Mar 11th 2013
By Frank Byrt
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On March 11, the Financial Accounting Foundation (FAF) released its latest version of the print edition of the Financial Accounting Standard Board's (FASB) Accounting Standards Codification.
The publication and its online version represent "the single, authoritative source of US Generally Accepted Accounting Principles (GAAP) for public and private companies and not-for-profit organizations," FAF stated.
The FAF oversees the activities of FASB and the Governmental Accounting Standards Board (GASB).
The new four-volume bound edition of the Codification contains all of the content of the online Codification as of October 31, 2012. It can be purchased for $215 online at the FASB store.
"The annual bound edition of the Codification is intended to be used as a reference tool in conjunction with the always-current online Codification," FAF spokesman John Pappas, told AccountingWEB.
Pappas said many accountants like to have the print edition in their offices as a reference guide.
The FASB Accounting Standards Codification organizes the thousands of US GAAP pronouncements, excluding governmental accounting standards, into roughly ninety accounting topics and displays all topics using a consistent structure, the FAF said. 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 the following 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.