Stanford University FASB Codification Discussion
Read the article "FAS 168 Changing How CPAs View, Research, Evaluate GAAP" by Michael J. McPartlan (2009). The author states that the FASB Codification should save accountants time and energy researching accounting topics. Do you agree with that statement? Why, or why not?From your exposure to date on the FASB Codification, do you find it easy to navigate and apply? Why, or why not?Do you think it would be useful in your day-to-day professional career? Why, or why not? Reference McPartlan, M. J. (2009). FAS 168 Changing how CPAs view, research, evaluate GAAP. California CPA, 78(3), 16–17. Do the discussion first then response each posted below. Posted 1 Do you agree with that statement? Why, or why not? Yes, I do agree with that statement. Before the Codification, standards were organized by pronouncement (McPartlan, 2009). With this type of system, topics are separated, requiring additional searching to find the correct information and to be sure that all of the applicable information was located. Topical organization, however, makes it easier to find the information needed and be sure that information isn’t missed because it is located somewhere else in the standards. From your exposure to date on the FASB Codification, do you find it easy to navigate and apply? Why, or why not? So far I do find it easy to navigate, though my exposure has been limited to this course so far. Having all of the information on FASB standards located in one place by topic seems to make it easy to find what’s needed. It is also useful that superseded standards have links to what superseded them. Do you think it would be useful in your day-to-day professional career? Why, or why not? Yes, I think it would be useful in my day-to-day professional career, especially in the future. Easily being able to access and research standards is useful. I would like to someday be a controller or CFO, and being able to quickly find needed information would be helpful. References McPartlan, M. J. (2009). FAS 168 Changing how CPAs view, research, evaluate GAAP. California CPA, 78(3), 16–17. Posted 2 Read the article "FAS 168 Changing How CPAs View, Research, Evaluate GAAP" by Michael J. McPartlan (2009). The author states that the FASB Codification should save accountants time and energy researching accounting topics. Do you agree with that statement? Why, or why not? Yes, I agree with the statement. The article provides codifications comparison research results using new systems against prior research methods. The FASB codification is designed to aid the accounting professional with classifications of accounting standards by reorganizing all authoritative GAAP for non-governmental. FSAB goal is that the codification will aid in reducing risk of noncompliance with supplying real time updates by reducing the time spent on researching accounting issues. From your exposure to date on the FASB Codification, do you find it easy to navigate and apply? Why, or why not? It was a bit intimidating at first but once you figure out how to maneuver and find what you are looking for it is a useful tool for accountants to use in their search. Yes, I found the FSAB codification easy to navigate and search once I got comfortable with it. Do you think it would be useful in your day-to-day professional career? Why, or why not? Yes, I do believe it would be a valuable tool that can be used in day-to-day operation if necessary. Particularly if an issue arises there is comfort in knowing the codification is available. Especially since most accountant is on time restraints when it comes to researching a problem and supplying the most proficient answer. By having all the information centralize helps the accountant effectively and efficiently find what they need. References: McPartlan, M. J. (2009). FAS 168 Changing how CPAs view, research, evaluate GAAP. California CPA. Posted 3 Do you agree with that statement? Why, or why not? Once you get familiarized with the FASB codification website, I can definitely see how FAS 168 Changing How CPAs View, Research, Evaluate GAAP statement can be true so yes I do agree with it. From my understanding the FASB codification was created to be used to basically shed light or ease up how difficult it would be when researching, locating, understanding, and applying the different layers and levels of the issuance of GAAP that has been issued by numerous standard setting bodies over the years. FASB also believes that being that there have been some struggles with the understanding of GAAP principles, that is what caused financial discrepancies and issues over the years. From your exposure to date on the FASB Codification, do you find it easy to navigate and apply? Why, or why not? I have found the FASB codification easy to navigate. It is really straight forward and simple in which makes it neater to read through and navigate to what you need or looking for. Do you think it would be useful in your day-to-day professional career? Why, or why not? The FASB codification is a useful source. For me, it would definitely come in handy when I need to research topics for how to do’s, what to do’s in a more simplified what and also what has been updated regarding standards. Almost like an easier all in all source. Reference McPartlan, M. J. (2009, September 1). Moving on up: FAS 168 changing how CPAs view, research, evaluate GAAP.Moving on up: FAS 168 changing how cpas view, research, evaluate GAAP. Retrieved January 20, 2022