FASB Codification will take effect 1 July

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04 Jun 2009

The US Financial Accounting Standards Board has voted to approve the FASB Accounting Standards Codification as the single source of authoritative nongovernmental US Generally Accepted Accounting Principles as of 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 1 July 2009. All existing accounting standard documents are superseded.

All other accounting literature not included in the Codification will be considered nonauthoritative. The Codification includes the following former literature:
  • Financial Accounting Standards Board (FASB)
    • Statements (FAS)
    • Interpretations (FIN)
    • Technical Bulletins (FTB)
    • Staff Positions (FSP)
    • Staff Implementation Guides (Q&A)
  • Emerging Issues Task Force (EITF)
    • Abstracts
    • Appendix D Topics
  • Derivative Implementation Group (DIG) Issues
  • Accounting Principles Board (APB) Opinions
  • Accounting Research Bulletins (ARB)
  • Accounting Interpretations (AIN)
  • American Institute of Certified Public Accountants (AICPA)
    • Statements of Position (SOP)
    • Audit and Accounting Guides (AAG)-only incremental accounting guidance
    • Practice Bulletins (PB)
    • Technical Inquiry Service (TIS)-only for Software Revenue Recognition.
Click for FASB News Release (PDF 92k).


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