Print Version of FASB Codification Updated

In need of a revised print edition of the Financial Accounting Standards Board (FASB) Accounting Standards Codification? Well, you’re in luck.

The FASB’s parent organization, the Financial Accounting Foundation (FAF), announced on January 21 that it has updated the print version of the FASB Codification – recognized as the authoritative source of US Generally Accepted Accounting Principles (GAAP) for public and private companies and not-for-profit organizations.

The cost is $215 for the annual print edition of the FASB Codification, which can be ordered online at the FASB Store.

The new bound edition of the FASB Codification contains all of the content of the online Codification as of October 31, 2013, and is meant to be used as a reference tool in conjunction with the online edition.

The online version features an alphabetical listing of all the topics referenced in the FASB Codification – with their related starting page numbers – at the beginning of each volume for more effective use, according to FAF officials.

The FASB Codification is presented in four volumes:

Volume 1: This volume includes the Notice to Constituents, which provides information to aid users in understanding the topical structure, content, style, and history of the FASB Codification. Volume 1 also contains accounting standards relating to the following:

  • General Principles (Topic 105)
  • Presentation (topics 205 through 280)
  • Assets (topics 305 through 360)
  • Liabilities (topics 405 through 480)
  • Equity (Topic 505)

Volume 2: This volume 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: 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) are featured in this volume.

Volume 4: The last volume includes standards relating to the remainder of the Industry area (topics 946 through 995), the master glossary, and the topical index.

FASB, PCC to Host Town Hall Meeting
Also on Tuesday, the FASB announced it will be hosting a town hall meeting later this year with the Private Company Council (PCC) that will address a wide array of accounting issues with private company stakeholders and give the FASB and the PCC an opportunity to share input on current and future agenda topics.

The meeting has been scheduled for 8:30 a.m. to 1 p.m. PDT on May 8 in Dempsey Hall on the campus of the University of Washington in Seattle.

Diane Rubin, a member of the PCC and a University of Washington alumnus, will lead the discussion. Other expected participants include FASB Chairman Russell Golden, FASB members Lawrence Smith and Daryl Buck, and PCC members George Beckwith and Steven Brown.

Due to limited seating, and to ensure that the meeting includes a broad range of views, the FASB and the PCC are limiting participation to a certain number and mix of stakeholders. Interested stakeholders should register in advance to participate, and the FASB noted that participants will receive a confirmation of their acceptance to the meeting before it is held.

The town hall meeting will be recorded and available for audio playback on the FASB website.

You may like these other stories...

Tesco accounting probe finds “inappropriate behavior” by staff – reportsClare Hutchison of Reuters wrote on Sunday that an investigation into a 250 million-pound ($402 million) profit overstatement at...
The split over convergenceDavid M. Katz of CFO wrote an interesting article on Thursday about the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) backing away from their...
Read more from Larry Perry here and in the Today's World of Audits archive.Because of the importance of revenue recognition auditing procedures, and because of the breadth of the principles for the FRF for SMEs, this...

Already a member? log in here.

Upcoming CPE Webinars

Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.