FASB begins verification phase for its standards codification

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16 Jan 2008

The US Financial Accounting Standards Board has begun a one-year verification phase of its codification of US GAAP.

During the verification period, constituents are encouraged to use the online Codification Research System free of charge to research accounting issues and provide feedback on whether the Codification content accurately reflects existing US GAAP for nongovernmental entities. The Codification includes all accounting standards issued by a standard-setter within levels A through D of the current US GAAP hierarchy, including FASB, American Institute of Certified Public Accountants (AICPA), Emerging Issues Task Force (EITF), and related literature. Click for:


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