Demystifying the Accounting Standards Codification. Peggy Gallagher, CPA email@example.com. Demystifying the Accounting Standards Codification. What is it? When is it effective? How will it affect me? Resources. Overview of the Codification.
Related searches for Demystifying the Accounting Standards Codification
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Peggy Gallagher, CPA
FASB statements ~ FASB Staff Positions ~ FASB
Interpretations ~ Accounting Principles Board Opinions ~
EITF Abstracts ~ AICPA Audit & Accounting Guides ~ FASB
Technical Bulletins ~ SEC S-X Rules ~ SEC Staff Accounting
Bulletins ~ AICPA Statements of Position ~ SEC S-K Items ~
SEC Speeches ~ AICPA Practice Bulletins
Approximately 90 topics, in 5 main areas
Subtopics: Overall, Operating, Capital
Select the feature “Join all Sections” in order to combine each element of this backbone into one, seamless discussion
Example: Join the Disclosure section for all subtopics within the Revenue Recognition Topic
Q: How will I be able to find the original source (old standards) of the ASC material?
A: The Codification includes a cross-reference report that allows users to identify where current standards reside in the Codification, or the source of material included in the Codification. (see example)
“New” ASC Citation
ASC 450, Contingencies
ASC 740, Income Taxes
ASC 350 Intangibles – Goodwill and Other
ASC 820 Fair Value Measurements and Disclosures
ASC 275, Risks & Uncertainties
ASC 805 Business Combinations
ASC 718 , Compensation – Stock Compensation
SOP 94-6, Significant Risks & Uncertainties
FAS 141(R), Business Combinations
Two ways of linking ASC materials to old standards:
Streamline: remove unnecessary, outdated technical references in footnotes
Consider: deleting all technical citations in favor of a “Plain English” approach (recommended)
Example: “….as required by the Derivatives and Hedging Topic of the FASB ASC…”
Other documents impacted by ASC:
“The material contained in this presentation is for general information and should not be acted upon without prior professional consultation.”QUESTIONS ?????????