I'm working through a disclosure checklist on a small audit client (my previously mentioned franchisor that led me to great aggravation with auditing standards). Of course I'm now seeing FASB Codification references throughout, and I started to think about all the ways my life has improved as a result of it:
- All of my clients, especially those that are publicly traded, have had to update the notes to their financial statements, removing references to familiar statements like FASB 5, 13, 109, FIN 48, etc. with the new Codification references. Now that I think about it, not one has been grateful for this opportunity.
- I graduated from The University of Michigan in 1984. That means I've been at this for more than 25 years. I suppose it is a good thing that FASB took away all of this familiarity I had with statement references and is making me start over from scratch.
- Searching through what seems like endless levels of the codification in CCH's Accounting Research Manager (sorry not slamming CCH - I'm sure it is a similar experience in others) to get to what I'm looking for. Why spend time at home with my wife and kids when I can do that.
- Why say FASB 13, paragraph 29 when you can say ASC 840-10-50-1?
Look, I'm just a simple auditor trying to do outstanding work for our valued clients. How this helps me or them is beyond me. To paraphrase Simon Cowell "I don't get it. Sorry."