FASB Codification System Operation Paper - sample A++ work

Week 1 Individual Assignment

FASB Codification System Operation Paper

Daphane Morgan

ACC/497

University of Phoenix

Professor Jenkinson

Monday, September 6, 2010

FASB Codification System Operation Paper

            The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) System is an online database and search engine, which incorporates and catalogs all of the generally accepted accounting principles (GAAP) for public companies, who are classified as non-governmental companies. The principles include assertions from all standard setters. The purpose of the Financial Accounting Standards Board Accounting Standards Codification System is to provide a single database, which contains all of the authoritative accounting and reporting standards for entities operating in the United States, which are not classified as governmental entities. The American Institute of Certified Public Accountants (AICPA) oversees the Financial Accounting Standards Board Accounting Standards Codification System. The American Institute of Certified Public Accountants also ensures that the Financial Accounting Standards Board Accounting Standards Codification System strives to abridge users’ access to all of the generally accepted accounting principles, through supplying an authoritative literature in a subject categorized structure. This database also is an online storage and search system, which provides and permits managers to concentrate on decision-making, instead of focusing on how to report for transactions.