FASB ASC Accounting Standards Codification GAAP

This FREE guide to the FASB ASC, or the Accounting Standards Codification, will show you standard-by-standard the classification system implemented by the FASB to help better organize multiple formats of US GAAP accounting standards which have been released.  While the US Generally Accepted Accounting Standards at implementation remained the same as those pre-codification, new references will be needed in order to point to the same information.  As these standards are updated, the ASC numbers will stay the same, however the old APB, SFAS, etc. references will change.  The codification is tracked for updates through Accounting Standards Updates. See below for a compilation of accounting topics by FASB ASC below:

US GAAP Codification

FASB ASC

FASB ASC 100 Section – General

FASB ASC 105 – Generally Accepted Accounting Principles

FASB ASC 200 Section – Presentation

FASB ASC 205 – Presentation of Financial Statements

FASB ASC 210 – Balance Sheet

FASB ASC 215 – Statement of Shareholder Equity

FASB ASC 220 – Comprehensive Income

FASB ASC 225 – Income Statement

FASB ASC 230 – Statement of Cash Flows

FASB ASC 235 – Notes to the Financial Statements

FASB ASC 250 – Accounting Changes and Error Corrections

FASB ASC 255 – Changing Prices

FASB ASC 260 – Earnings per share

FASB ASC 270 – Interim Reporting

FASB ASC 272 – Limited Liability Entities

FASB ASC 274 – Personal Financial Statements

FASB ASC 275 – Risks and Uncertainties

FASB ASC 280 – Segment Reporting

FASB ASC 300 Section -Assets

FASB ASC 305 – Cash and Cash Equivalents

FASB ASC 310 – Receivables

FASB ASC 320 – Investments in Debt and Equity

FASB ASC 323 – Equity Method Investments in Joint Ventures

FASB ASC 325 – Other Investments

FASB ASC 330 – Inventory

FASB ASC 340 – Other Assets and Deferred Costs

FASB ASC 350 – Intangibles – Goodwill and Others

FASB ASC 360 – Property, Plant, and Equipment

FASB ASC 400 Section – Liabilities

FASB ASC 405 – Liabilities

FASB ASC 410 – Asset Retirement Obligations and Environmental Obligations

FASB ASC 420 – Exit or Disposal Costs

FASB ASC 430 – Deferred Revenue

FASB ASC 440 – Commitments

FASB ASC 450 – Contingencies for Gain and Loss

FASB ASC 460 – Guarantees

FASB ASC 470 – Debt

FASB ASC 480 – Distinguished liabilities from equity

FASB ASC 500 Section – Equity

FASB ASC 505 – Equity

FASB ASC 600 Section – Revenue

FASB ASC 605 – Revenue Recognition

FASB ASC 700 Section – Expenses

FASB ASC 705 – Cost of Sales and Services

FASB ASC 710 – Compensation – General

FASB ASC 712 – Compensation – Nonretirement Postemployment Benefits

FASB ASC 715 – Retirement Compensation

FASB ASC 718 – Stock Based Compensation

FASB ASC 720 – Other Expenses

FASB ASC 730 – Research & Development

FASB ASC 740 – Discusses uncertainty in income tax deductions

FASB ASC 800 Section – Broad Transactions

FASB ASC 805 – Deferred tax asset and liability recognition in business combinations

FASB ASC 808 – Collaborative Arrangements

FASB ASC 810 – Consolidation

FASB ASC 815 – Derivatives and Hedging transactions

FASB ASC 820 – Fair Value Measurements (Also known as SFAS 157)

FASB ASC 825 – Broad class of transactions and how fair value relates to them

FASB ASC 830 – Foreign currency translation and transactions

FASB ASC 835 – Interest

FASB ASC 840 – Treatment of capital and operating leases (Includes information from SFAS 13)

FASB ASC 845 – Non-monetary Transactions

FASB ASC 850 – Related Party Transactions

FASB ASC 852 – Reorganizations

FASB ASC 855 – Subsequent Events

FASB ASC 860 – Transfers and servicing

FASB ASC 900 Section – Industry

FASB ASC 905 – Agriculture

FASB ASC 908 – Airlines

FASB ASC 910 – Contractors – Construction

FASB ASC 912 – Contractors – Government

FASB ASC 915 – Development Stage Entities

FASB ASC 920 – Entertainment – Broadcasters

FASB ASC 922 – Entertainment – Cable TV

FASB ASC 924 – Entertainment – Casinos

FASB ASC 926 – Entertainment – Films

FASB ASC 928 – Entertainment – Music

FASB ASC 930 – Mining

FASB ASC 932 – Oil and Gas Extraction

FASB ASC 940 – Financial Services – Brokers and Dealers

FASB ASC 942 – Financial Services – Depository and Lending

FASB ASC 944 – Financial Services – Insurance

FASB ASC 946 – Financial Services – Investment Companies

FASB ASC 948 – Financial Services – Mortgage Banking

FASB ASC 950 – Title Plant

FASB ASC 952 – Franchises

FASB ASC 954 – Health Care Entities

FASB ASC 956 – Limited Liability Entities

FASC ASC 958 – Not for profit entities

FASB ASC 960 – Defined benefit pension plans

FASB ASC 962 – Defined contribution pension plans

FASB ASC 965 – Health and Welfare benefit plans

FASB ASC 972 – Real Estate – Common Interest Realty Associations

FASB ASC 974 – Real Estate Investment Trusts

FASB ASC 978 – Real Estate – Time Shares

FASB ASC 970 – Real Estate – General

FASB ASC 976 – Real Estate – Retail Land

FASB ASC 980 – Regulated Operations

FASB ASC 985 – Software

FASB ASC 995 – U.S. Steamship Entities

The above FASB reference numbers are currently a uniform system of organizing generally accepted accounting principles. This includes new reference numbers to those standards released previously under another name. While the underlying standards are the same (for example if ASC 740 and Fin 48 are one-in-the-same), it is a best practice to use the new ASC reference rather than the original. Using the previous references such as FAS 144, or FIN 48 are looked down on generally and should no longer be used. In order to present yourself as an accountant in-the-know and up to date on the current accounting trends, make sure to use these updated ASC references in all of your work.

*The complex, technical versions of the authoritative literature can be found in the Financial Accoutning Standards Board website.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)

Enter you Email and Win!

Sign up for our drawing for an Apple IPhone to help you organize your business contacts, calendar events, and more, by subscribing to our periodic newsletter. Simply add your email below and you will be enrolled. We will never, ever sell or spam your email, and you can cancel at any time!

Cite this page:

Contribute meaningful comments to the Accounting community...