FASB Codification will be US GAAP 1 July 2009
05 Dec 2008
The US Financial Accounting Standards Board (FASB) is alerting constituents that, on 1 July 2009, the FASB Accounting Standards Codification is expected to officially become the single source of authoritative nongovernmental US GAAP, superseding existing FASB, American Institute of Certified Public Accountants, Emerging Issues Task Force, and related literature.
After that date, only one level of authoritative GAAP will exist. All other literature will be considered non-authoritative. Click for:
- FASB news release (PDF 24k)
- FASB Codification website