On January 15, 2008 FASB released the FASB Accounting Standards Codification™ for a one year verification period. The Codification gathers the thousands of GAAP pronouncements under approximately 90 accounting topics.  The Codification is a reorganization of existing literature into a more readable and easy-to-use format.   It is not a rewrite of GAAP. The FASB expects the Codification will:

• Reduce the amount of time and effort required to solve an accounting research issue.
• Improve usability of the literature thereby mitigating the risk of noncompliance with standards.
• Provide real-time updates as new standards are released.
• Assist the FASB with the research and convergence efforts required during the standard-setting process.
• Become the authoritative source of literature for the completed XBRL taxonomy. 

The Codification affects preparers, auditors, tax practitioners, financial statement users, academics, and students.  The AICPA is encouraging all our members to take the time to look at the Codification and offer their feedback. Members can review the Codification and submit comments, by visiting http://asc.fasb.org.

The AICPA plans to launch professional development courses to help educate members about the Codification. These will include Webcasts, self-study, and group-study courses.

The following are some additional resources that can be used to understand codification.  

FASB GAAP Codification Q&A 

FASB Codification Press Release

FASB Webcast “Move to Codification of U.S. GAAP”

This free FASB webcast is scheduled for 1PM on March 13, 2008.  After the March 13 broadcast the archive will be available for viewing.

FASB GAAP Codification project pages