The FASB Accounting Standards Codification On June 30, 2009
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The FASB Accounting Standards Codification On June 30, 2009 the Financial Accounting Standards Board (FASB) issued its final statement, FASB Statement No. 168, The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles - a replacement of FASB Statement No. 162. This standard establishes that the FASB Accounting Standards Codification (the Codification) supersedes all previous non-SEC accounting and reporting standards for nongovernmental entities. The Codification is a reorganization of the thousands of sources that made up generally accepted accounting principles (GAAP), such as Financial Accounting Standards Board Statements, AICPA Statements of Position, and Emerging Issues Task Force Abstracts, just to name a few. It does not change GAAP, but it does change the way GAAP will be researched and referenced. The Codification became authoritative on July 1, 2009, but is effective for financial statements issued for interim and annual periods after September 30, 2009. For more on the Codification, including information on where to access it, how to reference GAAP, and how the Codification is organized, go to http://www.aicpa.org/download/fasb/Q&A-FASB-ASC-FINAL.pdf.