AICPA applauds FASB's issuance of GAAP codification; members encouraged to comment during verification period.

• Position: News update

In an effort to simplify a clearly complex and variegated body of accounting literature, on Jan. 15 the Financial Accounting Standards Board issued the FASB Accounting Standards Codification[TM] and related online Codification Research System. The AICPA applauds the Codification's release and encourages members to comment during its year-long verification period (register at http://asc.fasb.org for access and to provide feedback).

The Codification reorganizes the thousands of U.S. generally accepted accounting principles pronouncements into roughly 90 accounting topics, and displays all topics using a consistent structure. Pronouncements of the FASB, the AICPA's Accounting Standards Executive Committee and the Emerging Issues Task Force are covered, as is related literature.

"We wholeheartedly support the FASB's Codification project," said AICPA President and CEO Barry Melancon. "For a long time, many users have said GAAP is confusing. The Codification represents a simplification of the enormous body of accounting standards. It renders GAAP more understandable and accessible for research. We're encouraging all our members to take the time to...