FASB codification moves into verification phase

The US Financial Accounting Standards Board (FASB) has moved to the verification stage of its Accounting Standards Codification. The FASB is asking constituents to verify that the Codification accurately reflects existing US GAAP and to provide any pertinent feedback. On completion of the verification phase, the Codification will become the single source of authoritative US GAAP. To encourage feedback, the online Codification Research System is available for free during the one-year verification phase. (View the News Release and access the FASB Accounting Standards Codification.)