Financial Accounting Standards Codification Flashcards
1
Q
How are changes to the Financial Accounting Standards Board (FASB) Accounting Standards Codification accomplished?
A
Through Accounting Standards Updates (ASU)
2
Q
What is the highest structure of the Financial Accounting Standards Board (FASB) Accounting Standards Codification?
A
The highest structure is areas.
3
Q
What is the reason for the Financial Accounting Standards Board (FASB) Accounting Standards Codification?
A
To put all accounting guidance in one place
4
Q
What is the lowest structure of the Financial Accounting Standards Board (FASB) Accounting Standards Codification?
A
The lowest structure is paragraphs.
5
Q
What are the major areas in the Financial Accounting Standards Board (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
