Thursday, July 02, 2009

FASB Codifies (Not Coddles) Financial Accouting Standards

The Financial Accounting Standards Board announced the Codification of nongovernmental financial accounting standards effective September 15. The codification supercedes all FASB pronouncements and literature not included in the codification will be considered nonauthorative. The Codification is subdivided into about 90 topics and the topics are designed to have a consistent structure within the Codification. Access to the Codification will cost $850 for full access by accounting firms and other interested organizations and $150 for academic organizations. Free access with limited scope (called the Basic View) will be available as well. Additionally, academic users will receive a free trial period through August 31. Tick Marks will link to the Codification access page at right.

It will be interesting to see what the FASB has done and how FASB incorporates IFRS (if at all) in the Codification. I hope at some point that the FASB considers a reduced price for smaller not-for-profit organizations similar to the discounted academic price.


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