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									FASB Accounting Standards Codification™ Tutorial
The FASB Accounting Standards Codification™ website includes many new functions and
features to help you find information quickly and effectively. The FASB created a tutorial that
includes audio and animated screens to demonstrate specific features and functions of the
Codification website. (Adobe Flash player required).

http://asc.fasb.org/media/main_menu/1220_Main_Menu.htm

To learn more about a specific function or feature of the FASB Accounting Standards
Codification™ website, click any of the help pages below. The pages describe the function or
feature and in many cases provide a brief tutorial.

Homepage and menu navigation http://asc.fasb.org/media/nav_con_01/1220_FAF_NAV01.htm

General Topic landing page http://asc.fasb.org/media/nav_con_02/1220_FAF_NAV02.htm

Industry Topic landing page http://asc.fasb.org/media/nav_con_03/1220_FAF_NAV03.htm

Subtopic landing page http://asc.fasb.org/media/nav_con_04/1220_FAF_NAV04.htm

Section landing page – the primary working area
http://asc.fasb.org/media/nav_con_05/1220_FAF_NAV05.htm

Search Tutorial http://asc.fasb.org/media/other_features_01/1220_FAF_OF01.htm

Go to http://asc.fasb.org/media/other_features_02/1220_FAF_OF02.htm

Copy and Paste / Printing http://asc.fasb.org/media/other_features_03/1220_FAF_OF03.htm

Pending and Content http://asc.fasb.org/media/nav_con_07/1220_FAF_NAV07.htm

Joining sections http://asc.fasb.org/media/other_features_04/1220_FAF_OF04.htm

Combine sections http://asc.fasb.org/media/nav_con_06/1220_FAF_NAV06.htm

Glossaries http://asc.fasb.org/media/nav_con_09/1220_FAF_NAV09.htm

Cross Reference http://asc.fasb.org/media/other_features_05/1220_FAF_OF05.htm
                      Countdown to Codification Alert
                                        Alert #1, 5-1-09

      A series of weekly tips on preparing for the transition to the FASB Codification on
                                          July 1, 2009



Welcome to the first in a series of weekly “Countdown to Codification” alerts, sponsored by the
Financial Accounting Standards Board (FASB).

On July 1, 2009, FASB is instituting a major change in the way accounting standards are
organized. On that date, the FASB Accounting Standards CodificationTM is expected to
become the single official source of authoritative, nongovernmental U.S. generally accepted
accounting principles (GAAP). Pending approval by the FASB, after that date, only one level
of authoritative GAAP will exist, other than guidance issued by the Securities and Exchange
Commission (SEC). All other literature will be non-authoritative.

While the FASB Codification is designed to make it much easier to research accounting issues,
the transition to the use of the Codification will require some advance training. These weekly
“Countdown to Codification” alerts are designed to provide tips to make that transition easier.

The FASB offers a free online tutorial at http://asc.fasb.org. A recorded instructional webcast—
The Move to Codification of US GAAP, first presented live on March 13, 2008—also is available
at http://www.fasb.org/fasb_webcast_series/index.shtml. In addition, Codification training
opportunities are offered through professional accounting organizations such as the American
Institute of Certified Public Accountants (AICPA).




                      Countdown to Codification Alert
                                        Alert #2, 5-8-09

      A series of weekly tips on preparing for the transition to the FASB Codification on
                                          July 1, 2009


CODIFICATION QUESTION OF THE WEEK
How is the guidance arranged in the Codification and how do
I refer to it?
The Codification content is arranged within Topics, Subtopics, Sections, and Subsections. Use
of the proper terminology is very important for effective communication.

Topics represent a collection of related guidance. Topics reside in four main areas as follows:

       •   Presentation—Topics relating only to presentation matters; they do not address
           recognition, measurement, and derecognition matters. Examples: Income Statement,
           Balance Sheet, and Earnings per Share.
       •   Financial Statement Accounts—The Codification organizes Topics into a financial
           statement order including Assets, Liabilities, Equity, Revenue, and Expenses. Topics
           include Receivables, Revenue Recognition, and Inventory.
       •   Broad Transactions—These Topics relate to multiple financial statement accounts
           and are generally transaction-oriented. Topics include Business Combinations,
           Derivatives, and Nonmonetary Transactions.
       •   Industries—These Topics relate to accounting that is unique to an industry or type of
           activity. Topics include Airlines, Software, and Real Estate.

Subtopics represent subsets of a Topic and are generally distinguished by type or by scope. For
example, Operating Leases and Capital Leases are two Subtopics of the Leases Topic,
distinguished by type of lease. Each Topic contains an Overall Subtopic that generally
represents the pervasive guidance that applies to all other subtopics within the Topic. Each
additional Subtopic represents incremental or unique guidance not contained in the Overall
Subtopic.

Sections represent the nature of the content in a Subtopic such as Recognition, Measurement,
Disclosure, etc. The section titles and organization are the same for all Subtopics. Sections are
further broken down into Subsections, Paragraphs, and Subparagraphs, depending on the
specific content of each Section.

