Why was codification needed? Codification was needed to clarify entry to ASC, refine accuracy of analysis, reduce risk of non-compliance, organize the research procedure, maintain problem-solving updates and collaborate with IFRS merging What is the goal of codification? The Codification’s goal is to clarify the company of thousands of U.S. authoritative accounting announcements published by diverse standard-setters. Therefore, to accomplish this objective, the FASB sponsored a project to incorporate and typically adapt all related accounting publication announced by the standard-setters of the U.S. in conjunction with those of the FASB, the Emerging Issues Task Force (EITF) and the American Institute of Certified Public Accountants …show more content…
What is the difference between the “general topics landing page,” the “industry topics landing page” and the “subtopics landing page?” General topics landing page including industry topics landing page prepare a list of entities on particular subtopics and the capacity to combine all subtopics. Therefore, subtopics landing page is identical to general topics landing page excluding the table of content is extended to the area of the subtopics and connect all sections in a subtopic where you can handle research and acknowledge response. What is “pending content?” Pending content is when a new standard is created and is not yet completely efficient for all entities; the FASB inserts it in the Codification as Pending Content. How is SEC content differentiated from FASB content? SEC content is differentiated from FASB content in the Section equivalent to the Codification content of hierarchy. However, the number of SEC’s section is classified as FASB’s but it is anticipated by the letter “S”. 2. Log into the codification database and perform a search on the following terms and answer the related questions: a. Warranty expense: i. How many results did you get? After the search the results are twenty-six (26) ii. Click on “605 Revenue Recognition > 20 Services> 25 Recognition” and summarize what is said in subsection 25-3. It’s about the continued warranty or output supply. These products ’retailers are required
Reports would have a front page, contents page and then the pages would have different headings on depending on what the report is about.
The information in this report regarding the accounting standards for private companies is as stated in the proposal stage. The three options discussed are options being considered and the Accounting Standards Board (AcSB) has issued an
The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.
The globalization of business activity has resulted in the need for a uniform set of accounting rules in all countries. With U.S. corporations doing so much business in other countries, it is imperative that the SEC and international regulatory boards devise a set of rules and regulations that would benefit both parties. If this did not happen, international companies would be able to do whatever they wanted without repercussion because of the discrepancies in the differing sets of rules. Accomplishing this universal set of rules would allow companies to list securities in any market without having to prepare more than one set of financial statements. There have been so many
Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates. The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial, link and similar corrections are included separately in Maintenance Updates.
In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).
“The costs of introducing a new standard, of course, include the out of pocket costs of converting to the new standard, the costs of processing and reporting the information required, and possible increases in audit cost…..But costs may also include disclosure costs, measured in terms of lost competitive advantage. Even harder to assess are the costs incurred by all parties in attempting to understand,
The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing and Accounting Guides, SOX Reporter, and GAAP Practice Manual. A summary of benefits and issues with the searches of each database will also be discussed.
For each of the following definitions, indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition.
As the business environment grows and companies find new ways to expand into their respective - or even new – markets, it is important that reporting standards stay up to date with changes and continue to assist companies in providing their users with useful accounting information. Information is labelled as being useful when it meets the
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working together to eliminate a variety of difference between the United States generally accepted accounting procedures (U.S. GAAP or GAAP) and International Financial Reporting Standards (IFRS). This convergence project grew out of an agreement reached by the two boards in 2002 (Deloitte, 2004).
I researched the topic and defined the special purposes of the assignment: first of all, it is important to know the main concepts of IAS 18, also to learn the rules by using this particular regulatory framework, and to get knowledge about writing the report at all.
The following information is the detailed overview of the subject: including general information about the subject structure, delivery and staffing
Each page should contain a focused idea that is conveyed in a unique expert voice. The subject should be clear, including in the title, URL and image descriptions. We will also
Concerns: This section provides a high level overview of the features other than design document.