FASB Codification would become US GAAP

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09 Apr 2009

The US Financial Accounting Standards Board has proposed to change the 'GAAP hierarchy' in the United States to make the FASB Accounting Standards Codification the single source of authoritative US accounting and reporting standards as of 1 July 2009, except for rules and interpretive releases of the Securities and Exchange Commission, which are sources of authoritative GAAP for SEC registrants.

Currently, FASB Statement 162 The Hierarchy of Generally Accepted Accounting Principles identifies various sources of US GAAP and arranges them in a hierarchy for users to apply. Once the Codification is in effect, all of its content would carry the same level of authority. The proposal would apply to financial statements of nongovernmental entities that are presented in accordance with GAAP. Further information can be found Here on FASB's website. Comment deadline is 8 May 2009.


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