Accounting Standards Codification

The Accounting Standards Codification (ASC) is a comprehensive, single-source collection of all the authoritative accounting rules and guidelines established by the Financial Accounting Standards Board (FASB). It organizes complex accounting principles into a structured, easily navigable system, ensuring consistency and clarity in financial reporting for businesses and professionals. Essentially, the ASC acts as a detailed reference manual that helps accountants apply the correct standards, improve transparency, and ensure financial statements are accurate and comparable across organizations.