June 30, 2009
July 1, 2009
Sept 15, 2009
Dec 31, 2009
All Levels are superseded
Create a codification research system that is up to date for the released results of standard-setting activity.
Simplify user access by codifying all authoritative US GAAP in one spot.
Converge international accounting standards
Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.
None, ALL answers above are PRIMARY GOALS of the CODIFICATION
The General Principles Area relates to broad conceptual matters.
The Assets, Liabilities, and Equity Areas contain guidance about specific individual balance sheet accounts (e.g., cash, accounts payable, additional paid-in capital).
The Broad Transactions Area contains guidance about to multiple financial statement accounts.
The Revenue and Expenses Areas contain guidance about specific individual balance sheet accounts (e.g., sales revenue, employee compensation).
The Industry Area contains guidance about to a specific industry or type of activity.
200's for PRESENTATION
400's for LIABILITIES
500's for EXPENSES
600's for REVENUES
800's for BROAD TRANSACTIONS
ALL are included
XXX-YY-30 Initial Measurement
INCOME STATEMENT: Revenue Recognition - Overall - Recognition
REVENUES: Revenue Recognition - Overall - Recognition
REVENUES: Recognition - Overall - Revenue Recognition
None of the above
Statements of Financial Accounting Standards (SFAC)
FASB Staff Position
Here's an interesting quiz for you.