FASBs GAAP Codification ( use FASB Link)

To access FASB Codification: Login link: http://aaahq.org/ascLogin.cfm

Username: AAA51248; Password: 95VjSmW

What is the Accounting Standards Codification?

Purpose- Why was it Codified?

Go to the FASB Accounting Standards Codification and familiarize yourself with its content.

Go to Presentation- Sec 205, 215,220,225,230,235: What do they pertain to? briefly describe.

Go to ASSETS-Sec 360- Sec 30-1 & 30-2 : What do they pertain to?- briefly describe.

Go to Liabilities- Sec 405 05: What does it pertain to?- briefly describe.

Go to Equity- Sec 505-05, 05-3: What do they pertain to?- briefly describe.

Revenue- Sec 605- 05, O5-1: What do they pertain to?- briefly describe.

Expenses- Sec 705- 05-1: What does it pertain to?- briefly describe.

Other Sources- (a).Proposed Accounting Standards Updates-2015-11 Inventory-

(b) Concept Statements

Briefly describe a an b separately

Is the FASB GAAP Codification a good or bad thing? Your thoughts, and why?

What value, if any, did you obtain from this assignment?