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ACCT 3250 Leadership Accounting

Citing the FASB ASC

a. FASB ASC Codification reference, for example:

i. Topics — FASB ASC 310 to access the Receivables Topic
ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310
iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10
iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"

Note: "For clarity, companies may wish to include the title of the cited Codification section. "FASB ASC Topic 310" would appear as "FASB ASC Topic 310, Receivables and "FASB ASC Section 310-10-15" would appear as "FASB ASC paragraph 310-10-15, Receivables - Overall - Scope." To assist readers in the transition to the Codification, companies may present both the Codification citation and former reference. If companies use this presentation, citations to the former reference should follow the Codification reference in parentheses. For example, "FASB ASC paragraph 310-10-15, ReceivablesOverall- Scope(SFAS 131)." "
[Source: "The Codification of GAAP: Be Careful What You Wish For," by John J. Huber. Latham & Watkins Client Alert, No. 848 October 28,2009. Accessed on 4/15/2010 (TAX DAY!)]

Additional References

  • "FASB Codification to Be Sole Reference Source for Authoritative Gap."
    KPMG Defining Issues July 2009, No. 09-30
  • FASB Accounting Standards Codification Quick Reference Guide and Financial Instruments Supplement
  • "A Guide to Using the Accounting Standards Codification."
    By Michael C. Toerner
    The CPA Journal, Vol. 79, Issue 2, p.20-25, 6p.
    The article presents information on the use of accounting standards codification in the U.S. It explores the creation of the generally accepted accounting principles (GAAP)hierarchy by the Statement on Auditing Standards (SAS) 69. It notes the need for accountants to know that they had thoroughly reviewed the accounting literature was partially met when the Financial Accounting Standards Board (FASB) began annually publishing "Current Text: Accounting Standards."
    Note: See page 23 for example citation
  • FASB Concept Statements The FASB Concepts Statements are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating information to those who are interested. Concepts Statements guide the Board in developing sound accounting principles and provide the Board and its constituents with an understanding of the appropriate content and inherent limitations of financial reporting. A Statement of Financial Accounting Concepts does not establish generally accepted accounting standards.

FASB ASC Updates

Useful free tool to use to keep up to date on changes to the codification. This isn't the codification itself. It is the list of topics that have changed or been added since the codification took place in 2009.

ASC Cheatsheet

Accounting Standards Codification quick reference guide from Price Waterhouse Coopers. Excellent reference and overview for making sure you get the big picture with regards to the standards.

AccountanTown FASB ASC Guide

I really like this website's no-nonsense approach to explaining each section of the codification in very basic, plain English. Each description briefly states the reason a specific standard is important/needed. Good tool for getting acquainted with the codification for the first time.

An Accounting Firm's Client Presentation

An accounting firm's presentation for clients that exlpains and demystifies the codification. Great overview.

Want to read more?

Search for news and professional articles about the codification if you are unsure about something or need expert clarification.

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