Advanced Accounting, 5th Edition

APPENDIX ASC: RESEARCHING THE FASB CODIFICATION

It would be very helpful to open the Codification page on a web browser when reading this appendix.

CODIFICATION OPENING PAGE

A. The BROWSE Column

A.1 Codification The FASB Codification provides an easier method for performing research that was not possible with previous standards. The Codification provides a topical organization and groups the content by the nature of the underlying item being addressed. Figure 1 shows the opening screen for the FASB Codification (as of the date of this printing). The left hand column is labeled as ‘BROWSE’ and there are two main headings in this column: Codification and Other Sources. The first portion, labeled ‘Codification,’ contains a ‘Go To’ box and the topical listing of the codification (from General Principles through the Master Glossary). The ‘Go To’ box allows experienced users to enter a desired location within the Codification. You can ‘go to’ any of the four levels (topic, subtopic, section, or paragraph) within the codification such as 330 (which is general inventory topic) or 330-10-50-1, which is the paragraph on the basis for stating inventories (topic = 330, subtopic overall = 10, disclosure section = 50, paragraph = 1).

FIGURE 1 FASB Codification Opening Page

Beneath the ‘Go To’ box in the first column, a high level topical listing of the Codification appears. When you hover over ...