Question

FASB Discussion Board -Required-

In memorandum format please respond to all of the following questions/prompts:

Audience: Your classmates

Purpose: To Understand and explain the role of FASB

1. What is the FASB?

2. Explain FASB codification

3. What is the relationship of FASB to the SEC?

4. Locate the FASB website.

       What resources are available to you on the FASB website?

5. What is the conceptual framework? How does it relate to the FASB?

6. Complete E 1-4 from your textbook.  Comment on your experience accessing and searching for FASB codification

7. Please copy and post your memo into this discussion board. Do not attach a word document.

8. Please post one main post and respond to at least 2 of your classmates posts. You will not be given any credit if you do not complete all of the required postings.

Please remember own words

Answer 1

What is FASB – before explain about what is FASB , need to understand full form of FASB – Financial Accounting Standard Board . This FASB is Independent Non profit Organization .

Role of FASB to established an accounting and financial reporting   standard for companies and Non profit Organization in USA

Explain FASB codification – Codification represents the single source of Authority in relates to Governing and non Governing GAAP ( generally Accepted Accounting Principle) in the USA. FASB completed its Accounting Standard codification of USA GAAP

The main reason to introduce codification was to mitigate the difficulty of various levels of hierarchy

Of GAAP that was issued by numerous standard setting Bodies over the year . Major focus to implement this codification to streamline the process of researching all accounting topic with help of consolidating all authoritative in one place This codification will save accountant time and effort in relates to accounting research and reduce incorrect application

What is the relationship of FASB to the SEC?

In USA , there is very close relation between FASB and SEC . SEC represents Securities and Exchange commission . FASB always try to set accounting standard and improve financial accounting and reporting to provide more transparent , useful information to Investor , Stakeholders etc

SEC designated FASB as the responsible for setting Accounting standard , process for Public Companies listed in USA

What resources are available to you on the FASB website?

Normally following resources are available under FASB site –

Standards – Update on Multiple standards – Like – Accounting Standard codification, Standard updated issued , Private company decision making Framework , Transition resources , Group of credit losses,

Projects – include Technical Agenda , Exposure document , Recently completed projects etc.

Meeting – Upcoming meeting, Tentative Board decision ,

Reference Library – FASB Chairman Quarterly reports etc,,

News and Media , About US ,

What is the conceptual framework? How does it relate to the FASB?

The conceptual Framework mainly assist to IASB in case of development of future IFRS and review of existing IFRS . Also The conceptual Framework will also help to prepare of financial statement with help of accounting policies .

It helps FASB Board in setting a sound financial accounting framework and helps member of the Board to understand and apply those standard and continuous development

The conceptual frame work always try to simplied more complex accounting position by introduced of Intellectual discipline , precise terminology raise right question at right forum