FASB ASC Accounting Standards Codification GAAP
This FREE guide to the FASB ASC, or the Accounting Standards Codification, will show you standard-by-standard the classification system implemented by the FASB to help better organize multiple formats of US GAAP accounting standards which have been released.
While the US Generally Accepted Accounting Standards at implementation remained the same as those pre-codification, new references will be needed in order to point to the same information. As these standards are updated, the ASC numbers will stay the same, however the old APB, SFAS, etc. references will change. The codification is tracked for updates through Accounting Standards Updates.
FASB ASC 105 Section – General
FASB ASC 205 Section – Presentation of Financial Statements
FASB ASC 210 – Balance Sheet
FASB ASC 215 – Statement of Shareholder Equity
FASB ASC 220 – Comprehensive Income
FASB ASC 225 – Income Statement
FASB ASC 230 – Statement of Cash Flows
FASB ASC 235 – Notes to the Financial Statements
FASB ASC 250 – Accounting Changes and Error Corrections
FASB ASC 255 – Changing Prices
FASB ASC 260 – Earnings per share
FASB ASC 270 – Interim Reporting
FASB ASC 272 – Limited Liability Entities
FASB ASC 274 – Personal Financial Statements
FASB ASC 275 – Risks and Uncertainties
FASB ASC 280 – Segment Reporting
FASB ASC 300 Section – Assets
FASB ASC 305 – Cash and Cash Equivalents
FASB ASC 310 – Receivables
FASB ASC 320 – Investments in Debt and Equity
FASB ASC 323 – Equity Method Investments in Joint Ventures
FASB ASC 325 – Other Investments
FASB ASC 330 – Inventory
FASB ASC 340 – Other Assets and Deferred Costs
FASB ASC 350 – Intangibles – Goodwill and Others
FASB ASC 360 – Property, Plant, and Equipment
FASB ASC 405 Section – Liabilities
FASB ASC 410 – Asset Retirement Obligations and Environmental Obligations
FASB ASC 420 – Exit or Disposal Costs
FASB ASC 430 – Deferred Revenue
FASB ASC 440 – Commitments
FASB ASC 450 – Contingencies for Gain and Loss
FASB ASC 460 – Guarantees
FASB ASC 470 – Debt
FASB ASC 480 – Distinguished liabilities from equity
FASB ASC 505 Section – Equity
FASB ASC 605 Section – Revenue Recognition
FASB ASC 700 Section – Expenses
FASB ASC 705 – Cost of Sales and Services
FASB ASC 710 – Compensation – General
FASB ASC 712 – Compensation – Nonretirement Postemployment Benefits
FASB ASC 715 – Retirement Compensation
FASB ASC 718 – Stock Based Compensation
FASB ASC 720 – Other Expenses
FASB ASC 730 – Research & Development
FASB ASC 740 – Discusses uncertainty in income tax deductions
FASB ASC 800 Section – Broad Transactions
FASB ASC 805 – Deferred tax asset and liability recognition in business combinations
FASB ASC 808 – Collaborative Arrangements
FASB ASC 810 – Consolidation
FASB ASC 815 – Derivatives and Hedging transactions
FASB ASC 820 – Fair Value Measurements (Also known as SFAS 157)
FASB ASC 825 – Broad class of transactions and how fair value relates to them
FASB ASC 830 – Foreign currency translation and transactions
FASB ASC 835 – Interest
FASB ASC 840 – Treatment of capital and operating leases (Includes information from SFAS 13)
FASB ASC 845 – Non-monetary Transactions
FASB ASC 850 – Related Party Transactions
FASB ASC 852 – Reorganizations
FASB ASC 855 – Subsequent Events
FASB ASC 860 – Transfers and servicing
FASB ASC 900 Section – Industry
FASB ASC 905 – Agriculture
FASB ASC 908 – Airlines
FASB ASC 910 – Contractors – Construction
FASB ASC 912 – Contractors – Government
FASB ASC 915 – Development Stage Entities
FASB ASC 920 – Entertainment – Broadcasters
FASB ASC 922 – Entertainment – Cable TV
FASB ASC 924 – Entertainment – Casinos
FASB ASC 926 – Entertainment – Films
FASB ASC 928 – Entertainment – Music
FASB ASC 930 – Mining
FASB ASC 932 – Oil and Gas Extraction
FASB ASC 940 – Financial Services – Brokers and Dealers
FASB ASC 942 – Financial Services – Depository and Lending
FASB ASC 944 – Financial Services – Insurance
FASB ASC 946 – Financial Services – Investment Companies
FASB ASC 948 – Financial Services – Mortgage Banking
FASB ASC 950 – Title Plant
FASB ASC 952 – Franchises
FASB ASC 954 – Health Care Entities
FASB ASC 956 – Limited Liability Entities
FASC ASC 958 – Not for profit entities
FASB ASC 960 – Defined benefit pension plans
FASB ASC 962 – Defined contribution pension plans
FASB ASC 965 – Health and Welfare benefit plans
FASB ASC 972 – Real Estate – Common Interest Realty Associations
FASB ASC 974 – Real Estate Investment Trusts
FASB ASC 978 – Real Estate – Time Shares
FASB ASC 970 – Real Estate – General
FASB ASC 976 – Real Estate – Retail Land
FASB ASC 980 – Regulated Operations
FASB ASC 985 – Software
FASB ASC 995 – U.S. Steamship Entities
The above FASB reference numbers are currently a uniform system of organizing generally accepted accounting principles. This includes new reference numbers to those standards released previously under another name. While the underlying standards are the same (for example if ASC 740 and Fin 48 are one-in-the-same), it is a best practice to use the new ASC reference rather than the original. Using the previous references such as FAS 144, or FIN 48 are looked down on generally and should no longer be used. In order to present yourself as an accountant in-the-know and up to date on the current accounting trends, make sure to use these updated ASC references in all of your work.
*The complex, technical versions of the authoritative literature can be found in the Financial Accounting Standards Board website.
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