******

DON’T BE CAUGHT-OFF GUARD! GET READY FOR THE CODIFICATION!

On July 1, 2009, FASB is instituting a major change in the way accounting standards are
organized. On that date, the FASB Accounting Standards CodificationTM is expected to
become the single official source of authoritative, nongovernmental U.S. generally accepted
accounting principles (GAAP). Pending approval by the FASB, after that date, only one level
of authoritative GAAP will exist, other than guidance issued by the Securities and Exchange
Commission (SEC). All other literature will be non-authoritative.
While the FASB Codification is designed to make it much easier to research accounting issues,
the transition to use of the Codification will require some advance training. These weekly
“Countdown to Codification” alerts are designed to provide tips to make that transition easier.

The FASB offers a free online tutorial at http://asc.fasb.org. A recorded instructional webcast—
The Move to Codification of US GAAP, first presented live on March 13, 2008—also is available
at http://www.fasb.org/fasb_webcast_series/index.shtml. In addition, Codification training
opportunities are offered through professional accounting organizations such as the American
Institute of Certified Public Accountants (AICPA).



                      Countdown to Codification Alert
                                         Alert #3, 5-15-09

        A series of weekly tips on preparing for the transition to the FASB Codification


CODIFICATION QUESTION OF THE WEEK

How will new standards be incorporated into the Codification
after it is approved by the FASB?
New standards will be composed of two items: the standard (similar to existing standards
including the Basis for Conclusions) and an appendix containing Codification Update
instructions. The title of the combined set of standard and instructions will be "Codification
Update YYYY-XX," where YYYY is the year and XX is the sequential number for each
Update. For example, the combined numbers would be 2009-301, 2009-302, etc. All
authoritative GAAP issued by the FASB will be issued in this format, regardless of the form in
which such guidance may have been issued previously (for example, EITF Abstracts, FASB
Staff Positions, FASB Statements, and FASB Interpretations).

The FASB will organize the content of new standards using the same Section headings as those
used in the Codification. The Codification Update Instructions are similar to the Amendments
sections of current FASB standards. They will display marked changes to the pertinent sections
of the Codification.

Following the FASB Board's approval of the Codification as the single source of non-SEC
authoritative accounting and reporting standards, the FASB will no longer consider new
standards as authoritative in their own right. Instead, the new standards will serve only to update
the Codification and provide the basis for conclusions for the standard.

The Codification Updates will be available at the Codification website. Also, as the FASB
develops new standards, all exposure documents will include the proposed Codification Update
Instructions for constituent review. It is the intention of the FASB to update the Codification
system concurrent with the release of a Codification Update.


******

DON’T BE CAUGHT-OFF GUARD! GET READY FOR THE CODIFICATION!

The FASB is expected to institute a major change in the way accounting standards are
organized. The FASB Accounting Standards CodificationTM is expected to become the single
official source of authoritative, nongovernmental U.S. generally accepted accounting
principles (GAAP). After final approval by the FASB only one level of authoritative GAAP
will exist, other than guidance issued by the Securities and Exchange Commission (SEC). All
other literature will be non-authoritative.

While the FASB Codification is designed to make it much easier to research accounting issues,
the transition to use of the Codification will require some advance training. These weekly
“Countdown to Codification” alerts are designed to provide tips to make that transition easier.

The FASB offers a free online tutorial at http://asc.fasb.org. A recorded instructional webcast—
The Move to Codification of US GAAP, first presented live on March 13, 2008—also is available
at http://www.fasb.org/fasb_webcast_series/index.shtml. In addition, Codification training
opportunities are offered through professional accounting organizations such as the American
Institute of Certified Public Accountants (AICPA).



                       Countdown to Codification Alert
                                        Alert #4, 5-22-09

         A series of weekly tips on preparing for the transition to the FASB Codification


CODIFICATION QUESTION OF THE WEEK

What happens to U.S. GAAP literature when the Codification
goes live on July 1, 2009?
All existing standards that were used to create the Codification will become superseded upon the
adoption of the Codification. The FASB will no longer update and maintain the superseded
standards. Also, upon adoption of the Codification, the U.S. GAAP hierarchy will flatten from
five levels to two—authoritative and non-authoritative. The following table illustrates the result:

                                                    Authoritative      Non-Authoritative
                                                    Contained in        Not contained in
U.S. GAAP Hierarchy                                                  Codification                Codification

Level A                                                                     X
Level B                                                                     X
Level C                                                                     X
Level D – Issued by a standard setter                                       X
Level D – Practice                                                                                      X
Level E – Concept Statements, Textbooks, etc.                                                           X

Note – As described in the Notice to Constituents, certain items currently included below level D have been included in the
Codification.
******

DON’T BE CAUGHT-OFF GUARD! GET READY FOR THE CODIFICATION!

The FASB is expected to institute a major change in the way accounting standards are
organized. The FASB Accounting Standards CodificationTM is expected to become the single
official source of authoritative, nongovernmental U.S. generally accepted accounting
principles (GAAP). After final approval by the FASB only one level of authoritative GAAP
will exist, other than guidance issued by the Securities and Exchange Commission (SEC). All
other literature will be non-authoritative.

