Fasb Essay

374 WordsMar 10, 20152 Pages
FASB the Financial Accounting Standards Board was established in 1973 is a private sector organization that has been given the responsibility of creating standards for financial accounting for the use of preparing financial reports by private sector. Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants recognized standards that are created by FASB. To help accounting professional do their job the FASB Codification System was created that goes over all the parts of the financial reporting with easy to use menu bar. FASB Codification System is a website that helps accounting professional easily and quickly get answers for any questions that pertain to financial reporting. Over 200 people and five years is what went into creating the FASB Codification System. To help all people who work in the accounting field FASB Codification System was created with an easy to understand menu. It is a centralized location where all accounting professional can go to get the most current information need to complete financial reporting. The main page has the most current changes made by FASB for financial reporting with a side panel. On the side panel the user has nine options which are general principles, presentation, assets, liabilities, equity, revenue, expenses, broad transactions and industry. Under the General Principles link is Generally Accepted Accounting Principle better known as GAAP. The presentation link has 15 more subsection which is all parts of financial reporting statements that is included in the financial reporting. Under each of the assets, liabilities, equity, revenue and expenses are just more specific type that each topic. Each topic has more detailed information regarding the subject. The last two are just the information that is needed in financial reporting that is not categories in the previous sections such

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