Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 1, Problem 12GI
To determine

Describe FASB codification, the reason for its formation; the way in which it changes GAAP, and identify the types of pronouncements comprised GAAP, prior to the codification.

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Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive  accounting standard?
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