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5 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is an ASU |
Accounting standards updates |
Updates to Gaap our communicated by Asus |
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How many levels are there in the codification structure |
Six levels |
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What are the six levels of the codification structure |
1) Area 2) topics 3) subtopics 4) sections 5) subsections 6) paragraphs |
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What level of the codification structure always remain the same |
The section, it is always either recognition or initial measurement |
Section is below subtopic but before subsection |
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The codification structure were designed to achieve the following goals |
Simplify the structure and accessibility of authoritative Gap, provide all authoritative literature in a single location, reduce the time and effort required to research an accounting issue, reduce the risk of non-compliance with gaap, facilitate updating of accounting standards, assistant fasb with research and convergence IFRS efforts |
Simplify and accessibility (online) Time efficient Single location Reduce non-compliance Ease of updating accounting standards IFRS efforts compatible |
