Financial Accounting Standards Codification Flashcards
1
Q
How are changes to authoritative GAAP accomplished?
A
-Through FASB Accounting Standards Updates (ASU)
2
Q
How are ASU’s shown during transition period?
A
-As “Pending Text” until thy become effective
3
Q
What is the sole source of US GAAP for nongovernmental entities?
A
-Codification
4
Q
Is the Codification cross-referenced?
A
-Yes
5
Q
What are the four ways for researching an issue in the Codification?
A
- Browse structure
- Search by keyword
- Enter specific Codification location
- Search by previous GAAP standard number
6
Q
Is IFRS included in the Codification?
A
-No
