Overview
The official launch of the FASB Codification began on July 1, 2009, on that date the codification became 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. Preparers and auditors of financial reports must be aware of and prepared for the transition to the new codification. This teleconference 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
