Chapter 1
FASB Accounting Standards Codification TM Research
System
Enables comprehensive, but not complete, research on accounting issues for the private sector.
Includes essential content and implementation guidance from prior GAAP levels A–D, organized into approximately 90 topical areas.
Includes limited SEC Content (for user convenience only).
Supersedes all pre-existing non-governmental accounting and reporting standards upon adoption.
Replaces the prior five-level GAAP hierarchy with two levels: authoritative and nonauthoritative.
Access the Codification from the FASB website
( www.fasb.org
); left-click “Standards tab”; then left-click “Accounting Standards
Codification”, or go directly to http://asc.fasb.org
There are two types of users and two subscriptions available:
Login
Basic View: free to users who register with a valid email address, has limited functionality.
Professional View: provides full access to the
Codification for a fee.
Academic: access to professional view at reduced rates.
Contains Five tabs: Browse, What’s New,
Recently Issued, Cross Reference, Join sections.
Browse: is a powerful research tool.
What’s New: includes information by date, topic, or document for various time periods, up to one year.
Recently Issued: includes links to recently issued content.
The Codification – Opening Screen
(Cont.)
Cross Reference: allows researcher to crossreference between original archived standards and Codification.
Join Sections: allows researcher to select multiple topics and display those choices in one document.
Browse Tab – Left Navigation Panel
Is divided into two areas: Codification and
Other Sources
Codification
“Go To” box : allows researcher to directly type known code section to be hyperlink to the associated section.
Notice to Constituents: discusses the
Codification in general.
Browse Tab – Left Navigation Panel
(Cont.)
Topical Categories: include General Principles,
Presentation, Financial statement accounts, Broad
Transactions, and Industry.
Follow a three-two-two numbering scheme (XXX-YY-
ZZ).
General principles are assigned codes 105-199.
Presentation topics are assigned codes 2-5-299.
Financial statement accounts are assigned codes 305-799.
Assets: 305-399
Liabilities: codes 405-499
Equity: 505-599
Revenue: 605-699
Expenses: 705-799
Browse Tab – Left Navigation Panel
(Cont.)
Broad transactions are assigned codes 805-899.
Industries are assigned codes 905-999.
Master Glossary: provides a list of all glossary terms contained in each topic.
Other Sources
Accounting standards updates.
Proposed accounting standards updates.
Other exposure documents.
Pre-codification standards.
Maintenance updates.
Browse Tab – Center Screen & Top
Right Screen Area
The center screen contains:
About the codification - links to the Notice to
Constituents.
Providing feedback - links to information about how to provide feedback.
Tutorials, help and research - provides audio slide deck tutorials, help on navigation, help on features such as: annotations, archived content, copy and paste, feedback etc.; and four suggestions for researching in the codification.
Browse Tab – Center Screen & Top
Right Screen Area (Cont.)
What’s New - contains latest modifications and enhancements to the website.
The top right screen area contains a Search box and a link to the Advanced Search.
The Codification database enables researchers to obtain authoritative evidence on their research questions.
Search processes include utilizing:
The cross reference function (middle screen area or its own tab).
The master glossary (left navigation panel).
A topical category search (left navigation panel).
A key word search (top right screen area).
The Research Process – Master
Glossary
Master Glossary provides a list of all glossary terms contained in each topical category.
To use:
Left-click on the master glossary heading for the alphabet to appear in the center screen area along with a Glossary Term Quick Find option.
Left-click on the desired alphabet letter or type in a term to display results of all related definitions.
The Research Process – Topical
Categories
Topical categories are always displayed in the left navigation panel.
Most widely used research method as most researchers have an idea of which topic is of interest to them.
To search within topics:
Move the cursor over the category of interest to open the topic and subtopic windows.
After reaching the final area of interest, left-click to produce the desired information in the center screen.
The Research Process – Keyword
Search
Basic keyword search
Located on the top right screen.
Enter a keyword(s).
Left click on “Go.”
Search results appears in center screen.
Left-click on a search result heading to produce the related literature.
Advanced keyword search
Located beneath the basic search bar.
Allows the search to be narrowed by:
Search area – all or specific topics and subtopics.
Keyword – all, any, exact, within so many words.
Codification reference.
Document/title heading.
The Research Process – Keyword
Search (Cont.)
Basic keyword search
An area to the right of the screen helps the researcher narrow the search by related terms or area.
Advanced keyword search
Area – all or specific without topic/subtopic choices.
Source type – Codification or other.
Number of results to display.
Results are shown in center screen with narrowing subtopics on the right.
Moving within the Codification and
Section Links
For all searches, the back arrow in the browser can be used to move back to the previous search.
Alternatively, left-click on the larger topical area would restore the previous search results on display.
E-mail, Print, And Copy/Paste
Functions
Content of Standard can be emailed, printed, or copied and pasted.
Page/Print Functions box and an e-mail box appear in a title bar at the bottom of the screen.
Left-click on page/print heading.
The researcher can choose to e-mail, print a record, print a record with the table of contents, print a record with sources, or copy and paste the record.