FAF Updates Print Edition of FASB Accounting Standards Codification

Kimberly Watson, Editor in Chief
February 21, 2012 /

The Financial Accounting Foundation (FAF) has updated the print edition of the Financial Accounting Standards Board’s Accounting Standards Codification, the single source of U.S. Generally Accepted Accounting Principles (U.S. GAAP) for public and private companies, not-for-profits and other non-governmental organizations.

The new four-volume bound edition of the FASB Codification contains all of the content of the online Codification as of October 31, 2011.

The annual bound edition of the Codification will be used as a reference tool in conjunction with the always-current online Codification available at https://asc.fasb.org.

The FASB Accounting Standards Codification reorganizes the thousands of U.S. GAAP pronouncements, excluding governmental accounting standards, into roughly 90 accounting Topics and displays all Topics using a consistent structure. It also includes relevant Securities and Exchange Commission (SEC) guidance that follows the same topical structure in separate sections in the Codification.

The Codification is indexed by four volumes. Volume 1 includes the Notice to Constituents, which provides information to aid in understanding the topical structure, content, style, and history of the FASB Codification. Volume 1 also contains standards relating to General Principles (Topic 105), Presentation (Topics 205 through 280), Assets (Topics 305 through 360), Liabilities (Topics 405 through 480), and Equity (Topic 505).

Volume 2 includes standards relating to Revenue (Topic 605), Expenses (Topics 705 through 740), and the beginning of the Broad Transactions Area (Topics 805 through 815).

Volume 3 includes standards relating to the remainder of the Broad Transactions Area (Topics 820 through 860) and the beginning of the Industry Area (Topics 905 through 944).

Volume 4 includes standards relating to the remainder of the Industry Area (Topics 946 through 995), the Master Glossary, and the Topical Index. The annual print edition of the FASB Accounting Standards Codification can be ordered online at the FASB store at the cost of $215.00.

 

Share your opinion