On July 1, the FASB launched the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. GAAP, combining and replacing the jumbled mix of accounting standards that have evolved over the last 50+ years. The Codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FAS No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles.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.
While not intended to change U.S. GAAP, the Codification significantly changes the way in which accounting literature is organized. It is organized by accounting topic and this should enable users to more quickly identify the guidance that applies to a specific accounting issue. However, since the Codification will completely replace existing standards, the Codification will affect the way companies reference U.S. GAAP in their financial statements and accounting policies.
Comperio is the global online library thousands of executives and managers rely on when making financial reporting decisions. Whether your company reports under US GAAP, IFRS, or both, Comperio's recently enhanced functionality offers you the ability to navigate both sets of financial reporting requirements using one accounting research tool. That tool gives you access to the same PwC interpretive guidance our own professional audit staff uses.