Final answer:
The FASB's Codification aims to create a new set of accounting principles by reorganizing U.S. GAAP into an accessible and consistently structured format. It is designed to provide clarity, not to establish new codes or regulatory bodies. B) A new set of accounting principles.
Step-by-step explanation:
The FASB's Codification aims to create B) A new set of accounting principles. The Financial Accounting Standards Board (FASB) Codification is the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP). The codification reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. It is also intended to simplify user access to all authoritative U.S. GAAP.
The Codification is not a new tax code, it does not establish new systems for tax collection, and it is not a new regulatory agency. Rather, it is an organized collection of standards for financial reporting that aims to provide clarity and structure to the complex world of accounting.
The purpose of the Codification is not to change the underlying accounting principles, but to organize them in a way that makes them easier to understand and apply. The idea is similar to how the art of economics involves simplifying the complicated aspects of things like the U.S. income tax code, for easier analysis and application in economic frameworks. The FASB's Codification does just that for accounting principles, providing a clearer, more structured approach for professionals and students alike to reference authoritative content.