3. Financial Accounting Standards Codification Flashcards
1
Q
How are the changes to the FASB Standards Codification accomplished?
A
Through ASU (accounting standards updates)
2
Q
What is the highest structure of the the FASB Accounting Standards Codification?
A
Areas
3
Q
What is the reason for the FASB Accounting Standards Codification?
A
To put all accounting guidance in on place
4
Q
What is the lowest structure of the FASB accounting standards codification?
A
Paragraphs
5
Q
What are the major areas in the FASB Accounting Standards Codification?
A
- General principles 100
- Presentation 200
- Assets 300
- Liabilities 400
- Equity 500
- Revenue 600
- Expenses 700
- Broad transactions 800
- Industry 900
