OverviewThe Financial Accounting Standards Board (FASB) is a domestic, not-for-profit organization based in Connecticut. For more than 40 years, the FASB has helped set reporting standards within the accounting trade. Visit the FASB website and read
About the FASB
to learn more about its history.One of the FASB’s major contributions to the accounting profession is the FASB Codification. Instructions for accessing the codification site are explained below, but let’s take a look at the codification structure now.Codification content is organized by subject matter in a hierarchy. The outline format provides an easy-to-navigate structure that you can use to get information regarding your specific topic of interest. The codification’s hierarchy begins with the following four highest levels:
The Industry area identifies 32 industries that have specific items unique to them. These industries range from five different areas of Entertainment to Mining, Financial Services, Airlines, Agriculture, Franchisors, Software, Health Care Entities, and many more.InstructionsTo complete this assignment, you will need to access the FASB Accounting Standards Codification. Your instructor will provide you with the appropriate username and login credentials. Once you have accessed the FASB’s site you can browse the various sections using the menu on the left.For this assignment, write a 4–5 page paper in which you:
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License Agreement [GASB]
v3.0 (updated as of 2.24.23)
CAREFULLY READ THE FOLLOWING LICENSE AGREEMENT (“AGREEMENT”).
THE CODIFICATION IS BEING MADE AVAILABLE TO YOU SOLELY FOR YOUR PERSONAL
USE IN ACCORDANCE WITH THE TERMS HEREOF AND NOT FOR SALE, DISTRIBUTION OR
COMMERCIAL EXPLOITATION. THE CODIFICATION IS NOT SOLD TO YOU AND YOU DO NOT
ACQUIRE ANY RIGHTS IN OR TO IT OUTSIDE OF THE LICENSE RIGHTS EXPRESSLY
GRANTED BY THIS AGREEMENT. IF YOU ARE NOT WILLING TO ACCEPT THE TERMS OF
THIS AGREEMENT, YOU MAY NOT ACCESS THE CODIFICATION (AS HEREINAFTER
DEFINED) OR USE IT IN ANY WAY. PLEASE CONTACT COPYRIGHT@F-A-F.ORG. IF YOU SEEK
TO USE THE CODIFICATION, OR ANY PORTION THEREOF, FOR ANY USES OTHER THAN
PERSONALUSE, INCLUDING ANY SALE, DISTRIBUTION OR COMMERCIAL EXPLOITATION.
Financial Accounting Foundation
License Agreement
This document, as the same may be amended or modified from time to time by the FAF and posted on the GARS
Online website at gars.gasb.org, is an agreement (“Agreement”) between you (the natural person, business entity,
governmental body, educational institution, or other for-profit or not-for profit organization) (“You” or, as the
text requires, “Your”), who is agreeing to these terms in exchange for access to the GARS Online (as hereinafter
defined), and the Financial Accounting Foundation (the “FAF”), the owner of the GARS Online.
1. Definitions
(a) “Intellectual Property” means, for any person or entity, content, patents (including patent applications),
know-how, trademarks, trade names, service marks, domain names, trade dress, logos or other identifying
indicia, trade secrets, copyrights and copyrighted materials, software, confidential information, systems,
technology, supplier data and access to any other intellectual property owned or controlled by, or licensed to
such person or entity.
(b) “GARS Online” means the means the GARS Online electronic research system developed and released by the
Governmental Accounting Standards Board of the FAF (the “GASB”) which houses, reorganizes and indexes: (i)
Original Pronouncements—Governmental Accounting and Financial Reporting Standards (the “Original
Pronouncements”), including GASB Statements, Concepts Statements, Technical Bulletins, and Interpretations,
with National Council of Governmental Accounting (NCGA) pronouncements and selected American Institute
of Certified Public Accountants (AICPA) materials; (ii) Codification of Governmental Accounting Standards and
Financial Reporting Standards (the “Codification”), an integration of currently effective accounting and
reporting standards for state and local governments, topically organized within four parts—General Principles,
Financial Reporting, Specific Balance Sheet and Operating Statement Items, and Stand-alone Reporting—
Specialized Units and Activities; (iii) Comprehensive Implementation Guide—Questions and Answers (the
“Comprehensive Implementation Guide”), a compilation of questions and answers and illustrative material
developed to assist financial statement preparers and attestors in the implementation and application of selected
GASB pronouncements; and (iv) Topical Index, a cross-reference to currently effective guidance in documents
included in the Original Pronouncements, sections of the Codification, and questions in the Comprehensive
Implementation Guide, in each case, as the same may be amended from time to time in the sole discretion of the
FAF and/or the GASB, and as is made available under this Agreement.
