FASB reaches ‘milestone’ codification phase

BVWireIssue #64-3
January 23, 2008

The FASB Accounting Standards Codification™ is now accessible for a one-year verification phase.  During this timeframe, the Financial Accounting Standards Board is asking constituents to verify that the Codification “accurately reflects existing GAAP and to provide any pertinent feedback,” says the FASB release.  The Board has also made a free, online “Codification Research System” available during the verification phase.  “Users are advised that the Codification content is not yet approved as authoritative,” the Board notes, “and, therefore, they must verify research results using their existing resources for the currently effective literature.”

During the verification phase, registered users can provide input at the individual paragraph level as well as the general system level, prompting periodic updates and revisions.  Upon completion, “the Codification will become the single source of authoritative U.S. GAAP.”  To access the Codification, click here.     

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