Introducing the Latest Development in World Accounting Standard Setting: American Accounting Standards Codification System

Considering the form and content of American accounting standards, has always been of interest to researchers and activists in the field of accounting. In 2009, American accounting standards was organized in the 90 topics by Financial Accounting Standards Board (FASB), using a model as a coded system of accounting standards. This system replaced the previous system of accounting standards in America. Each subject of the codification has at least one title, each title has several sections, and each section consists of several paragraphs. In the process of coding standards, in terms of the nature and content, sectors (e.g. the scope, recognition, measurement, etc.) are classified. The purpose of Accounting Standards Codification was to reduce the complexity of existing standards, regulating current standards and easier access to accounting standards through codes that defined for each standard. This paper, explains the form and goals of Accounting Standards Codification (ASC) and the process of coding standards for the first time in Iran.