While the FASB Codification is designed to make it much easier to research accounting issues,
the transition to use of the Codification will require some advance training. These weekly
“Countdown to Codification” alerts are designed to provide tips to make that transition easier.

The FASB offers a free online tutorial at http://asc.fasb.org. A recorded instructional webcast—
The Move to Codification of US GAAP, first presented live on March 13, 2008—also is available
at http://www.fasb.org/fasb_webcast_series/index.shtml. In addition, Codification training
opportunities are offered through professional accounting organizations such as the American
Institute of Certified Public Accountants (AICPA).



                             Countdown to Codification Alert
                                                     Alert #5, 5-29-09

          A series of weekly tips on preparing for the transition to the FASB Codification


CODIFICATION QUESTION OF THE WEEK


Does the Codification include SEC content?
Yes. To increase the utility of the Codification for public companies, relevant portions of
authoritative content issued by the SEC and selected SEC staff interpretations and administrative
guidance have been included for reference in the Codification, such as Regulation S-X, Financial
Reporting Releases (FRR)/Accounting Series Releases (ASR), Interpretive Releases (IR), and
SEC staff guidance in Staff Accounting Bulletins (SAB), EITF Topic D, and SEC Staff Observer
comments. The SEC content is topically organized like all other GAAP requirements; however,
it is presented separately so that Codification users can distinguish between the requirements of
the SEC and other authoritative GAAP.

It is important to note that the SEC Sections—distinguished with an "S" preceding the section
number—contain SEC content related to matters within the basic financial statements, but the
Codification does not contain the entire population of SEC rules, regulations, interpretive
releases, and staff guidance. For example, the Codification does not include content related to
matters outside of the basic financial statements, such as Management’s Discussion and Analysis
(MD&A), or to auditing or independence matters.

Content in the SEC Sections is expected to change over time pursuant to the normal procedures
of the SEC and SEC staff for making changes to SEC rules, regulations, interpretations, and staff
guidance. The FASB intends to work with the SEC to make every effort to provide timely
updates as SEC content changes. However, the SEC and SEC staff shall continue to use existing
SEC procedures for communicating new or revised SEC content. Accordingly, there may be
delays between SEC and SEC staff changes and corresponding updates to the Codification.

The Codification does not replace or affect requirements or guidance issued by the SEC or its
staff for public companies in their filings with the SEC. In addition, as has been a long-standing
SEC policy, SEC staff guidance does not constitute rules or interpretations of the SEC, nor does
such guidance bear official Commission approval.


                                             ******

DON’T BE CAUGHT-OFF GUARD! GET READY FOR THE CODIFICATION!

The FASB is expected to institute a major change in the way accounting standards are
organized. The FASB Accounting Standards CodificationTM is expected to become the single
official source of authoritative, nongovernmental U.S. generally accepted accounting
principles (GAAP). After final approval by the FASB only one level of authoritative GAAP
will exist, other than guidance issued by the Securities and Exchange Commission (SEC). All
other literature will be non-authoritative.

While the FASB Codification is designed to make it much easier to research accounting issues,
the transition to use of the Codification will require some advance training. These weekly
“Countdown to Codification” alerts are designed to provide tips to make that transition easier.

The FASB offers a free online tutorial at http://asc.fasb.org. A recorded instructional webcast—
The Move to Codification of US GAAP, first presented live on March 13, 2008—also is available
at http://www.fasb.org/fasb_webcast_series/index.shtml. In addition, Codification training
opportunities are offered through professional accounting organizations such as the American
Institute of Certified Public Accountants (AICPA).



                      Countdown to Codification Alert
                                        Alert #6, 6-5-09

       A series of weekly tips on preparing for the transition to the FASB Codification


CODIFICATION QUESTION OF THE WEEK


When will the Codification be available/effective?
Until July 1, 2009, the FASB will be integrating any unprocessed content into the Codification.
As of July 1, the Codification will be available for use with all relevant content.

The Codification is effective for interim and annual periods ending after September 15, 2009.

                                            ******

DON’T BE CAUGHT-OFF GUARD! GET READY FOR THE CODIFICATION!

The FASB is expected to institute a major change in the way accounting standards are
organized. The FASB Accounting Standards CodificationTM is expected to become the single
official source of authoritative, nongovernmental U.S. generally accepted accounting
principles (GAAP). After final approval by the FASB only one level of authoritative GAAP
will exist, other than guidance issued by the Securities and Exchange Commission (SEC). All
other literature will be non-authoritative.

While the FASB Codification is designed to make it much easier to research accounting issues,
the transition to use of the Codification will require some advance training. These weekly
“Countdown to Codification” alerts are designed to provide tips to make that transition easier.

The FASB offers a free online tutorial at http://asc.fasb.org. A recorded instructional webcast—
The Move to Codification of US GAAP, first presented live on March 13, 2008—also is available
at http://www.fasb.org/fasb_webcast_series/index.shtml. In addition, Codification training
opportunities are offered through professional accounting organizations such as the American
Institute of Certified Public Accountants (AICPA).

								
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