2. License Grant. For the duration of the Term (as hereinafter defined), provided that You are not in breach of
any term or condition of this Agreement, the FAF hereby grants to You, and You hereby accept, subject to the
terms and conditions of this Agreement, a non-exclusive, non-transferable and nonassignable license without the right to, in whole or part: sublicense, copy, sell, distribute or commercially exploit – to access
the GARS Online for personal uses only; provided, however that FAF shall have the right to terminate Your
access to the GARS Online at any time without notice. The GARS Online may only reside on the hosted
environment of FAF. Accordingly, no physical media containing the GARS Online shall be provided to You, nor
shall you be permitted to transfer the GARS Online in whole or part, from the FAF hosted environment. You
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shall have no right to: (1) electronically copy or reproduce the GARS Online or any portion thereof in any
physical or electronic storage device, including without limitation, alternate environments, flash drives, hard
drives or network servers, or (2) repurpose all or any portion of the GARS Online or any derivate work thereof
in any physical, electronic or machine readable form for any purpose. The foregoing license grant is personal to
You and shall not include any affiliates, subsidiaries, designees, or other related or representative parties of
You. Except for such rights expressly granted to You herein, no license, right, title, or interest in or to the GARS
Online (or any portion thereof) or any other Intellectual Property of the FAF is granted to You or any other
person or entity, either expressly or by implication, estoppel, or otherwise. You are solely responsible for
enabling Your own access to the website(s) on which the FAF elects to make the GARS Online available.
3. Certain Restrictions on Use. Except as expressly permitted by this Agreement or applicable law, You shall not
and shall not attempt to, and shall not permit any third party to or attempt to: (a) permit any person,
other than You, to use or access the GARS Online except under the terms set forth herein, (b) copy,
decompile, reverse engineer, disassemble, modify, or create any derivative work of any part of the GARS
Online; (c) display or distribute the content or any portion of the GARS Online in a physical format, or on
a website, blog, or other digital format, (d) alter, remove, or obscure any copyright or other proprietary or
legal notice on or in the GARS Online; (e) use the name, logos, or other trademarks of the FAF or any of
its standard setting boards (including the FASB and the Governmental Accounting Standards Board (the
“GASB”)) without the FAF’s prior written consent; (f) sell, license, sublicense, loan, assign, furnish, or
distribute any portion of the GARS Online to any other person, firm, corporation, or entity, whether as
source content or as part of an integrated work, to any third party; (g) make the GARS Online available
over a network, whether or not available as an application service provider for a third-party’s use; (h) use
the GARS Online in any service bureau or time sharing arrangement; (i) use the GARS Online for any
illegal purposes; (j) or exploit the GARS Online for commercial purposes, or (k) use and access the GARS
Online in a manner other than as a limited, individual user, including, but not limited to, frequency of
access, printing, and similar actions. You agree not to use or launch any automated system, including
without limitation, “robots,” “spiders,” “offline readers,” etc., or any similar or equivalent manual
process, to access, index, acquire, copy, monitor, or provide search results or links to any portion of the
GARS Online or the website on which it is made available, or in any way reproduce or circumvent the
structure or presentation of the GARS Online or the website on which it is made available, or to obtain or
attempt to obtain any materials, documents or information through any means that are not otherwise
purposely made available through such website. These restrictions shall apply to the GARS Online and any
all content linked or otherwise related or integrated to and with the GARS Online (“Related Content”).
