FAF Releases Updated Print Edition of FASB Accounting Standards Codification

By Frank Byrt

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.
 

You may like these other stories...

The Governmental Accounting Standards Board (GASB) on Monday defined two approaches for measuring assets and liabilities, which officials said will guide the standard-setting organization in establishing accounting and...
The criteria for reporting a discontinued operation on financial statements was revised by the Financial Accounting Standards Board (FASB) on Thursday.According to Accounting Standards Update No. 2014-08, Presentation of...
Tax writers seek Section 179 extensionTwo tax writers – representatives Pat Tiberi (R-OH) and Ron Kind (D-WI) – are seeking to extend long-term a tax break that allows small businesses to immediately deduct the...

Upcoming CPE Webinars

Apr 17
In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.