06. Financial Accounting Standards Codification

Question 1

What is the reason for the Financial Accounting
Standards Board (FASB) Accounting Standards
Codification?

Answer 1

To put all accounting guidance in one place

Question 2

How are changes to the Financial Accounting
Standards Board (FASB) Accounting Standards
Codification accomplished?

Answer 2

Through Accounting Standards Updates (ASU)

Question 3

3
What is the highest structure of the Financial
Accounting Standards Board (FASB) Accounting
Standards Codification?

Answer 3

The highest structure is areas.

Question 4

What is the lowest structure of the Financial
Accounting Standards Board (FASB) Accounting
Standards Codification?

Answer 4

The lowest structure is paragraphs.

Question 5

What are the major areas in the Financial
Accounting Standards Board (FASB) Accounting
Standards Codification?

Answer 5

General principles 100
Presentation 200
Assets 300
Liabilities 400
Equity 500
Revenue 600
Expenses 700
Broad transactions 800
Industry 900