The Accounting Standards Codification (ASC) U.S. GAAP

This video discusses the Accounting Standards Codification (ASC) which contains the generally accepted accounting principles (GAAP) for companies in the United States. The Financial Accounting Standards Board (FASB) codified the accounting standards into one central location in 2009. Prior to the ASC, there was a hierarchy of GAAP with certain things being more authoritative than others. Now that the codification has taken place, there is a single layer of GAAP. The FASB periodically amends the ASC with an Accounting Standards Update (ASU).—
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