FASB Launches Verification Phase for the FASB Accounting Standards Codification
Tuesday, January 15, 2008
The Codification does not change GAAP; instead it reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics, and displays all topics using a consistent structure.
The FASB expects that the new structure and new system will; a) reduce the amount of time and effort required to solve an accounting research issue; b) improve usability of the literature thereby mitigating the risk of noncompliance with standards; c) provide real-time updates as new standards are released; d) assist the FASB with the research and convergence efforts required during the standard-setting process; and e) become the authoritative source of literature for the completed XBRL taxonomy.
Users who register at http://asc.fasb.org are able to review the Codification free of charge and provide specific content-related feedback at the individual paragraph level as well as general system-related feedback. During the verification period, Codification content will be updated for changes resulting from constituent feedback and new standards. The FASB will present a webcast about the Codification on March 13, 2008 from 1:00 – 2:00p.m. est. Registration information about the webcast can be found on FASB’s website at www.fasb.org.