FASB Reaffirms Codification To Become Official GAAP July 1; Update On Going Concern

At its board meeting earlier today, FASB reaffirmed that its Accounting Standards Codification will become the single source of official U.S. GAAP on July 1. In practical terms, the board also agreed that the effective date for the amendment to the GAAP Hierarchy to effect this change, anticipated to be issued in FAS 168 – the final FASB standard under the old numbering system – will be effective for financial statements for interim or annual periods ending on or after September 15, 2009. See FASB's press release issued today.

Also at today’s board meeting, FASB agreed to consider certain changes to its proposed standard on Going Concern, and they will likely re-expose the proposed standard for public comment.

Additionally, FASB decided to make certain changes to proposed guidance relating to embedded derivatives (Proposed DIG Issue C-22), and plans to rexpose the amended proposal for public comment.

Read more details of the FASB meeting, and learn about an upcoming webcast on the latest FASB developments here.