Financial Accounting Standards Codification Flashcards
Describe the goals and purpose of the Codification. Identify the main areas of the Codification. Illustrate how you would research using the Codification.
1
Q
GAAP
A
ASC are GAAP, but ASU are not GAAP. The FASB amends the ASC through ASU.
2
Q
What is Excluded from the Codification?
A
- Other Comprehensive basis of accounting
- Cash basis accounting
- Income tax basis accounting
- Regulatory accounting principles (e.g., insurance)
- Governmental accounting standards
