Fasb Codification System

What is the FASB Codification System? According to the FASB website the FASB Codification System is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. The codification is effective for interim and annual periods ending after September 15, 2009.

What is the purpose of the FASB Codification System? There are three purposes or goals of the FASB Codification System. These purposes or goals are …

1. Simplify user access by codifying all authoritative US GAAP in one spot.

2. Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.

3. Create a codification research system that is up to date for the released results of standard – setting activity.

What are the nine content areas located in the FASB Codification System? The nine content areas that are located in the FASB Codification System are…

1. General principles

2. Presentation

3. Assets

4. Liabilities

5. Equity

6. Revenue

7. Expenses

8. Board transaction

9. Industry

What types of items are located under each content area? The content area that is located under the general principles is...

105 – Generally Accepted Accounting Principles.

The content areas that are located under the presentation are...

205 – Presentation of Financial Statements

210 – Balance Sheet

215 – Statement of Shareholder Equity

220 – Comprehensive Income

225 – Income Statement

230 – Statement of Cash Flows

235 – Notes to Financial Statements

250 – Accounting Changes and Error Corrections

255 – Changing Prices

260 – Earnings per Share

270 – Interim Reporting

272 – Limited Liability Entities

274 – Personal Financial Statements

275 – Risks and Uncertainties

280 – Segment Reporting

The content areas that are located under assets is…

305 – Cash and Cash Equivalents

310 – Receivables, 32X – Investments

340 – Other Assets and Deferred Costs

350 – Intangibles-Goodwill and...