The Financial Accounting Standards Codification
A)classifies U.S.GAAP to make it easy to research financial reporting issues.
B)classifies U.S.tax laws to make it easy to research U.S.tax laws.
C)classifies International Financial Reporting Standards to make it easy to research reporting issues.
D)classifies international tax laws to make it easy to research international tax laws.
E)classifies financial statements by type of organization and structure.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Codification (FASC) is a collection of standards that classify and organize U.S. Generally Accepted Accounting Principles (GAAP) to make it easy to research financial reporting issues. The FASC also includes guidance from the Securities and Exchange Commission (SEC) and other authoritative bodies.