This site endeavors to be an additional resource for those individuals in the world of technical accounting. In my experience, anyone who calls him/herself a technical accountant spends 90% of his/her time investigating non-routine situations and/or transactions. One may believe that a technical accountant that acts as a help desk for his/her company may receive a slew of questions about simple application of company accounting policy. While it is definitely true that these questions exist, the time spent answering these questions is negligible as compared the time spent researching how to apply the far too vague accounting guidance provided by the Financial Accounting Standards Board to a contemplated or other non-routine transaction.
The research process, although not identical amongst professionals, invariable always includes similar activities such as a) review the latest ASC guidance (Codification), b) review the guidance provided by your external auditors such as PwC (PriceWaterhouseCoopers), KPMG, EY (Ernst & Young), and Deloitte (D&T / Deloitte & Touche), c) use a third party, non-audit resource such as Accounting Research Manager by CCH or many others, d) Public Company 10-K and 10-Q filings as found on SEC’s EDGAR system, and e) SEC Comment Letters (or sometimes lack thereof).
This process is time consuming, but extremely valuable. The question arose as to why isn’t there a place where people can submit their research to be leveraged by other professionals? That is the goal of this site. The hope is that overtime, there will be a critical mass of submitted research on a variety of topics that this site will be a go-to resource for those who call themselves technical accountants.