accounting Standards Codification?

    b. What is the purpose of the FASB Accounting Standards Codification?

    c. What are the eight content areas located in the FASB Accounting Standards Codification? What types of items are located under each content area?

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    Dear Student,

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    Below are my answers.

    Anna Liza Gaspar

    Question A
    The Financial Accounting Standards Board Accounting Standards Codification or FASB ASC is an online repository or database and search system which integrates and categorized existing United States generally accepted accounting principles for non governmental organizations. These principles include pronouncements from all standard setters such as the FASB, AICPA and SEC among others.

    Question B
    The FASB ASC's purpose is to be the single source of authoritative accounting and reporting standards for nongovernmental entities in the United States. AICPA observes that FASB ASC aims to simplified user access to all authoritative U.S. GAAP by providing the authoritative literature in a topically organized ...

    Solution Summary

    This solution provides answers to various questions regarding FASB accounting standards codification.