When did the FASC Codification become effective?
When did the FASC Codification become effective?
December 31, 2008
The FASB used December 31, 2008, as the target effective date for purposes of authoring the Codification.
Which topic grouping of Codification establishes the Codification as the authoritative source for US GAAP?
The FASB Accounting Standards Codification: The ‘One Stop Shop’ for GAAP. Effective July 1, 2009, the FASB Accounting Standards Codification™ (Codification) became the single source of authoritative generally accepted accounting principles (GAAP) in the United States.
Why was Codification needed?
The primary purpose of the Codification was to mitigate the difficulty of locating, understanding and applying the various levels of hierarchy of GAAP that were issued by numerous standard setting bodies over the years.
What is aicpa auditing standards?
About the AICPA Auditing Standards Board The ASB is the senior committee of the AICPA designated to issue auditing, attestation, and quality control standards applicable to the performance and issuance of audit and attestation reports for non-issuers.
What is the goal of Codification?
The goal of the Codification is to simplify the organization of thousands of authoritative U.S. accounting pronouncements issued by multiple standard-setters.
Why is Codification is important in accounting?
The Codification helps decrease the amount of time and effort required to resolve accounting research issues. For financial statements issued for interim and annual periods ending after September 15, 2009, footnote references must be modified to remove specific references to outdated GAAP.
Which of the following is the correct Codification hierarchy structure?
Which of the following is the correct Codification hierarchy structure? Area, Topic, Subtopic, Section.
What are the four sections of codification?
The Codification has organized the thousands of GAAP pronouncements into four primary groupings that include presentation, financial statements accounts (assets, liabilities, equity, revenue and expenses), broad transactions and industry guidance.
