FASB Accounting Standards Codification : the FASB Accounting Standards Codification, is the primary source of GAAP,. The FASB Accounting Standards Codification is an electronic database that integrates and topically organizes the U.S. accounting standards (GAAP). The Codification is important because it is the only source of authoritative U.S. GAAP for companies to determine how to record their transactions, events, or circumstances, and how to report the results in their financial statements..

Use the Codification to determine how to recognize, value, and depreciate a piece of equipment and inventory. Provide the specific FASB ASC reference(s) that provide the appropriate guidance.