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FAF Updates US Accounting Standards Compendium

by Glen Shapiro, LawAndTax-News.com, New York

23 February 2012


The Financial Accounting Foundation has announced the publication of the updated print edition of the Financial Accounting Standard Board's Accounting Standards Codification, the single reference source for US Generally-Accepted Accounting Principles (GAAP).

US GAAP set by the Financial Accounting Standards Board (FASB) impacts public and private companies, not-for-profit entities and other non-governmental organizations. The new four-volume bound edition of the FASB Codification contains all of the content of the online Codification as of October 31, 2011.

The FASB Accounting Standards Codification reorganizes the thousands of US GAAP pronouncements, excluding governmental accounting standards, into roughly 90 accounting topics. It also includes relevant Securities and Exchange Commission (SEC) guidance that follows the same topical structure in separate sections in the Codification. The resource is produced as a reference tool to be used in conjunction with the always-current Codification available online.

TAGS: generally accepted accounting principles (GAAP) | business | law | accounting | United States | Financial Accounting Standards Board (FASB) | standards

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