What is the codification of GAAP?
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â?¢ Is it authoritative?
â?¢ Is the codification used in addition to or replacing FASB, APB, -SEC releases, interpretations, etc?
â?¢ How is the codification structured?
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Solution Summary
The codeification of GAAP is examined.
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The codification of GAAP is the new standard that replaces all the previous information supplied through GAAP. It is a single source online tool that gives CPAs who work in accounting, research and teach accounting, and need to know what the day to day information is.
The ASC not only is authoritative, it is the single source and includes guidance from FASB, FASB's ...
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