The Financial Accounting Standards Board (FASB) has released selected portions of SEC and SEC staff content in the FASB Accounting Standards Codification. The SEC sections contain content related to matters within the basic financial statements. However, the sections do not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. For example, the Codification does not include content related to matters outside of the basic financial statements, such as Management's Discussion and Analysis, or auditing or independence matters. The Codification does not change the SEC content; instead it includes the content reorganized into roughly 90 accounting topics to more closely align with the non-SEC content.
Although the Codification content is not yet approved as authoritative, constituents are encouraged to use the online Codification Research System to provide feedback on whether the Codification content accurately reflects existing U.S. generally accepted accounting principles (GAAP) for nongovernmental entities. Users who register at http://asc.fasb.org/register are able to review the Codification free of charge and provide specific content-related feedback at the individual paragraph level as well as general system-related feedback. When using the Codification to research accounting issues during the verification period, users are advised to verify research results using their existing resources for the currently effective literature.
The FASB has recorded a webcast that discusses and demonstrates the use of the Codification. The one-hour webcast, The Move to Codification of U.S. GAAP, is archived for free access by the public. Click here to register for the archived webcast.
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