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hi welcome to online advantage iamp;#39;m professor gonzalez and this is your video for the fasb accounting standards codification this is the single source for generally accepted accounting principles the fasbi comes up with gaap and they come up with the accounting standards updates so as soon as those asus are entered into the phasma codification system which is an online database then it is part of generally accepted accounting principles the codification is organized into nine main topics and approximately 90 subtopics and it applies to for-profit entities the codification starts with areas so there are general areas that you need to be able to identify so if youamp;#39;re looking for a specific topic you need to be able to know what area it would be in for example if youamp;#39;re looking for accounts receivable you have to know that that is an asset and then it is all numbered and the one thing i want to point out is that on the very bottom is industry specific so if