Question

Access the FASB website by clicking on the FASB Codification Access on the Course Resources page and scroll down to the link, user ID, and password information. Once you login, click the FASB Accounting Standards Codification link. Review the materials in the FASB Codification, especially the links on the left side column. Next, write a 1-page memo to a friend introducing and explaining this new accounting research resource that you have found. Provide at least one APA citation to the FASB Codification and reference that citation using the APA guidelines provided by your professor in the announcement area.

Answer 1

Answer:

Explanation:

FASB Accounting Standards CodificationTM(Codification) will become the source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. On the effective date of this Statement, the Codification will supersede all then-existing non-SEC accounting and reporting standards. All other nongrandfathered non-SEC accounting literaturenot included in the Codification will become nonauthoritative. This Statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009.