The FASB Accounting Standards Codification® (FASB Codification) is the single, authoritative source of U.S. Generally Accepted Accounting Principles (U.S. GAAP) for public and private companies, not-for-profits, and other nongovernmental organizations. ssignment 1: FASB Codification topic of interest Airlines***** Due Week 3 and worth 80 points. But how does it work? This online package includes AICPA Professional Standards, FASB Original Pronouncements and FASB Accounting Standards Codification. The FASB Accounting Standards Codification simplifies user access to all authoritative U.S. generally accepted accounting principles (GAAP) by providing all the authoritative literature related to a particular Topic in one place. Only candidates who have applied to take the Exam, and have been deemed eligible by state boards of accountancy, will receive access to … How the Conclusions Underlying This Statement Relate to the FASB’s Conceptual Framework FASB Concepts Statements No. While FASB allows you to set up a profile, you cannot save the profile. "Our Prices Start at $11.99. Accounting Standards Codification. How to Use the Codification for the FASB Accounting Standards Codification ® website emphasizes "learning by doing" and is organized into 18 lessons. After you receive your school’s faculty and student passwords, sign on and begin using the databases. Please note that the Codification Standards are not free and only available to subscribers. CPA Jeff Sailor has two free tutorials on Youtube.com. The Codification reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. Citing an Accounting Standards Update, Exposure Document or Other Source from the Codification: FASB (Financial Accounting Standards Board). The FASB Accounting Standards Codification is an electronic database that integrates and topically organizes the U.S. accounting standards (GAAP). On FASB’s site, you can revert to the Standard Codification view by clearing your preferences and leaving the profile inputs blank. 17 46(R) (Issue Date 06/09) Statement No. To assist readers in the transition to the Codification, companies may present both the Codification citation and former reference.   If you find a mention of a previous accounting standard, such as a FASB Statement (FAS) or a Statement of Position (SOP), in an article or textbook, use the Cross Reference area to get directed to the current section of interest in the Codification. Like a funnel, the FASB Codification lets you sift through all the information by starting with large concepts and moving to specific details. The term authoritative includes all level AD GAAP that has been issued by a standard setter. This video is part one of a two part video in which Jeff Sailor explains the basics of the new FASB codification. Reference a Financial Accounting Standards Board paragraph using the following format: FASB ASC 111-01-21-1, in which the numbers following the section number represent the paragraph number. Structure [ edit ] Each ASC reference is structured as a series of four numbers separated by hyphens: a three-digit Topic (the first digit of which represents an Area), a two-digit Subtopic, a two-digit Section, and a two- or three-digit Paragraph. >> More Private Company Decision-Making Framework FASB Accounting Standards Codification Notice to Constituents (v 1.05) January 16, 2009, "The Codification of GAAP: Be Careful What You Wish For,", AICPA: FASB Accounting Standards Codification, "FASB Codification to Be Sole Reference Source dor Authoritative Gap. 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