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Throughout this course you have utilized the FASB codification to research

Throughout this course you have utilized the FASB codification to research

Throughout this course you have utilized the FASB codification to research the authoritative guidelines for accounting transactions. Briefly explain the primary advantages of having a codification of generally accepted accounting principles. Also, recommend two (2) areas where the FASB can improve codification.

 

 

 

 

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Codification of the principles of accounting helps in the simplification of the access of the acceptable principles by the authorities. Codification involves the restructuring of the accounting reporting and standards. There are three major goals of codification one being the simplification of the access of codes by the authorities. The simplification of the access by users brought an overhaul in the structure that saw the change from the standard model to a topical model. The amount of standards codified in the science and……

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