FAF RELEASES UPDATED PRINT EDITION OF FASB ACCOUNTING STANDARDS CODIFICATION®
Norwalk, CT—January 29, 2015—The Financial Accounting Foundation (FAF) today released an updated print edition of the Financial Accounting Standards Board’s FASB Accounting Standards Codification®, the single, authoritative source of Generally Accepted Accounting Principles (GAAP) for public and private companies and not-for-profit organizations. The new four-volume bound edition of the FASB Codification contains all of the content of the online Codification as of October 31, 2014.
The annual bound edition of the Codification is intended to be used as a reference tool in conjunction with the always-current online Codification available at https://asc.fasb.org/.
This edition includes an alphabetical listing of all the Topics referenced in the FASB Codification—with their related starting page numbers—at the beginning of each volume, for more effective use.
The Codification is presented in four volumes, as follows:
- Volume 1 includes About the Codification, which provides information to aid in understanding the topical structure, content, style, and history of the FASB Codification. Volume 1 also contains standards relating to General Principles (Topic 105), Presentation (Topics 205 through 280), Assets (Topics 305 through 360), Liabilities (Topics 405 through 480), and Equity (Topic 505).
- Volume 2 includes standards relating to Revenue (Topics 605–610), Expenses (Topics 705 through 740), and the beginning of the Broad Transactions Area (Topics 805 through 815).
- Volume 3 includes standards relating to the remainder of the Broad Transactions Area (Topics 820 through 860) and the beginning of the Industry Area (Topics 905 through 944).
- Volume 4 includes standards relating to the remainder of the Industry Area (Topics 946 through 995), the Master Glossary, and the Topical Index.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board (FASB)
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.