The Financial Accounting Resource Center™ is a comprehensive research service that provides the full text of standards, the latest news from the Accounting Policy & Practice Report ®,...
By Laura C. Kinney, Esq. Buchanan Ingersoll & Rooney PC, Washington, DC
The accounting profession experienced a major change on July 1, 2009, when the Financial Accounting Standards Board (the “FASB”) launched the FASB Accounting Standards Codification (the “FASB ASC”). The FASB ASC replaced all previously existing financial accounting standards (other than U.S. Securities and Exchange Commission pronouncements) to become the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP). From now on, instead of issuing new standards (e.g., FAS 109), the FASB will issue updates to the FASB ASC.
The thousands of U.S. GAAP pronouncements that comprise GAAP are now reorganized into approximately 90 topics under the FASB ASC; this significantly changes the presentation of GAAP. This change will affect how financial statement preparers both research and reference GAAP. Preparers will no long refer to FASB Statements, FASB Financial Interpretations, Emerging Issues Task Force Issues, AICPA Accounting Statements of Position, Accounting Principles Bulletins, and all other pronouncements. Instead, references to GAAP will more closely resemble the Internal Revenue Code. Those in the tax field will no longer reference FAS 109 or FIN 48 but instead reference the topics:
• FASB ASC 740 (expenses),
• FASB ASC 805 (business combinations),
• FASB ASC 830 (foreign currency matters), and
• FASB ASC 980 (regulated operations).
Financial statement preparers must apply the FASB ASC to interim and annual periods ending after September 15, 2009, which means prepares must begin using it for periods beginning on or about July 1, 2009. For private calendar year companies that do not file interim statements, the first set of financial statements to use the FASB ASC would be their December 31, 2009 financial statements.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)