Financial Accounting Standards Codification

Question 1

Is IFRS GAAP?

Answer 1

No, it is not in the codification.

Question 2

What is the sole source of US GAAP, other than SEC GAAP, for non-government entities?

Answer 2

The codification

Question 3

Industry specific guidance can be found in the codificaiton. T/F?

Answer 3

True

Question 4

The purpose of the codification is to make accounting standards uniform. T/F?

Answer 4

False

Question 5

Pending guidance in the codification is noted ‘pending text’. T/F?

Answer 5

True