ACC/497 Week 1 FASB Codification System Operation Paper

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FASB Codification System Operation1Running Head: FASBCODIFICATIONSYSTEMOPERATION PAPERWeek 1 Individual AssignmentFASB Codification System Operation PaperDaphane MorganACC/497University of PhoenixProfessorJenkinsonMonday, September 6, 2010Explain the purpose and structure of the Financial Accounting Standards Board (FASB)Accounting Standards Codification (ASC) System. Describe the nine content areas included inthe FASB ASC and provide examples of key topics found under each content area. Discuss howthis system aids in streamlining access to Generally Accepted Accounting Principles (GAAP) fornon-governmental entities in the United States.Word count requirement: 1000-1200 words.

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FASB Codification System Operation2FASB Codification System Operation PaperThe Financial Accounting Standards Board Accounting Standards Codification(FASB ASC)System is an online database and search engine, which incorporates andcatalogsall of the generally accepted accountingprinciples(GAAP) for public companies,who are classified as non-governmental companies.The principles include assertions fromall standard setters.The purpose of the Financial Accounting Standards Board AccountingStandards CodificationSystemis to provide a single database, which contains all of theauthoritativeaccounting and reporting standardsfor entities operating in the UnitedStates, which are not classified as governmental entities. The American Institute ofCertifiedPublicAccountants (AICPA) oversees the Financial Accounting Standards BoardAccounting Standards CodificationSystem. The American Institute of Certified PublicAccountants alsoensures that the Financial Accounting Standards Board AccountingStandards CodificationSystem strives to abridgeusers’ access to all of the generallyaccepted accounting principles, through supplying an authoritative literature in a subjectcategorized structure. This database also is an online storage and search system, whichprovides and permits managers to concentrate on decision-making, instead of focusing onhow to report for transactions.There are nine content areas included in the Financial Accounting Standards BoardAccounting Standards Codification System. The following is a list of the nine content areas,along with the items found under each of the content areas:1.“General Principles105–Generally Accepted Accounting Principles

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FASB Codification System Operation32.Presentation205–Presentation of Financial Statements210–Balance Sheet215–Statement of Shareholder Equity220–Comprehensive Income225–Income Statements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 Liabilities Entities274–PersonalFinancial Statements275–Risks and Uncertainties280–Segment Reporting

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