Accounting Standards Codification Is

The FASB Accounting Standards Codification is an advanced application that allows users to access the authoritative content, perform research, and submit feedback (asc.fasb.org). The purpose of the FASB is to allow users to easily perform and conduct research on the standards of accounting. It is designed to have an easier interface for users. Everything from general practice to updates can be found on this website. For example should a company need to know the newest rules for income taxes they can search it and the system will pull up everything income tax related. This is a good system to have seeing how accounting rules change so frequently.

Listed on the FASB website are lists of content areas. These areas are labeled under general practice, presentations, assets, liabilities, equity, revenue, expenses, broad transaction and industry. The area labeled general practice is where the user can find information on the generally accepted accounting principles. Presentation is where the user can find information pertaining to financial statements as well as items such as earnings per share, comprehensive income and changing prices. Assets are where the user would find information on receivables, inventory and intangibles just to name a few. Under the liabilities tab the user would find information on debt, contingencies and deferred revenue as well as guarantees, asset retirement and commitments. Equity provides information on stock dividends, stock splits, treasury stock, agriculture and equity based payments to non-employees as well as financial services such as depository, lending, insurance and investment companies. In revenue the user can find an assortment of revenue related topics such as products, gains and loss, construction, software, real estate, financial services, entertainment, development, airlines, health care entities and customer payments and incentives. Expenses will provide the user with information to cost of sales and services, compensation, research and development, income tax and other expenses. Broad transactions provides the user with information on leases, fair value measurement, foreign currency matters, interest, nonmonetary transactions, reorganizations, transfers and servicing, service concession arrangements and derivatives and hedging. Last there is industry and this will provide the user with information on U.S. steamship entities, software, real estate, development stage, entities, extractive activities, not for