4. Access to the GARS Online. The FAF will, at its sole discretion, provide You with access to the GARS Online
by making the same available during the term of your use, and is subject to our Privacy Policy. Notwithstanding
the foregoing, FAF does not guarantee that the GARS Online or the Related Content will be available for
uninterrupted access on a 24-hour, 7-day-per-week basis and You acknowledge and agree to the same. In
addition to unexpected downtime, You acknowledge that FAF may interrupt access for maintenance, to correct
errors or remedy problems, to implement updates, if any, and at other times as deemed necessary or desirable by
FAF. You acknowledge that Your inability to access the GARS Online from time to time during the term of your
use is agreed to by You.
5. User Access. By accessing the GARS Online, You are representing and warranting to the FAF that You will
use the GARS Online and Related Content in compliance with these terms and conditions. You are solely
responsible for any and all activity that occurs during your instance(s) of access. You agree to notify the FAF
immediately if any other person or entity takes any measures to use the GARS Online or Related Content
through your instance of access or your enabling devices, and shall be liable for the losses of the FAF or any
other users of the GARS Online due to such unauthorized use and You hereby agree to indemnify, defend,
reimburse, and hold the FAF harmless from and against any and all claims, damages, obligations, losses,
liabilities, costs or debt, and expenses (including but not limited to attorney’s fees) (collectively, “Losses”)
incurred as the result of (i) Your use of the GARS Online, or (ii) any activity through Your instance or enabling
devices.
6. Term and Termination.
(a) This Agreement will take effect, and Your non-exclusive license will begin immediately upon you accessing
the GARS Online and as further confirmed by clicking the “I ACCEPT” button below, and continue until
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termination in accordance with the terms hereof (each such term, a “Term”); provided, that FAF reserves the
right to require acknowledgment of the terms and conditions herein upon each instance of your access.
(b) FAF may terminate this Agreement and Your right to receive the GARS Online and Related Content at any
time without notice.
(c) Upon termination or expiration of this Agreement, all licenses granted under this Agreement shall cease and
You shall immediately cease access to and use of the GARS Online.
(d) Clauses 3, 4, 5, 6, 7, 8, 9, and 10 will survive termination or expiration of this Agreement for any
reason. Termination or expiration of this Agreement will not affect any right accrued up to the date of
termination or expiration.
7. Intellectual Property Rights.
(a) You acknowledge that all title, ownership rights, and any and all Intellectual Property rights in and to the
GARS Online and Related Content (and any and all copies, new versions, and any other manifestations thereof,
in tangible or intangible form) shall remain with FAF at all times. The GARS Online is protected by copyright
laws and international copyright treaties. Except as expressly provided herein, all right, title, and interest in and
to the GARS Online remains with FAF and its licensors and suppliers, if any. No Intellectual Property right
(including without limitation all copyrights, program or database structure and organization, specific sets of
information extracted therefrom, non-public data, and specifics about the means and standards of compilation of
any databases) shall vest in or be transferred to You, except for the limited license expressly stated herein. FAF
reserves all rights not expressly granted to You under this Agreement. You acknowledge and agree that you may
not use the GARS Online and Related Content (regardless of how the same was obtained) for any purposes – or
in any ways – other than as set forth herein, unless explicit separate license grant(s) in writing have been made
directly by FAF, or an agent of FAF, to you.
(b) Certain portions of the GARS Online may consist of data, services, and other materials proprietary to third
parties which have licensed to FAF the right to redistribute or sublicense such materials. Such third party
licensors shall be third party beneficiaries of this Agreement, and may have rights with respect to your use
independent of this Agreement. You shall notify the FAF promptly upon becoming aware of any unauthorized
disclosure, use, or copying of the GARS Online.
8. Correspondence with and Solicitation of You. You agree that the FAF and/or GASB, and their respective
successors and assigns, either directly or through their authorized agents, may contact You regarding Your use of
the GARS Online, and any other matters related to the GARS Online, and/or other product and service offerings
and operations of the FAF, FASB and GASB.
