By Alix Stuart: Get ready to say good-bye to the alphabet soup that currently comprises Generally Accepted Accounting Principles. As of July 1, standards now known as FAS, FSP, EITF, or APB, among others, will be subsumed into a new and less letter-centric organizational system as part of the Financial Accounting Standards Board's codification project.
The debut of the online filing cabinet promises to streamline GAAP by grouping all rules into roughly 90 topics, and should draw a sharper distinction between authoritative and non-authoritative GAAP.
Read complete article Will the New FASB Code Change Accounting?
Source: CFO, 17 June 2009. © CFO Publishing Corporation 2009. All rights reserved.