FASB Codification

Question 1

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

Answer 1

Through Accounting Standards Updates (ASU)

Question 2

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

Answer 2

The highest structure is areas.

Question 3

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

Answer 3

To put all accounting guidance in one place

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