FASB ASC 105 GAAP

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 105 (ASC 105) to address Generally Accepted Accounting Principles, also known as GAAP.

The standard discusses what GAAP is, and how it is used in accounting, which entities it applies to, and the hierarchy which exists that tells accountants which standards have more authority than others.

While to many accountants and auditors, GAAP is something that they are so familiar with that they do not need to have a standard to reference, including this provides a nice introduction to the codification.  Also, for those less familiar with the hierarchy, it is an easily accessible reference to review.

*Technical versions of the standards, authoritative literature can be found in the Financial Accounting Standards Board website.

Accounting made easy, for FREE!

Access the contact form and send us your feedback, questions, etc. We are always welcome to help someone out. You can also contact us if you wish to submit your writing, cartoons, jokes, etc. and we will consider posting them to share with the world! The Facebook and LinkedIn groups are also good areas to find people interested in accounting like yourself, don’t hesitate to join as everyone of all levels are welcome to become part of the community.

Are You Ready to Take Your Accounting Skills to the Next Level on the Information Highway?

How Can We Help?