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Dec 6, 2025 · ASC stands for Accounting Standards Codification. It’s essentially a massive, organized database of U.S. Generally Accepted Accounting Principles (GAAP). Think of it as one giant, …

In US accounting practices, the Accounting Standards Codification (ASC) is the current single source of United States Generally Accepted Accounting Principles (GAAP).

Introduced by the Financial Accounting Standards Board (FASB) in July 2009, the ASC serves as the single source of authoritative nongovernmental Generally Accepted Accounting Principles (GAAP).

The FASB issues an Accounting Standards Update (ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative …

ASC X9, standards for the financial services industry ASC X12, standards for business electronic data interchange Aeronautical Systems Center, inactivated Air Force product center Airflow Sciences …

The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative …

The ASC oversees the appraisal regulatory framework for federally related transactions, including: State Compliance The ASC monitors State Regulatory Programs for Appraisers and AMCs.

Latest edition: Our in-depth guide to the revenue standard, ASC 606, with Q&As, interpretive guidance and examples.