FASB's GAAP codification means big changes--it's time to get ready.

Significant changes are coming that will affect the way you perform accounting research and how you reference accounting literature in your day-to-day work. This change affects financial statement preparers, auditors and academicians alike. On July 1, the FASB is expected to issue FASB Accounting Standards Codification[TM] (ASC) as authoritative. At that time, it will become the authoritative source of U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission.

FASB ASC disassembled and reassembled thousands of nongovernmental accounting pronouncements (including those of the FASB, the Emerging Issues Task Force and the AICPA) to organize them under approximately 90 topics and include all accounting standards issued by a standard setter within levels A-D of the current U.S. GAAP hierarchy. FASB ASC also includes...

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