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What were the three primary goals of the FASB in developing the Codification?
Solution
Answer: Following are the three primary goals of the FASB in developing the Codification;
1. Creation of a research system that is up to date for the released results of standard setting
activity.
2. Simlify the user access by codifying all authoritative US GAAP in one spot.
3. Ensure that the codified content accurately represented authoritative US GAAP as of July 1,
2009.

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