This chapter presents the following content: Accounting research online, database research strategies, FASB accounting standards codificationtm research system, the research process, examples using the codification,. | Chapter 4 Financial Accounting Research Tools 1 Using a database Define information needed Determine sources to search Use appropriate search methods View results and manage the information (full text or citation) Communicate the research results 2 Codification Comprehensive, but not complete, research on accounting issues for the private sector Ninety topical areas of prior level A-D GAAP Master glossary Limited SEC content for user ease (Regulation S-X, Financial Reporting Releases, Accounting Series Releases, Interpretive Releases, Staff Accounting Bulletins, EITF Topic D, and SEC Staff Observer Comments) 3 Codification- Continued Codification supersedes all pre-existing non-governmental accounting and reporting standards. Four main topical areas: Presentation (codes 205-299) Financial statement accounts (codes 305- 705) Assets Liabilities Equity Revenue Expenses Broad transactions (805 – 835) Industries (905 – 999) The topical areas are further refined into subtopics, sections and subsections (see figure 4-2) The Codification Research Process Methods of searching Topical category search Master glossary search Search inquiries When should the researcher stop searching? Consider primary vs. secondary sources Consider authoritative vs. non-authoritative sources 5 SEC SEC accounting is not the same as GAAP accounting SEC follows legal hierarchy to be discussed in a later chapter SEC has statutory authority to establish accounting rules and regulations for public companies (companies must file 10K’s, 8-K’s, 10Q’s) Regulation S-X – Form and Content of Financial Statements Regulation S-K – Integrated Disclosure Rules 6 SEC- continued Financial Reporting Releases (FRRs) – accounting principles that update Reg S-X and Reg S-K Accounting and Enforcement Releases (AAER’s) Accounting Series Releases (ASRs) – predecessor to FRRs SEC Staff Policy – not formally approved but published in interpretations. SAB’s similar to FASB technical bulletins See Figure 4-8 for SEC . | Chapter 4 Financial Accounting Research Tools 1 Using a database Define information needed Determine sources to search Use appropriate search methods View results and manage the information (full text or citation) Communicate the research results 2 Codification Comprehensive, but not complete, research on accounting issues for the private sector Ninety topical areas of prior level A-D GAAP Master glossary Limited SEC content for user ease (Regulation S-X, Financial Reporting Releases, Accounting Series Releases, Interpretive Releases, Staff Accounting Bulletins, EITF Topic D, and SEC Staff Observer Comments) 3 Codification- Continued Codification supersedes all pre-existing non-governmental accounting and reporting standards. Four main topical areas: Presentation (codes 205-299) Financial statement accounts (codes 305- 705) Assets Liabilities Equity Revenue Expenses Broad transactions (805 – 835) Industries (905 – 999) The topical areas are further refined into subtopics, sections .
