News Release 02-16-12
NEWS RELEASE 02/16/12
FAF Releases Updated Print Edition of FASB Accounting Standards Codification®Norwalk, CT, February 16, 2012—The Financial Accounting Foundation (FAF) today released an updated print edition of the Financial Accounting Standards Board’s Accounting Standards Codification®, the single, authoritative source of U.S. Generally Accepted Accounting Principles (U.S. GAAP) for public and private companies, not-for-profits and other non-governmental organizations. The new four-volume bound edition of the FASB Codification contains all of the content of the online Codification as of October 31, 2011.
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.
The FASB Accounting Standards Codification® reorganizes the thousands of U.S. GAAP pronouncements, excluding governmental accounting standards, into roughly 90 accounting Topics and displays all Topics using a consistent structure. It also includes relevant Securities and Exchange Commission (SEC) guidance that follows the same topical structure in separate sections in the Codification.
The Codification is indexed by the following volumes:
- Volume 1 includes the Notice to Constituents, 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 (Topic 605), 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 Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.