The purpose of this part is to provide you with a better understanding of the origins of the Codification. For this part, you should stay in the Codification, clicking onthe tab Other Sources $($on the left side of the home page$)$ and then Pre$-$Codification Standards. Click on FASB Pronouncements and EITF Abstracts. Click on Statements of Financial Accounting Standards. On the right, click on $"(151-168)"$ and scroll down to Statement $168.$

Based on the summary section of the FAS, what are the significant changes effected by the statement? $($You may ignore the "grandfathered" guidance.$)$ 

What content was included in the Codification?

 FAS $168$ simplified and organized GAAP. Why was it necessary to simplify and reorganize the GAAP in effect in $2009?$ What were the problems that the users of GAAP encountered before the Codification?

 Where in the Codification will you find the principles established by FAS $168?$ That is$,$ in which topic will you find the principles of FAS $168?$

Answer rating: 100% (QA)

Introduction The Financial Accounting Standards Board FASB Statement No 168 FAS 168 represents a significant milestone in the history of financial rep... View the full answer