FASB Codification and Careers in Accounting

May 11th, 2015
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Stanford University
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FASB Codification and Careers in Accounting Briefly explain the primary advantages of having a codification of generally accepted accounting principles. Also, recommend two (2) areas where the FASB can improve codification. Briefly summarize the outlook of future jobs in the accounting field. Give your opinion on the type of skills that will be needed to accounting fulfill the jobs in the future. Also, discuss the manner in which you will prepare yourself for a job in the accounting field.

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CodificationThe main objective of FASB to codify the Generally Accepted Accounting principles (GAAP) is to feel the customers satisfied and plush by providing all relevant information of one standard in one place without the help of Securities and Exchange Commission (SEC). The codification was applicable after the year ended 15 September, 2009. The codification structured the whole GAAP into 90 topics and some sub-topic. [Financial Accounting Foundation (2008)]Primary advantage of codification in GAAP is that there will be no other GAAP. And if someone needs solution of a comprehensive problem he/she can find the answer of it in few pages in little time. There will be no confusion between the overlapping of rules because every person used its own sources for accounting and reporting formats. Some took guidance from Security and Exchange Commission (SEC). After codification there wi

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