Question

. Briefly explain the timeline and what the Codification (ASC) project is about and any impacts that it has on the accounting profession. (i.e., what is the codification project? Why this was project necessary (what is its purpose/goals)? What is the username and password for the Codification for this semester (see online student resources in Canvas)? What are the nine major areas in the Codification?

Answer 1

CONDIFICATION

Condification is a major resturcturing of accounting and reporting standard design to simplify the user access to all authoritatives of GAAP ( Generally Accepted Accounting Principles) by providing the authoritative literature in a organized structure. The primary goal of condification is to simplify user access and get the result in one spot.

PURPOSE AND GOAL OF CONDIFICATION

This system is important for the people because it provides important information about how to handle financial statements. And the major purpose and goals of condificationa are as follows.

1. Ensures that it is contented accurately and to create a research system that is upto date.

2. To make the structure simple and accessibility of authoritative GAAP.

3. Tto make the user get all the authoritative information in a single location.

4. It saves time and energy required to research in accounting issues.

5. Its main goal is to reducethe risk of non compliance with GAAP.

6. Facilitate updating of accounting standards.

7. It enables data processing and analysis.

USER NAME AND CONDIFICATION

According to FASB there are two types of views available.

1.BASIC VIEW: Basic view is free without creating and account or logging in.

2PROFFESSIONAL VIEW: It has again two types of views a. single user and b. multiple user. In single user only one user can loggin at a time and upto 9members can use it. And in mutiple user many can loggin at a time

NINE MAJOR AREAS OF CONDIFICATION.

1. General principles

2. Presentation

3. Assets

4. Liabilities

5. Equity

6. Revenue

7. Expenses

8. Broad transactions

9. Industry

These are the major goals and purpose of condification and the major areas of condification.