Case 1-1 Sources of GAAP

The FASB ASC is now the sole authoritative source for all U.S. GAAP.

Required:

a.

What are the major goals of the FASB ASC?

b.

How is the FASB ASC expected to improve the practice of accounting?

c.

What literature is now contained in the FASB ASC?

d.

What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?