9. Disclaimer of Warranties; Limitation of Liability.
(a) Indemnification and Release. You agree that the limitations and exclusions of liability contained in the
Agreement are reasonable. You, for Yourself and each of Your affiliates, hereby release FAF and each of its
trustees, officers, employees and agents (“FAF Indemnitees”) from any and all claims You and/or any of them
may have against any FAF Indemnitees as a result of use of the GARS Online by You or Your affiliates or the
inability to access the GARS Online. You shall indemnify, reimburse, defend and hold harmless the FAF
Indemnitees in respect of any losses and damages (including reasonable attorneys’ fees) suffered by the FAF
Indemnitees: (1) as a result of any claims made against the FAF Indemnitees arising from use of the GARS
Online by You or Your affiliates (including but not limited to where such liability would be excluded or limited
under this Agreement if such claims were made by You against the FAF Indemnitees assuming the validity and
enforceability of the immediately preceding sentence), (2) any damages or harm You or any of Your affiliates
may suffer as a result of the inability to access the GARS Online, and (3) as a result of any use of the GARS
Online by You or through your account other than as expressly permitted hereunder.
(b) DISCLAIMER. YOUR USE OF THE CODIFICATION IS AT YOUR SOLE RISK. THE
CODIFICATION IS PROVIDED “AS IS,” “WITH ALL FAULTS,” AND “AS AVAILABLE,” FOR
YOUR USE, WITHOUT WARRANTIES OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, (I)
OF ITS QUALITY, ACCURACY, PERFORMANCE, MERCHANTABILITY, OR FITNESS FOR A
PARTICULAR PURPOSE, OR (II) THAT THE CONTENT HAS NOT BEEN TAMPERED WITH OR
OTHERWISE CORRUPTED DUE TO THE ACTS OR OMISSIONS OF ANY THIRD PARTIES OR
INDIVIDUALS ACTING OUTSIDE OF THE CAPACITY AND CONTROL OF FAF, UNLESS SUCH
WARRANTIES ARE LEGALLY INCAPABLE OF EXCLUSION. FAF DOES NOT WARRANT,
GUARANTEE, OR MAKE ANY REPRESENTATIONS REGARDING YOUR ABILITY TO ACCESS
THE CODIFICATION, ANY INTERRUPTION OF ACCESS OR ERRORS IN ACCESSING, OR THE
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USE OF, OR THE RESULTS OBTAINED WITH THE PRODUCT IN TERMS OF ACCURACY,
CORRECTNESS, OR RELIABILITY OF THE CONTENT. WITHOUT LIMITING THE FOREGOING,
THE FAF DISCLAIMS ALL IMPLIED AND STATUTORY WARRANTIES THAT THE
CODIFICATION IS ACCURATE, MERCHANTABLE, OF SATISFACTORY QUALITY, FIT FOR A
PARTICULAR PURPOSE OR NEED, OR IS NON-INFRINGING. THE FAF DOES NOT WARRANT
THAT THE FUNCTIONS OR CONTENT CONTAINED IN THE CODIFICATION WILL MEET YOUR
REQUIREMENTS, THAT THE OPERATION OF THE CODIFICATION OR ACCESS THERETO
WILL BE UNINTERRUPTED OR ERROR-FREE, OR THAT DEFECTS IN THE CODIFICATION
WILL BE CORRECTED.
EXCEPT TO THE EXTENT PROHIBITED BY APPLICABLE LAW, (I) IN NO EVENT SHALL THE
FAF OR ITS THIRD PARTY SOFTWARE OR DATA PROVIDERS BE LIABLE FOR DIRECT,
INCIDENTAL, INDIRECT, SPECIAL, RELIANCE, TORT, PUNITIVE OR CONSEQUENTIAL
DAMAGES, INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOST PROFITS, DELAYS,
ERRORS, OMISSIONS, INACCURACIES, LOST DATA, THE COST OF RECOVERING SUCH
PROGRAMS OR DATA, THE COST OF ANY SUBSTITUTE PROGRAM, CLAIMS BY THIRD
PARTIES, DATA ACCURACY, LOSS OF GOODWILL, WORK STOPPAGE, COMPUTER FAILURE
OR MALFUNCTION, OR ANY OTHER COMMERCIAL DAMAGES OR LOSSES, REGARDLESS OF
WHETHER THE FAF HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; AND (II)
THE MAXIMUM AGGREGATE LIABILITY OF THE FAF IN CONNECTION WITH THIS
AGREEMENT OR THE CODIFICATION SHALL BE LIMITED TO AN AMOUNT EQUAL TO ONE
HUNDRED DOLLARS ($100).
