ACC 497 Week 1, Individual Assignment - FASB Codification System Orientation Paper 2

May 1st, 2015
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ACC 497 Week 1, Individual Assignment - FASB Codification System Orientation Paper 2

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FASB Codification System Orientation PaperNameACC 497DateInstructorFASB Codification System Orientation PaperThe purpose of this paper is to determine why the Financial Accounting Standard Board (FASB) set-up the codification of Generally Accepted Accounting Principles (GAAP). In the following paragraphs the purpose and reason are defined. The break-down of the nine main areas are described with a break-down of each area. An accounting professional will use these areas many times in his or her career, so the knowledge offered is important.The FASB codification system is a database system set-up for the authoritative combination of GAAP to be found in one place. A person does not have to search several sites and accounting board standards to find accounting information. This site is designed to allow users to offer feedback, perform research, and view site contents (About the FASB codification system, 2012, p. 1).The objective of creating the FASB codification system is to take a large amount of accounting standards data following GAAP and reduce the standards into a simpler form for means of research. The purpose is to develop a syste

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