Guide offered by the accounting firm PWC
On July 1, 2009, the Financial Accounting Standards Board (the FASB), approved the Accounting Standards Codification (ASC) as "the single source of authoritative U.S. accounting and reporting standards, other than guidance issued by the Securities and Exchange Commission (the SEC)."
The Codification superseded (replaced) all then-existing SEC accounting and reporting standards by reorganizing the existing authoritative literature.
Now, only one level of authoritative U.S. GAAP exists, other than guidance issued by the Securities and Exchange Commission (SEC). All other literature is non-authoritative.
The FASB Accounting Standards Codification (ASC) reorganizes accounting literature.
In addition to General Principles (Topic 105), offering an explanation of Generally Accepted Accounting Principles (GAAP),
the Seven financial accounting and reporting categories, which are numbered, are:
The seven categories have topics, and the topics have subtopics.
A "SEC Section" is included for topics that are affected by SEC regulations.
The subtopic Capital Leases offers an example of the organization:
30 Capital Leases
00 Status 40 Derecognition
05 Overview and Background 45 Other Presentation Matters
15 Scope and Scope Exceptions 50 Disclosure
20 Glossary 55 Implementation Guidance & Illustrations
25 Recognition 75 XBRL Elements
30 Initial Measurement S00 Status
35 Subsequent Measurement S35 Subsequent Measurement
S55 Implementation Guidance &
S75 XBRL Elements
S99 SEC Matters
Toerner, M. C. (2009). A guide to using the Accounting Standards Codification. The CPA Journal, 79(2), 20-25. Toerner is a CPA and an accounting professor.
Ford, C.O. and Thomas, C. William. (2008). Test-driving the Codification, Journal of Accountancy. 206(2), 62+. The authors are CPAs and accounting professors.
Newman Library librarians, some of whom have MBAs, are available virtually to assist with your research and reference inquires.
While classes continue to be offered virtually, so is reference assistance, either for individuals or small group consultations.
To start your inquiry:
This guide was originally developed by Associate Professor Rita Ormsby, who has retired from Baruch after serving as the library's liaison to the accountancy department.