Overview
The official launch of the FASB Codification begins on July 1, 2009, on that date the codification becomes the official single source of authoritative nongovernmental U.S. GAAP. The codification will be effective for interim and annual periods ending after September 15, 2009. The codification will supersede existing FASB, AICPA, EITF and related literature, which means there will no longer be a “GAAP hierarchy.” Instead, there will only be one level of authoritative GAAP, excluding the guidance issued by the Securities and Exchange Commission, all other literature will be nonauthoritative. Preparers and auditors of financial reports must be aware of and prepared for the transition to the new codification. This OnDemand Webinar will give you the knowledge and skills needed to thoroughly understand and confidently navigate and conduct research using the new FASB Accounting Standards Codification.
Authors
Caroline “Carie” O. Ford, Baylor University
Agenda
New System: Codification
- History
- Purpose and Content
- Advantages
Accounting Standards Codification Structure
- Topics
- Subtopics
- Sections
- Subsections
- Paragraphs
Traditional Research vs. Codification Research System
- Keyword Search
- Navigating the Codification
Example Case Study
- Research Process Using Codification
Future Standards
- Incorporated Into Codification
- Role of FASB
