For those of you using US GAAP, the new ‘Codification’ goes live for any financial statements produced post 15 September 2009. What the standards setting authority in the US have done is taken all the thousands of pieces of guidance from the various sources and put them in to a ‘one stop shop’ document called the ‘Codification’. Instead of having to look at the FAS’s (some of which had been partially updated by other FAS’s!), Bulletins, EITF statements and Statements of Position by various bodies, the rules will all be contained in this one new codification document.
In addition, if you go to the site of the FASB (www.fasb.org) you will be able to subscribe to their service to help you find your way around the new document. I haven’t used this service myself yet but it aims to allow users to quickly access all the rules relating to a particular area, say for example ‘impairments’.
The new Codification is split in to about 90 ‘Topic’ areas numbered in blocks from 100 to 900. The first block is for the concepts and currently starts on number 105.
Hopefully this will make life a lot easier when researching US GAAP items.