Introducing Students to the FASB Codification System

Abstract

The FASB completed its Codification System project in July of 2009. It is the single source of US GAAP for non-governmental entities and will be continually revised and up-dated. The Codification also provides a search engine to research various accounting and reporting issues. This paper discusses the purpose of the Codification and the various approaches to GAAP research using the Codification. The paper also sets forth the need for accounting educators to adequately educate their students on the Codification and develop their research skills using the Codification search processes. A practice case approach is employed for developing student research skills. An in-depth analysis of one case is presented which investigates the results of different search approaches. The Appendix also provides three additional cases with searches and solutions.