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What is the difference between the Codification and the Codification Research System?
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VerifiedFinancial Accounting Standards Board Accounting Standards Codification (or “the Codification”) are interpretations and explanation of GAAP related to a particular topic put together in one place. These help reporters on how to prepare financial statements when matters are difficult to interpret. It creates one level of GAAP, and is considered authoritative.
The Financial Accounting Standards Board Codification Research System (CRS) on the other hand, is an online real-time database that provides access to the Codification.
The Codification is the data, and the CRS is the database.
(see page 14 for more details)
For this question, we are asked to explain the difference between the Codification and the Codification Research System.
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