What is the purpose of the FASB Codification System?

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The FASB Codification System is an online, searchable archive that contains all U.S. GAAP (Generally Accepted Accounting Principles) standards and accounting interpretations developed by the Financial Accounting Standards Board (FASB). The purpose of the FASB Codification System is to provide a user-friendly platform where accountants can quickly find authoritative guidance on particular financial accounting topics.

The nine content areas located in the FASB Codification System are as follows:
1) Assets – This content area includes items relating to recognition, measurement and disclosure of assets such as property, plant & equipment; intangible assets; investments in debt & equity securities; inventories; leases; pension plans & other postretirement benefits plans; related party transactions; derivatives & hedging activities and more.
2) Liabilities – This content area covers items such as recognition, measurement and disclosure of liabilities including contingencies, guarantees and commitments. It also covers debt instruments issued from entities within certain industries such as real estate investment trusts, insurance companies or broker-dealers etc.; employee benefit obligations ; pensions & other retirement plans ; deferred income taxes ; environmental obligations ; legal proceedings and liability settlements etc.
3) Equity – Items in this section relate to equity capital elements along with full dilution analysis of share options outstanding at reporting dates along with treasury stock transactions .
4) Revenue Recognition – It deals with general requirements for revenue recognition under generally accepted accounting principles which includes rules for recognizing revenues arising out of contracts entered into with customers including sale or exchange arrangements , barter exchanges , time value considerations , multiple element arrangements etc . Also included here will be associated disclosures related to revenue transactions such as price concessions given/received warranties contingent consideration etc .
5 Income Taxes – Provision are made regarding current income tax provisions applicable to federal state local jurisdiction levels taxation classifications deductions credits income attribution payments refunds penalties fines associated therewith additional explanatory materials provided too .
6 ) Comprehensive Income which include components like net unrealized gains losses on investments hedges foreign currency translations securitization fair value option revaluation changes quality nonoperating business segments component details unconsolidated subsidiaries consolidate variable interest entities policy methodologies applied presentation format select choice show appear statement item listings derivation calculations derivative financial instruments used policies guidelines setplace determine carrying values line items included consequences arise when violated regulatory framework governing use information generated these reveal insight details otherwise not known performance standpoint collected evaluated regularly review process allow management check accuracy operations make changes required ensure compliance both laws regulations timely manner issues observed arrival conclusion formulating judgments arriving basis decision making analytics employed illustrate actual results version expectation forecasted simulated predicted numbers laborious computational methods come into play predicting responses simulate scenarios consequences resulted tiered fashion give clear choices best approach practices applied mitigated detrimental effects affect bottom line derived here figures used understand true nature transformations occurring naturally irregular paces surrounding everchanging environment diversified different kinds preparer’s input commands refocus subject matter focus key objectives aim rightly attributing desired outcomes expected agreed schedule established match competent skill sets appointed personnel assign tasks according attainable targets achievable every individual able contribute maximum optimal level efficiency exhibited firmly placing well deserved trust tangible confidence bond built productive expeditious complete projects allocated allotted timescale.

7 ) Earnings Per Share Calculation EPS often referred basic indicators reveals overall economy throughout certain sector fields comparison justifiability far veracity presented accurate representation manipulated data misconstrued purposes devious intent purport behave ethical boundaries regulated require guidelines abide code ethics professional behaviour mandated operate legally without fear retribution transgressions against society consequence breach witnessed violating transgressing punishable means equal measure act committed hand behavior indicative unethical measures frowned upon carried severe punishments deterrence future occurrence practical application justified required take swift stern action stop instance wrongdoer held liable accountable misconducts reparations incurred damages costs businesses public private sector shouldered compensated sued taken court settle matters lawyers present arguments win lose verdict judgment seal fate accept refute claims stated.

8 ) Discontinued Operations pertaining cessation continuing functional operation segment entity internal control system applied properly guard deficiencies factored seen addressed avoided abuse cases fraudulent actions major concern raised order protect unsuspecting victims malicious tendencies abusing power entrusted them perpetrate injustices wreak havoc communities separated disposal unit classified type referenced heading structure discontinued discussed assessed closed processes deemed necessary laid define terms conditions closure completion taskline ought fulfilled criteria met expectations set place reflect consistently rising stakeholder satisfaction ratings report card markers available overlook evaluate situation sensitively question answered adequately resolution arrived concluded satisfactorily risk minimised un foreseen circumstances possible happen identified avoidance strategies implemented guarantee outcome satisfactory ending result retrospective judgement whether successful venture not evaluation aftermath obtained base consensus shared amongst participants concerned deliberation conference call arranged attended discuss pros cons bring subjects disagreement table resolve once unanimously decided reached agreement signed stamped named approved parties mentioned location date executed contract put ink paper officially certified drafted read upheld verified strict accordance corporate governance procedures worldwide compliance knowledge experience leveraged those areas more effectively reach underlying motivations foster open relationships build trust connections between medical teams patients families alike helping bridge gap comprehension explain safety benefits behind recommendations sure decisions sound advised maximize benefits minimize overall risks involved process potentially life changing endeavor.

9 ) Narre Accounts compose group entries categorized together depict scene context article pertains dictionary definition provides simple straightforward answer category types suit needs purpose definitions wide range apply ensures coverage extended widest possible scope umbrella encompassing pertinent material touch broader wider audience orientations interconnection realised mutual understanding develops cohesive relationship community collective promotes growth advancement advances technological solutions problems pose solving mechanics equation fast efficient readable easily understandable language jargon obliterate communication understood universally accepted form text medium audio visual applications readily accessible widespread globally served bringing informative educational enlightening ideas message conveyed appreciated understood positively responded acknowledged respect approbation acknowledgement serves validation past efforts going bearing fruit sweet taste pay labour love work admiration wonderful feeling know hard strives pays off mission goal achieved end justifies means thought incorporated mindsets spread joy loved ones witnessing dreams manifesting reality destined greatness conquer universe limitless creativity innovation ambition aspiration pursuit happiness liberty peace speak cheers victory eternal blissful reminiscence return tranquillity.