FASB approves Accounting Standards Codification[TM]; launched July 1.
The Financial Accounting Standards Board on June 3 voted to approve the FASB Accounting Standards Codification[TM] as the source of authoritative nongovernmental generally accepted accounting principles. The codification, which launched on July 1 with the June 30 issuance of FASB Statement No. 168., is effective for interim and annual periods ending after Sept. 15, 2009, which means that preparers must now use the codification for periods that began on or about July 1. All existing accounting standard documents are superseded. All other accounting literature not included in the codification will be considered 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 guidance that follows the same topical structure in separate sections in the codification.
While the codification does not change GAAP, it introduces...
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