Know Your Code
The FASB Accounting Standards Codification is the single source of authoritative nongovernmental U.S. generally accepted accounting principles (US GAAP). The Codification is available within Accounting Research Manager (CCH), but the Library also subscribes to it as a stand-alone site.
As indicated on the screen shot below, there are three features of particular note about the FASB Accounting Standards Codification Site. They are:
- The “What’s New” area helps you keep track of the latest changes in the Codification. You can view what’s new by date, by topic or by document.
- The “Cross Reference” area will direct you to a section of the Codification when you have an older accounting reference. If you find a mention of a previous accounting standard, such as a FASB Statement (FAS) or a Statement of Position (SOP), in an article or textbook, use the Cross Reference area to get directed to the current section of interest in the Codification. The Cross Reference area is also useful for quickly navigating to a section of the Codification when you have a document number such as 926-20-25-4.
- The “Notice to Constituents” provides information that will help you understand the Codification’s structure, content, style and history and provides excellent guidance on how to reference the Codification in financial reports and from within the text of a research paper.
Structure of the Code
The Codification’s classification system is significantly different from the structure of previous accounting standards. The structure is as follows:
| Topic |
SubTopic |
Section |
Paragraph |
| Entertainment-Films |
Other Assets-Film Costs |
Recognition |
General-Overall Deals |
| 926 |
20 |
25 |
4 |
Citing the Code
One question we get at the Reference Desk, quite a lot actually, is “How do I cite the Codification in my bibliography?”. Since inquiring minds want to know, the following is my interpretation of how the Codification would appear using:
APA Format
Financial Accounting Standards Board (FASB). (2010). Accounting standards codification TM. Financial Accounting Standards Board (FASB). Retrieved from http://asc.fasb.org/
MLA Format
Financial Accounting Standards Board (FASB). Accounting Standards Codification TM. Financial Accounting Standards Board (FASB), 2010. Web. 4 Nov. 2010.
RefWorks Users:
If you use Refworks, here is an example of how to fill out the fields when you “Add a New Reference” to your account.
Ref Type: Generic
Source Type: Electronic
Output Language: Unknown
Authors, Primary: Financial Accounting Standards Board (FASB)
Title, Primary: Accounting Standards Codification TM
Pub Year: 2010
Publisher: Financial Accounting Standards Board (FASB)
Links: http://asc.fasb.org/
Retrieved Date: 4 Nov. 2010 (MLA) (APA doesn’t require a retrieved date for this type of source)
***Please, always double check with your professor when referencing your sources.***
Connect to this database:
Please visit FASB Codification to explore this resource further, or visit our Databases page to view a complete list of our resources.
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Database of the Month provides a very brief introduction to an important research database, highlighting key features of the database that you should know about. If you would like more information about this database (or any of the library’s databases) please contact the Reference Desk. If you would like a demonstration of this database for a class, please contact our Coordinator of User Education, Elizabeth Galoozis.
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