Question: Click on the FASB Accounting Standards Codification. Under Help, click About the Codification. Please answer the following questions using this document. @ Briefly describe what

Click on the FASB Accounting Standards Codification. Under Help, click About the Codification. Please answer the following questions using this document.

@ Briefly describe what the Codification is and when it is effective.

@ What are the 3 primary goals in developing the FASBs codification?

@ The Codification is composed of what literature issued by various standard setters?

Access the glossary (Master Glossary) at the FASB Codification website to answer the following:

@ What is the definition of fair value?

@ What is the definition of comprehensive income?

@ What guidance does the Codification provide concerning the Format of accounting disclosures? (Hint: Information can be found at 235-10-50 Disclosure.)

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