United States - Countdown to Codification Alert

The US Financial Accounting Standards Board (FASB) is sponsoring a series of weekly "Countdown to Codification" alerts. On July 1, 2009, FASB is instituting a major change in the way accounting standards are organized. On that date, the FASB Accounting Standards Codification is expected to become the single official source of authoritative, nongovernmental US generally accepted accounting principles (GAAP). After that date, only one level of authoritative GAAP will exist, other than guidance issued by the Securities and Exchange Commission (SEC). The FASB Codification is designed to make it easier to research accounting issues, but advance training is required to use the Codification. The weekly "Countdown to Codification" alerts will make that training easier. The FASB offers a free online tutorial as well as a recorded instructional webcast—The Move to Codification of US GAAP.