FASB Codification System Essay Example | Topics and Well Written Essays - 250 words

FASB Codification System - Essay Example professionals along with investors and analysts a professional view where many state of the art utilities offers wide feature, search facility and navigating contents. It gives information on the accounting standards, cross referencing and navigating. Also there is printer friendly source utility for viewing source references. So basically it allows the professionals to keep update on accounting standards, information, and location of member, conduct research and locate professional around the network. 3. The nine contents areas located in the FASB codification system are General principles, presentations, assets, liabilities, equity, revenue, expenses, broad transactions and industry. Thus the codification system is an organized structure with comprehensive topics. These subdivided nine topics have sections and paragraphs. 4. The nine contents have types of items and general principles detail on all the accounting principles and laws to simplify users access. The presentation offers guidance on the preparation of income and financial statement purpose and calculating earnings per share. The asset content has information on investments, accounting receivables and inventory. Liability section has assets retirement and environment obligations, contingencies, distinguishing liabilities from equity and accounting principles. The equity section explains status, recognition and SEC material required to record equity based payment to non – employees. The revenue area informs accounting professional about revenue recognition and accounting standard updates. Expenses guides on procedures to report stock compensation, compensation research and development with regard to preparing income taxes. The broad transaction gives information on business combination, consolidation, fair value measurement and disclo sure, leases and financial instruments. Finally, the industry section gives user in regard to industries including oil and gas, dealers, brokers and