The Financial Accounting Standards Board (FASB) voted to approve the FASB Accounting Standards Codification as the single source of authoritative nongovernmental US Generally Accepted Accounting Principles (GAAP) to be launched on 1 July 2009.
The codification will be effective for interim and annual periods ending after 15 September 2009, which means that preparers must begin to use the codification for periods that begin on or about the beginning of July. All existing accounting standard documents are superseded. All other accounting literature not included in the codification will be considered non-authoritative.
“When the codification goes live on 1 July, it will vastly improve the ease of researching US GAAP issues,” said FASB chairman Robert Herz. “The FASB is confident that preparers, auditors and users of financial statements – who for years have had to wade through hundreds of pieces of disparate GAAP literature to resolve an accounting issue – will find the codification provides a much more efficient, user-friendly method of researching up-to-date solutions.”
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