You will research each topic and respond to specific questions about each topic. For some of the topics you will also be asked to interpret how the technical standard is applied or what the objective(s) of the related GAAP rules are attempting to address or other questions as set forth under each topic.

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:

(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?