FASB: Accounting Standards Codification

[Dr. Mohamed Sherif Tawfik]

New—FASB Reaches Milestone – Codification Moves into Verification Phase

http://asc.fasb.org/home

The FASB Accounting Standards CodificationTM is now accessible for a one-year verification phase. During this period, the FASB asks constituents to verify that the Codification accurately reflects existing nongovernmental GAAP and to provide any pertinent feedback. Upon completion of the verification phase, the Codification will become the single source of authoritative U.S. GAAP for nongovernmental entities. To encourage feedback, the online Codification Research System is available for free during the verification phase. (Posted: 01/15/08

Notice to Constituents

The FASB Accounting Standards Codification™ will be the single source for all authoritative accounting standards in the United States when it is released