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FASB Codification Released; One Year Verification Phase Begins

FASB Codification Released; One Year Verification Phase Begins

by Toby Lucich on January 15, 2008

The Financial Accounting Standards Board (FASB) announced the release of its draft Codification, and the start of the one year ‘verification’ period in which FASB is “encourag[ing]… use [of] the online Codification Research System free of charge to research accounting issues and provide feedback on whether the Codification content accurately reflects existing U.S. generally accepted accounting principles.”

The goal of FASB’s Codification is to put all Generally Accepted Accounting Principles (GAAP) issued by various organization’s over the years (including FASB, the AICPA, and FASB’s Emerging Issues Task Force (EITF)) in one place, in a logically flowing topical order, and to enhance the accessibility and search capabilities through an interactive electronic platform.

FASB Codification Released; One Year Verification Phase Begins

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