From the Notification to Constituents:
Language changes from the previous standards include:
Entity replaces words such as company, organization, enterprise, firm and preparer.
Intra-entity replaces intercompany
Shall replaces "is" "required to," "must" and similar terms
Would and should are used to represent examples and hypothetical situations
Baruch students and faculty have access to the FASB Codification through two databases:
Consult these databases for help with accessing and searching the codification. See also videos and tips mentioned in left and right boxes.
Free Access from the FASB
Search features available in the Professional View are not available in the Basic View. Basic View searches are limited to searching by known numerical citation, or drilling down the major Codification topics.
Additional ways to search in the FASB Accounting Standards Codification Professional View-Academic Access and CCH Accounting Research Manager:
Cross Reference enables you to cross reference between the superceded standards and the Codification. Either: Enter the information about the earlier standard to learn where in the Codification the language is now located, or enter information about the Codification to identify the standards that contain the language referenced in the Codification. See Cross Reference help and tutorial
Join Sections enables you to select Codification content that spans multiple topics and subtopic. A topic and section must be selected. See Join Sections help and tutorial
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.