I. FASB Accounting Standards Codification (FASC)
This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the “About the Codification” and “Notice to Constituents” sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must answer are:
For each question, (1) provide the citation number (topic and subtopic) that addresses the question and (2) answer the question. Document this under the question.
(a) When did the FASC Codification become effective?
(b) Did the FASC change prior GAAP?
(c) What does the FASB expect from the new FASC structure and system?
(d) What are the “topics” used in the ASC?
(e) Are Securities and Exchange Commission (SEC) references included in the ASC?
(a) When did the FASC Codification become effective?
Answer :
In the year 2008 ,December the FASB publicly was announced . And on July 1, 2009, as the date on which the Codification was expected to go live.
(b) Did the FASC change prior GAAP?
Answer : No, FASC does not change prior GAAP but it introduces a new structure—one that is organized in an easily accessible, user-friendly online research system.
(d) What are the “topics” used in the ASC?
| 100 General Principles 105 Generally Accepted Accounting Principles 200 Presentation 205 Presentation of Financial Statements 210 Balance Sheet 215 Statement of Shareholder Equity 220 Comprehensive Income 225 Income Statement 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 Liability Entities 274 Personal Financial Statements 275 Risks and Uncertainties 280 Segment Reporting 300 Assets 305 Cash and Cash Equivalents 310 Receivables 320 Investments—Debt and Equity Securities 323 Investments—Equity Method and Joint Ventures 325 Investments—Other 330 Inventory 340 Other Assets and Deferred Costs 350 Intangibles—Goodwill and Other 360 Property, Plant, and Equipment 400 Liabilities 405 Liabilities 410 Asset Retirement and Environmental Obligations 420 Exit or Disposal Cost Obligations 430 Deferred Revenue 440 Commitments 450 Contingencies 460 Guarantees 470 Debt 480 Distinguishing Liabilities from Equity 500 Equity 505 Equity 600 Revenue 605 Revenue Recognition 700 Expenses 705 Cost of Sales and Services 710 Compensation—General 712 Compensation—Nonretirement Postemployment Benefits 715 Compensation—Retirement Benefits 718 Compensation—Stock Compensation 720 Other Expenses 730 Research and Development 740 Income Taxes 800 Broad Transactions 805 Business Combinations 808 Collaborative Arrangements 810 Consolidation 815 Derivatives and Hedging 820 Fair Value Measurements and Disclosures 825 Financial Instruments 830 Foreign Currency Matters 835 Interest 840 Leases 845 Nonmonetary Transactions 850 Related Party Disclosures 852 Reorganizations 855 Subsequent Events 860 Transfers and Servicing 900 Industry 905 Agriculture 908 Airlines 910 Contractors—Construction 912 Contractors—Federal Government 915 Development Stage Entities 920 Entertainment—Broadcasters 922 Entertainment—Cable Television 924 Entertainment—Casinos 926 Entertainment—Films 928 Entertainment—Music 930 Extractive Activities—Mining 932 Extractive Activities—Oil and Gas 940 Financial Services—Broker and Dealers 942 Financial Services—Depository and Lending 944 Financial Services—Insurance 946 Financial Services—Investment Companies 948 Financial Services—Mortgage Banking 950 Financial Services—Title Plant 952 Franchisors 954 Health Care Entities 958 Not-for-Profit Entities 960 Plan Accounting—Defined Benefit Pension Plans 962 Plan Accounting—Defined Contribution Pension Plans 965 Plan Accounting—Health and Welfare Benefit Plans 970 Real Estate—General 972 Real Estate—Common Interest Realty Associations 974 Real Estate—Real Estate Investment Trusts 976 Real Estate—Retail Land 978 Real Estate—Time-Sharing Activities 980 Regulated Operations 985 Software 995 U.S. Steamship Entities |
410 Asset Retirement and Environmental Obligations 420 Exit or Disposal Cost Obligations 430 Deferred Revenue 440 Commitments 450 Contingencies 460 Guarantees 470 Debt 480 Distinguishing Liabilities from Equity 500 Equity 505 Equity 600 Revenue 605 Revenue Recognition 700 Expenses 705 Cost of Sales and Services 710 Compensation—General 712 Compensation—Nonretirement Postemployment Benefits 715 Compensation—Retirement Benefits 718 Compensation—Stock Compensation 720 Other Expenses 730 Research and Development 740 Income Taxes 800 Broad Transactions 805 Business Combinations 808 Collaborative Arrangements 810 Consolidation 815 Derivatives and Hedging 820 Fair Value Measurements and Disclosures 825 Financial Instruments 830 Foreign Currency Matters |
| 835 Interest 840 Leases 845 Nonmonetary Transactions 850 Related Party Disclosures 852 Reorganizations 855 Subsequent Events 860 Transfers and Servicing 900 Industry 905 Agriculture 908 Airlines 910 Contractors—Construction 912 Contractors—Federal Government 915 Development Stage Entities 920 Entertainment—Broadcasters 922 Entertainment—Cable Television 924 Entertainment—Casinos 926 Entertainment—Films 928 Entertainment—Music 930 Extractive Activities—Mining 932 Extractive Activities—Oil and Gas 940 Financial Services—Broker and Dealers 942 Financial Services—Depository and Lending 944 Financial Services—Insurance 946 Financial Services—Investment Companies 948 Financial Services—Mortgage Banking 950 Financial Services—Title Plant 952 Franchisors 954 Health Care Entities 958 Not-for-Profit Entities 960 Plan Accounting—Defined Benefit Pension Plans 962 Plan Accounting—Defined Contribution Pension Plans |
965 Plan Accounting—Health and Welfare Benefit Plans 970 Real Estate—General 972 Real Estate—Common Interest Realty Associations 974 Real Estate—Real Estate Investment Trusts 976 Real Estate—Retail Land 978 Real Estate—Time-Sharing Activities 980 Regulated Operations 985 Software 995 U.S. Steamship Entities |
(e) Are Securities and Exchange Commission (SEC) references included in the ASC?
Answer :
Yes, Securities and Exchange Commission (SEC) references included in the ASC It includes the content reorganized into roughly 90 accounting topics to more closely align with the non-SEC content
