Need a response to these DQ questions

Original question: Explore the FASB Codification website using the login information provided in the course syllabus. Explain one piece of new information that you learned by exploring the FASB Codification (cite the Codification section so that your classmates can find the same information), and post one new question that you have since exploring this site. Participate in follow-up discussion by answering questions posed by your classmates. Your initial post should be 250-500, and should demonstrate solid academic writing skills.

1.

Hello Class,

The FASB Codification website is very interesting, with a numerous amount of information, and well organized. The information that is provided serves as a source for GAAP standard-settings that explains why standards of accounting were set to ensure that regulation is understood and adhered to. While scanning through the site, I found lots of code requirements, which could be a bit challenging to understand for someone with no financial or accounting knowledge. For this type of site, it would be beneficial for someone in the field.

The FASB website has links to topics and subtopics on the many sections that the GAAP covers. These sections are the main sections to find GAAP created codifications that provide explanations of the rules that must be followed. The sections are consistently broken down in a hierarchy style format that makes topics easy to find and navigate to.

What I also found out was governmental agencies are not required to provide financial statements that are required of non-governmental agencies. The regulation governmental agencies fall under is the Governmental Accounting Standards Board or the Federal Accounting Standards Advisory Board. They are bound by a whole set of different rules that are much more intricate and requires a more detailed form of information.

Of all the information on the site, my favorite section is the glossary. Along with defining terms of section topics, names and terminology that is used in all accounting documentation and so forth, it also references the sections that you can find the terminology mostly used. I appreciate this feature as I believe it will assist me better in understanding what we are learning and as a reference to use for our homework assignments.

2.

The information in the FASB codification was a little bit overwhelming. I was curious to see what the Generally Accepted Accounting Principles were so I tried to read up on the on the website. I guess I expected something different. I expected more of an outline type of document with rules or principles of accounting, but thats not what I found when I was looking.

I liked how the liabilities and assets sections were broken down and separated by the different types of companies they were. I also liked how there were links embedded in most of the information. Not really knowing what to look for here made this a little challenging for me to focus. I just started randomly clicking on links and clicking the join all subtopics button and just reading through some of the information. I am currently a teacher, so I was looking for information relevant to teaching but didnt find any. Since I have worked in healthcare in the past, I started clicking on the healthcare entities links.

The section that I found most beneficial was the Interpretations section of the codification under the pre-codification standards section. This section, in general, was more of what I expected as far as the codification is concerned. There was a lot of information to go through in this section and it would help to know standard numbers or interpretation numbers going into it, but this was the most beneficial breakdown of information for me.

For me, I feel like this wouldve been more beneficial if there was some sort of task list or some sort of direction to this assignment.

Thank you,