Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Questions - Page 23: 19


The Financial Accounting Standards Board (FASB) codification is a compilation of all GAAP in one place. Its primary purpose is to integrate as well synthesize the existing GAAPs and not to create new GAAP for it creates one level of GAAP which is considered authoritative. Codification research System (CSR) on the other hand is an online and real-time based database that usually provides easy access to codification.

Work Step by Step

Additionally, The codification and the related CRS provide a typically organized structure which is subdivided into topics, subtopics, paragraphs and sections using a numerical index system.
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