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Week 3 Assignment

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ACCT540
Week 3 Assignment
Please complete the below problems and submit your answers in the Week 3 Homework
Assignment page. In the Course Resources page under the Introduction & Resources module.
Navigate to the Program Resources section and click on “FASB Codification Access. At the
American Accounting Association, login page enter your username and password furnished by
your professor. Once in, find the “Help” section of the landing page. Click the “About the
Codification” link. Read the .pdf document and answer the following questions with information
you learned in the document, your book, and Internet research:
a. Why was codification needed?
Codification was necessary for several reasons. It helped simplify the Accounting Standards
Committee (ASC) access, improve research accuracy, mitigate non-compliance risk, make the
research process easy, offer real-time updates, and help with IFRS merging. Further codification
was needed to replace the American GAAP codification, which involved all the accounting
standards stipulated by the FASB.
b. What is the goal of codification?
Codification aimed to simplify and streamline the organization of the many U.S authoritative
accounting statements given by the various standard setters. To attain this goal, FASB started a
project to topically organize and integrate the essential accounting standards directed by America
standard setters. It also included standards set by FASB, Emerging Issues Task Force (EITF) and
the American Institute of Certified Public Accountants (AICPA) (Sailor, 2010). This aspect

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enhances AICPA's understanding of the authoritative literature, enabling them to assist their
clients in accounting standard changes.
c. What authoritative literature does the codification supersede?
The FASB codification will replace the current non-security and exchange commission
(SEC) reporting and accounting standards for non-governmental organizations. All other non-
SEC accounting literature not present in the codification will be regarded as non-authoritative,
including all accounting standards like EITF, FASB, and AICPA (Hashim et, al, 2015).
d. How is the codification structured? Include a discussion of the topic, subtopics,
sections, and subsections in your answer.
The codification is broken down in several areas that include topics, subtopics, sections and
subsections, and paragraphs. Topics refer to representations of the broad codification categories
and are usually represented using three-digit topic codes (Sailor, 2010). Subtopics break down
the main topic into smaller and simpler topics and are represented with two-digit topic codes. On
the other hand, sections and subsections represent the nature of a topic's content or subtopics and
are identified using two-digit codes like subtopics.
e. Describe the numerical indexing system.
A numerical indexing system refers to a referencing system used by FASB to reference
resources located inside the codification.
f. What is a “landing page?”

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ACCT540 Week 3 Assignment Please complete the below problems and submit your answers in the Week 3 Homework Assignment page. In the Course Resources page under the Introduction & Resources module. Navigate to the Program Resources section and click on “FASB Codification Access.” At the American Accounting Association, login page enter your username and password furnished by your professor. Once in, find the “Help” section of the landing page. Click the “About the Codification” link. Read the .pdf document and answer the following questions with information you learned in the document, your book, and Internet research: a. Why was codification needed? Codification was necessary for several reasons. It helped simplify the Accounting Standards Committee (ASC) access, improve research accuracy, mitigate non-compliance risk, make the research process easy, offer real-time updates, and help with IFRS merging. Further codification was needed to replace the American GAAP codification, which involved all the accounting standards stipulated by the FASB. b. What is the goal of codification? Codification aimed to simplify and streamline the organization of the many U.S authoritative accounting statements given by the various standard setters. To attain this goal, FASB started a project to topically organize and integrate the essential accounting standards directed by America standard setters. It also included standards set by FASB, Emerging Issues Task Force (EITF) and th ...
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