Tuesday, January 15, 2008

FASB Codification Released; One Year Verification Phase Begins

The Financial Accounting Standards Board (FASB) announced the release of its draft Codification, and the start of the one year 'verification' period in which FASB is "encourag[ing]... use [of] the online Codification Research System free of charge to research accounting issues and provide feedback on whether the Codification content accurately reflects existing U.S. generally accepted accounting principles."

The goal of FASB's Codification is to put all Generally Accepted Accounting Principles (GAAP) issued by various organization's over the years (including FASB, the AICPA, and FASB's Emerging Issues Task Force (EITF)) in one place, in a logically flowing topical order, and to enhance the accessibility and search capabilities through an interactive electronic platform.

FASB Codification Released; One Year Verification Phase Begins

Labels: Codification Research System, FASB, FEI Blog

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Thursday, December 06, 2007

FASB sees its future as part of IASB

Robert Herz, Financial Accounting Standards Board (FASB) chairman’s, wishful thinking is to see the day when FASB will become part of the International Accounting Standards Board (IASB).

Speaking at the IFAC World Accountancy Forum during World Accountancy Week, he said it would be a single organisation, called the International Accounting Standards Board, but it would have an office in the US ‘maybe in Norwalk, Connecticut’ where FASB is based.

He also envisioned the organisation to have branches in other countries such as China and said FASB had not only been discussing accounting convergence with the IASB, but had also had separate bilateral meetings with regulators in China, Japan and other countries.

FASB sees its future as part of IASB

Labels: FASB, IASB

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