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What is the accounting condification all about?

What is the accounting condification all about?

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The FASB accouting codification is to be applied for non governmental entities.It is a source of authoritative Generally Accepted Accounting Principles(GAAP). This is done for interim and annual periods which takes place after September 15,2009.These are assigned numbers that corressponds to the year of accouting standards updates(ASU's) issuance and its sequential order.ASU's have a background and basis for deriving conclusions as well as a marked draft of any changes in historically framed FASBs.

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