Jump to content

Accounting Standards Codification: Difference between revisions

From Wikipedia, the free encyclopedia
Content deleted Content added
Created this entry by moving recently added data from "Codification (law)", where it didn't belong
 
No edit summary
Line 1: Line 1:
In [[US]] [[accounting]] practices, '''Codification''' is the current single source of United States Generally Accepted Accounting Principles [[GAAP]].
In [[US]] [[accounting]] practices, '''codification''' is the current single source of United States Generally Accepted Accounting Principles [[GAAP]].


====FASB Accounting Standards Codification====
====FASB Accounting Standards Codification====
The Codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. All other accounting literature not included in the Codification is nonauthoritative.
The codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. All other accounting literature not included in the Codification is nonauthoritative.


The Codification reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. It also includes relevant Securities and Exchange Commission [[SEC]], guidance that follows the same topical structure in separate sections in the Codification.
The Codification reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. It also includes relevant Securities and Exchange Commission [[SEC]], guidance that follows the same topical structure in separate sections in the Codification.

Revision as of 12:38, 22 August 2009

In US accounting practices, codification is the current single source of United States Generally Accepted Accounting Principles GAAP.

FASB Accounting Standards Codification

The codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. All other accounting literature not included in the Codification is nonauthoritative.

The Codification reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. It also includes relevant Securities and Exchange Commission SEC, guidance that follows the same topical structure in separate sections in the Codification.

To prepare constituents for the change, the FASB has provided a number of tools and training resources.[1]

While the Codification does not change GAAP, it introduces a new structure—one that is organized in an easily accessible, user-friendly online research system. The FASB expects that the new system will reduce the amount of time and effort required to research an accounting issue, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts required during the standard-setting process.

References

  1. ^ Financial Accounting Standards Board. News Release, 07/01/09.

American Legal Publishing Corporation