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On a Logical Structure for the Authoritative Accounting Literature: A Preliminary Evaluation of the FASB's Codification Structure
Ingrid E Fisher,
The University at Albany - State University of New York
ABSTRACT. Financial accounting standards (FAS), as currently drafted, lack a consistent and sound structural arrangement, which renders the standards incompatible with digital storage and retrieval methods. In addition, the standards are replete with redundant information that makes relevant information retrieval highly inefficient. Rapid expansion in the accounting knowledge base through increased standards promulgation, accompanied by both an increase in the complexity of the rules and in the fragmentation of their application caused by frequent standards’ amendment, renders the task of effectively and efficiently navigating this knowledge base a daunting one. The FASB has acknowledged this problem and has attempted to address it through their project focused on the codification of the authoritative accounting literature. This work provides a critical evaluation of the results of the codification project, as known to date, and offers suggestions for the technical (XML-based) representation of
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