LEARNING TO USE THE FASB CODIFICATION SYSTEM
The best way I know of to learn how to work with the FASB Codification Research System is to use the FASB Learning Guide. I recommend this resource to students at the beginning of the course. Click the title below to access the FASB LEARNING GUIDE. Of all the information in the Learning Guide, "Lesson #3" (See Page 22) will really help you. It focuses on how to find relevant paragraphs within Sections.
Dr. Rick Lillie
Dr. Rick Lillie
OVERVIEW: ORGANIZATION OF THE FASB CODIFICATION RESEARCH SYSTEM
FASB CODIFICATION: FINDING RELEVANT ACCOUNTING GUIDANCE BY SYSTEMATIC BROWSING
CODIFICATION ORGANIZATION
IDENTIFY RELEVANT AREAS, TOPICS, AND SUBTOPICS
WORKING WITH SECTION-LEVEL CONTENT (PARAGRAPHS) -- LESSON 3 (PAGE 22)
Lesson 3 will help you learn to:
The more familiar you are with the Codification's specific Sections, the faster you will be at finding answers to your research questions. The Codification's Sections are standardized across all of the Codification's Subtopics.
- Identify specific Codification Sections that are relevant to your research questions.
- Find both FASB and SEC guidance at the Section level and distinguish each kind of guidance from the other.
- Systematically browse the content within Codification Sections.
The more familiar you are with the Codification's specific Sections, the faster you will be at finding answers to your research questions. The Codification's Sections are standardized across all of the Codification's Subtopics.
When browsing sections, here is what you can expect to find in each section.
- Sections 00 through 20:
- Sections 25 though 50:
- Sections 55 through 75
EXPLORING PARAGRAPHS WITHIN SECTIONS
CITING YOUR RESEARCH
A proper Codification citation specifies the exact location of the cited content within the Codification's hierarchical structure. On the basis of a citation, a knowledgeable reader can readily navigate within the Codification to the cited content. A citation describes a "path" through the various levels of the hierarchy to the content's location.
For purposes of establishing a consistent referencing approach, the FASB suggests the format illustrated below for citing Codification content.
For purposes of establishing a consistent referencing approach, the FASB suggests the format illustrated below for citing Codification content.
The citation FASB ASC 840-10-25 refers to a Section within a topic. The citation 25-1 refers to a specific paragraph within the Section. This is the citation format that we will use in this course. This may be the citation format that you will use on the CPA Examination.
For FASB Codification Research Projects completed in this course, structure your citations as indicated below.
For FASB Codification Research Projects completed in this course, structure your citations as indicated below.