What does ASC mean in ACCOUNTING
The acronym ASC stands for Accounting Standards Codification. It is a set of authoritative, comprehensive accounting guidance that has been organized within an easy-to-use research platform developed by the Financial Accounting Foundation (FAF). This includes all US Generally Accepted Accounting Principles (GAAP) from multiple standard setters, including the FASB and EITF. The codification was introduced in June 2009 to provide clear guidance for accountants and business professionals in financial accounting and reporting. It remains the single most reliable source for US GAAP principles providing previously issued standards combined with new authoritative literature into one consistent source.
ASC meaning in Accounting in Business
ASC mostly used in an acronym Accounting in Category Business that means Accounting Standards Codification
Shorthand: ASC,
Full Form: Accounting Standards Codification
For more information of "Accounting Standards Codification", see the section below.
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Essential Questions and Answers on Accounting Standards Codification in "BUSINESS»ACCOUNTING"
What is the Accounting Standards Codification?
The Accounting Standards Codification (ASC) is a comprehensive system of accounting standards issued by the Financial Accounting Standards Board (FASB). It provides a single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP) for public and non-public companies.
What type of information can be found in the ASC?
The ASC contains detailed guidance on all aspects of accounting, including recognition, measurement, presentation, and disclosure requirements. It also includes illustrations and examples that provide guidance on how to apply the standards to particular transactions or events.
How often is the ASC updated?
The ASC is continuously updated as new standards are issued by the FASB. Certain sections may also be amended by FASB Technical Bulletins which provide additional guidance on certain topics or special situations.
Is there any fee associated with using the ASC?
There is no fee associated with using and/or accessing the ASC. It can be accessed free of charge from various websites such as fasb.org or ascwebsite.com
Where can I find an explanation of specific accounting terms used in the ASC?
Each section of the ASC contains a Glossary which explains key terms used throughout that section. In addition, Annotated Explanations are available which provide further detail about each standard and its application in specific circumstances
Is it possible for private companies to use alternatives outside of what is prescribed in Section 1000–1999 ofthe ASC?
Yes, Private companies have flexibility in choosing their accounting principles provided that those principles are consistently applied throughout all reporting periods unless there has been significant change in operations or ownership structure
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