How to Reference FASB Codification

Save

The Financial Accounting Standards Board, or FASB, is the leading source of generally accepted accounting principles. The FASB is an independent rule-making agency and issues Statements of Financial Accounting Standards regarding financial reporting objectives, elements to be included in financial statements and desired characteristics of accounting information. The FASB maintains an Accounting Standards Codification, also called the ASC, which is frequently referenced by accountants, lawyers and students. It is updated periodically and contains topics, subtopics, sections and paragraphs that can be individually referenced using the proper citations.

  • Reference a Financial Accounting Standards Board topic using the following format: FASB ASC 111, in which the number sequence represents the topic number.

  • Reference a Financial Accounting Standards Board subtopic using the following format: FASB ASC 111-01, in which the numbers following the topic sequence represent the subtopic number.

  • Reference a Financial Accounting Standards Board section using the following format: FASB ASC 111-01-21, in which the numbers following the subtopic sequence represent the section number.

  • Reference a Financial Accounting Standards Board paragraph using the following format: FASB ASC 111-01-21-1, in which the numbers following the section number represent the paragraph number.

References

Promoted By Zergnet

Comments

You May Also Like

  • FASB and Leasehold Improvements

    In 2006, the Financial Accounting Standards Board (FASB) took another look at leasehold improvements. The revisions based on the Board's findings resulted...

Related Searches

Check It Out

Are You Really Getting A Deal From Discount Stores?

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!