What is Accounting Standards Codification?

What is Accounting Standards Codification?

• A. Approved by FASB in 7/2009, a single source of authoritative US accounting standards
• B. A glossary of terms.
• C. An international standard.
• D. A software platform.

Answer: (A)

Accounting Standards Codification is the official, single source of authoritative US GAAP, compiled and approved by the Financial Accounting Standards Board. Issued in 2009, it consolidates all US GAAP guidance that previously lived in many different standards, interpretations, and other publications and reorganizes it into a structured set of topics and subtopics for easier reference. It provides the definitive reference for what is considered GAAP in the US; it doesn’t create new standards by itself, and it isn’t a glossary, an international standard, or a software platform.

Accounting Standards Codification is the official, single source of authoritative US GAAP, compiled and approved by the Financial Accounting Standards Board. Issued in 2009, it consolidates all US GAAP guidance that previously lived in many different standards, interpretations, and other publications and reorganizes it into a structured set of topics and subtopics for easier reference. It provides the definitive reference for what is considered GAAP in the US; it doesn’t create new standards by itself, and it isn’t a glossary, an international standard, or a software platform.