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  • Essay / The Financial Accounting Standards Board (FASB)

    To help accounting professionals easily navigate through more than 50 years of unorganized American Generally Accepted Accounting Principles and Standards (GAAP), Financial Accounting Administrators Foundation have approved the Financial Accounting Standards Board (FASB) Codification of Accounting Standards (Codification.) By codifying the authoritative U.S. GAAP, the FASB will provide users with accurate, real-time information in one place. At the same time, the FASB developed the FASB Codification Search System; a web-based system allowing registered users to electronically search for accounting issues. Since 2009, the Codification has become the single source of authoritative non-governmental GAAP. Various standards bodies publish authoritative publications that are included in the codification, with literature not included being considered non-authoritative. The FASB, the Emerging Issues Task Force, the Accounting Principles Board, and the American Institute of CPAs are a few standard-setting organizations that create the authoritative literature included in the codification. The coding also includes content published by the Securities and Exchange Commission that is relevant to financial statements. When searching the Coding Search System for an accounting matter, there are three main ways to search: through the word search function, the "Jump To" feature, or the subject navigation option. For example, if we were to use interest capitalization as a search topic, we can enter the topic in the search box and search the entire coding. The “Go To” functionality is available for more experienced users who are familiar with the specific coding codes for topics, subtopics, and sections. The last option is the topic navigation option, which takes you straight to the middle of the article......fication and how to understand the coding organization. The FASB has also created a visual tutorial that demonstrates the features and functions offered by the website. Knowing how to use the coding search system will allow you to research accounting issues more effectively and efficiently. Works cited “Codification of accounting standards: Notice to constituents (v4.1) regarding the codification”. FASB: Financial Accounting Standards Board. April 30, 2010. The web. November 26, 2010. .FASB Codification. Digital image. Professional view of the FASB Accounting Standards Codification. FASB. Internet. November 28. 2010. .