THE FOREGOING LIMITATIONS ARE AN ESSENTIAL PROVISION ON WHICH ALL THE TERMS
HEREOF WERE BASED.
10. Miscellaneous
(a) This Agreement, as amended from time to time by the FAF, is the complete and exclusive statement of the
contract between the FAF and You with respect to the subject matter hereof and supersedes all prior or
contemporaneous understandings regarding such subject matter, but shall be subject to any further restrictions
or limitations included or provided for elsewhere on our Websites or on specific documents, communications, or
materials.. No waiver, consent, modification, amendment, or change of the terms of this Agreement shall be
binding on the FAF unless in writing and signed or otherwise expressly acknowledged and/or made effective by
the FAF. It is intended that this Agreement shall not violate any applicable law and the unenforceability or
invalidity of any provision shall not affect the force and validity of the remaining provisions, and such
provisions determined to be invalid shall be deemed severed from this Agreement, and to the extent possible, be
replaced with terms which as closely as possible approximate the interest and economic intent of such invalid
provisions.
(b) This Agreement shall be governed by and construed in accordance with the laws of the State of New York
without reference to conflict of law principles. The United Nations Convention on Contracts for the International
Sale of Goods and the Vienna Convention on the International Sale of Goods shall not apply. You agree that any
disputes brought by You arising under, out of, or in any way connected with this Agreement shall be litigated
exclusively in the federal or state courts situated in the State of New York. The FAF may bring an action against
You in any location including, without limitation, the State of New York. You hereby consent to the personal
jurisdiction of the federal or state courts situated in the State of New York and waive any defense or claim of
inconvenient forum, improper venue, or any similar claim or defense. You hereby acknowledge and agree that,
in the event that You breach or attempt to breach any of the provisions of this Agreement, the FAF will not have
an adequate remedy in money damages and shall have the right, in addition to any other remedies that may be
available, to injunctive relief enjoining such breach or attempt to breach.
(c) FAF reserves the right, in its sole discretion and without prior notice to You, to modify, augment, or
otherwise alter the terms of this Agreement in the course of any term of your usage. You acknowledge and agree
that any and all modifications, augmentations and other alterations of this Agreement made by the FAF shall be
binding upon you on and as of the posting of such updated Agreement on the GARS Online web site, whether
you have reviewed or been notified of the same. You acknowledge that it is Your duty and obligation to apprise
Yourself of, and comply with, the terms of this Agreement, as modified from time to time, each time you access
the GARS Online.
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(d) This Agreement may not be assigned by You without the prior written consent of the FAF and any purported
assignment in violation hereof shall be null and void. The FAF may transfer all or any or its rights or obligations
under this Agreement to any third party without Your consent.
(e) You acknowledge that the GARS Online may be subject to applicable export control laws and regulations of
the United States. Accordingly, You agree not to export or re-export the GARS Online, directly or indirectly, (a)
into any U.S. embargoed countries or (b) to anyone on the U.S. Treasury Department’s list of Specially
Designated Nationals or the U.S. Department of Commerce Denied Person’s List or Entity List. By agreeing to
this Agreement, You represent and warrant to the FAF that You are not located in any such country or identified
on any such list.
(f) The GARS Online and related documentation are “commercial items,” as that term is defined in 48 C.F.R.
2.101, consisting of “commercial computer software” and “commercial computer software documentation,” as
such terms are used in 48 C.F.R. 12.212. consistent with 48 C.F.R. 12.212 and 48 C.F.R. 227.7202-1 through
227.7202-4. All U.S. Government end users acquire the GARS Online with only those rights set forth herein.
(g) Any notice given by FAF under this Agreement may be provided to You at the time of Your user access, or
through updates to this Agreement, or as posted on our Websites. Any notice given by You must be in writing
and shall be deemed received by FAF (i) if sent by overnight courier, the second (2nd) business day after
delivery to such courier, (ii) if sent by personal delivery, upon actual receipt, and (iii) if sent by mail, upon the
third (3rd) business day after being sent postage prepaid.
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