The highest level of authoritative guidance for u.s. gaap is the accounting standards codification.

JofA ARTICLES

Test-Driving the Codification

Dec. 2008

FASB’s Accounting Standards Codification was designed to simplify the classification of accounting standards by restructuring all authoritative U.S. GAAP for nongovernmental entities into one Web-accessible database under a common referencing system. The authors offer a detailed look at the structure of the codification and compare the results of research using the new system with those of traditional research methods.

Framing the Future: A First Look at FASB's GAAP Codification

May 08

FASB’s Accounting Standards Codification will affect the day-to-day work of nearly every CPA who practices, teaches or researches accounting in accordance with U.S. GAAP. The project reorganizes authoritative pronouncements into 90 accounting topics in a consistent, searchable structure. Find out what you need to know about the changes ahead.

NEWS UPDATES

FASB Expected to Issue Accounting Standards Codification as Authoritative on July 1
May 12, 2009

Significant changes will affect the way CPAs perform accounting research and reference accounting literature in day-to-day work.On July 1, FASB is expected to issue the FASB Accounting Standards Codification (ASC) as authoritative. The ASC will become the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC.

FASB Advances GAAP Codification Plan

March 31, 2009

FASB took another step forward in its plan to codify U.S. GAAP with the release of an exposure draft on changes to the GAAP hierarchy.In the draft, the standard setter reiterates the planned July 1 effective date for the FASB Accounting Standards Codification to become the single source of authoritative U.S. accounting and reporting standards, except for SEC rules and interpretive releases. The 20-page proposal would modify FASB Statement no. 162, The Hierarchy of Generally Accepted Accounting Principles. The proposal would establish only two levels of GAAP—authoritative and nonauthoritative.

VIDEO

Ready For a Big Change?

May 12, 2009

On July 1, FASB's Accounting Standards Codification is expected to become authoritative. Arleen Thomas, AICPA Senior Vice President - Member Competency and Development, highlights how the codification will be different from GAAP as CPAs have always known it.

RESOURCES

FASB Accounting Standards Codification home page, http://asc.fasb.org/home

From the Maryland Association of CPAs:

AICPA RESOURCES

Find a codification overview, archived Webcasts and other links to help you prepare for the shift to the FASB ASC at the Accounting and Auditing Web site.

FASB ASC PowerPoint Presentation
This presentation is designed to help you educate members in your organization on the ASC. It will help them understand the purpose, meaning and structure of the ASC; how to use the ASC; available resources; and what they need to do now to be prepared when the ASC becomes authoritative on July 1.

Go to the index of these reference books and look up your topic for more information.

Georgiades, G. (2011). GAAP Financial statement disclosures manual. Chicago: CCH. (REF HF 5658 .M55 2018-19)
This reference book is a source of financial statement disclosures and key presentation requirements. There are hundreds of examples of sample footnote disclosures. Use this reference work to look up an ASC topic and get an executive summary, the disclosure and key presentation requirements, and examples of financial statement disclosures. Topics are arranged numerically into 9 parts, consistent with the organization of the Codification.

Part 1: General Principles (ASC Topics 100s)
Part 2: Presentation (ASC Topics 200s)
Part 3: Assets (ASC Topics 300s)
Part 4: Liabilities (ASC Topics 400s)
Part 5: Equity (ASC Topics 500s)
)Part 6: Revenue (ASC Topics 600s)
Part 7: Expenses (ASC Topics 700s)
Part 8: Broad Transactions (ASC Topics 800s)
Part 9: Other

Afterman. A. B., & Jones, R. H. (2011). Accounting and auditing disclosure manual. New York: Thomson Reuters. (REF HF 5658 .A23 )
This annual reference work contains relevant disclosure requirements with hundreds of examples of sample language that can be used to prepare financial statements and auditors' reports complying with GAAP, GAAS, and IAS.

American Institute of Certified Public Accountants. (2010). Accounting trends & techniques. New York: Author. (REF HF 5681 .B2 .A35)
The annual reference work compiles annual reporting and disclosure data with examples drawn from a survey of the annual reports of some 500 publicly traded companies. ASC (Accounting Standards Codification) is included when referenced in the statements of the reporting entities.

Siegel, J. G., Levine, M. H., Qureshi, A. A., & Shim, J. K. (2018). GAAP Handbook of policies and procedures. Chicago: CCH. (REF HF 5616 .U5 .S54)
This practical reference book contains all of the important authoritative pronouncements on GAAP. It contains accounting principles, financial reporting presentation requirements, recommended disclosures, and specialized accounting topics.

Williams, J. R., Carcello, J. V., & Neal, T. L. (2011). GAAP Guide. Chicago: CCH. (REF HF 5616 .U5 .M526 2011) 2 vols.
This reference guide analyzes AICPA Accounting Research Bulletins, APB Opinions, and FASB Statements and Interpretations. It includes citations to the FASB's Accounting Standards Codification organized alphabetically by topic. There is a section of "uncertain tax positions" which is one of the ACC 550 research topics.

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