Accounting Standards Codification (ASC)

The Accounting Standards Codification (ASC) is a system used in the United States to organize and structure accounting standards and guidelines. Created by the Financial Accounting Standards Board (FASB), the ASC consolidates thousands of accounting rules into a single, accessible framework. It serves as the authoritative source for accounting practices, helping companies and auditors ensure consistency and transparency in financial reporting. By organizing standards by topics, it makes it easier for users to find relevant information needed to prepare, present, and analyze financial statements accurately.