Question

The FASB updates the Accounting Standards Codification for new U.S. GAAP issued by the FASB and for amendments to the SEC content with Accounting Standards Updates. These Accounting Standards Updates are authoritative literature.

a-true
b-false

Answer 1

The FASB does indeed update the Accounting Standards Codification with Accounting Standards Updates, which are considered authoritative literature for new U.S. GAAP and amendments to the SEC content.

Step-by-step explanation:

The statement that the FASB updates the Accounting Standards Codification for new U.S. GAAP issued by the FASB and for amendments to the SEC content with Accounting Standards Updates are authoritative literature is true. The Financial Accounting Standards Board (FASB) is responsible for the ongoing development and refining of the generally accepted accounting principles (GAAP) in the United States. When the FASB issues an Accounting Standards Update, it amends the Accounting Standards Codification, which is the source of authoritative GAAP to be applied by nongovernmental entities. This process ensures that the Accounting Standards reflect the latest guidance and best practices in accounting.