Financial Accounting Research Systems Orientation Paper

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Financial Accounting Research Systems Orientation Paper The Financial Accounting Research System (FARS) was designed to provide efficient and effective access to all necessary accounting literature. It has the ability to be installed as a stand-alone device or within a network. The purpose of FARS is to ensure data accuracy. With the many different accounting standards, laws, etc., it is both beneficial and crucial to have one database available to search for all the needed information. Without this, accountants would be forced to look into multiple databases and face the risk of receiving conflicting and/or inaccurate information. The contents of the FARS are divided into the following six databases with subsequent use: 1. Original Pronouncements – contains all AICPA and FASB pronouncements 2. Current Text – contains General and Industry Standards as well as the Current Text sections that have been suspended yet are still applicable 3. EITF Abstracts – includes full text and abstract for issues discussed by the Emerging Issues Task Force 4. Implementation Guide – contains questions, answers, and guidance for implementation of standards 5. Derivative Instruments and Hedging Activities – Presents implementation procedures for selected FASB statements 6. Topical Index – combined topical index for all of the above Appendix A of the Current Text databases located in the FARS includes the Schedule of AICPA Practice Bulletins, Audit and Accounting Guides, and Statements of Position (SOPS) Currently, as of May 2008, there are 163 Statements of Financial Accounting. These statements are created by the Financial Accounting Standards Board (FASB), a private, non-profit organization located in the United

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