The Financial Accounting Standards Board has brought a midsummer's gift to the accounting profession. The status, summary, and full text of all statements are now available online, and free of charge.
For years, practitioners, educators and students have grumbled about the lack of free access to the rules and regulations governing the profession they are serving. FASB has responded accordingly.
All statements are presented in PDF format, requiring the reader to have Adobe Acrobat 5.0 or higher installed on his or her computer. According to the FASB Web site, "FASB Statements are presented as originally issued. There is no shading or sidebars to indicate amendments made by subsequent pronouncements. FASB Statements that are completely superseded are noted as such on the title page. In order to determine which, if any, provisions of a particular FASB Statement have been changed, you must access the âStatusâ link located with each Statement."
To access the documents, go to the FASB Web site and click on FASB Statements, or click on the link to www.fasb.org/st.