What is the purpose of the FASB "Codification"?

The FASB Codification serves to centralize all authoritative literature related to accounting topics, effectively organizing and integrating thousands of standards, interpretations, and guidance that previously existed in a fragmented state. By structuring this extensive body of knowledge into a cohesive and accessible framework, the Codification allows accountants and financial professionals to find relevant accounting guidance much more efficiently. This centralization helps ensure consistency and clarity in financial reporting and reduces the risk of misinterpretation of standards.

The other options do not accurately convey the primary function of the Codification: it is not simply a glossary, nor does it enumerate ethical responsibilities or summarize GAAP in a simplified manner. Instead, the Codification represents a significant advancement in how accounting information is structured and accessed, streamlining the process for accounting professionals.